Will Bush Join the Housing Bailout Bunch?

housing bailout

Mr. Pethokoukis -

Bill Gross is a dirty piece of scum. He and his Wall Street cronies are full of fraud. They have ruined our economy! Now, they are crying for a bailout.

I HOPE THESE CROOKS ROT IN HELL. Even that would be too good for them!

Have a good day,

Barb Hollingsworth

http://www.youtube.com/watch?v=GbCsCrCyR7Y

P.S. Bill Gross and his corrupt PIMCO friends want ME (the taxpayer) to bail out those who bought a house at the high price, put no money down, paid no interest for the first two years, then used it as an ATM machine to buy SUVs, plasma TVs, jacuzzi hot tubs and vacations to Kauai. Why should Wall Street ask for a public bailout? So Bill Gross and his cronies can make a windfall profit on their toxic, mortgage-backed securities? Let Wall Street do the bailing. Let the insolvent banks eat their own losses - and THROW THE SCUMBAGS IN JAIL! Hasn't the Street ripped the clueless investor for enough money already?

barbara hollingsworth of CA @ May 18, 2008 13:55:01 PM

No bailouts

If you need to give a tax credit to provide an incentive for people to buy a foreclosures, then what the market is really telling us is the price is still too high. There are plenty of people who will buy homes if the price is right. Subsidizing housing artificially props up prices where they become unsustainable by normal market forces. We need prices levels that are sustainable by normal market forces not tax subsidies. It’s not fair for the prudent and the savers of our society to bailout the reckless and foolish.

The promoters of this bill make a big deal out of the fact some people don't have equity in their homes. The bill wants to re-finance loans so homeowners have a 10% immediate equity saying these people need an incentive to pay their mortgage. Well, I know there were thousands of people in recent years that took out 80/20 loans with no down payment and of course no equity. These folks didn't seem to need an incentive then when they signed their name on the contracts. Lenders didn't seem to mind underwriting loans for people with no equity. Buying and lending on homes with no equity is major speculation. No bailouts.

Ryan of CA @ May 13, 2008 17:13:22 PM

Daniel David, there is already a myriad of regulation that oversees mortgages. However, you have yet to put any blame on the consumer. If you see that you can't afford a mortgage or that you are seeing your lender fudge the numbers so that you can get the home, or that you are seeing that you are not required to put money down, or that you are feeling an overall "unease" about the deal, then you have one option that seems to not be used by consumers of late: walk away from the deal. The Congress can right all kinds of regulation, but there is no regulation that can dole out some common sense on the part of the homebuyer/seller.

Chris of AZ @ May 13, 2008 12:58:03 PM