So why don't they just give people back their mortgages to continue where they left off at the same rates..?
they started off at and just be more careful with new ones?
they started off at and just be more careful with new ones?
Marysia
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ha ha ha they wouldn't pay them - people want everything for nothing!
Zach
Firstly, that would be a lot of money! Secondly, we don't reward poor decisions and bad behavior in this country. You should know that if you make $10.00 an hour you can't afford a $200,000 house! Thirdly, what about the people that were capable of making their house payments and continue to make their payments? They aren't getting any benefits for being able to pay for their own houses. Its not fair at all for people who make their payments to have to pay for their house and the people who could not are getting practically free houses. As people already pointed out, most of these people hadn't even touched their principle amount of their loan, they were only paying interest... in essence you are giving them a free house.
Lastly, what message does that send? If you default on your house mortgage payments you get a free house. It would be the collapse of the housing market as we know it and would throw us into a spiraling downward depression. NO ONE, I repeat NO ONE would pay their loans anymore because they would know the government is going to bail them out and give them free houses. If you can't afford a house, rent a smaller house, buy a smaller house, or rent ana apartment. Don't buy something you can't afford.
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i disagree.the problem is that many people bought a..lets say $200,000 home with no money down and a minimum wage job.to compound that problem the home is now worth only $125,000 so the buyer cant sell it to cover his loan snd doesnt wsnt to psy that much for a home that sint worth what he is paying for it.and the loan started off at 3 years no interest with and excalator that kicks up to whatever the interest rate would be after 3 years or so.so a $1000 a month payment is now $1400 and they cant afford it so they walk away.
if the bank were willing to write off the $75000 loss and renegotiate the loan then id say yes
magnito_delfrago
Because its all being done by design to destroy America .If any of you want a taste of what really is going on search for Alex Jones. His material is freely available at the moment. Although the web is being censored heavily at the moment against political opposition which should not be tolerated.
?
Because those mortgages were interest only and nothing toward the principle. People just bought more house then they could afford.