http://blownmortgage.com/2008/04/22/the-trillion-dollar-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 http://blownmortgage.com/2008/04/22/the-trillion-dollar-bailout/comment-page-1/#comment-12495 nor_cal_jeff Fri, 25 Apr 2008 03:04:02 +0000 http://blownmortgage.com/?p=1004#comment-12495 I have to remind people about the other scams going on with this subprime mess. Jthink of the possibilities. People were taking their equity down to nothing, and probably overdrawing, then going out on expensive dinners, vacations, cruises, buying SUVs, boats, jet skies etc. Do you think any of that went back to the bank? I'm sure there were repos on the stuff the banks could track down and find but you can't repo a vacation, a cruise or phat dinner in the city. What about others who blew it on crazy stuff, or went and bought stocks and bonds?? What about having cash somewhere in a bank account? There's no rule or law that you actually have to pay it back to anyone. There's no debtors prisons. Many people just left their homes and walked away, or mailed their keys to the bank and said I'm not paying anymore. One of my friend's neighbors saw that the building next door was renting her same condo for cheaper than her mortgage so just rented that place and moved out of the other, no one was notified. Now there is an eviction notice on the door but she already left! And thanks to the govt, we're paying for it. Normally, if you left a debt unpaid and it was forgiven, you would be obligated to pay the taxes on the balance (1099), but NO, Bush signed a bill that forgave that tax liability. That's wrong. I have to remind people about the other scams going on with this subprime mess. Jthink of the possibilities. People were taking their equity down to nothing, and probably overdrawing, then going out on expensive dinners, vacations, cruises, buying SUVs, boats, jet skies etc. Do you think any of that went back to the bank? I'm sure there were repos on the stuff the banks could track down and find but you can't repo a vacation, a cruise or phat dinner in the city. What about others who blew it on crazy stuff, or went and bought stocks and bonds?? What about having cash somewhere in a bank account? There's no rule or law that you actually have to pay it back to anyone. There's no debtors prisons. Many people just left their homes and walked away, or mailed their keys to the bank and said I'm not paying anymore. One of my friend's neighbors saw that the building next door was renting her same condo for cheaper than her mortgage so just rented that place and moved out of the other, no one was notified. Now there is an eviction notice on the door but she already left! And thanks to the govt, we're paying for it. Normally, if you left a debt unpaid and it was forgiven, you would be obligated to pay the taxes on the balance (1099), but NO, Bush signed a bill that forgave that tax liability. That's wrong.

]]> http://blownmortgage.com/2008/04/22/the-trillion-dollar-bailout/comment-page-1/#comment-12494 morganb Tue, 22 Apr 2008 21:29:42 +0000 http://blownmortgage.com/?p=1004#comment-12494 ngogerty - good one! ngogerty – good one!

]]> http://blownmortgage.com/2008/04/22/the-trillion-dollar-bailout/comment-page-1/#comment-12492 ngogerty Tue, 22 Apr 2008 11:58:10 +0000 http://blownmortgage.com/?p=1004#comment-12492 $1 trillion=7% of US annual GDP. $1 trillion=7% of US annual GDP.

]]> http://blownmortgage.com/2008/04/22/the-trillion-dollar-bailout/comment-page-1/#comment-12493 Eleanor Thorne Tue, 22 Apr 2008 11:01:04 +0000 http://blownmortgage.com/?p=1004#comment-12493 The recent headlines that US Treasurys could be DOWNGRADED due to this was sobering! I agree - there has to be a better way! The recent headlines that US Treasurys could be DOWNGRADED due to this was sobering! I agree – there has to be a better way!

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