If they Bailout the Financials – they must STOP the Foreclosures

[FreakinDJ]

Its only fair

WHY ????

Because it is OUR MONEY and we will be paying off this bill for the next 50 yrs.

[billyoc]

1. I agree. Of course, nobody would ever make a mortgage payment again.

:hi:

[rateyes]

2. Which might be a good thing.

[billyoc]

4. That's what I tell people. Stop paying, save up the money and rent something.

[Mesteryo]

7. that's horrible advice...

You should save money but selling your house and renting means spending money without gaining any asset. Secondly having a debt like a mortgage is good if you can keep it to where you can afford it and avoid late fees.

Avoiding credit completely is horrible unless you never want a new car, a house, or open a business.

[billyoc]

8. Borrowing money at interest for the privelege of engaging in real estate speculation is for idiots.

Stop paying the mortgage, squat in the house for a year, save the mortgage payments and let them foreclose on it.

And I mean EVERYONE.

[Mesteryo]

10. that'll only work once..

Why would anyone sell you a house with that on your record? Also if everyone did thst we'd really be facing a housing crisis. Housing values would plummet and the economy would depress further.

[billyoc]

11. Exactly. Time to put the lie to the bullshit of home ownership as the "american dream"

once and for all.

[Mesteryo]

15. yeah destroy the economy to prove a point...

Meanwhile you force the middle class to become nonexistant and suburbs become low rent districts. I doubt Democrats should support that.

[billyoc]

16. Renting doesn't force the middle class to become nonexistant, how the hell do you get that?

:wtf:

[Mesteryo]

17. no, not renting...

I meant that if housing values depreciate due to people skipping out on mortgages and the economy goes into further depression the middle class will become nonexistant.

[sentelle]

18. Here's a bad thought

Those of us paying our taxes are paying for those foreclosures.

This includes those foreclosed on.

So, the people that are struggling are getting it from both sides. Out of control balloon motgages, AND being forced to fund their own foreclosures.

My question is, as americans, we are being asked to hurt ourselves, for the good of the economy, just to let others (company executives) profit? Why are we allowing this? doesn't federal takeover override contracts?

[Mesteryo]

19. people struggling to repay ARMs

Probably wouldn't be able to get regular mortgage loans so either way they'll have a hard time. But most of them have bad credit for a reason.

Company shareholders aren't profiting from this. The Treasury basically invested in AIG and AIG is going to have to sell assets to pay the Treasury. Basically the govt. is now a shareholder and will make money on this.

[Greyhound]

24. No it didn't. It bought the bad debt and we will absorb the losses while AIG

will not be sharing any of the profit from the other assets. Private profits and socialized losses. What you're pushing here is inaccurate reich-wing propaganda designed to anesthetize the sheep while the parasites walk away with the wool.

[Mesteryo]

25. that's not the AIG deal...

You're talking about the deal made with mortgage lending companies last night to buy their bad assets. The AIG deal involved the govt. acquiring 80% of AIG shares and AIG will guarantee the loan through all of its assets according to the Wall Street Journal---http://online.wsj.com/article/SB122156561931242905.html?mod=todays_us_page_one

This isn't "right-wing propaganda" but what has been reported.

[Greyhound]

27. We will see. The WSJ, bastion of unbiased reporting that it is, has put

the very best possible face on this giveaway.

Let's just keep in touch with this saga as it unfolds, I bet the only people fucked in the end will be the workers and the taxpayers.

[Mesteryo]

28. WSJ editorial board is right-wing..

But I've found their news and business reporting to be pretty good. I'm not even close to right-wing either so if it was like Fox I wouldn't read it.

But instead of just saying it's a lie because you disagree with it prove to me they are lying. If not I'm thinking it's true.

[Greyhound]

31. Since we do not have access to the details there is no way to "prove" this assertion

one way or the other, as usual we are left to watch the results after the fact, when it's too late to do anything about it.

As I said, we will see. Say hi to the grandkids:hi:

ETA; The WSJ bias is endemic and well documented. http://www.thenation.com/doc/20081006/greider">Check out this take on the scam

[Mesteryo]

32. actually we do know details..

Of the AIG deal...you're confusing it with the plan to bail out banks made last night. That Nation article is advocating doing exactly what Schumer said was presented at the meeting. Forming a RTC to handle these investments. It's in every paper.

[anarch]

21. asked? we're not being asked.

nobody asked me, anyway.

[Mesteryo]

23. nobody asked me to pay for roads either

But the govt. uses my money to pay for repairs.

[K Gardner]

29. Good lord.. rent is more $ for less "house" than my mortgage payment..

[FreakinDJ]

5. No - they should be given fixed interest loans

The ARMs were a scam in every sense of the word

[Mesteryo]

14. ARMs were a good thing..

The problem was the govt. didn't write rules for them. They didn't even require borrowers to prove they could repay loans.

[Democrats_win]

3. Agreed. But tomorrow the Sheriff will continue throwing our fellow Americans onto the street.

The truth is, Americans should go to wall street and throw those crooks out and then go to Washington. (I guess we'll do that part in November.)

[Mesteryo]

9. why should other people be skipping out..

On loan repayments and get off scot free while everyone else busts their butt to be responsible and repay debts?

[Mesteryo]

6. that's all we need...

More people thinking loans are free money.

[ColbertWatcher]

12. Brilliant. I'd like to hear McCain argue against it. k+r, n/t

[ThomWV]

13. Then explain to me why anyone would ever make another mortgage payment?

What the hell, let the Government take care of it.

[magellan]

20. Couldn't terms be set on that part as well?

Stipulate that all ARM adjustments will be adjusted downwards and foreclosures will be frozen for a set amount of time (TBD), or no more bailouts.

Further stipulate that any homeowner in the process of foreclosure will be locked out of future home ownership for a set amount of time (also TBD) if they fail to keep up with their (adjusted) payments.

There are probably problems with this I haven't thought of, but there it is.

[Karenina]

22. Picture this: 5 million Americans descend on D.C.

With tents, torches, pitchforks and signs saying

BAIL US OUT FIRST!

I can DREAM can't I?

[spin]

26. Not a bad idea! (n/t)

[closeupready]

30. Yes, that would be a powerful statement to those crooks in DC that

WE ARE NOT HAPPY!