Author Topic: Republican Senators Back Mortgage Bailout  (Read 2081 times)

0 Members and 1 Guest are viewing this topic.

Offline alsaqr

  • Trade Count: (0)
  • Senior Member
  • *****
  • Posts: 1270
Republican Senators Back Mortgage Bailout
« on: June 24, 2008, 03:16:07 PM »
Funny what an election year does for Republican "conservatives"  in congress. 


Quote
WASHINGTON - A massive foreclosure rescue bill cleared a key Senate test Tuesday by an overwhelming margin, with Democrats and Republicans both eager to claim election-year credit for helping hard-pressed homeowners.

The mortgage aid plan would let the Federal Housing Administration back $300 billion in new, cheaper home loans for an estimated 400,000 distressed borrowers who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans.

An 83-9 vote put the plan on track for Senate passage as early as Wednesday, but President Bush is threatening a veto, and Democrats are fighting each other over key details. Those challenges will probably delay any final deal until mid-July.

Offline Sitting Duck

  • Trade Count: (0)
  • Member
  • *
  • Posts: 90
  • Gender: Male
Re: Republican Senators Back Mortgage Bailout
« Reply #1 on: June 24, 2008, 04:14:03 PM »
Gosh... I wonder where the money will come from for the bailout of stupid people, greedy investors and even greedier lending institutions.  China?  So we will add another 300 billion to the national debt? 

Bush will sign the bill as long as enough Republican "me too" is attached to it. 

Instead of letting everyone pay a price for stupidity and greed we are going to reward it.  I wonder if I could spend my way out of debt.  That seems to be the mindset of our government.

Sad times.


Offline torpedoman

  • GBO Supporter
  • Trade Count: (7)
  • Senior Member
  • *****
  • Posts: 2574
  • Gender: Male
Re: Republican Senators Back Mortgage Bailout
« Reply #2 on: June 24, 2008, 05:57:41 PM »
I reckon it is time for everyone to quit making house payments, wonder what the government would do then to save the bankers rear ends. this is to help the banks not the people. If all the bad debs go to foreclouser what are they going to do with all those houses they will have to sell for pennies on the dollar , a sale like that would help the people and cripple the big money boys. The boys in washington can't let that happen to their owners.
the nation that forgets it defenders will itself be forgotten

Offline gypsyman

  • Trade Count: (1)
  • Senior Member
  • *****
  • Posts: 4852
Re: Republican Senators Back Mortgage Bailout
« Reply #3 on: June 26, 2008, 07:44:33 PM »
Sad part about this is, it's like welfare for the rich,smart people!! It's not the blue collar worker that needs this, it's the college educated white collar worker that needs this money. The average working man, didn't go out and stick his neck out for a second home.It's the $150,000 dollar a year guy, that thought, hey, if I buy that extra house for $200,000, flip it in a couple years for $400,000, in the mean time, rent it out for $3,000 a month, especially with an ARM, I can make some real money. WRONG!!  Mean ol' mister gravity strike's again. What goes up, must come down. Except this time, it's in reverse. Interest rates from these ARM's have started to climb, more house's being built than necessary, greedy loan officials handing out money to people that really can't afford a second mortgage, and bingo, Housing crisis. And, I have a feeling, it's going to get alot worse.
Instead of the Democrats helping out some poor minority with food stamps and gov't aid, the Republicans are helping out rich folks, that just got greedy!!  gypsyman
We keep trying peace, it usually doesn't work!!Remember(12/7/41)(9/11/01) gypsyman

Offline Dee

  • Trade Count: (2)
  • Senior Member
  • *****
  • Posts: 23870
  • Gender: Male
Re: Republican Senators Back Mortgage Bailout
« Reply #4 on: June 27, 2008, 01:47:49 AM »
Oh boy! More government reform. With the Republicans  now involved our country is getting better already. Gee, things are really looking sunny. The Democrats are truly idiots, but now that the Republicans are on board, how can this new venture into the private sector NOT work. Both the Democrats and Republicans are such good business men, I can't wait until the Republicans decide to jump on board with the Democrats and NATIONALIZE the oil companies like the Dems want to do. If the Republican will just see the light on the oil situation how can we loose. ;D
You may all go to hell, I will go to Texas. Davy Crockett

Offline woodchukhntr

  • GBO Supporter
  • Trade Count: (108)
  • Senior Member
  • *****
  • Posts: 2359
Re: Republican Senators Back Mortgage Bailout
« Reply #5 on: June 27, 2008, 03:35:05 AM »
Greed, greed, greed!  We had a problem with commercial properties in the 80's, the banks were loaning money for commercial buildings way beyond the need for those projects and when it hit the fan, we all are paying with higher rates on loans and lower rates on savings.  Now it's the sub-prime mortgages for housing.

What is particularly irritating to me is that the idiots who took out those mortgages are now being portrayed as victims!  They are not victims, they are as guilty as the bankers!  These are not people who bought modest homes in which to raise their famiilies, they are speculators who bought houses way beyond their ability to sustain payments.  They wanted to make money on the flip, when the value went up.  Well, the buble burst and now they are crying that they can't afford to pay, and it is not their fault.  Too bad!  As Dave Ramsey says, they are paying the "stupid tax", and the tax is very high.  If they get bailed out, what is the lesson?

Well, it is an election year, and the politicians in both parties don't want to lose their funding from the money boys and the votes from the "victims".  Guess what is going to happen?  Whatever it is, it is sure to hurt the rest of us.

Offline rebAL

  • GBO Supporter
  • Trade Count: (0)
  • A Real Regular
  • *****
  • Posts: 554
Re: Republican Senators Back Mortgage Bailout
« Reply #6 on: June 27, 2008, 05:14:50 AM »
The conservative party has really let me down.  About 40 years ago I switched my party membershp from Republican to conservative because I did not want to be associated with Rockefeller republicans in NYS.  The only thing the conservative party does now is to endorse republicans.  If only the Conervative party could be a legitimate 3rd. party alternative, both on a state & federal level. 

Offline woodchukhntr

  • GBO Supporter
  • Trade Count: (108)
  • Senior Member
  • *****
  • Posts: 2359
Re: Republican Senators Back Mortgage Bailout
« Reply #7 on: June 27, 2008, 05:36:17 AM »
The conservative party has really let me down.  About 40 years ago I switched my party membershp from Republican to conservative because I did not want to be associated with Rockefeller republicans in NYS.  The only thing the conservative party does now is to endorse republicans.  If only the Conervative party could be a legitimate 3rd. party alternative, both on a state & federal level. 

The state of politics is pretty sad.  I grew up in a Democrat family, but switched to Republican because I had always voted that way, and I could not stand being associated with Clinton.  I still don't want to be a Democrat, and am not particularly fond of the Republicans.  Whoever is in power sells themselves to the special interests that they cater to.  The Dem's supposedly are for the "working man", but are more for giving their money away to those who don't want to work, and the Rep's represent the rich, and give money to them.  One thing, though:  I always was amazed by rich Democrats such as Kennedy, it seems like an oxymoron, being rich and Democrat!  It seems that the interests would be conflicting.  At least you know where the Republicans are coming from.

Offline SHOOTALL

  • Trade Count: (0)
  • Senior Member
  • *****
  • Posts: 23836
Re: Republican Senators Back Mortgage Bailout
« Reply #8 on: June 27, 2008, 07:22:23 AM »
will German business end up with all the bailed out houses ?
JUST LIKE THE CHRYSLER ?
If ya can see it ya can hit it !

Offline rebAL

  • GBO Supporter
  • Trade Count: (0)
  • A Real Regular
  • *****
  • Posts: 554
Re: Republican Senators Back Mortgage Bailout
« Reply #9 on: June 28, 2008, 04:59:20 AM »
 
  The Dem's supposedly are for the "working man",     One thing, though:  I always was amazed by rich Democrats such as Kennedy, it seems like an oxymoron, being rich and Democrat!  It seems that the interests would be conflicting. 
[/quote]  Nothing could be further from the truth.  Perhaps at one time the Dems were for the working class,, but not in my lifetime.  The Dems. want to give away just enough of a handout to keep them wallowing in mediocrity  and that empowers themselves because they will vote for those politicians giving the handouts.  That is why  politicians of both parties give away our money;  It secures there re-election and empowers themselves making the working class & welfare reciprients dependent on the govermnent and there elected sugar-daddy.

Offline Dee

  • Trade Count: (2)
  • Senior Member
  • *****
  • Posts: 23870
  • Gender: Male
Re: Republican Senators Back Mortgage Bailout
« Reply #10 on: June 28, 2008, 11:51:06 AM »
will German business end up with all the bailed out houses ?
JUST LIKE THE CHRYSLER ?

China actually has bought about 71 percent of home mortgages, and Japan about 21 percent.
You may all go to hell, I will go to Texas. Davy Crockett

Offline SHOOTALL

  • Trade Count: (0)
  • Senior Member
  • *****
  • Posts: 23836
Re: Republican Senators Back Mortgage Bailout
« Reply #11 on: June 30, 2008, 07:54:57 AM »
we own very little .
If ya can see it ya can hit it !

Offline Dee

  • Trade Count: (2)
  • Senior Member
  • *****
  • Posts: 23870
  • Gender: Male
Re: Republican Senators Back Mortgage Bailout
« Reply #12 on: July 01, 2008, 02:40:46 AM »
Not to worry. Conservative John McCain will save us all.
You may all go to hell, I will go to Texas. Davy Crockett

Offline gypsyman

  • Trade Count: (1)
  • Senior Member
  • *****
  • Posts: 4852
Re: Republican Senators Back Mortgage Bailout
« Reply #13 on: July 01, 2008, 03:16:18 AM »
In the past 20-30 years, conservative Dem's have jumped to the Rep's, but now that the Republicans have turned into what the  Dems use to be, doesn't leave us much choice. Guess Bob Barr should get my vote.  I know that I said that I'ld probably vote for McCain earlier, but he's a joke too.  Sad day in paradise next November!   gypsyman
We keep trying peace, it usually doesn't work!!Remember(12/7/41)(9/11/01) gypsyman

Offline kevthebassman

  • Trade Count: (0)
  • A Real Regular
  • ****
  • Posts: 979
Re: Republican Senators Back Mortgage Bailout
« Reply #14 on: July 01, 2008, 04:04:46 AM »
You know, I always wonder why ( I'm too young to have been there ) the Democrats walked away from the common man.  Used to be that they were the party of the working class... the little guy.  Now they're the party of the uber-rich elite (who have a team of tax professionals on staff to keep them paying the obscene taxes they vote for) and the listless s**tbums just looking for some sort of handout.  They left the folks with good steady jobs and morals to the Republican party, and the Republicans don't seem to want much to do with anyone who isn't dumping money into their campaign fund.

Who are you supposed to vote for if you're just an average Joe of modest means?

Offline SHOOTALL

  • Trade Count: (0)
  • Senior Member
  • *****
  • Posts: 23836
Re: Republican Senators Back Mortgage Bailout
« Reply #15 on: July 01, 2008, 06:50:29 AM »
either party goes for the sure vote . To the dem.'s that's gays , women lib types , illegals and any other speical intrest group . The rep.'s go for the rest . For some time now it seems we vote for the lesser of the two EVILS . And that is a peachey way to run the only super power now ain't ?
The only hope if it ain't to late is start local and build a new party . A party in touch with the reality of America . Look at the checks that were given out to boost spending , GEE they don't even cover the cost of gas .
If ya can see it ya can hit it !

Offline Dee

  • Trade Count: (2)
  • Senior Member
  • *****
  • Posts: 23870
  • Gender: Male
Re: Republican Senators Back Mortgage Bailout
« Reply #16 on: July 01, 2008, 07:00:46 AM »
As long as the republican supporters are willing to accept a few crumbs to get them to continue to vote republican, crumbs is all the republican will get. I find it amazing that an honest candidate is available, but folks whom claim to be conservative, continue to vote for republican liberals along party lines while all the time, ridiculing the true conservative, whom is the only person with the courage to step out of the crap, and vote for the true conservative.
Voting your conservative CONVICTIONS is now "condemned, and ridiculed" by the masses, whom in turn, CLAIM the same convictions but, vote liberal republican out of fear.
You may all go to hell, I will go to Texas. Davy Crockett

Offline SHOOTALL

  • Trade Count: (0)
  • Senior Member
  • *****
  • Posts: 23836
Re: Republican Senators Back Mortgage Bailout
« Reply #17 on: July 01, 2008, 07:32:57 AM »
if JFK were alive today he would be a REP. .
Party lines , they must look like a can of worms !
We don't vote for anything more than what we can get ! 40 ac.'s and a mule , a chicken in every pot and gay mirrage here ! etc. etc. etc.
If ya can see it ya can hit it !

Offline Dee

  • Trade Count: (2)
  • Senior Member
  • *****
  • Posts: 23870
  • Gender: Male
Re: Republican Senators Back Mortgage Bailout
« Reply #18 on: July 01, 2008, 07:51:20 AM »
Party lines indeed must look like a can of worms. There are no lines as far as differences in theology any more. A republican is a democrat, with a different name, and vise-versa. They have at last, all became the same. They have now became the ruling aristocracy, that the founders of this country ran from, TO HERE!
Must we be as the French? Starved, before we stand up? When the women protested in the streets of France for more bread for their starving children, then and only then, did the men step up, and say enough is enough. Enter the French Revolution.
One candidate says no drilling for oil. The other says limited drilling but, not in caribou country. BOTH say global warming, and free trade. Both say open borders, and amnesty for illegals. Both consider "their ideas ABOVE" the Constitution and Bill of Rights. BOTH TRAVEL BY TAX PAYER PAID JET.
A return to the later two (Constitution and Bill of Rights) is all that will save us, but it will take more courage, sacrifice, and swallowing the bitter pill of error, than the masses are willing to accept now. They continue to look for the easy way out, by voting for the lessor of, and we slip farther down into conscription by the ruling class for it. We are being HERDED as cattle to our proper voting pen, hoping in vain for something different, from the same. They know better than we, what is best for us.
You may all go to hell, I will go to Texas. Davy Crockett

Offline woodchukhntr

  • GBO Supporter
  • Trade Count: (108)
  • Senior Member
  • *****
  • Posts: 2359
Re: Republican Senators Back Mortgage Bailout
« Reply #19 on: July 01, 2008, 09:03:37 AM »
Party lines indeed must look like a can of worms. There are no lines as far as differences in theology any more. A republican is a democrat, with a different name, and vise-versa. They have at last, all became the same. They have now became the ruling aristocracy, that the founders of this country ran from, TO HERE!
Must we be as the French? Starved, before we stand up? When the women protested in the streets of France for more bread for their starving children, then and only then, did the men step up, and say enough is enough. Enter the French Revolution.
One candidate says no drilling for oil. The other says limited drilling but, not in caribou country. BOTH say global warming, and free trade. Both say open borders, and amnesty for illegals. Both consider "their ideas ABOVE" the Constitution and Bill of Rights. BOTH TRAVEL BY TAX PAYER PAID JET.
A return to the later two (Constitution and Bill of Rights) is all that will save us, but it will take more courage, sacrifice, and swallowing the bitter pill of error, than the masses are willing to accept now. They continue to look for the easy way out, by voting for the lessor of, and we slip farther down into conscription by the ruling class for it. We are being HERDED as cattle to our proper voting pen, hoping in vain for something different, from the same. They know better than we, what is best for us.

So they (think they) do!  That used to define the liberal, but not so much now.  Educated, intellegent idiots!  So who would you vote for if 2 candidates differ so little, and are both wrong?

Offline beemanbeme

  • Trade Count: (0)
  • Senior Member
  • *****
  • Posts: 2587
Re: Republican Senators Back Mortgage Bailout
« Reply #20 on: July 01, 2008, 12:30:05 PM »
I think the very best solution is to sit on your hands and whine and cry and point fingers and complain and do nothing constructive and either don't go to the polls or "vote your heart" for the kiss the cow candidate.  Then, when you go to your MANDITORY adult education class to learn  Arabic or Chinese so you can take orders at the widget factory, you can feel really good about yourself.
gypsyman, I don't know where you came up with that scenario but its dead wrong.  This collapse came from the simple reason of people buying more house than they could afford.  The realtors "sold up" like they've been doing since day one and part of the bait was nothing more than a variation of the old balloon note car financing plan. And the stupid people bought it. As posted, it happened in the 80's.  The difference was that then if you were stupid enough to overextend you lost your butt.  People, businesses, and banks.  In Tulsa, the FHA was running bus tours of the available homes that had been foreclosed and were up for bid and purchase.  Lotsa smart folks with callouses on their hands and blue collars bought modest homes, refurbed them with sweat equity, and used them as rental property until the market improved.  It's doesn't have to be a rich man's game but it is a smart man's game. 

Offline gypsyman

  • Trade Count: (1)
  • Senior Member
  • *****
  • Posts: 4852
Re: Republican Senators Back Mortgage Bailout
« Reply #21 on: July 01, 2008, 06:41:15 PM »
Sorry beemanbeme, stand by my statement. Vast majority of the house's that are coming up for foreclosure around me, were owned by ''smart'', upper income, white collar people. Book smart, no common sense!!  gypsyman
We keep trying peace, it usually doesn't work!!Remember(12/7/41)(9/11/01) gypsyman

Offline beemanbeme

  • Trade Count: (0)
  • Senior Member
  • *****
  • Posts: 2587
Re: Republican Senators Back Mortgage Bailout
« Reply #22 on: July 02, 2008, 05:46:55 AM »
G-man, at what level of education do you lose greed or ego?  Ever seen the ad: "drive a Buick, show people you've arrived!" Do you think that ad was directed at clerks flipping burgers at McD's?   Doesn't make any difference what colour their collar is, those people were victims all right. Victims of their own egos.  And the realtors played them like a fish.  And the realtors and banks may have  believed what they were selling.  The economy is rising.  MAYBE the interest rate won't spike at an inopportune time.  MAYBE you will get a 10% raise every year. 
I've posted elsewhere: "America, where gross indebtedness is a competitive sport." 

Offline woodchukhntr

  • GBO Supporter
  • Trade Count: (108)
  • Senior Member
  • *****
  • Posts: 2359
Re: Republican Senators Back Mortgage Bailout
« Reply #23 on: July 02, 2008, 08:55:14 AM »
G-man, at what level of education do you lose greed or ego?  Ever seen the ad: "drive a Buick, show people you've arrived!" Do you think that ad was directed at clerks flipping burgers at McD's?   Doesn't make any difference what colour their collar is, those people were victims all right. Victims of their own egos.  And the realtors played them like a fish.  And the realtors and banks may have  believed what they were selling.  The economy is rising.  MAYBE the interest rate won't spike at an inopportune time.  MAYBE you will get a 10% raise every year. 
I've posted elsewhere: "America, where gross indebtedness is a competitive sport." 

Very well stated!  Not too many people were dragged kicking and screaming into it.  They played the "maybe" game and lost.  As Dave Ramsey would say, they paid the stupid tax.  Now we are supposed to bail them out?  Only in America, where greedy, stupid people are not held responsible for their actions.

Offline SHOOTALL

  • Trade Count: (0)
  • Senior Member
  • *****
  • Posts: 23836
Re: Republican Senators Back Mortgage Bailout
« Reply #24 on: July 02, 2008, 09:28:03 AM »
Lets not be dumb ourselves its not to help the home buyer its to save the fortune the lenders would have to give up !
Now don't we all feel better ?
If ya can see it ya can hit it !

Offline Dee

  • Trade Count: (2)
  • Senior Member
  • *****
  • Posts: 23870
  • Gender: Male
Re: Republican Senators Back Mortgage Bailout
« Reply #25 on: July 02, 2008, 10:45:44 AM »
Party lines indeed must look like a can of worms. There are no lines as far as differences in theology any more. A republican is a democrat, with a different name, and vise-versa. They have at last, all became the same. They have now became the ruling aristocracy, that the founders of this country ran from, TO HERE!
Must we be as the French? Starved, before we stand up? When the women protested in the streets of France for more bread for their starving children, then and only then, did the men step up, and say enough is enough. Enter the French Revolution.
One candidate says no drilling for oil. The other says limited drilling but, not in caribou country. BOTH say global warming, and free trade. Both say open borders, and amnesty for illegals. Both consider "their ideas ABOVE" the Constitution and Bill of Rights. BOTH TRAVEL BY TAX PAYER PAID JET.
A return to the later two (Constitution and Bill of Rights) is all that will save us, but it will take more courage, sacrifice, and swallowing the bitter pill of error, than the masses are willing to accept now. They continue to look for the easy way out, by voting for the lessor of, and we slip farther down into conscription by the ruling class for it. We are being HERDED as cattle to our proper voting pen, hoping in vain for something different, from the same. They know better than we, what is best for us.

So they (think they) do!  That used to define the liberal, but not so much now.  Educated, intellegent idiots!  So who would you vote for if 2 candidates differ so little, and are both wrong?

woodchukhntr, the independent is a dark horse to say the least, as everyone continues to hold their nose and vote the same as always, and hope for the change that never comes.
It seems that it has never occurred to the masses that if they are as patriotic as they claim, a major shift to a third party candidate would send a message to the RULING ARISTOCRACY, i.e. the Republicans and the Democrats. Instead they choose to continue to support one or the other of the two, and ridicule those whom have stepped away from a failing practice. These vote as usual voters, criticize but offer no solution to the growing problem of poorer and poorer quality candidates, that has been brought about by voting for the lessor.
Some say CHANGE must start at the local level. What? Voting in a conservative mayor will change Washington? I don't think so.
Now the issue (as always) is future judges in the supreme court, 2nd amendment rights, and so on, while they vote for one of the, if not THE most liberal Republicans to ever hold office. They try to convince others that this Republican is going to change, when he hasn't changed in 20 some odd years of voting liberal ideas. He cannot simply make up his mind whether he wants to be a Republican or a Democrat.
I find it interesting when someone says that if you don't like the candidate THEY like, and refuse to vote for whom THEY think you should vote for, because THEY know better, that you are whining. Actually the opposite is true. They are the whinners, because some of us don't agree with THEM. I make observations  and decisions on whom to vote for based on voting records, and issues important to me, and in support of the Constitution, and the Bill of Rights, not some far fetched hope of candidates changing years of bad voting habits in the Congress and the Senate.
You may stand up in court for a thief you know the first time, and tell the judge and the jury that the man made a mistake. If he steals again, and you stand up for him, you are playing the fool for the thief.
Sometimes as Americans we forget that we are ALL free to make decisions on what WE feel is right, and others don't really have the right to accuse us of wrong doing based only on their opinion. And this, like theirs, is my opinion. This election will be over in November, one way or the other, and the real question is how many here will still be friendly toward one another? I can assure you Washington will not care one way or the other. To them, we are mere servants on the tax role.
You may all go to hell, I will go to Texas. Davy Crockett

Offline Sitting Duck

  • Trade Count: (0)
  • Member
  • *
  • Posts: 90
  • Gender: Male
Re: Republican Senators Back Mortgage Bailout
« Reply #26 on: July 02, 2008, 10:56:02 AM »
Dee:  I like the way you think.

I was so relieved in '92 when Perot garnered 18.9% of the vote.  I thought it was an awakening of the public and an eye opener for the two parties.

Well, I overestimated the public and gave too much credit to the two parties in thinking they would start addressing the concerns of the country.

That's what socialism will do to a country.

Offline woodchukhntr

  • GBO Supporter
  • Trade Count: (108)
  • Senior Member
  • *****
  • Posts: 2359
Re: Republican Senators Back Mortgage Bailout
« Reply #27 on: July 03, 2008, 03:40:59 AM »
Right, Dee.  Fool me once, shame on you.  Fool me twice, shame on me!

Offline gypsyman

  • Trade Count: (1)
  • Senior Member
  • *****
  • Posts: 4852
Re: Republican Senators Back Mortgage Bailout
« Reply #28 on: July 03, 2008, 03:51:55 AM »
Beemanbeme, bet if you check, 99% of all the bad loans where wrote up,were by a white collar, college degree'd person, who was taught by a college professor, who NEVER, made a living by actually doing,what they taught. No doubt, there are thousands of foreclosure's out there involving ''blue collar'',dumb, workers. But my thinking is, shouldn't that ''really smart'' loan officer, you know, the one with a degree, told the prospective buyer, no, you only earn $25,000/year, a house in the $200,000 is out of your reach,financially. Start with a house in the $80,000 to $100,000 bracket. Who is the guiltier one here? Loan officer hoping the family can make the payments, or the buyers, just trying to have a better life. Or, just like the California representitive, earned $175,000/year, couldn't make the payments on her 3 homes. So the poor lady was having to sell 2 of them. So she was keeping the cheap one. Guess we'll blame that on the blue collar illegal immigrant, that was cutting the lawn.  gypsyman
We keep trying peace, it usually doesn't work!!Remember(12/7/41)(9/11/01) gypsyman

Offline beemanbeme

  • Trade Count: (0)
  • Senior Member
  • *****
  • Posts: 2587
Re: Republican Senators Back Mortgage Bailout
« Reply #29 on: July 03, 2008, 04:35:00 AM »
G-man, any self respecting realtor will tell you the name of the game is "sell up" . You don't sell someone a house they can afford. You sell them a house that will have them working two jobs and be one jump ahead of foreclosure.  It was that way over forty years ago when I bought my first house.  And, yes, I blame a lot of the problem on lenders lending money to folks that couldn't afford the loans.  The lenders weren't really taking a risk.  The gov'ment was backing them up and the gov'ment was pushing them to do it.  Just another version of affirmative action IMO. And, of course, you're gonna have people that are gonna buy houses with favorable rates and HOPE the interest rates aren't gonna spike and use them for rentals, etc.  Those folks are called entrepreneurs.  Which is a long word for daredevils.  If they are not of a mind set that they might lose their asses, then they shouldn't be playing the game. They certainly shouldn't be expecting the gov'ment to bail them out. 
I don't think you could use California as an example of any sort of "normal" buying patterns.  A friend of mine lived in Cal in the 80's and told me how a "normal" house financing worked.  He had a PhD and was hired as the Dir of QA for a Nat'l Co and didn't feel he could make a entry into the California housing market.  He said they had people sweeping the parking lot that lived in homes grander than the one he still owned in Memphis.   :D
I don't know if we're on the same side or not.  I don't think the gov'ment should bail those defaulters out.  Maybe a lesson in prudence is needed for the American public.  However, maybe the gov'ment feels a obligation because they pressured the institutes to make loans that were iffy at best.  And too, I've heard that many of the defaulters are reverting to type and really trashing the homes they are having to leave.