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Most Americans oppose a mortgage bailout, both for borrowers and for lenders. They oppose bailouts for homeowners by a roughly 2-to-1 margin (53 percent to 29 percent). They oppose bailouts for lenders even more strongly, “by a 4-to-1 margin,” according to pollster Rasmussen Reports.
CEI earlier explained why mortgage bailouts are a terrible idea here, here, here, here, here, here, and here.
[...] out mortgage borrowers is a bad idea that most Americans oppose.  Yet the “Bush administration is finalizing details of a plan,” “backed by [...]
[...] bailout proposals are proliferating, even though bailing out irresponsible borrowers and banks is a stupid idea, and is unpopular with the silent majority of Americans, as public opinion polls make clear.  [...]
[...] flies out of the country” even faster. Mortgage bailouts in general are not only a bad idea, but unpopular in public opinion polls, as we previously noted. addthis_url = [...]
[...] downpayments) that their mortgages currently exceed the value of their homes.  The public opposes mortgage bailouts, and they are a bad idea that turns Aesop’s fable on its head and discourages investment. [...]
[...] Senate leaders that would provide millions of dollars of pork for left-wing lobbying groups. We and other commentators earlier explained why bailout proposals similar to Dodd’s are a bad, [...]
[...] in the least objectionable way, since it focuses on bailing out borrowers rather than lenders. (The American public opposes mortgage bailouts, both for borrowers and for lenders, according to public opinion [...]
[...] bill loaded with left-wing pork to buy up its defaulting loans, at taxpayer expense, even though the American people oppose mortgage bailouts, which are bad for the economy. addthis_url = [...]
[...] bailout bill would further destabilize the housing market by encouraging borrowers to default, and most of the public opposes mortgage bailouts, Congressional leaders favor them, since mortgage bailout bills contain pork for [...]
[...] bill, since the public opposes bailouts for mortgage lenders even more than bailouts for borrowers (although it strongly opposes both). Another group that helped fashion the bill, according to the bill’s house sponsor [...]
[...] bill, since the public opposes bailouts for mortgage lenders even more than bailouts for borrowers (although it strongly opposes both). Another group that helped fashion the bill, according to the bill’s house sponsor [...]
[...] Mortgage Bailouts [...]
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About 17 years ago my wife and I took out a mortgage on the home we currently live in. At that time, we agreed to a fixed rate of about 11%, but we did have the option of an adjustable rate loan that would have been at a much lower rate, at that time. We had enough common sense to KNOW that eventually the adjustable rate WOULD GO UP and we knew it could possibly go up quite substantially. That was the reason we decided on a fixed rate loan, one that we could afford to pay back. Since all of these people that are now having trouble paying back their adjustable rate loans had the same exact options as my wife and I had, I do not AT ALL feel sorry for them nor do I think ANYONE should be bailing them out or even helping them out ANY AT ALL! My wife and I are having a very difficult time with making ends meet, especially since I became disabled after getting our home mortgage, but I do not see anyone trying to help US pay our mortgage, nor would I expect anyone to help us. I do not at all think it is one bit fair that WE, as taxpayers, may end up helping all of these IDIOTS pay for homes they could not afford, especially when we can barely pay our own bills! Too many people in the United States of America have become TO DEPENDANT on others rather than taking control of their own situations and as long as our government continues to bailout idiots, these people will NEVER learn discipline and self-control!
Folks….at one time most lenders told most borrowers that the most house they could afford was approximately twice their annual gross income. Maybe some folks can stretch that a bit…..but I see no way a single parent making $45K per year can afford a $400K house. Or even $200K. Period. Ever. In any housing market. Adjustable rate or no. Rebates or no. Negative amortization or no.
And remember–most mortgages are still written so that if the market value drops below loan balance, the mortgage holder can demand payment of the difference on very short notice, and buyer should be in some nominal situation to furnish such payment.
Maybe the stories I have heard the most are non-typical; but most of the ‘mortgage trouble’ sagas I have heard are either too much house, or cannot refinance after negative amortization.
Face it–in some housing markets, some income-levels should not try to buy a house at all. The dollars just do not fit.
When we bought our house five years ago, there were lenders that were trying to sell us adjustable rate mortgages and realtors that were trying to sell us the most house that we could get, but we bought a smaller house that we could afford and took a 30yr fixed loan. This loan is our responsibility and we chose not to GAMBLE with our most important investment asset. These greedy borrowers, lenders and investers GAMBLED with their money and now they want taxpayers to bail them out. This housing bill needs to be vetoed!
No bailout of predatory lenders or irresponsible mortgagees (why use the term homeowner??). Any bailout should have an element for those that have been responsible. I propose that I can use the proceeds from my 401K WITHOUT IRS PENALTY OR TAXES and retire my mortgage if I choose. I am simply using my own money, which I have responsibly accumulated. Any bailout will involve more tax liability in the future, so the responsible should get tax relief in the present. It is only fair. Again, no handout, just my own money.
I also have a house we can affored to pay for. I would love to move out of the city where I see so many people getting everything for free on my tax dollars. Every day my husband gets up at 3:30 am to make a 1 1/2 hour drive to the train then 45min ont the train to go to work to pay our bills. When people ask why we dont just sell out house and move I tell them because I can pay my mortgage with one paycheck. Why would I ever want a house that would take 2 or 21/2 weeks to pay for. Dont these people have any sence in here head. I think they all should loose there houses. They should not have had to begin with. Why should they get to live in a better house than me Its just crazy when you see people with little to no income living in a 2 to 300K house while people making 1 to 150K a year living in a 80K house. It just is no fair for us all to pay for them . Just for laughs they should trade houses. I can see if they were doing good and lost there job and need a little help to get back on there feet but what these people want is welfare move to the projects if you wat a free ride…
It makes me sick the irresponsible people are going to be rewarded and allowed to stay in homes they do not deserve, while people like me who do not have a home yet have to watch the government prop up house prices artificially, at my own tax expense. I want to scream at the legislators that talk about “saving people homes” let the market decide who is in their home legitimately and who isn't.
with a scope.
Thank for bailouts information.