I do feel sorry for people who have lost their homes to foreclosure. But I find it hard to believe that everyone except them is to blame.

The free market’s great…unless it’s an energy company, airline, railroad, bank, or countless other big business making the mistakes.

So many people complain about the housing bust being the fault of the homeowner, basically telling them to ‘deal with it.’ But look at the absolutely disgusting amount of taxpayer dollars ALREADY used to bail out CEOs who are borderline criminal in mismanaging giant corporations. Why does no one speak out against that?

Neither the homeowners nor the lenders should be bailed out…

I am amazed that people don’t understand what a “variable rate mortgage” means. They are surprised that their house payment has suddenly gone up.

They should have gotten a fixed rate mortgage. In addition, those borrows who are making payments but the payment only covers the interest (and pays down zero of the principal) again deserve no help. They should have read the docs or at least asked questions…

As for the lenders, they KNEW that many of the individuals they gave loans to were high risk borrowers — and would probably default — but now they want us, the taxpayers, to pay them out…so mike is correct, we should not help those companies and CEOs who engaged in these practices and should deal with the consequences…

look at the absolutely disgusting amount of taxpayer dollars ALREADY used to bail out CEOs who are borderline criminal

The OP was about the housing bust. Not about CEO salaries. Desperate attempts to change the subject are transparent, and more than a little pathetic.

Frank had it exactly right.

The home-owners that bought more than they could afford should not be bailed out. I don’t want one CENT of my tax money going to greedy people who grabbed for more than they could afford, and I ESPECIALLY don’t want any of my money going to help the cynical and low-class “flippers” who have helped drive the housing market straight into the toilet, and ruined entire neighborhoods in the process.

The greedy lending institutions who were so desperate to extend extortionary credit terms to equally greedy buyers should get exactly what lending instutions who extend credit to those who aren’t really qualified to get it deserve.

Burn, baby. Burn.

Mac
http://www.brownsludge.com

I feel sorry for those who are facing foreclosure, but a bailout would be very unfair to the millions of young parents who’ve settled for less than their dream home in order to stay within their means. Why would anyone think those families should be taxed to bail out others who failed to exercise self restraint? Oh, for a moment I forgot the is the foundation of the whole Great Society concept whether dealing with individuals or corporations. Punish success and wisdom; but, reward failure and stupidity. When the taxpayers are bled dry, just sell some T-bills to the Chinese. More little taxpayers are being born to pick up the tab.

A#,
Guess what? We agree on something. I don’t think the Corporations or the Individuals should be bailed out. However, I do believe that the loan officers at the Mortgage Companies who engaged in illegal predatory lending practices (such as altering the loan application to change the work history and income of the applicant, or forging the applicant’s signature) should go to jail.

Lisa… We probably agree on much more than we realize. We both want happiness, health, safety, and prosperity for our families and fellow citizens. We just often disagree on the best path to that end. I absolutely agree that criminals should go to jail. It is much harder for the predators to prey upon society from a jail cell. Criminals should also face automatic civil liability for damages they cause.

Lisa, if it can be proven that one altered or falsified a mortgage app, then they should face the full effects of the law, regardless if it were a broker or an applicant.

Typical of Ms. Lisa, she is looking for someone else to blame. It was apparently the result of “illegal predatory lending” that got these otherwise good, hardworking people in trouble.

BZZZTTT! Wrong. It takes two to tango. If you were dumb enough to take an ADJUSTABLE rate mortgage when rates were at 40 year lows, and you didn’t think rates would eventually go up, you are too stupid to be a a home owner.