Any Corvette from model year 1968 to 1982 is loosely referred to as a Shark. Stemming from the Mako concepts and a general acceptance that the C3 lo...
Subject: Re: Count me among the offended by BillH on 2010/8/5 21:51:23
Quote:
CentralCoaster wrote: If the government didn't want to be in real estate, Freddy and Fannie wouldn't exist to begin with.
Regardless, there are ways to keep people in their homes without forgiving debt. The banks can refi these people into fixed rate 120% loans and the government can back the extra 20% or take a bite from future home values when it appreciates or is sold. Or the govt can create incentives for banks or 3rd parties to rent people's homes back to them with conditions for ownership.
Or they can sit back and do absolutely nothing, including no giving handouts to failing banks.
But the reason people default DOES matter. The reason banks fail DOES matter. Yes there are good people that are victimized also (who plans for a 40% drop in equity?), but if you start throwing money at stupid people, you remove incentive for good behavior. Then good people feel cheated and do a strategic foreclosure to get their share.
People need to be accountable too. Anyone who defaults on a mortgage should never ever qualify for a future home loans until they pay back the debt. They can always rent. Renters don't fuck the economy when they bail on a lease.
Yea, really.
Don't use my tax dollars to give these people freebees. If they have an adjustable that went from $1,500 TO $2,000, refi them with a fixed that they can pay and force the banks to make a slight profit instead of a large one.
They tried this, they demanded the banks go out and negiotiate, the banks sent out people with no authority to change that loan terms (wink, wink, nudge, nudge). The last time I looked, the success rate was less than 5%. The bankers laughed as they got their bonus checks.
Hundreds of thousands of people applied, few were granted new loans. The mess would be a little less is those people got new mortgages.
So to fix this, the Dems want to give away money?????
