This is a good thing happening

[Nwbie]

This will be a huge blow to the fed "bailout' needs
The more people that can keep their mortgages alive and continue paying will help the US economy hugely.

http://www.suntimes.com/business/1204535,mortgage100608.article

[Mickey1992]

Wow.  This settlement is more than what BoA paid for Countrywide.

[john9001]

i guess it's too late for me to buy a house i can't afford for nothing down.
Damm, missed another good deal. 

[kamilyun]

Smart folks - they keep some revenue stream instead of kicking everyone out and trying to sell a house with busted windows and weeds growing in the front yard.

They probably won't have to deal with any additional oversight by not taking part of the $700 billion.

[Nwbie]

i guess it's too late for me to buy a house i can't afford for nothing down.
Damm, missed another good deal. 

Not really a "good" deal - wouldn't want to be in their shoes.
Most of those people right now are will be paying for a mortgage balance that is more than their house is worth and most likely will be for a lot of years. Imagine having a 250,000 mortgage balance on a house that is "marketable" at 175,000. but it is their choice to get in that situation- they are not fully innocent, more fairly put - they may be extremely naive. 

[lazs2]

yeah but they got into about 3 times the house they should have been able to and now they will be making payments that are about what someone who has half the house will make.. eventually they will have a home worth twice what they paid for it and have really done nothing other than make stupid choices and allowed us all to pay for their stupidity.

Soon as the market turns around they will sell the home and buy something even bigger that they can't afford...

lazs

[Nwbie]

yeah but they got into about 3 times the house they should have been able to and now they will be making payments that are about what someone who has half the house will make.. eventually they will have a home worth twice what they paid for it and have really done nothing other than make stupid choices and allowed us all to pay for their stupidity.

Soon as the market turns around they will sell the home and buy something even bigger that they can't afford...

lazs

I hope that happens - then -we- will make money on it - it will have cost the taxpayers nothing, actually the -taxpayers- will have profited, which is the ultimate goal, because the note will be payed off, if the persons then go out and buy a new home, their credit history will be reviewed. If the bank or banks are not regulated in some way, then yes, it could happen. I am glad we agree.

[lazs2]

I don't think that we do agree.   I think that the only people who will be making out are the really stupid and the really crooked.   I don't think that we will be getting our money back.   with luck.. we may be able to close a few of the loopholes that the really sleazy used but...

you can't fix stupid.    These people will be making more bad investments.   all socialism works the same... you make it so that stupid and lazy is not a problem.. you tell them that no matter what they do.. you have their back and will make sure that.. simply because you feel their pain..  and are a comrade.. that they will have all the things that they think they deserve to live the life they think they should and that someone else will always be there to pay for it.

Because.. just by living.. just by the fact that they breath.. they deserve to have what anyone else has.

Health care?   some doctor needs to take care of you.. it is your right.. housing?  why shouldn't you have a home?  Just because you are too stupid or lazy to go about it the right way...

You give em section 8 or food stamps but you make it so that it is just the governments and their little secret.. a credit card instead of food stamps... wouldn't want them to be shamed into doing something about their situation now would you?   

It's not their fault.. we need to help.

lazs

[Reschke]

Some people have no business buying a home at any point in their lives. They just simply can not handle the idea or wrap their minds around the concept of paying for something and doing without other things. For instance my wife and I were not ready financially or mentally for the housing market for almost 8 or 9 years after we got married. We finally moved into a lease/purchase home to see if we could swing the payments. We were able to but we found a different house while living there that fit our budget better than the lease and allowed us to make a little bit on it if we worked on the house. We then sold that house two years ago and moved into a bigger house and used the profit from the sale of our first home to put a down payment on this one that gave us a manageable monthly payment. Now if one of us looses our job we will be in a tight spot for a while but it is something that we can make work.

[Eagler]

it's bs

unfair to those of us who didn't mortgage our souls in the middle of the bubble

j another government step to socialism ..  a giant step

[Nwbie]

I don't think that we do agree.   I think that the only people who will be making out are the really stupid and the really crooked.   I don't think that we will be getting our money back.   with luck.. we may be able to close a few of the loopholes that the really sleazy used but...

you can't fix stupid.    These people will be making more bad investments.   all socialism works the same... you make it so that stupid and lazy is not a problem.. you tell them that no matter what they do.. you have their back and will make sure that.. simply because you feel their pain..  and are a comrade.. that they will have all the things that they think they deserve to live the life they think they should and that someone else will always be there to pay for it.

Because.. just by living.. just by the fact that they breath.. they deserve to have what anyone else has.

Health care?   some doctor needs to take care of you.. it is your right.. housing?  why shouldn't you have a home?  Just because you are too stupid or lazy to go about it the right way...

You give em section 8 or food stamps but you make it so that it is just the governments and their little secret.. a credit card instead of food stamps... wouldn't want them to be shamed into doing something about their situation now would you?   

It's not their fault.. we need to help.

lazs

ok fine, then I have an idea, why don't you get a list of all the people who agree with you.
Then send a letter to the Federal reserve saying, -instead of finding a way to alleviate and hopefully recover all costs of refunding the mortgages and finding a way to get the tax monies back.
Instead, deny it, and put the property up for sale. We are sure eventually there will be a buyer for those empty neglected properties. Also, since we have decided that the banks can take that money you are using to buy out the mortgages, and do whatever they want with it, no need to regulate them, it is a free market, they have learned their lesson. So, send us the tax bill for the buy-out, as we know it is already a done deal and we would rather see people suffer for taking out mortgages they couldn't afford, but those bankers just made a bad decision, forgive them, they will do us good eventually.
What the H health care had to do with this is beyond me.. unless you are complaining about a debate thingy...
5k credit to a insurance company - tax credit to individuals, sounds like socialism.

[Nwbie]

it's bs

unfair to those of us who didn't mortgage our souls in the middle of the bubble

j another government step to socialism ..  a giant step

You do realize this is a way for the money spent - to be repaid instead of throwing it into the wind, don't you?

[Eagler]

You do realize this is a way for the money spent - to be repaid instead of throwing it into the wind, don't you?

you mean what less than 50% of the money? what about the rest of it?
The gov should not have gotten involved at all - they are doing about the same thing they did on the onset of our first depression - they fumbling only made it worse and last much longer

it is rewarding foolish behavior on the consumers side, the banks and wall street - capitalism only works if there is risk and reward .. but then I guess it isn't capitalism we are shooting for anymore is it...

I guess home ownership is a "right" these days .. even if the average home turns out to be a shack in the long haul...

[Nwbie]

you mean what less than 50% of the money? what about the rest of it?
The gov should not have gotten involved at all - they are doing about the same thing they did on the onset of our first depression - they fumbling only made it worse and last much longer

it is rewarding foolish behavior on the consumers side, the banks and wall street - capitalism only works if there is risk and reward .. but then I guess it isn't capitalism we are shooting for anymore is it...

I guess home ownership is a "right" these days .. even if the average home turns out to be a shack in the long haul...

Eaglr - did you even read the article?
I am sure Laz's didn't either
This has nothing to do with your money
Jackboot responses - incredible... you wonder why people are so out of touch with the financial situation today? Just look at your behavior, you read one post and don't even investigate, you assume, that is what has happened to this country. Very little knowledge of what is actually going on, there are other sources besides fox news. Even some with a non political agenda, that you can learn from.

[lazs2]

one.. I did read the article and many others on the subject.

two... I don't watch fox news any more than any other which is about..  none at all.

three... you still don't get it.. the idiots with bad paper got it because they are stupid and greedy and poor money managers.. this will not change that.. they will default on the new paper.

And if they don't.. we end up footing the bill for them to live better than they deserved.  They are using out backs to step up.   I did nothing to get us into this mess.. now I have to pay for it.

lazs