Is it right for the government to jump in and bail out these homeowners who got themselves into this situation
by Mortgage Rates on Tuesday, October 19th, 2010 | 2 Comments
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If you read the bill, or at least a condensed version you would see that this is not a bail out.
It extends the amount available for VA loans and helps pay the refi expenses for people, but they still owe every dime they borrowed.
The bill also will give a grant to first time buyers who purchase foreclosed homes, getting those homes sold and off of the market will help everyone.
I am really conservative and firmly believe in personal responsibility, but I think this plan will be very helpful without rewarding greed and stupidity.
NO. I have over extended myself before and you know what I did. I picked up a minum wage job and worked it along with my Full time job and Monthy payment for Drilling with the National Guard. I know it sucks for them but they need to buckle down and work out of it. But I also think the banks should pay for letting it happen. Any bank that participated should have to pay. Ya they are lossing money right now but the people in these banks that did this as well as anyone in charge of the bank should go to jail and have all their assets taken away. They knew it was wrong yet they still did it. I live in a two bedroom mobile home. I pay my payments. I’ll have it paid off in the next two years and then can start building my own house. My own house with my own sweat and blood. Why should I have to let my tax dollars go to them to bail them out. Let them lay in the bed that they made.