Even though I'm not in a crisis?
2007-08-31 06:37:25 · 13 answers · asked by Chi Guy 5 in Politics & Government ➔ Politics
Mel (below) Lets march on DC? LOL
2007-08-31 06:47:09 · update #1
I don't have a mortgage on any of my properties at all. We were RESPONSIBLE enough to pay them off as fast as we could. It makes me mad that I have to bail out people who made bad business decisions.
2007-08-31 06:40:38 · answer #1 · answered by Anonymous · 1⤊ 4⤋
We are talking about helping people who were told at the time they signed up for these mortgages that they would be able to refinance in a few years at a fixed rate, and then discovered they had been lied to. Many of them have mortgages whose monthly payment has doubled or tripled. Why is it wrong to help them? Could your finances stand up if your mortgage tripled in a month? Get off your moral high horses, folks...
2007-08-31 06:48:38 · answer #2 · answered by slykitty62 7 · 2⤊ 0⤋
No. His plan deals with people who took teaser rates and aren't able to refinance, not for 30 year fixed rates.
You might just get a better deal if you wait a few months for the Fed to act.
2007-09-01 10:31:32 · answer #3 · answered by Biggg 3 · 0⤊ 0⤋
The option to refinance is always available to anyone. I did a refi from a 30 year to 15 year fixed 3 years ago, when the rates were low and got 4.75% fixed for 15.
2007-08-31 06:41:01 · answer #4 · answered by booman17 7 · 2⤊ 1⤋
Government bailouts of companies and individuals is nonsense. It should not happen. When will we take responsibility for our actions? If you were dumb enough to take an interest only loan you should pay the price of a foreclosure. Do you all think that hot times in the economy last forever? They don't. Read some history...those that don't are doomed to repeat it.
2007-08-31 06:43:32 · answer #5 · answered by Your #1 fan 6 · 2⤊ 1⤋
Probably. He has already indicated that it will only help people with good credit histories.
Kinda missing the fragile link in the whole tangled mess - but maybe he intends to give money to the predatory lenders directly.
He can call it the "Homeowner Assistance Initiative" = assisting lenders to gobble up Homeowners, in other words.
2007-08-31 06:45:58 · answer #6 · answered by oohhbother 7 · 1⤊ 0⤋
Nope, only those that signed up for adjustable rate mortgages are feeling the pressure.
2007-08-31 06:40:55 · answer #7 · answered by Glen B 6 · 3⤊ 0⤋
Probably not as you are smart enough in know what you are buying. This is for Dummies,i guess.Always bailing out these people and they never learn.Why should they/There are No consequences.
Hmmm i wonder if they would help me!! i think we are both left out again Chi..
2007-08-31 06:45:18 · answer #8 · answered by ♥ Mel 7 · 1⤊ 1⤋
Why would ANYONE sign on for a loan with an adjustable interest rate?
The possibility of financial suicide skyrockets.
2007-08-31 07:04:07 · answer #9 · answered by Anonymous · 0⤊ 1⤋
No but you should be able to refi for about 50 bps less.
2007-08-31 06:44:18 · answer #10 · answered by truthisback 3 · 1⤊ 1⤋