Comments on: President Bush Flip-Flops on Mortgage Bailout Bill

By: Mr Pink Eyes

Mr Pink Eyes — Wed, 30 Jul 2008 02:42:02 +0000

This is not an issue of rich vs poor. Just because some people can afford expensive houses that doesn’t mean that everyone should live in a more expensive house. People need to live within their means. Am I rich? Hell no. I own a house, but it is a house I can afford. If someone buys a house that they can’t afford and have no way to pay for then why should the government relieve them of their responsibilty of either paying for it or losing it.
Live within your means, that is the lesson that would be taught if the government didn’t step in and save people from their own stupidity.
The lesson taught from this is, fuck it, I will buy whatever I want and if I can’t pay for it all of the other suckers, I mean taxpayers will pay for my irresponsibility. There is no consequences to the action of living outside of your means other than the consequences being pushed on to hard working, taxpaying Americans who are trying to supposrt their own families and do not need the burden of supposrting other people and their irresponsibility.

By: george

george — Wed, 30 Jul 2008 01:20:03 +0000

these people that are againest must be rich are do not have to fight illegle immigrents for ajob because of cheep labor you dont see to maney mexicans on the news boradcast or if it was thare familey would they have a differnt view or if they lived in louisiana they most likey came from a rich familey thankes please reply

By: cristina

cristina — Mon, 28 Jul 2008 06:40:58 +0000

The banks and the mortgage companies did EXACTLY what they were told by the government: to make available loans for people who cannot afford a house otherwise. So, the gov. should be the one to take the blame, not the one who is seen as a savior!

By: jennalin

jennalin — Sat, 26 Jul 2008 21:39:10 +0000

Where exactly was the government when these loans were going out? What happened to the regulations THEN, before this became an outrageous problem? I agree that both the banks and the borrowers were irresponsible in their lending & borrowing, but, as someone who did take out a loan in the days of “sub-prime” lending, you cannot believe some of the tactics used to try to get me to sign with one company or another.
We did our homework, we have a 30 year-fixed, but some of the other options were mighty tempting.
I also live in an area where housing values have dropped significantly. In fact, I owe more than my house is worth. But, 3 years ago when I needed to relocate due to a job transfer and the market was still holding strong, what should I have done? Rents were actually higher than mortgages at the time, and there was little talk yet of the housing bubble about to burst. I guess I’ll just wait it out… There’s probebly no help for me either…

By: Right WIng Wiz Kid

Right WIng Wiz Kid — Fri, 25 Jul 2008 13:05:40 +0000

I would really like to go out and buy a brand new car.
Possibly one that’s far beyond my means.
I guess the only thing holding me back is that I’m not stupid enough to buy something I can’t afford.

By: stushie

stushie — Fri, 25 Jul 2008 03:51:20 +0000

I put money in bonds that were tied to the real estate market and lost $20,000…who is going to bail me out?

By: Mr Pink Eyes

Mr Pink Eyes — Fri, 25 Jul 2008 02:15:57 +0000

It’s a double edged sword and it is pointed at us. It is maddening that people who are reponsible have to bail out those that are not.
Great point on the mortgage increase due to higher taxes. I also have a fixed rate and every year my payment goes up. I don’t ask for help and don’t expect it, but why should people who shouldn’t have even had the house in the first place get a break?

By: Terrant

Terrant — Fri, 25 Jul 2008 02:10:49 +0000

Yeah, I just love how that I, as a taxpayer, am going to have to help bailout the people that were fiscally irresponsible and took loans they couldn’t afford while on the other hand I have to help bailout the banks that were fiscally irresponsible in giving the money to people who couldn’t afford them.

I thought the whole purpose of an ARM is that the borrower takes on more of the risk of the loan for a lower rate. What is the point of a fixed rate mortgage if the government bails out people with ARMs?!?!? Pissed off does not begin to describe how I feel. In spite of the fact that I have a fixed rate mortgage, my mortgage went up 10% this year (escrow shortfall due to increases in taxes and insurance).

Where’s the bailout for those who are responsible and bought a smaller, less expensive home and saved years for the down payment?