[quote=jpinpb]Are they seriously going to reduce the principal??!!!!!!

That’s it. I’m going to buy a condo tomorrow. I’ll pay for a little while and then stop. Someone tell me. What will they do??? After how many months of living there free before they kick me out or renegotiate?

Can’t play by the old rules, can’t beat them, then join them.

I have had it. I am so sick of this shit. [/quote]

And don’t forget, jpinpb, that the “free money” being given to these folks comes from someone who actually has to earn it, save it, and hand it over (in taxes). If you pay a lot of taxes, that big giver would be you.

I pay hundreds of thousands in taxes each year. I have never bought a home, because I didn’t think I could afford a decent one and, at the same time, save enough for my future retirement and health expenses. I lived in a small, old apartment while people who saved next to nothing lived in big, new homes.

Now vast amounts of my money are going to be shoveled at people who never bothered to spend less than they earned, or restrict themselves to homes that they could afford with 20-100% downpayments, or rent if that was too much. Meanwhile, I still can’t afford a home because all these measures designed to keep these often irresponsible people in ‘their’ homes are keeping home prices way above what I can afford on a much more responsible standard of affordability.

Barney Frank and Chris Dodd and Chuck Schumer and their co-conspirators (from both parties) will never be justified in my book.