This one from http://patrick.net : Bank of America Asks Congress for a $739 Billion Bank Bailout
The Bankers are really greedy.. they want to have a stupid “Homeowner preservation corp” so that they can pass their risk to tax payers, get bad mortgages off their books and increase their profits.
This situation is pretty interesting because, I believe, congress does not have too many options and a bailout will likely cause perhaps too many lawsuits against the government.
However, I have a solution and if you elect me as the president I will do it:
If you are underwater on your mortgage ( for primary residence ofcourse), then the government will step in and help you rewrite your mortgage under current market value. However, the amount you owe (the underwater amount) to the government will now act as a interest free loan payable in 15-20yr term.
The government will deduct the amount from your paychecks. However, the underwater amount is capped at $100,000. The mortgage rewrite will require a guarantor. If the payment is defaulted or not made complete, then the guarantor will have to make up the difference. The guarantor and borrowor will be required to purchase a life insurance. ( This is because I need to protect my other tax payers )
I am thinking of this because I do not want my hard earned money, the money for which I slogged for 80 hrs a week, to go and help out a financially irresponsible a***ole..
So will you vote for me? I talk tax payer’s language not wall street’s language.
I feel the same way, pnilesh. (Actually, I probably feel more strongly than you that anyone stupid or greedy enough to have gotten into an upside-down mortgage should get no break, and be made to live on milk and peanut butter on wonderbread until the debt and all interest, per the original loan terms, is paid off in full.) But you and I know that the voters who got rich, or hoped to get rich, off ridiculous increases in home prices, just don’t want to deal symmetrically with the consequences of home price decreases. And they are a majority, so they will get most of what they want. For people like us, this is what’s called a learning opportunity.
I feel the same way, pnilesh. (Actually, I probably feel more strongly than you that anyone stupid or greedy enough to have gotten into an upside-down mortgage should get no break, and be made to live on milk and peanut butter on wonderbread until the debt and all interest, per the original loan terms, is paid off in full.) But you and I know that the voters who got rich, or hoped to get rich, off ridiculous increases in home prices, just don’t want to deal symmetrically with the consequences of home price decreases. And they are a majority, so they will get most of what they want. For people like us, this is what’s called a learning opportunity.
I feel the same way, pnilesh. (Actually, I probably feel more strongly than you that anyone stupid or greedy enough to have gotten into an upside-down mortgage should get no break, and be made to live on milk and peanut butter on wonderbread until the debt and all interest, per the original loan terms, is paid off in full.) But you and I know that the voters who got rich, or hoped to get rich, off ridiculous increases in home prices, just don’t want to deal symmetrically with the consequences of home price decreases. And they are a majority, so they will get most of what they want. For people like us, this is what’s called a learning opportunity.
I feel the same way, pnilesh. (Actually, I probably feel more strongly than you that anyone stupid or greedy enough to have gotten into an upside-down mortgage should get no break, and be made to live on milk and peanut butter on wonderbread until the debt and all interest, per the original loan terms, is paid off in full.) But you and I know that the voters who got rich, or hoped to get rich, off ridiculous increases in home prices, just don’t want to deal symmetrically with the consequences of home price decreases. And they are a majority, so they will get most of what they want. For people like us, this is what’s called a learning opportunity.
