US Government takes over mortgage giants

[drew54]

Originally Posted by Mattyk72

Where's the bailouts for the consumers?

They suffer. It is not fair, but what should be done with the people who did got a fixed loan and make their payments. Shouldnt they be rewarded for being responsible. Instead all of their neighbors get bailed out, or forclose, and they actually get hurt just as bad on the value of their homes.

[mredskins]

Originally Posted by drew54

They suffer. It is not fair, but what should be done with the people who did got a fixed loan and make their payments. Shouldnt they be rewarded for being responsible. Instead all of their neighbors get bailed out, or forclose, and they actually get hurt just as bad on the value of their homes.

I had a interest only loan and really was not about the monthly savings (it was difference of $100 to $200 a month). The reason I did it was for the tax returns. Now I refi my interest only mortgage and my payment went up $100 or in that ball park.

I am just trying to say don't lump all interest only loans as bad. I think it is bad when you used an interest only loan to try to get in to a house that was totally out of your budget.

[MTK]

Originally Posted by drew54

They suffer. It is not fair, but what should be done with the people who did got a fixed loan and make their payments. Shouldnt they be rewarded for being responsible. Instead all of their neighbors get bailed out, or forclose, and they actually get hurt just as bad on the value of their homes.

The banks should have been more responsible too with the mortgages they handed out to anyone and everyone. It goes both ways, unfortunately it's always the little guy that gets F'd in the end.

[70Chip]

If a Democratic Congress were ever to prove useful, it would be to hold some of these Wall Street crooks to account. I'm not holding my breath, though.

[firstdown]

Originally Posted by drew54

They suffer. It is not fair, but what should be done with the people who did got a fixed loan and make their payments. Shouldnt they be rewarded for being responsible. Instead all of their neighbors get bailed out, or forclose, and they actually get hurt just as bad on the value of their homes.

My reward is that my credit is still good and I'm not stuck in a home or waiting to get kick out of my home.

[drew54]

Originally Posted by firstdown

My reward is that my credit is still good and I'm not stuck in a home or waiting to get kick out of my home.

Agreed, but if in 5 years your ready to move and there are still 12 houses for sale on your street, that sucks.

[firstdown]

Originally Posted by drew54

Agreed, but if in 5 years your ready to move and there are still 12 houses for sale on your street, that sucks.

Well when I purchased my home in that boom back 4 years ago I knew that it could not last but so long. The home I purchased was a for sale by owner by a doctor who I hope knows more about his practice then selling a home. I purchased the home for around $100,000 less then what the market would bear so I'm in great shape anytime I ned to sell my home.

Also I don't think it has become that bad in most areas that 12 houses are for sale on one street.