Is the government responsible to bail me out if I make a stupid mistake?

Question

Yes, this is about the adjustable rate subprime home loans. If these people knowingly enter into these agreements, and then when the rate goes up they can't afford it any longer, shouldn't they be required to pay the consequences?

Answer 1

Apparently so if you are a wealth investor but not if you're a home owner

Answer 2

They knew what they were getting into when they signed on the dotted line. This is why you only get an ARM when it is a short term mortgage. Too many people saw the initial interest rates and said "hell yeah." Then they ballooned. This is why a 20-30 locked rate is the way to go - no surprises beyond tax increases or insurance rates.

Answer 3

No, because the problem does lie with the mortgage brokers and lenders. They lied on applications to fit millions of borrowers into looking like they could afford their homes on paper.
They are the ones the government needs to go after. These new rules they are making in order to "help" the borrower aren't going to help at all.
The ones that need the help are the ones that are months behind. Most mortgage companies won't do anything to help.

Answer 4

Oh, you mean like living beyond your means and taking out a mortgage you shoudln't have because you were living paycheck to paycheck and not even bothering to get your family health insurance because you wanted to drive a new SUV every year, but when it comes crashing down and you're left sick, broke and homeless you expect the gov't to come along and rescue you from your own bad choices?


Of course that is some one else's fault! Government should fix this! Why are we even having to ask this question?

*Sarcasm spills out all over the floor*

Answer 5

I completely consider you. the huge 3. What a shaggy dog tale. whilst all 3 CEO'S take place in Washington to beg for a bailout,yet introduced there owne inner maximum jets. How stupid are you able to get. specific we can loose alot of jobs contained available in the industry magnificent now. yet come on you do no longer take place in a private jet begging for a bailout. on your organization. and whilst ask in the event that they'd supply up there jets. all 3 suggested no

Answer 6

Yes, you are mistaken. That's what a govt does it helps people out and you can always blame a disaster on people being stupid if you are creative enough. You can say anyone who lives in Tornado alley that gets govt help after a tornado is stupid. You can say if you join the army and go to Iraq and get your legs blown off then you're stupid for joining the army.
If you're not careful, you'll be one of those hypocritical republicans who live in a world where everyone is stupid except them, or at least until fate catches up with them.

Here's one for ya, why go to a mall and go shopping when there are lunatics in America shooting up schools and offices...that's stupid... you should just do all of that shopping online.

Answer 7

Yes Citibank, JP MorganChase, WAMU should not be bailed out, believe me, no one is interested in or really bailing out the American consumer, its the banks.

Answer 8

Absolutely NOT!

You have to make the correct fiscal decisions in your own life.

Do we really want to create a society of dependent, entitled, drones?

Answer 9

Unfortunately without some sort of bail out we will all pay the economic consequences . . . this has spread to consumer credit. Don't think of it as a "bail out," think of it as trying to actively avoid a recession.

Answer 10

Not if you are an American citizen.....
This only applies to illegals just like all the other benefits we randomly give away.

Answer 11

The government is suppose to and should have never allowed the practice of predatory lending, now the issue has come back to haunt them and threatens our economy.