Do you think that people who are in foreclosure should be bailed out?
by Mortgage Rates on Tuesday, September 28th, 2010 | 9 Comments
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If we can bail out – and in turn nationalize – big business, we certainly can help the people losing the roof over their head…
Your logic is moot, btw: big business made mistakes (assuming risky loans they could not repay if called), as did the mortgagees (assuming a loan they could not repay if called).
Since the two are defacto equal, I will side with the homeowner each and every time…
My husband and I had the chance to take a loan of about 3 times what we actually did, but we looked at what we could actually afford even if one of us lost our jobs. He has lost his job, but we have the house and are not in danger of losing it.
People have a choice, and if we continue to bail out businesses and individuals who make bad choices there is not reason for them to change the habit.
NO
Live in Michigan for a while and you will have your answer.
No, they should not be bailed out. These people over-extended themselves and should suffer the consequences of their actions. Most of these people should never have been qualified for a mortgage loan to begin with.
Let’s be clear: bailouts of big business are because they are a way to fix the problem. They screwed up, but if we don’t bail them out, things will only get dramatically worse.
On the other hand, bailing out people that messed up with their mortgages won’t really help anyone but the people that messed up.
That’s the thinking.
Frankly, even though I’m a liberal, I think that people that took out these mortgages only have themselves to blame. While I’m sure that some were honestly “tricked,” I do think that when buying a house, everyone (and I mean everyone) needs to read what they are signing and do their own math to figure out if it’ll work for them. Just trusting someone is stupid.
if it is a second home. no friggin way.
if it is a realtor type ‘flip this house’. no friggin way.
if it was someone that a $ fee greedy $ mortgage broker took advantage of, then i could see a percentage. certainly not the whole thing.
i could have gotten caught up in this crap and chose not to, because we couldn’t afford it. the bank would have given us the loan though.
I don’t blame people for wanting to improve their standard of living. However, if you have beer money you shouldn’t go shopping to buy champagne. The housing market has buffers in place for those that loose their jobs and income by happen stance. But it does not have anything buffers for those that were given mortgages they could not afford. Those that knew they were purchasing a home with an adjustable rate and could have afforded a home that may have been $70-50k less but brought the more expensive one with an adjustable rate should not be bailed out. The choice and decisions were theirs to make. For those that wanted to purchase a home and were told by the broker they could afford more than in fact they could, especially when the rates started going up also should not be bailed out. But, those brokers and lenders should suffer the lose and/or jail time for fraud in violation of the truth in lending act. In addition, ignorance is no defense works for the governemnt when you get a summons or other form of punishment that is unlawful; ignorance should not be their excuse. It is the buyers obligation to educate themselves prior to purchase. The only ones that should be bailed out are those that were laid off and were paying their mortgages without problems. It is obvious that due to no fault of their own their situations changed financially.
they should not be bailed out , unless it was a …act of nature … type of thing. they chose to live outside their means , and if that means foreclosure , then so be it. i have debt , and i am working 2 jobs to try and get it down. the only bills i leave un-paid , are the medical ones. they can wait. i hurt my shoulder and had to take a lower paying job , and that took my income down , but i am surviving and doing what i have to, to pay my bills. maybe they should consider a second job , instead of looking for the government to bail them out..or looking for a free handout !! Americans need to take responsibility for their overspending !! i am worried all of the bailouts and the government takeovers are leading us down a path of socialism , and i do not like it.