The Subprime Mortgage Crisis

I can't believe people can get away with all that stuff yet if you beat someone up for insulting your wife you have to sit in a cell for a few days.

I'm not surprised the big banks acted the way they did... without any regard to how it would affect people's lives. They don't care. I've previously seen this in the world of academia actually. There is this group called the International Crisis Group, and they published the routes and methods North Koreans take and use to get themselves out of the hell hole that is known as North Korea. Now the North Korean authorities can intercept and imprison potential defectors and refugees at will. Way to go assh*les.
 
Last edited:
The part about it that makes me really mad is that there was a plan to regulate said mortgages, but the state shot it down.
 
Lobbyists and all.
So who's voting Republican this year? Though I'm actually quite conservative, if I was American I'd be kicking those criminals out... and vote in a new set of criminals who may think twice before they try the same thing.
 
Time to get on my soap box. Right now I am fired up,

My heart holds little room for the sub prime mess. I went through a divorce and it took a lot of work for me to hold the home. Back before my finances went to hell, I went ahead and got a 15 year mortgage at 5%. No one taught me anything about buying a home. I had gone out over the years and taught myself about finances. I knew in my heart I was going to get a 15 year note. Man it was a fight with my bank. They kept on saying I was applying for a 30 year mortgage and did this several times. Anyways I got my loan at 5% for 15 years. And yes, I got mail offers every week that wanted me to tap into my home equity. I threw them in the trash. It was my personal responsibility to not take on more debt. At the time, I had no other debt than my home. Again, this was my choice. At the time, only 25% of Americans had no other debt than their home. Choice is something I will bring up again and again. People were not forced into signing these loans.

Ok, I am not letting the banks off the hook. The people who ran these banks need to burn in hell for what they did. I am not happy that the government is bailing out the banks without doing a whole lot for people.

So here is my solution. People who used homes as purely investment properties get nothing. Sorry investments are different than a family owning one home. If you were kicked out of a home, you will have a second chance at getting a home. You will have the chance to move back in and you will assume the old mortgage note that you once owned. Your mortgage will be set at the current rate of 6.2%. If you still cannot afford the payments then you should have never owned the home in the first place. You can give up the home at no charge to the home owner. This is my bailout to the people since the government is bailing out the banks. IF you damage the house because you are mad, you will be responsible for those damages. If you are in danger of going under, you may have the option to walk away or refinance the mortgage as discussed above.

I know it is a complicated solution but its a complicated situation.
 
You must log in or register to reply here.
Back
Top