Like we need anymore proof...

[Cobrabill]

of what the Dumocrats want to do to us:

Last night Biden said "I think the bankruptcy courts need to be able to not only adjust the interest rates of people with a mortgage, but they should be able to lower the amount owed as well. This way a family will be able to keep their dream house."

[wtm442]

Crap like that pisses me off. My house is paid off. How can I get onboard this gravy train?

[J. T. Toad]

sounds like the bailout..... oh wait....



Obviously he has never had someone owe him money and declare bankruptcy.

[Bill Bess]

Maybe the Dems (Obama) will raise my social security pay up to....stay $300'000 per year, then I could help out with "the transfer of wealth program" and become a real American.
Another good deal would be to pay me last years value of my home in cash, and then have the government refinace it back to me for the current value for no money down and then make it a reverse mortage so I can get paid again.

God am I confused,,,,,,I'm trying to think like a Democrat.

Old Bill

[Sharroll Celby]

Start off by giving those people with the "low" ARM mortgages (and interest-only mortgages) the prevailing interest rate. MOST of the people could then stay in their house, foreclosure numbers would be WAY down, and it MAY keep the economy going.

[427 S/O]

There was another proposal that would bump those mortages up to 40 years. Lower payments might keep them in their house?.

[nevermind65]

I don't see what the big deal is? Yeah, I get screwed in the end because I actually am a responsible person, but either way, I'm going to pay for somebody else's f-up. Might as well let the bank lower the amount as they will just foreclose on it and sell it for some ridiculously low amount anyhow. Saves a lot of paperwork in the end.

[wtm442]

Originally Posted by nevermind65

..... but either way, I'm going to pay for somebody else's f-up.

You never can tell. Buying up the toxic mortgages may be a money maker in the long run. The banks with all of these stupid sub-prime and interest only mortgages are backed by the houses/land. The banks cannot have them on their books for loooooong times waiting for the market to turn around.

But the gov't is actually the biggest bank in the world. It can wait for its money. Maybe 5 years down the road we will see if this was a wise move. It will only be a wise move if the congress wakes up and starts to downsize government spending. Maybe a possibility with McCain, but I really doubt it will Obama.

I would not bet on it, but hopefully this bill will prevent this recession from turning into a depression.

[Scott S]

This is all really pretty simple to cure, all homes with bad loans should be burnt to the ground and replaced with new homes.

Preferably built with forest products from Oregon.

Scott S

[69boss429]

Not wanting to sound socialist,but why should mortgage rates be more than 4 or 5 percent for anyone willing to sign on to a 30 year fixed rate.
The adjustable and interest only loans are what got many people in trouble by their being greedy for more house than they could really afford.
Standerdize mortgage interest rates,no more adjustables,banks will have clearer balance sheets and viewable cash flow based on their assets not on speculation of rising property values.
And while were at it standerdize credit card interest rates,most are higher than a loan shark,and the teaser low or "0" intro rates have more than 1 American in a bind now.

[wtm442]

Originally Posted by 69boss429

The adjustable and interest only loans are what got many people in trouble by their being greedy for more house than they could really afford.

You got that right. And the threat of lawsuits from groups like ACORN did not help local banks. Of course, Barney Franks is the real culprit. We are only in this mess due to government interference in the free market system.

Originally Posted by 69boss429

And while were at it standerdize credit card interest rates,most are higher than a loan shark,and the teaser low or "0" intro rates have more than 1 American in a bind now.

No. The teaser rates of zero interest is not why some people are in a bind. The max rate is about 25%, which is a lot lower than a loan shark. It's mainly the fact that most people are too much in debt. There is no tax incentive to save money ... just tax incentives to spend money (ie - mortgage interest deduction).

Combine that with increase in unemployment, and thats what gets people in trouble. Its not all the fault of big business or big gov't. Some of it is just the individuals fault. Not everyone is fiscally smart.

By the way ... there is nothing stopping you from switching from one 0% credit card to another 0% credit card when the teaser rate stops. My sister does that all the time. Its just like borrowing money interest free.

[Ron61]

Just a note on the 0% credit cards. I saw in the news that they are most likely going to be discontinued. I have one credit card that I have had for 35 years and I use it all the time. I charge almost everything to it and then pay it off each month. That way I only have one check out, and don't pay any interest on the cards balance. Makes it a lot easier to keep up with what checks have cleared the bank and which haven't when I only have two or three a month that I have to write.

Ron

[wtm442]

Ron
I do the same ... but automatically. The credit card is tied to my checking account, and the bank pays the bills electronically. And any bills that come via snail mail, I pay within a couple of weeks. No interest charges here. But I learned a looooooong time ago to be fiscally smart. Other than a late charge every so often (due to stupidity ), I haven't paid any credit card interest in 40 years.

Of course, sometimes you are prudent to go into debt for a large variety of reasons, but just not using credit cards with 25% interest.

The US government (ie - Congress) got us into this mess, along with some help from non-gov't people ... stupid and greedy people in banking/mortgage industry, groups like Acorn, and people getting stupid adjustable loans and interest only loans. That is a fact. And now the government that caused this financial meltdown has MORE control over the financial markets.

God Save Us ..... please. Maybe its time for another revolution.

[wtm442]

Originally Posted by Bill Bess

Maybe the Dems (Obama) will raise my social security pay up to....say $300'000 per year, then I could help out with "the transfer of wealth program" and become a real American.
Old Bill

I doubt that. It might be easier to become an illegal alien and get as much free stuff as you can. And it will only get better when Obama gets elected. More socialist programs, more free stuff, more taxes to pay for all of his grandiose ideas.

[Ron61]

Warren,

The reason I won't let them pay the bills electronically is I like to know when they raise the rates and everything, and the last several rate increases they have overcharged us. Many years ago I wrote a small DOS program that will automatically figure all of my utility bills and I run it every month. They no longer even question me when I go over and tell them they are over charging with their new increase. Just ask how much and get their computer guy in to straighten it out. Same with the other stuff. I like to have control of what goes out of my account. And like you, I haven't paid any interest on anything since I started using the credit card for most of my things. I did get a refund on my house insurance as they had overcharged me. Now they will probably raise it a lot next year to get that refund back.

Ron