justsumoldguy
10-08-2008, 03:13 PM
What do you think about McCains proposal to buy up these sleazy mortgages written to target ill informed pawns in this intricate scam who could not possible afford these homes they bought, and then FORGIVE them a certain amount of principal and write them a new mortgage that is easier for them to pay for....using tax payer dollars of course?
The scam mortgage creators were rather ingenious when you think about it. This whole deal was orchestrated to get the mortgages sold, kept for a short period of time, then packaged and sold AGAIN to a secondary investment market, who is now realizing that they are left holding the perverbial 'bag'. That was the first slap in the face.
Now for the second slap in the face:
Now McCain's plan insults every tax payer and especially every homeowner who is paying their mortgage with the fact that since they were not 'victims' of an agressive mortgage writer and purchased a home they could not possibly afford then there is no 'salvation' for them.... but they will get the bill. Keep in mind it is the younger people who usually have the newer mortages, better jobs and will be paying taxes the longest.
We are already tasked with bailing out these companies who invested in the house of cards mortgage industry as it were. That will not stop at $700B but will hit $2T or more from what I gather.
Look at how AIG officials have responded to the bailout AIG has already tore through more than $60B of the $85B of the tax payer $$ that was handed to them. Did you read what they did on recent week ends? Can you say Toga Party? Yep, living large on the tax payers dime. Now captains of failed industry can cozy up with the crooked politicos who helped them rape the American economy, using the tax payer hand out to do so. Did any of you get invited?!
(Self slap!) Back to the question posed.
I think that they should allow these homes to go to foreclosure. The housing market won't suffer forever, it just creates opportunity for qualified buyers. Any time that home values have skyrocketed like they have since 2001 there has always been an adjustment down since these increased values can't be sustained over time. Housing values will start to rise again given time.
The housing mortgage market needs lots of regulation. They should be forced to emulate how the remaining community banks and local credit unions ALREADY use for mortgage writing.
They look at income over time. They look at potential for debt. They look at the ability to pay And they require a decent down payment from the home buyer. And they won't break their rules for anyone.
Agree? Disagree?
The scam mortgage creators were rather ingenious when you think about it. This whole deal was orchestrated to get the mortgages sold, kept for a short period of time, then packaged and sold AGAIN to a secondary investment market, who is now realizing that they are left holding the perverbial 'bag'. That was the first slap in the face.
Now for the second slap in the face:
Now McCain's plan insults every tax payer and especially every homeowner who is paying their mortgage with the fact that since they were not 'victims' of an agressive mortgage writer and purchased a home they could not possibly afford then there is no 'salvation' for them.... but they will get the bill. Keep in mind it is the younger people who usually have the newer mortages, better jobs and will be paying taxes the longest.
We are already tasked with bailing out these companies who invested in the house of cards mortgage industry as it were. That will not stop at $700B but will hit $2T or more from what I gather.
Look at how AIG officials have responded to the bailout AIG has already tore through more than $60B of the $85B of the tax payer $$ that was handed to them. Did you read what they did on recent week ends? Can you say Toga Party? Yep, living large on the tax payers dime. Now captains of failed industry can cozy up with the crooked politicos who helped them rape the American economy, using the tax payer hand out to do so. Did any of you get invited?!
(Self slap!) Back to the question posed.
I think that they should allow these homes to go to foreclosure. The housing market won't suffer forever, it just creates opportunity for qualified buyers. Any time that home values have skyrocketed like they have since 2001 there has always been an adjustment down since these increased values can't be sustained over time. Housing values will start to rise again given time.
The housing mortgage market needs lots of regulation. They should be forced to emulate how the remaining community banks and local credit unions ALREADY use for mortgage writing.
They look at income over time. They look at potential for debt. They look at the ability to pay And they require a decent down payment from the home buyer. And they won't break their rules for anyone.
Agree? Disagree?