Bush outlines aid for mortgage holders
http://news.yahoo.com/s/ap/20070831/ap_on_go_pr_wh/bush_housing_slump
2007-08-31 06:27:15 · 18 answers · asked by Chi Guy 5 in Politics & Government ➔ Politics
I am against it.
It goes against everything I believe ---PERSONAL RESPONSIBILITY.
Our first mortgage was an adjustable rate back in the early 80's and it was over 10%. We bought a smaller house and did things just in case mortgages went up.
Mortgages are very low now...they can ONLY go up and these people did not plan for that. It is NOT my responsibility to bail out people who make poor financial decisions.
2007-08-31 06:35:46 · answer #1 · answered by Anonymous · 5⤊ 1⤋
Truthfully, it kind of irritates me. First, there's no way that those companies should get any kind of help. They knew what they were getting into when they'd give a loan to the homeless guy on the corner to buy a mansion. I exaggerate, but you know what I mean. They gave far too many people who had really bad credit loans.
Further, who did these people think were going to pay their mortgage when they couldn't do it? I saw some woman on TV the other night who took out an adjustable mortgage at 10% to buy a condo. She could have put it on her credit card for that much! And did she really think it would adjust down?
When we were buying our house, I was still working and making enough money to but our joint income over !00K. But we took out our mortgage on my husband's salary alone, despite pressure from the lenders, because we knew that once children came along, I'd stop working. We got a much smaller house, but we are paying the mortgage, though we struggle.
People see stars in their eyes when lenders dangle huge houses in front of them, but they don't look ahead. Now we all have to suffer because some people aren't responsible? I'm getting tired of doing the right thing and still getting screwed because some repeatedly don't. Sorry for the rant.
2007-08-31 13:37:57 · answer #2 · answered by Anonymous · 3⤊ 1⤋
I am very much against it. i am not for helping loan companies that loaned money to people with low credit scores and the people who bough homes knowing they could not pay for it or did not read the ballooning contracts.
When the Oil bottomed out ,We were in Tulsa,OK Our Home was at 21 % interest. Just about 1/4th of the people owning homes there lost their jobs and lost their homes. Texas was hit also very hard. They got no help.
I am tired of paying for other peoples purchases.
2007-08-31 13:36:04 · answer #3 · answered by ♥ Mel 7 · 4⤊ 0⤋
It would be a crying shame to allow our dollar to be devalued like that. What needs to be done is for those people who signed flexible rate mortgages to either payup or loose their houses to those who can afford them. It may sound cruel, but what is more cruel, making people accept responsibility for their actions or causing massive depression for the entire country?
2007-08-31 13:34:18 · answer #4 · answered by Michael H 5 · 5⤊ 0⤋
I think that the fed govt should not bailout these homeowner my sister in law has a 400,000 house and we heard for the last three years about their house their big republican don't believe in handout now their ready to lose their house thy what help (buy a house that you can afford)
2007-08-31 13:48:46 · answer #5 · answered by paulcondo 7 · 0⤊ 0⤋
It's rewarding bad decisions. Let the mortgage bubble pop, recess and recover.
2007-08-31 13:32:47 · answer #6 · answered by Glen B 6 · 10⤊ 1⤋
I wonder if hard line conservatives will harp on Bush claiming Government intervention=more big Government?
But hey, we have too much to lose buy letting a bunch of mortgage holders flounder like fish out of water.
2007-08-31 13:32:44 · answer #7 · answered by mr_spazz_2004 2 · 2⤊ 4⤋
And people baste this guy for being a conservative. I don't own a house and I know for a fact I don't want my tax withholding allowing someone I don't even know who made a bad decision to keep theirs.
2007-08-31 13:36:47 · answer #8 · answered by Anonymous · 2⤊ 1⤋
Good grief, can't anyone actually read anymore? He's only suggesting that homeowners with ARM's be allowed to refinance their mortgages through the FHA.
2007-08-31 13:34:50 · answer #9 · answered by Anonymous · 2⤊ 3⤋
Bush isn't an idiot, he realizes how quickly and easily this sort of problem could ruin our economy. He's acting as a businessman, not as a humanitarian.
2007-08-31 13:36:06 · answer #10 · answered by Ashley 4 · 3⤊ 2⤋