So Bush signed the new bankruptcy bill

[Spytheweb]

Many Americans who wanted to own a home had to carry debt that they could have gotten rid of in bankruptcy, but now couldn't. These people were given easy credit to buy a home, many with a ARM loan. Now that many ARM loans are kicking in and the payments are through the roof, they are defaulting on the loans. Banks, credit card companies gave over 100 million dollars to push for the new bankruptcy bill, has it come back to bite them in the @ss? The banks needed the new bill to stop the deadbeats from not paying their debts. But now the Federal Reserve is dumping billions of worthless dollars to prop up the central banking system. The poor must pay their debts, but the banking system, that's been ripping off the American public for years, they can't allow them to go under, just because they saw a quick buck and threw money everywhere to anybody. This horror show is not over yet and may play for some time to come. The good news is in a year or two homes are gonna be really cheap. In Las Vegas there are over 29,000 homes on the market today. Didn't Bush just say the economy was doing great? How many of these home lenders are filing for bankruptcy protection? I bet it will be easier for them than for average Americans.

 

[djv]

It's not just the poor. There are plenty of slick dealers out there that play this game. As for anyone buying a home that followed the rules. I would say don't leave the home. To many are going down and the banks don't want them all back. Go see the bank. They will take with in reason what people can pay. As for the slicks screw them. Take house back and give it away cheap to a family that will be proud as hell to have it.

 

[Chadman]

How many of these home lenders are filing for bankruptcy protection? I bet it will be easier for them than for average Americans.

B-I-N-G-O. I mean, it's all about being responsible, right?

 

[DOGS THAT BARK]

B-I-N-G-O. I mean, it's all about being responsible, right?

Yep and if you didn't lock rates and went adjustable rate route because you couldn't qualify otherwise --don't expect those that did to bail you out.

I like GW stance on not bailing out the mortgage companies despite temporary hit on market.
Let the industry weed out the villians.

Might add I do have sympathy for those conned by predator mortgage brokers and hope those involved all face time.

It is about responsibilty--and not those that are prudent being responsible for those that aren't.

 

[Chadman]

I don't expect others to bail the individuals out. However, I do expect mortgage companies that did this kind of thing to be held responsible and be allowed to go under. We'll have to see what happens, and who supports this kind of legislation - and why - won't we?

But I would expect you to admit that this is probably the single biggest reason - or one of the very top ones - the housing market boomed, which pushed your economic railings so high and kept you taking credit for them...and have seen very little from you on this when the fallout hits. Credit where credit is due - good or bad, right? Speaking of credit...a lot of Americans are pretty much out of that - so that should put a halt to your "roaring" economy...unless the Fed continues to prop it up during these "great times".

 

[gardenweasel]

Many Americans who wanted to own a home had to carry debt that they could have gotten rid of in bankruptcy, but now couldn't. These people were given easy credit to buy a home, many with a ARM loan. Now that many ARM loans are kicking in and the payments are through the roof, they are defaulting on the loans. Banks, credit card companies gave over 100 million dollars to push for the new bankruptcy bill, has it come back to bite them in the @ss? The banks needed the new bill to stop the deadbeats from not paying their debts. But now the Federal Reserve is dumping billions of worthless dollars to prop up the central banking system. The poor must pay their debts, but the banking system, that's been ripping off the American public for years, they can't allow them to go under, just because they saw a quick buck and threw money everywhere to anybody. This horror show is not over yet and may play for some time to come. The good news is in a year or two homes are gonna be really cheap. In Las Vegas there are over 29,000 homes on the market today. Didn't Bush just say the economy was doing great? How many of these home lenders are filing for bankruptcy protection? I bet it will be easier for them than for average Americans.

god forbid that deadbeats would be forced to pay their bills......and the government not bailout the idjits(the gov`t=all of us that actually work for a living and show a modicum of common sense and responsibility)that barely have enough neurons to breathe...

yep...it`s bush`s fault...

spythe web...head of the "dept of redundancy dept".....

 

[smurphy]

I don't mind putting an end to bankruptcy bailouts. Yes, people need to be responsible for what they get themselves into ...But it needs to extend accross the board. The mortgage lenders need to own up to responsibility too. New Century Financial was a notorious provider of these terrible ARMS, but they got to declare bankruptcy. The stockholders were screwed, the customers were screwed, but their executives were given a golden parachute away from the damage that THEY created.