Comments on: Most Americans Oppose Mortgage Bailout for Borrowers

By: Jim Delanty

Jim Delanty — Fri, 25 Jul 2008 04:14:39 +0000

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.

By: Kate

Kate — Wed, 16 Jul 2008 16:12:16 +0000

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!

By: dwmac

dwmac — Wed, 16 Jul 2008 01:35:58 +0000

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.

By: Site Build Update — Slick ‘n’ Slack, the Babble Brothers

Site Build Update — Slick ‘n’ Slack, the Babble Brothers — Tue, 15 Jul 2008 22:08:20 +0000

[...] Mortgage Bailouts [...]

By: Herb

Herb — Sat, 12 Jul 2008 07:22:32 +0000

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!

By: Mortgage Bailout Bill Is Corporate Welfare | OpenMarket.org

Mortgage Bailout Bill Is Corporate Welfare | OpenMarket.org — Wed, 25 Jun 2008 15:15:54 +0000

[...] 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 [...]

By: Mortgage Bailout Bill Is Corporate Welfare | OpenMarket.org

Mortgage Bailout Bill Is Corporate Welfare | OpenMarket.org — Wed, 25 Jun 2008 15:15:54 +0000

By: Congress Rewards Reckless Agency That Caused Mortgage Crisis | OpenMarket.org

Sun, 22 Jun 2008 22:42:27 +0000

[...] 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 [...]

By: Congressional Leaders Strike Deal on Telecom Surveillance | OpenMarket.org

Congressional Leaders Strike Deal on Telecom Surveillance | OpenMarket.org — Fri, 20 Jun 2008 16:12:40 +0000

[...] 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 = [...]

By: Congressman Frank’s Mortgage Bailout Pays A Disastrous “Ransom” | OpenMarket.org

Wed, 23 Apr 2008 18:04:59 +0000

[...] 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 [...]