“Even consumers with mortgages that have melted down don’t deserve a federal cash-based bailout.”
Then you have author Jacob Vigdor, an associate professor of Public Policy Studies and Economics at Duke University utter, “A government bailout is not a viable solution. The government bailout is only going to reward people who made bad decisions — both borrowers and lenders — and if we reward bad decisions, it’s only going to encourage more people to make these bad decisions in the future,”
The Union goes on to say, “Foreclosure moratoriums, taxpayer-backed loans to troubled borrowers and lender-restrictions that effectively rewrite mortgage contracts all effectively socialize risk while encouraging recklessness from borrowers and lenders alike.
It’s quite obvious that the words coming from their mouths are the result of uneducated and ill informed research and data based on benefits for the wealthy and well to do. The ones that are NOT affected by the subprime mess.
So homeowners made bad decisions? WELL DUH! Don’t you think they obviously understand that now Mr. Vigdor? The bad decision was to trust America’s lending system and to buy into the “American Dream.” It’s all great that you come up with these reports and comments, but where the hell were you when this was all going on the last 5 years? Anyone can sit here after the fact and spout figures, data and opinions, after the fact. It doesn’t take one with a degree to do that.
This isn’t the result of homeowners bad decisions. It’s the result of poor lending practices and lack of government supervision of the lending industry over the last 5 years. It was the fricken wild, wild west. They made terrible loans to good people with tarnished credit. Hell, do you think these people would have made the bad decision to get into that loan, if there was no loan available and a ‘LICENSED” professional selling them that loan.
Come on!
Wait, it’s not over yet. The Union goes on to say more idiotic things:
As everyone now knows, when housing prices leveled off, or declined in some regions, the house of cards collapsed. Borrowers defaulted on higher payments and couldn’t tap their equity, if any, to refinance or pay off the large principal.
Government intervention also isn’t necessary says the Taxpayers Union because evidence thus far doesn’t indicate a “crisis.”
Evidence so far doesn’t indicate a crisis? Need I say more on how completely and utterly ill informed these guys are?
Read the study here. “What Should Government Do About the Subprime Mortgage Market?” recounts the causes of the current mortgage meltdown by spreading blame.
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These are very good tools,I will be making some modifications and will be sending off today. I will keep the board posted on the outcome of my loan(s),Thank You.
Who’s to blame?
http://money.cnn.com/galleries/2007/fortune/0709/gallery.subprime_blame.fortune/index.html
Actually, “Even consumers with mortgages that have melted down don’t deserve a federal cash-based bailout.” was me paraphrasing.
The National Taxpayer Union didn’t echo those words.
A distinct difference.
But thanks for reading.
Deadline Newsroom
DeadlineNews.Com
Thanks for clarifying that and stopping by. But it is exactly how they feel and it look like you also.
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1. The drug dealer sold me bad drugs could not remember when to pay.
2. They closed my home equity line and naturally ran out of money
3. I thought the payment was only a suggestion
4. Rick Harsch is pretty harsh
need fax number for Washington Mutuals loss mitigation dept. They provided 904-886-5529, but seems to not be a FAX. Please help
The really disturbing trend is to blame the home owner. Since when is the borrower in control? Most americans are declined a credit acrd for $1000.00 limit. Allof a sudden it so easy for the same person to borrow $500,000.00. What out of the goodness of there heart. You want us to believe this was a wide spread favor to over 3 million family’s. This was a well thought out and planned scam, and everybody got Rich, Banks-Brokers-Escrow companies and scam artists, it’s pay day baby. CEO of Banks lost Billions, there instituions recieved Gov and foriegn bails and were paid large bonuses. For what failing, no that’s just it, they didn’t fail. They orchestrated a scam that everybody got rich off of. Can’t you see, every program that comes out, won’t help the Homeowner at all, it’s to reward the banks and institution for screwing us. The said part is that no one talks about the arm loans that were pushed on people that didn’t need one. People with good credit and great jobs, the people that were shown one document and recorded another by brokers. No let’s not talk about all the Fraud. All in involved should be prosecuted, all assest ceased from the profits from screwing home owners and all licenses that apply pulled immediatly. Seriously, when you consider the ability to pay as an institution, common since would tll you that if a person has demonstarted the ability to pay a loan at $1200.00, did you see a potential for them to pay $4000.00 a month when you jump for 4.6 to 10.6 interest? No they didin’t, they new that in advance. My guess is that the calculation or risk would be that the first home owner would up grade the home, pools, grass, concrete, maple shutters, bbq pits. Then the bank would move in take it and sale it to another family, the market comes back and make even more money, not to mention all the money being made of the interest of the original arm loan. Cash cow. Anyone blaming the home owner is an f’en idiot.
Hi Moe. Would you please check if my hardship letter is okay. I’m sorry if I post this on the wrong forum. Pleas help.
Thank you.
I am writing this letter to explain my unfortunate set of circumstances that have caused me to become delinguent on my mortgage. I have done everything in my power to make ends meet but unfortunately I have fallen short and would like you to consider working with me to modify my loan. My number one goal is to keep my home and I would really appreciate the opportunity to do that.
As you can see on my record I have been a loyal and faithful customer paying my mortgage on time. I have tried paying the full amount of $4,129 since November 2007 and also my last payment that was received was June 11, 2008. Unfortunately I could no longer keep up with the payment. Also with the economy my part time job had to lay me off and that also caused me to be delayed. A monthly increase of this amount has ruin me financially and I will surely fall into foreclosure. Therefore, I am requesting that my adjustable rate loan be modified to a fixed rate. I have tried to refinance out of this loan but cannot due to the fact that I owe more than what the house is worth.
I do not owe any credit card bills nor any car payment bills. . My only bill that is making me late is my mortgage. Hopely there is a way to renegotiate the terms of my current mortgage to avoid default and help stop foreclosure on my home. Please help me