House OKs mortgage rescue

what a bunch of crap. people borrowed too much, cannot repy the loan (for whatever reason) and not those of us who work hard and save must bail them out.

Hey guys, I bought a boat last year. I Know it was foolish, since it cost more than I can afford. But I thought I could catch my own crabs. Now that gas hs doubled in price, " not my fault", I don't have enough money to put gass in it. Can you guys bail ME out too? BOO HOO, BOO HOO.

Mike Baltimore wrote:

Hey guys, I bought a boat last year. I Know it was foolish, since it cost more than I can afford. But I thought I could catch my own crabs. Now that gas hs doubled in price, " not my fault", I don't have enough money to put gass in it. Can you guys bail ME out too? BOO HOO, BOO HOO.

Sure. Just call it a house deduction on your tax form where it states miscellaneous. Everything is deductible....wheeeeeeeeeeeeee eeeeeeeeeeeeeeeeeeeeeeeeeeeeee eeeeeeeeeeeeeeeee

So if you're a schmuck and bought a new Ryan Home for more than you could ever afford and now your 800K home is only worth 650K you made out like the bastard you are. Crooks in the Congress are only out to protect the banks they own as bondholders. This Congress sucks.

guess its time to follow form, stop paying my mortgage and go out and by me a big screen tv........sucker libs will pick up the tab to keep a roof over my head while i watch dancing with the stars and vote via my cell phone I also can't afford (until someone else pays my mortgage).

Who won the cold war?

I think many people are missing the point. The subprime loan sharks are well aware that many of those they loan to can't pay.They ripoff people of upfront money and whatever else they can rob them of then look for the taxpayer bailout that is about to happen.They fill their pockets both ways.Bush&Co and our do nothing Congress snore on.Our present leadership is unable or unwilling to protect it's citizens in any way.

People need to use their heads. If people are so stupid to buy a house they can't afford, they get what they deserve. Don't blame the loan company for some one's own stupidity. Bailing then out is a communistic way of government. Who do you think will pay for this? You & I will.

Why should I pay to correct the mistake of some idiot who makes $45,00/yr and buys an $800,000 house?It is election season so I guess the crooked politicians have to appear to cater to the people. This country has become a joke,a bad one.

Maybe the government will give the people who own their houses a refund or tax break for being upstanding Americans who pay their houses on time. All thr rest of those who owe or are behind in payments should just deal with it.

Paul L Fuchs wrote:

I think many people are missing the point. The subprime loan sharks are well aware that many of those they loan to can't pay.They ripoff people of upfront money and whatever else they can rob them of then look for the taxpayer bailout that is about to happen.They fill their pockets both ways.Bush&Co and our do nothing Congress snore on.Our present leadership is unable or unwilling to protect it's citizens in any way.

If people were too stupid to sit down with their paychecks and figure out what they can afford, that's not OUR responsibility. The truth in lending statement that people are given before they go to closing has the information. If the brokers lied, then take them to court but don't make me or you or anyone else pay for it! If you are too stupid to know that adjustable rates can and do adjust UP and that housing prices wouldn't inflate forever, well, too bad for you. It's not the responsibility of people who bought homes and obtain mortgages they can afford or who paid off their homes or who continued renting until they can afford a home. SUCK IT UP!

The government should not bail out these lenders! Why should my tax dollar go to help greedy Wall Street banks? Will the bank send me a bailout check when I hit rough times.

Step up America! We should not allow privatized profits and socialized losses. I want to support the Democrats this November, but not if they are going to be pandering us with proposals such as government bailouts and gas tax holidays. If they continue with this idiocracy, I will not vote for them.

Can you say "socialism".......

Vote OBAMA 2008
"US of KKKA"

Paul L Fuchs wrote:

I think many people are missing the point. The subprime loan sharks are well aware that many of those they loan to can't pay.They ripoff people of upfront money and whatever else they can rob them of then look for the taxpayer bailout that is about to happen.They fill their pockets both ways.Bush&Co and our do nothing Congress snore on.Our present leadership is unable or unwilling to protect it's citizens in any way.

Um...not everyone who got a subprime loan was a victim of "subprime sharks". Millions of prime-worthy borrowers intentionally took out subprime loans in order to reduce up front fees and large down payments. There is plenty of empirical and academic eveidence that points to the fact that many borrowers knew exactly what they were doing.

The only problem was that these borrowers sucked out as much home equity as they could in order to buy luxury goods and used their home like an ATM, all the while betting that home prices would keep going up so they could refinance or sell at the peak.

The problem is that when the market tanked, they lost what little equity they had left due to their own fault.

Unfortunately, millions of Americans took a gamble, much like gambling on the stock market, and lost.

The lesson learned is that a home is not an ATM, you shouldn't be tapping into the equity unless its for emergencies or repairs.

Those of us that bought responsibly with reasonable down payments and fixed rate mortgages, now have to pay the price for the irresponsible segment of the population.

Homeownership is not a right, it's a financial decision. If you can't come up with a down payment or a solution that means monthly payments you can afford over several years, then you should be renting - plain and simple.

From the quotes in the article, Rep. Wally Herger (though I've never heard of him) is my new favorite member of Congress for telling it like it is. Rep. Gary Miller (again, though I've never heard of him) is my new least favorite, for doing the opposite.

Paul L Fuchs wrote:

I think many people are missing the point. The subprime loan sharks are well aware that many of those they loan to can't pay.They ripoff people of upfront money and whatever else they can rob them of then look for the taxpayer bailout that is about to happen.They fill their pockets both ways.Bush&Co and our do nothing Congress snore on.Our present leadership is unable or unwilling to protect it's citizens in any way.

Protect our citizens from what - the folly of their own stupdity and greed? You are a prime example of a person who needs to be taken care of by the government in a shelter becasue you are incapable of accepting accountability. But the rest of us who didn't greedily lunge for our dream home that was well above our grasp must now subsidize the irrepsonsible losers that did. the repercussions for this will be enormous, as the subsidies will go to the less than stellar risks who got us in this mess to begin with.

Hello, hyperinflation, as we need to print even more dollars to fund this debacle. Hello,$300 a barrel for oil.

I bought a house 2 years ago. A house I can afford. If I'd known this was gonna happen, I'd have gotten myself a McMansion. Boy did I miss out.

flyingcow wrote:

Can you say "socialism".......
Vote OBAMA 2008
"US of KKKA"

You mean socialism like Bush's tax rebates? We're alredy well on our way so it really won't matter who's elected.

Paul L Fuchs wrote:

I think many people are missing the point. The subprime loan sharks are well aware that many of those they loan to can't pay.They ripoff people of upfront money and whatever else they can rob them of then look for the taxpayer bailout that is about to happen.They fill their pockets both ways.Bush&Co and our do nothing Congress snore on.Our present leadership is unable or unwilling to protect it's citizens in any way.

The moron borrowers that got sucked in need to take care of themselves. It's not my job to take care of them. STUPID is not an excuse for getting bailed out.

subprime loans should be illegal. charging exhorbitant interest rates should also be illegal. if it were, then there would be no need for these bailouts.

KisseyKelsey wrote:

People need to use their heads. If people are so stupid to buy a house they can't afford, they get what they deserve. Don't blame the loan company for some one's own stupidity. Bailing then out is a communistic way of government. Who do you think will pay for this? You & I will.

SO in your feeble mind, you preach loan sharks and slimey business practices right? Yeah, you're a real genius, thank GOD you have no say so in the real world dumbazz.