[quote=DaCounselor]”Banks would essentially be forced to write down every loan made between 2000 and now for it to be fair, and that still doesn’t address the fact that I knew I couldn’t afford a house, so I didn’t buy. What compensation should I get to make it fair? Should I get $100,000 check from the government?”
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I certainly don’t have the numbers at my fingertips but my best guess is that nowhere near every loan made since 2000 is upside down in relation to the home value. Not even close. So there’s that.
As for what is fair for you, trust me that is the furthest thing from anyone’s mind but your own. Addressing what is fair for you is not going to solve the problem. If you feel like it is unfair that other people are going to get bailed out and you are going to get a big fat 0 my advice is to get used to it because life is just not fair.
What we have here is a truly global economic crisis that has been triggered by defaulting loans. There is plenty of blame to go around but make no mistake, if the powers that be do not address the coming wave of future defaults then things are get to get much much worse. I continue to maintain the mindset that the best solution is to stop the defaults to the greatest extent possible via mods. What’s “fair” to everyone is really out the window at this point.
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DA makes a good point in the sense there is a snowball rolling downhill and accelerating. The only way to stop the snowball as DA points out is to stop the defaults via mods now, or at least reduce them. Otherwise, there is no doubt that the snowball rolling downhill will accelerate the downward spiral turning into an avalanche of defaults and foreclosures, with alot of collateral damage. It is too bad that the Senate passed the bailout without addressing this fundamental issue, but then again, wall street rules the senate so no surprise with that.
thanks for your insight, DA.
