Comments on: Stop the Housing Bailout http://blownmortgage.com/2008/03/30/stop-the-housing-bailout/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Mon, 09 Nov 2009 22:42:54 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: mtr http://blownmortgage.com/2008/03/30/stop-the-housing-bailout/comment-page-1/#comment-12807 mtr Sat, 12 Apr 2008 22:15:29 +0000 http://blownmortgage.com/?p=967#comment-12807 Can someone please explain to me why the government wants to bail out individuals that speculated with a hot housing market. By bailing them out we are encouraging fraud and the poor lending practices that put us in this position.<br><br>To me this is clear, when the government allows bubbles to happen people get hurt. Look back at the internet bubble or the stock market bubble from the late 1990s. People lose money when bubbles collapse and they all do. It is better to not let them happen.<br><br>The main reason for this mess is the poor lending practices that were going on for years. The individuals also were committing nothing less than fraud with no documentation loans. Now we want to bail them out with tax payer dollars. <br><br>The best thing that can happen to the economy is to let the housing market correct naturally and then housing will be affordable again. We may actually have spendable income again!<br><br>Regards,<br><br>Michael from NY Can someone please explain to me why the government wants to bail out individuals that speculated with a hot housing market. By bailing them out we are encouraging fraud and the poor lending practices that put us in this position.

To me this is clear, when the government allows bubbles to happen people get hurt. Look back at the internet bubble or the stock market bubble from the late 1990s. People lose money when bubbles collapse and they all do. It is better to not let them happen.

The main reason for this mess is the poor lending practices that were going on for years. The individuals also were committing nothing less than fraud with no documentation loans. Now we want to bail them out with tax payer dollars.

The best thing that can happen to the economy is to let the housing market correct naturally and then housing will be affordable again. We may actually have spendable income again!

Regards,

Michael from NY

]]> By: Anna Kordecki http://blownmortgage.com/2008/03/30/stop-the-housing-bailout/comment-page-1/#comment-12806 Anna Kordecki Wed, 09 Apr 2008 16:37:32 +0000 http://blownmortgage.com/?p=967#comment-12806 Where in our Constitution does it say that home ownership is a right? Forget about the greedy. How come all of a sudden people who clearly could not afford a home got to believe that they can have one?<br>I had to sell my house when my ex husband walked out and I was literally left on the street with two college age girls. Did I expect anybody to feel sorry for me or to lower my mortgage, so that I could keep the house?<br>At 52, a single mother I'm doomed to be a renter for the rest of my life. I'd love to be able to make my contributions to Wall Street though a nice mortgage. Can other tax payers help me please to get my house back?<br>I am outraged by the plan to use my money to bail out the greedy and the ones who play stupid. Let's have a class action suit against the administration. This is a very clear case of discrimination against permanent renters and those who already lost their homes. And please, don't give me that bull about the effect on the entire economy. Socialism for the rich, that's what it is.<br><br>Anna Kordecki Where in our Constitution does it say that home ownership is a right? Forget about the greedy. How come all of a sudden people who clearly could not afford a home got to believe that they can have one?
I had to sell my house when my ex husband walked out and I was literally left on the street with two college age girls. Did I expect anybody to feel sorry for me or to lower my mortgage, so that I could keep the house?
At 52, a single mother I'm doomed to be a renter for the rest of my life. I'd love to be able to make my contributions to Wall Street though a nice mortgage. Can other tax payers help me please to get my house back?
I am outraged by the plan to use my money to bail out the greedy and the ones who play stupid. Let's have a class action suit against the administration. This is a very clear case of discrimination against permanent renters and those who already lost their homes. And please, don't give me that bull about the effect on the entire economy. Socialism for the rich, that's what it is.

Anna Kordecki

]]> By: Dawnmarie Kacachos http://blownmortgage.com/2008/03/30/stop-the-housing-bailout/comment-page-1/#comment-12805 Dawnmarie Kacachos Mon, 31 Mar 2008 14:27:58 +0000 http://blownmortgage.com/?p=967#comment-12805 I'm tired of seeing so many articles about the questionable practices with the lenders, however, having been an Operations Manager for an office which produced over $100mm/mo in subprime & $80mm in conforming loans, I saw first hand how agressive borrowers were to 'strip the equity' from their homes knowing good & well they could not afford it. I was wondering where all the articles about taking personal responsibility are? When we didn't do the loans, we were considered 'discriminatory' & when we DID do the loans we are called 'predatory' (not my quote...I read that somewhere in a blog). <br><br>I was listed in many lawsuits from attorneys for borrowers of home loans I had personally declined and I'm sure my company had to deal with hundreds of these a month...I had borrowers call me (and we were a wholesale lender where they weren't even suppose to know who we were until the loan was sold), borrowers threatening me, brokers, attorneys...all doing the same, just so they could refi AGAIN. <br><br>We weren't perfect by no means, but where is the personal accountability?? How can they say they didn't know when the entire set of loan documents is essentially one disclosure after another? <br><br>I guess I'm just sick of everyone blaming the mortgage industry and making it easy for someone to just 'walk' from their house without consequence. The government and media are making it 'okay' for homeowners to blame everyone except themselves and I'm sick of it. Why should the American taxpayers bail them out? If they didn't understand what they were doing, why did they pursue the loan? I'm tired of seeing so many articles about the questionable practices with the lenders, however, having been an Operations Manager for an office which produced over $100mm/mo in subprime & $80mm in conforming loans, I saw first hand how agressive borrowers were to 'strip the equity' from their homes knowing good & well they could not afford it. I was wondering where all the articles about taking personal responsibility are? When we didn't do the loans, we were considered 'discriminatory' & when we DID do the loans we are called 'predatory' (not my quote…I read that somewhere in a blog).

I was listed in many lawsuits from attorneys for borrowers of home loans I had personally declined and I'm sure my company had to deal with hundreds of these a month…I had borrowers call me (and we were a wholesale lender where they weren't even suppose to know who we were until the loan was sold), borrowers threatening me, brokers, attorneys…all doing the same, just so they could refi AGAIN.

We weren't perfect by no means, but where is the personal accountability?? How can they say they didn't know when the entire set of loan documents is essentially one disclosure after another?

I guess I'm just sick of everyone blaming the mortgage industry and making it easy for someone to just 'walk' from their house without consequence. The government and media are making it 'okay' for homeowners to blame everyone except themselves and I'm sick of it. Why should the American taxpayers bail them out? If they didn't understand what they were doing, why did they pursue the loan?

]]> By: Tom Vanderwell http://blownmortgage.com/2008/03/30/stop-the-housing-bailout/comment-page-1/#comment-12804 Tom Vanderwell Sun, 30 Mar 2008 21:51:01 +0000 http://blownmortgage.com/?p=967#comment-12804 I like the way that McCain said it (at first) that he was opposed to any bailouts UNLESS it became necessary to protect our country from systemic economic failure.<br><br>I don't think he'll stick to that, but I like that idea.<br><br>However I think it might come to that. I like the way that McCain said it (at first) that he was opposed to any bailouts UNLESS it became necessary to protect our country from systemic economic failure.

I don't think he'll stick to that, but I like that idea.

However I think it might come to that.

]]>