..............the fairness to the parties not responsible for the damages and in the best interest of reparations to those parties. Fairness should be applied whenever it is feasible and we are now in a situation where it is quite obvious that fairness is not only due but it is in the best interest of all parties involved. It's time to be fair.
It's becoming a bit tiring hearing about all of the morons whose greed allowed them to purchase homes way out of their leagues just because bankers would give them the money. I don't know the percentages of people who were guilty of trying to take advantage of the American dream by wanting to own a home which was, up until then, not in their price ranges but there are a couple of other factors which need to be take into consideration before castigating these people and condemning them to foreclosure without any pity or thought of government assistance.
What I hear is "why bail out these greedy idiots when they knew that they couldn't afford the home in the first place"? My response would be that these people assumed that the banks knew what they were doing when they acknowledged the inflated appraisals and loaned the money. They bought a house, let's use the $250,000. range since that was about the norm in Orl last year, based on the appraisal, that was the value of the property and the payment, the bank took advantage of peoples hopes and offered mortgages at very low rates and balloons. That low rate was only good for 5 years but consumers were led to believe that within those 5 years they could opt for a different mortgage and adjust accordingly. All of this as based on the fact that the house was worth $250,000. and if all else failed they could at least sell and get out from under the loan.
In my case, I had a $150,000. mortgage and was satisfied somewhat with my 7% rate until lenders started hounding me that my house was now worth $400,000. and I should take advantage and take vacations, but things and do some home improvements. I was leery, one, about the supposed value and two, about the banks. I trust no one. But, when looking at the big picture, I wasn't intending to sell or move any time soon, I had some other bills at much higher rates which it would be a good idea to consolidate, I had some minor repairs which were needed and I qualified for 30 yr flat rate of 6%. I could take my mortgage to $250,000., lower my rates and actually lowered my overall payments by consolidating all other debts. My property was appraised at $410,000. so I still maintained $160,000. in equity. Seemed like a wise decision, the banks even wanted to give me more, just about finance all of my equity but I stuck with it and refinanced the $250,000. Now I'm kicking myself.
Since this debacle several homes in my small neighborhood foreclosed and sold for a pittance to slumlords. I don't know if I want to stay here any longer. The problem is that I have little choice. Since all of these changes have taken place I'd be fortunate to sell for the $150,000. I initially had financed. In other word, I'm upside down I owe 250 on a 150 house. What an idiot I turned out to be.
Now, I'm not one to look for handouts but after watching what transpired when all of these poor bankers went belly up, good old Jesus Obama gave them all the money they needed, these people who literally fugked the populace, so they could put themselves right, in the name of 'serving the public', my attitude has changed drastically.
My old payment of around $900. is now 2 grand a month. I own a $250,000. home which the banks now say is only worth about $150,000. I think that the proper thing to do, rather than bail out rich people who created the problem, would be to take everyone who got caught up in their schemes, have their home appraised and pay off the difference between the appraisal and the mortgage. In my case, pay my mortgage down to the $150,00o. it should be. Imagine what the difference in my monthly payment would do for the economy. An extra $900.a month spending capital, wow, what a stimulus plan that would be. The business sector couldn't go wrong, no matter what. The banks would get their money, of course the CEO's would have to earn theirs (now theirs a concept not given any consideration). Of course, it would almost be a handout, like what Obama just did for bankers, insurance execs and automotive CEO's, so, big deal.
Isn't about time that the workers in this country got something for nothing? After all, for 50 years we haven't gotten what we deserved for our efforts, for the most part, and anyone who differs has either had a government job, a position with an auto manufacturer or is just plain greedy, rich and ignorant because in the real world, real people who do really hard work are so far behind the eight ball, so literally screwed, all they can do from day to day is worry about the rent, the bills, medical expenses, insurance, in other words, survival.
So, how about a handout to the people who deserve it, rather than a pack of rich leaches who will steal it from us eventually anyhow?
If something isn't done to appease the masses who've been screwed over all of these years they may just decide to start believing all the "Endgame" crap and take it themselves.