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What about this?

So..... we are going to end up paying for people to get their house notes lowered. I think this is wrong on so many levels. The first being the simple fact tha I have my own house note to pay and I do it no matter what it takes. Also, When this happens how are they going to be sure the people blessed with this will not end up still not affording it or leaving anyway. Wasting my money is not what we have govt for, though they do it so well.
I watch HGTV house shows all the time. Some of the ways people get financing I didn't even know existed. How about the interest only house financing? Who in their right mind would want to do that? You buy a house to live in and hope that it appreciates into a great investment if you need to sell it. Why would you get a loan where you pay no principal? These people get firsts and seconds and all kind of crazy loans to get into a house. What happened to a fixed 30 yr.mortgage?

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itsmesteph11

Asked by itsmesteph11 at 11:12 AM on Mar. 4, 2009 in Politics & Current Events

Level 39 (113,405 Credits)
Answers (20)
  • All the funky mortgages that you've mentioned are the cause of the downfall of the industry. When people have to prove their income and assets and ability to pay, they are the ones that will continue to do so.....unless of course they should lose their job. But the ones that go the extra length of getting a funky mortgage, without having to show ability to pay......well, there you go. And here we'll pay.
    EireLass

    Answer by EireLass at 11:15 AM on Mar. 4, 2009

  • Thats what we have a fixed 30 year mortage.

    People have an entitlement problem. They believe they deserve a house as nice as parents family and friends. So they take out loans to buy what they cant afford.

    There are some who did all the right things and are still in trouble. But a lot just messed up.

    The financial institutions messed up too by giving out mortages to those who cant keep up.
    Anonymous

    Answer by Anonymous at 11:16 AM on Mar. 4, 2009

  • I don't believe those new ways of financing will be around anymore. You're going to pay for alot of things in alot of different ways, for almost a quarter of the Nation who won't pay anything. Paying for someone's mortgage is just the tip of the iceberg. You're overall stealth and regular tax rates will soon be 40% or more for anyone with an income. Why work?
    akinbottom2

    Answer by akinbottom2 at 11:19 AM on Mar. 4, 2009

  • find your local predatory lender, and tell him what you think
    sweet-a-kins

    Answer by sweet-a-kins at 11:21 AM on Mar. 4, 2009

  • People being removed from their homes will just create more cost and it's also not beneficial for a neighborhood or community for houses to remain empty.
    heatherama

    Answer by heatherama at 11:31 AM on Mar. 4, 2009

  • People not having jobs because small businesses are closing and manufactoring plants are closing will not be beneficial for a neighborhood or community.

    Build jobs in communities, people can work and pay their bills. Allow those under foreclosure to work with lender, not government mathced funds to come up with a 12 month plan to get them on track.

    Obama's plans do nothing to bring industry back to America. Only short spourts of infrustructure projects that have been stated by the CBO may cause more harm to the GDP than good.
    grlygrlz2

    Answer by grlygrlz2 at 11:36 AM on Mar. 4, 2009

  • government backed... typo :o)
    grlygrlz2

    Answer by grlygrlz2 at 11:37 AM on Mar. 4, 2009

  • So are you saying that we should use that money to help small businesses and to create jobs in communities rather than using it to help people stay in their homes?
    Or do you think we should do both?
    heatherama

    Answer by heatherama at 11:41 AM on Mar. 4, 2009

  • find your local predatory lender, and tell him what you think No one held a gun to these peoples head and made them take the loan. Banks should have been more responsible but laws put in place by Democrats allowed groups like Acorn to strong arm banks to give loans to those who did not qualify. The banks saw the money they were making and ran with it but you can than Acorn for the problem too. The people who took the money are more at fault they knew their interest would go up. They were greedy and wanted something they knew they could not afford. They could have walked away and continued to rent like 30 percent of the country does. Home ownership is for those who can afford it. It is not a right. I say let them lose their houses over half will re default they have been so far. They do not need to be bailed out. They need a money management class.

    Anonymous

    Answer by Anonymous at 11:44 AM on Mar. 4, 2009

  • find your local predatory lender, and tell him what you think

    Ha I thought someone would bring that up and I thought about the scenerio but when it comes down to it, these plans are not made up by banks and other lenders. They are made by the government. The banks had every right to tell people about these options. It is buyers responsibility to do research and think for themselves when it comes to these important decisons. Like anon said , home ownership is not gauranteed. Living in a home is not even gauranteed. You have to make it work yourself and it is time Americans who want a free ride from the govt. get responsible and do what is needed to live their own life.
    itsmesteph11

    Answer by itsmesteph11 at 11:58 AM on Mar. 4, 2009

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