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Message
re: So, maybe we should force people to pay for stuff...
Posted on 9/30/08 at 8:56 am to Herb
Posted on 9/30/08 at 8:56 am to Herb
quote:Agreed...I am just frustrated that we are going to bailout people that lived beyond their means...hopefully, the credit tightening will reign people in on their spending habits.
Credit is absolutely essential for our economy. Without it, we're back in the stone age.
I just hope the bailout bill that eventually passes truly deals with the underlying reasons we got here in the first place, and isn't just a temporary fix to a much larger problem.
1
Posted on 9/30/08 at 9:22 am to Chicken
We are not bailing out the people. They are still firmly fricked. We are bailing out the businesses that exploited the stupid people. The problem is the organizations that exploited people with bad credit in order to make quick up front money.
This post was edited on 9/30/08 at 9:28 am
Posted on 9/30/08 at 9:32 am to Rollie Fingers
quote:
We are bailing out the businesses that exploited the stupid people
Couldnt we say the stupid people exploited the banks? Think about it, stupid person gets a rent free McMansion for a few years that he knows he cant pay for... on the note holders ultimate dime.
In other words, exploitation was both ways... enough of the innocent people crap
Posted on 9/30/08 at 9:37 am to igoringa
I didn't want to insinuate the people were innocent. They are not, but they are not the biggest problem. The big problem was the industry ignored and relaxed credit standards because they make more money off of people with bad credit and who cannot pay. The people with bad credit and who have been foreclosed on will not benefit from the solution whatsover. The businesses will. They are being bailed out.
Posted on 9/30/08 at 10:04 am to Rollie Fingers
quote:Rollie, I don't have the exact text, but I am only going by what I heard on TV yesterday...people who can't afford their mortgage payments could have their principle balances reduced in order to make the payment more affordable...wouldn't we all love to have this perk?
We are not bailing out the people
Posted on 9/30/08 at 10:16 am to Chicken
Chicken,
I did not realize they were talking about doing that. I suspect some of those people actually deserve some relief because they have probably been paying ridiculously high interest and PMI and the like where the real money is made by the lenders trying to unfrick themselves. I am not interested in any type of assistance in any form, nor am I in need of it. My money is not funny, and my credit will in most cased get it.
I did not realize they were talking about doing that. I suspect some of those people actually deserve some relief because they have probably been paying ridiculously high interest and PMI and the like where the real money is made by the lenders trying to unfrick themselves. I am not interested in any type of assistance in any form, nor am I in need of it. My money is not funny, and my credit will in most cased get it.
Posted on 9/30/08 at 11:00 am to Rollie Fingers
quote:
I didn't want to insinuate the people were innocent. They are not, but they are not the biggest problem.
I would say it's about 50/50. The banks got greedy and they should go under. But, stupidity about your financial situation is the responsibility of the individual and no one else. The only way I would ever be in a position of not paying my bills is if I lost my job (as would most people). But if you were stupid enough to sign an ARM or if gas prices going up puts you under, you are living beyond your means.
Posted on 9/30/08 at 11:10 am to Rollie Fingers
quote:
The people with bad credit and who have been foreclosed on will not benefit from the solution whatsover. The businesses will. They are being bailed out.
Did we not do a $300 billion ditty in July targeted to those people? Why is that ignored? Again foreclosed home simply means they lived rent free for a long time.. that was a benefit.
Posted on 9/30/08 at 11:11 am to Rollie Fingers
quote:
I suspect some of those people actually deserve some relief because they have probably been paying ridiculously high interest and PMI and the like where the real money is made by the lenders trying to unfrick themselves.
Unbelievable.
Posted on 9/30/08 at 11:13 am to LSU0358
People have always tried to live above their means. In the past the banks would not take the risk to lend to these people. The banks are more to blame because they knowingly made decisions to go against standard policies in order to make a profit. The banks were aware of the turmoil the lending could cause and they did it anyway.
Posted on 9/30/08 at 11:15 am to igoringa
If the banks broke laws to jack up the interest and pmi on the loans, the people they stole from are entitled some relief.
Posted on 9/30/08 at 11:17 am to Rollie Fingers
quote:
People have always tried to live above their means.
But heaven forbid we say that is there fault. No you see people can do what they want... others are the ones to blame if that greed is fulfilled.
quote:
In the past the banks would not take the risk to lend to these people. The banks are more to blame because they knowingly made decisions to go against standard policies in order to make a profit.
So people being greedy... oh bless their little hearts. Banks being greedy... preposterous... dont they know it is there responsibility to protect people from themselves?
quote:
The banks were aware of the turmoil the lending could cause and they did it anyway.
Yet the poor innocent homeowner had no idea borrowing $600K would be an issue. Oh wait, homes always appreciate.. so their was no risk. Hmm same logic as the banks... but again it is the banks responsibility to protect people from themselves... eh comrades?
Posted on 9/30/08 at 11:19 am to igoringa
The homeowners being foreclosed on will pay the price of probably never being able to purchase a home again or paying an even steeper price if they somehow do get one. I am pretty sure these bank lender CEOs still own houses.
This post was edited on 9/30/08 at 11:20 am
Posted on 9/30/08 at 11:19 am to Rollie Fingers
quote:
If the banks broke laws to jack up the interest and pmi on the loans, the people they stole from are entitled some relief.
What laws were broken? How did banks 'jack up rates' through breaking laws?
Posted on 9/30/08 at 11:21 am to Rollie Fingers
nobody forces you to take out a loan
Posted on 9/30/08 at 11:22 am to Rollie Fingers
quote:
The homeowners being foreclosed on will pay the price of probably never being able to purchase a home again
FAIL. You know how many people have been foreclosed on in the past and currently own homes? Millions.
quote:
or paying an even steeper price if they somehow do get one.
Because THEY, not anyone else, proved THEY were not credit worthy.
quote:
I am pretty sure these bank lender CEOs still own houses.
Probably because they pay their bills. A thousand apologies for assuming people need to take responsibility for their own decisions.
Posted on 9/30/08 at 11:23 am to supatigah
Supa,
you dont understand. You see humans are inherently greedy and must be protected from themselves. It is not up to you to decide if you should or shouldnt get a loan... it is up to the bank to make that decision for you. If they lend you money, then you are off the hook in responsibility for determining if it is good for you. That is their responsibility... after all you are only human. That is the logic stream here.
you dont understand. You see humans are inherently greedy and must be protected from themselves. It is not up to you to decide if you should or shouldnt get a loan... it is up to the bank to make that decision for you. If they lend you money, then you are off the hook in responsibility for determining if it is good for you. That is their responsibility... after all you are only human. That is the logic stream here.
Posted on 9/30/08 at 11:26 am to igoringa
There is an entire industry encouraging people to try to buy more home than they can afford. Ultimately it is the person's responsibility to make good decisions, but the industries that are intentionally trying to make them make bad decisions are the true heart of the problem. The people knew all these people's couldn't afford the houses, but they got them to sign their lives away anyway.
Posted on 9/30/08 at 11:27 am to igoringa
Its a little different when banks are targetting people they know make bad financial decisions and breaking them off for more money.
Posted on 9/30/08 at 11:33 am to igoringa
The organizations should have protected themselves not the buyers by not extending themselves in the widespread manner that has caused the problem.
This post was edited on 9/30/08 at 11:34 am
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