it rewards people who made bad decisions. Obama never speaks of the individual's fault in obtaining mortgages. people lied on their applications and others over-reached. Gov should have never interfered with making banks loan to people who weren't qualified for loans. individual lenders should be investigated and charged if fraud is found. any assistance tax $ should be temporary and paid back.
those of us that played by the rules are contributing to the bailouts of those who didn't (and to unscrupulous bankers and lenders).
JESUS people ...when are you going to come out of your stupidity on this fake claim of the homeowner being responsible for the mortgage failure.
First off...there was NEVER such a thing as a LIAR'S LOAN...or the government getting involved in people getting loans for homes they could not afford....this was all made up to make the public focus on and be angry with the home owner rather than the banks who were and are ersponsible for all that is happening. The original and beginning of the problem for homeowners was when the banks that originally lent the loans jacked up the interest rates from 5 and 6% to 12 to 20 % leaving the home owner with mortgages that doubled, tripled and even quadruples literally over night. With their incomes unable to keep up with the excruciatingly high mortgage payment they ended up having their homes foreclosed on.
As this situation was expressed on the news with crying families and people being displaced, the former homeowners were informing the masses about the ARM loan trickery and the trouble that was coming to the housing market. Soon the spin machine began making claims that people were just REFUSING to pay their mortgage and abandoning their homes because home values were falling...as opposed to the ARM/BANK trickery. As the situation began to escalate people demanded that something be done about the ARM trickery and the interest rates which were requested to be lowered to the original 5 to 7%. The government refused to get involved despite the collapsing market. After the major damage was being done and the supposed world wide collapse which was being blamed on the real estate situation in america, the financial institution started claiming they were suffering because they were tied into the housing market, then came the banks, then the auto industry then every Tom, Dick and Harry...all but the home owner was being helped. Now wouldn't it have made sense to have helped the home owner when dam began to break and to have avoided all of this trouble in the first place???..thena gain Bush was the president and thinking like that is WAAAAAAY beyond his capacity..
Now america is in a DEPRESSION and countries around the world have economies that have completely collapsed. The monies being slung around now are measured in the tens of TRILLIONS of dollars which is more than the entire economy of the United States and Europe combined. Obama had nothing to do with this and can in no way do anything about it. americans can all thank the jackass george Bush and his cronies for all of this trouble and it after effects. While I am no fan of Obama or any president or political figure in america(they are ALL CORRUPT) I will not hold him responsible for the calamity soon to come to america which WILL put the final nail in the coffin of america.
