| Posted By |
Message |
| Pages: 1 [2] 3 4 |
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
i feel that its only delaying the inevitable.
its not for EVERYONE with an ARM - only those that were subprime. How many of these people are going to actually fix their credit or be able to refinance?
what do I get for being responsible and getting a 30 year fixed rate, saving for a DP, and buying a house within my means? It seems as if the middle class gets the shaft yet again.
|
Posted 12/6/07 2:54 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by Superkat
Posted by Karen
Posted by Superkat
Posted by Karen
I think it is pointless! People knew what they were getting into when they signed on for these mortgages. Bail them out now, and what happens the next time? And we wonder why society is the way it is!
I do not agree. First time home owners are NOT always aware of the risks of ARM's. My mortgage broker tried to talk us into an ARM and SOLD it as a wonderful thing for us. Gave us nothing but positive information about it. I have worked in the financial services industry for years so I knew better. However, I do not assume and WILL not assume that everyone is as educated.
I have to totally disagree with you. As a consumer, it is your job to be aware of what you are getting yourself into. Ignorance should not be an excuse for making poor decisions. It baffles me that people will sign a document worth hundreds of thousands of dollars and not know what they are getting themselves into.
I bought my house when I was single and 27. I knew better than to get an ARM, as even the most secure of situations can change.
I believe that the consumer has responsibility as well as the business. The consumer is not the only one at fault.
While you may have been fiscally responsible, I would have to say you are not the majority. How many people have been bailed out by a parent when they over extended in college? Or bailed out because they signed up for too many credit cards? Or too many student loans? Or leased a car and lost money on it? Or paid too much in interest for a car that wasn't worth the principal let alone the interest?
Credit is made available and if you are not educated, you can make life long mistakes. While the consumer has to be accountable, so does the business.
at what point does someone stand on their own 2 feet? comparing parents bailing you out of a financial mess is not the same as the Gov't bailing people out who were too incompetent to find out what they were getting themselves into.
people need to be held accountable for their actions.
|
| Posted 12/6/07 2:55 PM |
| |
|
MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by SweetestOfPeas
at what point does someone stand on their own 2 feet? comparing parents bailing you out of a financial mess is not the same as the Gov't bailing people out who were too incompetent to find out what they were getting themselves into.
people need to be held accountable for their actions.
They are not doing it for the arsholes that were too stupid to realize they could not afford a $500,000 house, they are doing it for the rest of us so that we don't have to suffer as a result of their stupidity.
|
| Posted 12/6/07 3:00 PM |
| |
|
SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by MrsFlatbread
Posted by SweetestOfPeas
at what point does someone stand on their own 2 feet? comparing parents bailing you out of a financial mess is not the same as the Gov't bailing people out who were too incompetent to find out what they were getting themselves into.
people need to be held accountable for their actions.
They are not doing it for the arsholes that were too stupid to realize they could not afford a $500,000 house, they are doing it for the rest of us so that we don't have to suffer as a result of their stupidity.
so what are you saying? the Gov't wants to do this in order to keep housing prices high?
|
| Posted 12/6/07 3:04 PM |
| |
|
Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by cpanyc
Ok, so the loan originators/lenders will bear the brunt of the interest rates not increasing. But it is still rewarding bad decision making IMO.
this is not a case of giving an errant child a cookie.
I don't take the position that everyone now in trouble was given the FULL details of these sub prime mortgages by their brokers/lenders.
everyone was out to make a buck during this housing boom. off the backs of the people buying the house.
I think lenders can surely take the brunt.
better to lock in ratens and INSURE income than let these people default on the loans in the future.
it's a whole economy at stake here.
and yes, companies should take some of the blame.
they are not taking away the responsibility to pay, they are keeping the payments at a rate the owners can afford to pay.
|
| Posted 12/6/07 3:06 PM |
| |
|
Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by SweetestOfPeas
Posted by MrsFlatbread
Posted by SweetestOfPeas
at what point does someone stand on their own 2 feet? comparing parents bailing you out of a financial mess is not the same as the Gov't bailing people out who were too incompetent to find out what they were getting themselves into.
people need to be held accountable for their actions.
They are not doing it for the arsholes that were too stupid to realize they could not afford a $500,000 house, they are doing it for the rest of us so that we don't have to suffer as a result of their stupidity.
so what are you saying? the Gov't wants to do this in order to keep housing prices high?
I think it's more to help stabilize the market or keep it from completely crashing. (I'm not saying it'll do that, just saying I think that's the aim of the program.)
Inflated housing prices aren't good, but neither are rapid deflation, many foreclosures, and all of the ramifications these have on the economy.
|
| Posted 12/6/07 3:07 PM |
| |
|
SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by Kara
Posted by SweetestOfPeas
Posted by MrsFlatbread
Posted by SweetestOfPeas
at what point does someone stand on their own 2 feet? comparing parents bailing you out of a financial mess is not the same as the Gov't bailing people out who were too incompetent to find out what they were getting themselves into.
people need to be held accountable for their actions.
They are not doing it for the arsholes that were too stupid to realize they could not afford a $500,000 house, they are doing it for the rest of us so that we don't have to suffer as a result of their stupidity.
so what are you saying? the Gov't wants to do this in order to keep housing prices high?
I think it's more to help stabilize the market or keep it from completely crashing. (I'm not saying it'll do that, just saying I think that's the aim of the program.)
Inflated housing prices aren't good, but neither are rapid deflation, many foreclosures, and all of the ramifications these have on the economy.
IMO, I don't think this will help stablize the market. now that the sub-prime mortgages are gone, there is a huge loss in terms of potential buyers. so people who would have qualified for a loan 2 yrs ago, may not qualify now. and if housing prices stay high with less buyers out there, prices will go continue to go down regardless.
|
| Posted 12/6/07 3:10 PM |
| |
|
DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by Superkat
Posted by Karen
I think it is pointless! People knew what they were getting into when they signed on for these mortgages. Bail them out now, and what happens the next time? And we wonder why society is the way it is!
I do not agree. First time home owners are NOT always aware of the risks of ARM's. My mortgage broker tried to talk us into an ARM and SOLD it as a wonderful thing for us. Gave us nothing but positive information about it. I have worked in the financial services industry for years so I knew better. However, I do not assume and WILL not assume that everyone is as educated.
I have seen people on this message board talk about their personal problems that to me, seem like there are easy answers because I have experience. However, if it is something that is new to you and you are not "in the know", you can easily become trapped.
Mortgage companies are in business to make money and that is not always in the best interest of the consumer. Based on my experience in the field, I KNOW that sub-prime lenders take advantage of people. I quit my job at a sub-prime lender because I couldn't believe the lengths they would go to just to make a buck.
I think the industry is guilty and the government also has accountability for not regulating the sub-prime markets more strictly. I don't know if this solution provided by the goverment is a "fix" but it is at least a stop gap to stop the bleeding.
ITA The voluminous amount of paperwork you need to sign is also prohibitive for understanding of the whole process. My DH and I were both in RE when we bought our house so we knew what we were getting into. We ended up selling our house as the rate went up
|
| Posted 12/6/07 3:14 PM |
| |
|
Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
what about all the steps BEFORE the paperwork? why are people making $100k a year looking at $800k houses?!?!? at what point just common sense just prevail?
|
| Posted 12/6/07 3:46 PM |
| |
|
JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
The economy goes in cycles. I really don't think the gov't should bail out people who didn't make wise choices. I think housing prices need to drop. There are programs out there (Long Island Housing Partnership) that offers free counceling to home buyers. Its not fair to say they didn't know any better. I am hoping the housing market takes a dive!
(I will be buying in the next couple of years)
|
| Posted 12/6/07 3:48 PM |
| |
|
Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
wteff is wrong with people today.
the govt comes up with a plan...using NON TAX PAYER DOLLARS
to help your "fellow americans"
and all people can think of is that they won't learn their lesson.
so you don't think these people...maybe with children, are sitting up day and night wondering if they are going to lose their HOME.
a better lesson would be for them to be homeless. foreclosed on. IN THE STREET.
I think this is disgusting.
Happy Holidays.
|
| Posted 12/6/07 3:53 PM |
| |
|
nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by Ophelia
wteff is wrong with people today.
the govt comes up with a plan...using NON TAX PAYER DOLLARS
to help your "fellow americans"
and all people can think of is that they won't learn their lesson.
so you don't think these people...maybe with children, are sitting up day and night wondering if they are going to lose their HOME.
a better lesson would be for them to be homeless. foreclosed on. IN THE STREET.
I think this is disgusting.
Happy Holidays.
A better lesson would be for them to learn to be more prudent when signing papers.
They shouldn't be able to keep their home any more than I would if I couldn't make my mortgage payment.
|
| Posted 12/6/07 3:57 PM |
| |
|
Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by nrthshgrl
Posted by Ophelia
wteff is wrong with people today.
the govt comes up with a plan...using NON TAX PAYER DOLLARS
to help your "fellow americans"
and all people can think of is that they won't learn their lesson.
so you don't think these people...maybe with children, are sitting up day and night wondering if they are going to lose their HOME.
a better lesson would be for them to be homeless. foreclosed on. IN THE STREET.
I think this is disgusting.
Happy Holidays.
A better lesson would be for them to learn to be more prudent when signing papers.
They shouldn't be able to keep their home any more than I would if I couldn't make my mortgage payment.
I think it's different.
lenders should have been much more discretionary and prudent.
when they started with these "more attractive" mortgages for people who would not quality for a traditional one, they set in motion a chain of events.
it needs to stop somewhere.
I think of it like this. in a class, if a few students fail a test, we can blame it on them being ill prepared.
but if more than half the class is failing, we have to start looking at the teacher, the environment, and the methods.
NO ONE HERE is taking a hit.
if it doesnt HURT you to lend a hand, why wouldn't you.
|
| Posted 12/6/07 4:01 PM |
| |
|
SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
I’d like to know where is the money coming from. How about giving all the homeless people a home, or how about giving healthcare to all Americans who don’t have any. Why is this suddenly the best way to spend billions of $$$? Who’s to say that a group of people who bought a house they cannot afford are more deserving than the above mentioned?
|
| Posted 12/6/07 4:02 PM |
| |
|
Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
perhaps I am misunderstanding something
people signed mortgages with an ARM rate...meaning a jump at some point in the interest rate.
so instead of allowing the interest rate to increase, this new program is FREEZING the current rate.
no taking away interest.
not taking away mort. payments.
just keeping the interest rate the SAME as it is now so people can readjust themselves and hopefully get a better handle on financial situations, keeping them in their homes and potentially alleivating a huge problem in the mortgage world, which is now affecting banks in other countries, especially Japan.
and this is bad because???????
|
| Posted 12/6/07 4:06 PM |
| |
|
Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by Ophelia
wteff is wrong with people today.
the govt comes up with a plan...using NON TAX PAYER DOLLARS
to help your "fellow americans"
and all people can think of is that they won't learn their lesson.
so you don't think these people...maybe with children, are sitting up day and night wondering if they are going to lose their HOME.
a better lesson would be for them to be homeless. foreclosed on. IN THE STREET.
I think this is disgusting.
Happy Holidays.
I agree.
Not to mention- the rate is only freezing for 5 years, after which it will readjust.
Message edited 12/6/2007 4:09:32 PM.
|
| Posted 12/6/07 4:08 PM |
| |
|
nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by Ophelia
NO ONE HERE is taking a hit.
if it doesnt HURT you to lend a hand, why wouldn't you.
I guess I don't trust the part where the tax payers aren't goign to get hit with it. I feel like our government robs Paul to pay Peter & it will come out of my pocket.
|
| Posted 12/6/07 4:10 PM |
| |
|
Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by nrthshgrl
Posted by Ophelia
NO ONE HERE is taking a hit.
if it doesnt HURT you to lend a hand, why wouldn't you.
I guess I don't trust the part where the tax payers aren't goign to get hit with it. I feel like our government robs Paul to pay Peter & it will come out of my pocket.
the government has nothing to do with this, it's the big lenders agreeing to do this.... the government isn't forcing them.
and these people still have to pay their mortgages- it isn't like they get to live for free.
|
| Posted 12/6/07 4:11 PM |
| |
|
Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by Sassyz75
Posted by nrthshgrl
Posted by Ophelia
NO ONE HERE is taking a hit.
if it doesnt HURT you to lend a hand, why wouldn't you.
I guess I don't trust the part where the tax payers aren't goign to get hit with it. I feel like our government robs Paul to pay Peter & it will come out of my pocket.
the government has nothing to do with this, it's the big lenders agreeing to do this.... the government isn't forcing them.
and these people still have to pay their mortgages- it isn't like they get to live for free.
You have a better chance of these people living off you tax dollars if they don't do something like this...
|
| Posted 12/6/07 4:12 PM |
| |
|
Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by nrthshgrl
Posted by Ophelia
NO ONE HERE is taking a hit.
if it doesnt HURT you to lend a hand, why wouldn't you.
I guess I don't trust the part where the tax payers aren't goign to get hit with it. I feel like our government robs Paul to pay Peter & it will come out of my pocket.
ha! not with this administration anyway.
plus, and forgive me if I am misinformed..
is there actual MONEY involved...
or is it just the loss of potential income that we are talking about....
|
| Posted 12/6/07 4:13 PM |
| |
|
Superkat
More a stranger than a friend
Member since 5/06 9730 total posts
Name:
K
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by Ophelia
Posted by nrthshgrl
Posted by Ophelia
wteff is wrong with people today.
the govt comes up with a plan...using NON TAX PAYER DOLLARS
to help your "fellow americans"
and all people can think of is that they won't learn their lesson.
so you don't think these people...maybe with children, are sitting up day and night wondering if they are going to lose their HOME.
a better lesson would be for them to be homeless. foreclosed on. IN THE STREET.
I think this is disgusting.
Happy Holidays.
A better lesson would be for them to learn to be more prudent when signing papers.
They shouldn't be able to keep their home any more than I would if I couldn't make my mortgage payment.
I think it's different.
lenders should have been much more discretionary and prudent.
when they started with these "more attractive" mortgages for people who would not quality for a traditional one, they set in motion a chain of events.
it needs to stop somewhere.
I think of it like this. in a class, if a few students fail a test, we can blame it on them being ill prepared.
but if more than half the class is failing, we have to start looking at the teacher, the environment, and the methods.
NO ONE HERE is taking a hit.
if it doesnt HURT you to lend a hand, why wouldn't you.
I completely agree. This isn't a simple, cut and dried issue. The purpose of this program is to help ALL of us. How many people became un-employed because of the fall out of the entire market due to foreclosure? How many people on this message board were affected when American Home Mortgage went belly up? How is the housing market in LI now? This isn't about teaching people a lesson. It is about the greater good, which DOES NOT affect YOUR taxes.
To another point, this isn't just about the family who makes 100K who bought a 800K house. This is also about the family who bought their first home for 200K. The market has gone crazy. Their mortgage is now 3500 a month instead of 2000 because they got an ARM loan instead of conventional. Can you afford an extra $1500 a month as a variation in your budget?
Message edited 12/6/2007 4:15:47 PM.
|
| Posted 12/6/07 4:14 PM |
| |
|
Superkat
More a stranger than a friend
Member since 5/06 9730 total posts
Name:
K
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by Ophelia
Posted by nrthshgrl
Posted by Ophelia
NO ONE HERE is taking a hit.
if it doesnt HURT you to lend a hand, why wouldn't you.
I guess I don't trust the part where the tax payers aren't goign to get hit with it. I feel like our government robs Paul to pay Peter & it will come out of my pocket.
ha! not with this administration anyway.
plus, and forgive me if I am misinformed..
is there actual MONEY involved...
or is it just the loss of potential income that we are talking about....
I haven't seen anything regarding the exchange of money. I believe it is a potential loss of income which should be off balanced with a more stable financial environment. Less foreclosures.
|
| Posted 12/6/07 4:16 PM |
| |
|
Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
Posted by Superkat
Posted by Ophelia
is there actual MONEY involved...
or is it just the loss of potential income that we are talking about....
I haven't seen anything regarding the exchange of money. I believe it is a potential loss of income which should be off balanced with a more stable financial environment. Less foreclosures.
that's what I thought.
even LESS to worry about.
unless you feel bad for these wall street ceo's and there million dollar bonuses.
|
| Posted 12/6/07 4:18 PM |
| |
|
SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
I find it very hard to believe that only one's who will be paying for this are investors and lenders.
they will appeal this or find some legal loophole. this IMO is very bad for Wall street in general. what's the incentive for anyone to invest if the Gov't steps in and decides "sorry, you're gong to have to give up your profit for the good of the country. people made bad mistakes, you have to pay for it".
Message edited 12/6/2007 4:29:35 PM.
|
| Posted 12/6/07 4:28 PM |
| |
|
Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
|
Re: How do you feel about this? "Subprime help: Some loan rates to be frozen"
The potential money that is lost belongs to investors. Many of whom are overseas. Now we have the US gov't coming in and telling them they will not see the return they intended to see. Why would they want to reinvest here?
Maybe we bail out a few people but in another 5 years will they be ready to start making higher payments? How does this solve the problem, it just prolongs it.
|
| Posted 12/6/07 4:29 PM |
| |
|
| Pages: 1 [2] 3 4 |
