I have been trying to listen to both arguments on the issue of this nearly 1 trillion dollar bail out. Can someone tell me how we are going to help things by having tax payers cover the bad debt of these banks. If I bought a hummer and couldn't pay the gas and the payment would it be right for me to ask for others to bail me out and give me a gas card and cover the payment. That's what it looks like we are asking tax payers to do. I say if these homeowners can't pay for their home then they need to sell them. If that means short sale then so be it. If it can't be sold and the bank forecloses then so be it. If the bank fails because of too much bad debt then shame on them for making risky loans. Please tell me if you see it differently. As an investor these short sales and foreclosures look very attractive. The investment in these properties will turn the market around. It will sting the banks but I don't feel bad when they made billions on the loans they made. Without risk there is no reward and I think the banks knew going in it was a risk to make loans to people in the sub-prime market.
I agree with that, the lenders are out there doing their thing and not supervised. They deserve what they are getting, but not at my expense. I am against the bail out, but don't see alternatives......this country will take many, many years to recover. There is just plain too much corruption, starting with the government.... If you are an investor and can pick up some of these properties, great for you --- gets rid of some of the inventory. But we have a home in particular where these folks are losing everything they have into this home......can't predict when folks are going to lose jobs that have families to feed.....someone comes along and capitalizes on their misfortune.....sometimes bad things happen to good people. Their equity is gone, their credit is shot, and they have no place to go with their children. So, I had authorization to speak to the bank ------ they are in India.......so how does this help our economy?
Problem is the people need to cut back on their expenses. How about renting a small place and getting out from under that expensive loan that they are faced with? I think the bail out will only stall the end result and cost tax payers about $3000 each. If these good people lost their job then how are they going to pay their big mortgage payment or even worse catch up?
I think the same thing that is happening in the realestate market with foreclosures or short sales or modifications has to happen with the banks. This issue is to pull the trigger on the the banks that are in trouble. The issue is there is a 110 banks out there might fail, so take over these banks, clean up the bad loans and sell the banks to banks that want to grow but are unwilling to take on the resposniblities of bad decisions the bad banks have taken on. This way we will continue to have the issues we have but at least they will being working through the pipe line. The banks that buy these institutions will be better off. The investors in the banks will be resposnible for the bad banks just like the investors of the loans are taking the hit on short sales and foreclosures in the realestate market.
Comments(3)