Should the Government bail out people who can’t pay their mortgage or companies who made bad loans?
by Mortgage Rates on Saturday, September 25th, 2010 | 7 Comments
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Absolutely not. Doing so runs counter to market created effeciency. And helping out people who made bad decisions by buying something that they could not afford is a morally wrong way to put tax dollars to use.
Of course not. For the businesses, it was THEIR sloppy work that resulted in the problems. For the people, I am sorry, but how many times do people have to be told to UNDERSTAND what they are signing? If they can’t do the math and they also overextend themselves, there are consequences. There ARE some programs out there to help some folks, especially if they got hoodwinked or had a bad financial turn of events (like disability), but for those who wanted it all NOW! there is a price to pay. It’s unfortunate but RESPONSIBLE people like me who took out a 30-year-fixed and paid more for several years before the storm hit should NOT be told to subsidize those who made a bad mistake. I can’t afford it. I didn’t make a bad business decision, so who would bail me out if I lose bucks in MORE taxes?
The government shoud stay out of business! This is a free market and needs to stay that way!
no butt their are sertion times they should like natural disater destory were work yes for a little while
Our system may not protect enough in the beginning….let the buyer beware..well we can do better than that.
But, when a system contains bad risks they need to be removed or the system becomes weak.
Thus, no interference, but much more info should be made available before we get into these messes and the watchdogs that allowed these excesses that hurt us all should fired for being asleep at the wheel.
As somebody who is in this situation, No there shouldn’t be a government bailout – However I do believe the Mortgage companies should be willing to work with people, people like me who were mislead and straight out lied to. I made a $3800 a month paymen on a 360,000 loan with 11.65% interest that will reset in 2009, never ever late but my credit sucks.. Will freaking Avelo Mortgage work with me NOOOOOOOOO – we make to much money they say. Well they should try paying my bills…
No