Since the bailout will back up companies who engaged in risky lending, what happens to the lendees?
Nanobama asked:
Are they going to get to keep their risky mortgaged houses now? What happens to the defaultees?
Are they going to get to keep their risky mortgaged houses now? What happens to the defaultees?
Two words:
Soylent Green.
If they are paying their mortgage, they get to keep their houses. If they are not paying, they lose their house.
most will b able to negotiate terms to keep their homes
Pack your bags!
If you work and pay taxes, then it’s people like you and me that are paying for this. This bailout amounts to a $3,000.00 cost to every man, women and child in the country. I don’t want my grand kids to be paying for this. I don’t think this bailout is going to help the homeowners that have a risky loan. It is meant as an influx of capital to the companies that are loosing their shirts because of the default rates so they can stay in business. If these companies voluntarily decide to renegotiate or are forced to by the Feds, the terms of the loans, people with risky loans might be able to keep their homes. First, you have the loan companies that offered these tricky loans which bragged about ” Specializing in Sub-Prime Loans”. This just suckered people in. Second, we had the borrowers that where just so happy to hear that they could own a home without knowing or researching the terms of the loan that they where applying for.
P.T. Barnum once said that there was a sucker born every minute.
It’s a combination of greed on the companies part and a lack of knowledge on the borrowers part that has led to this.
God Bless our grandchildren because they will still be paying for this long after we are gone. Good luck.
If they make their payments, they get to keep their houses. The bill gives the government, which will now own the moetgages, the right to renegotiate with borrowers to make payments more affordable. I personally think any borrower who provided false or misleading information on the application should lose their house. Help should be avilable only for hones borrowers. Even then, they should be allowed to earn a large profit when they sell the house. The taxpayers should get most of any profit.