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Why don't the mortgage lenders just take a loss in interest, so they can collect most of their loan?
Instead they want to forclose, then put their hand out to the government (us). In reality, that's not the way it works, if you loan money, and you don't get it back, you don't ask the government to pay someone elses dept. Between Oil and Banks, we're getting hammered harder and harder everyday.
So, why not make the banks take a loss instead of us taking the loss?
6 Answers
- bassdocLv 61 decade agoFavorite Answer
That's of course what they should do,
but Chimpzilla won't let them do it because that might affect the pocketbooks of his rich banker friends. They can make more foreclosing on the houses and reselling them.
- 1 decade ago
Greed.
Banks make billions of dollars per year, we make on average about 50k. Guess where the government's allegience lies...
Corporations have a history of not being able to see the forst for the trees. Most companies are all about the short term and nothing else. Mortgage lenders are an especially good example of this since so many subprime lending companies came out of nowhere so fast.
- Right Wing.Lv 41 decade ago
Agreed.
These private businesses made a lot of greedy loans to a lot of greedy flippers trying to line their pockets. And now, they want the Government to bail them all out.
BS!!!!
That's like if went to a casino and lost all of my retirement fund on one greedy night of high-end gambling. Too bad for me. Should the Government cover my bets and give me all my money back?
You all know the right answer.
This is capitalism. You work hard and invest smart, you do well. You get greedy and your on your own. That's just business.
Do you know that on average 50 % of all resturants opened by private people close in the first year? Well, should we pay these people all of their investment capital back?
NO. You gamble and you win or lose.
If you were to win, are you going to give all your profits back to me since you did well? No? Then why should I bail you out when you fail?
You get the point
- PeachJelloLv 61 decade ago
I have a better idea. Why don't those that entered into a contract honor that contract. Or be made to suffer the consequences. These mortgage companies that offered those subprime loans and the dummies that signed are responsible for this mess not me.
Source(s): Amazing I have thumbs down because I believe in people being 'responsible' for their actions....BOOOO Me! - How do you think about the answers? You can sign in to vote the answer.
- Anonymous1 decade ago
When the banks take a loss they pass it on to those of us who didn't buy a house they couldn't afford.
The gov't shouldn't be bailing ANYONE out.
- Anonymous1 decade ago
Private corporations are not people and do not have feelings and will play by the rules we the people`s government give them.
