Bush offers help to troubled homeowners

The President offers aid to subprime borrowers through government programs and new legislation.

NEW YORK (CNNMoney.com) -- President Bush outlined his plan Friday for helping troubled subprime borrowers keep their homes. The initiatives target hundreds of thousands of distressed homeowners.




http://money.cnn.com/2007/08/31/real...ion=2007083116

 

People are overextended...

We cant affoord to buy a house where Im from....$450k for a 30 year old crapbox...and Im NOT kidding.

 

problem is tht people want to spend, spend, spend but not pay it back, you dont need a 50K truck and a big new home to be happy, id rather have a 10K truck and ok sized decent house and have the extra couple thousand a month to buy groceries and stuff i want.

 

Does anyone remember Reagans Savings and Loan bailout?

This is a very similar deal, it will help the lenders but it is going to put a heck of a burden on the middle class because we are the ones that are going to pay for it weather you know it or not."give:

I am not saying they don't need help but there has to be another way.

 

my house note is less than 500 bills a month for a 2200 sq ft house. But I bought in 1989!

 

they need to bust ***** on these predatory lenders. they're to blame for the majority of this IMO. they "make the numbers" work...until reality hits the market place.

i don't care if the government helps people but they need to get the money back from these scammers at some point because this is really gonna burn what's left of the middle class.

 

I agree with you Johnny, when I was stationed is Las Vegas I knew a girl who was a loan officer for some lender. She would go in and "fix" people's credit scores good enough to get them approved for a loan. She said her "fix" would only last a couple of months until whatever she cleared off was re-reported. She was trained to do this by her boss, because the more loans they got approved the more commision they made.

 

i agree those lenders need a swift kick to the backside, however people just need to pull thier head out of thier sunless side and stop tring to keep up with the Jones' and be more responsible.

 

the biggest problem from what I know is that lenders were pushing the ARM.....adjustable rate mortgage real hard and peeps were goin fo it cuz the rates were lower than the fixed rate at the time...............now those rates are higher than the fixed so the peeps are going **** up........they knew the details at the time and signed a contract on it now they cant make it

and ya wonner why peeps get theirselves in such a jam

rule number 1.........never trust yer banker

rule number 2..........think for yerself...dumbass

 

Whit, that's how I understand it to. These banks keep approving these $500,000 morgages to a guy makin $40,000 a year and tellin em he can afford it cause the payment being based on the rates for that particular month. They don't explain to em that the ARM payment may double over the next year and these dumbass aint thinkin past tommorrow.

Then they got nice new house so they need the new cars to fill the driveway and furniture to fill the house. Then they need a vacation to unwind. Everybody wants the American Dream and they want it today, doesn't matter if they can't afford, they'll just get another credit card to pay bills with this month.

The feds and bankers been keepin the economy artificially inflated for years to make Bush look good and now it's time to pay the piper.