Comments on: Bush To Put 30-Day Freeze On Foreclosures

In Effort To Combat Housing Slump, President Offers Relief Program To Qualified Homeowners

[hsinco-2009]

Those of us that played by the "old" rules should feel little sympathy for those that decided to play by the "new" rules.

And those lenders that made the loans on the "new" rules should suffer their losses without a taxpayer bailout, which I am sure Bu$h is planning to his cronies.

Does Savings and Loan debacle in the 1980''s remind you of anything?

BTW- John McCain was involved with Charles Keating and was one of the Keating 7. Thief!!!!

[linfinster]

We balk at Government intrusion, but have lost so much of our basic dreams of personal freedom (to live in peace and quiet, self sustaining, healthy, bliss .. as an example) when the wealthy and the greedy have manipulated our "rights as humans" laws and regulations by making us question what is worth losing a right over or think that we are losing a right to do something, .. just to make more money. Our politicians are wealthy w/***** and we''re left without much more than the basic, generic life!

[irliberal]

A 30 day freeze accomplishes absolutely nothing. Another non-solution from a non-president.

[dylanxxv]

All you peeps defending this idiotic decision are probably the ignorant saps who have or have had mortgages way above your means...If anyone can''t afford to live in the house they all on their own decided to purchase, then they should lose it...Period...End of story...Don''t rely on the government to spoon feed you...

[tmittelstaed]

"Someone has to make these bad loans. Blaming the borrower is idiotic, since there are always going to be people who do not understand the loan nor how to manage money."

What about the people FUNDING these bad loans who were out there buying the "SIVS" and "other investment vehicles" I suppose they didn''t understand what they were buying either? Gee, according to you I guess everyone out there doesen''t understand money.

If people don''t understand loans or how to manage money then they are going to get screwed and end up with bad credit. They are going to end up declaring bankruptcy and then for the next decade they are going to be dealing with everyone on a cash basis, and will not be participating in the credit market.
So what? Where is the law that says that people with bad credit must be guarenteed a home loan? This will force them to learn how to manage money then they will do better when their credit finally clears.

Most people learn how to manage money when they are kids or later in school. For the ones that don''t, bankruptcy teaches them how to manage money. How is this *** them over? Are the creditors allowed to shoot people that default? Are they allowed to put these people in jail? Seems to me that the defaulting borrowers are the ones that get off scott free in this deal, and the only ones harmed are the lenders, and the investors funding the lenders, both of whom should have known better.

[tejasdemo]

What a joke. Who are these handouts going to anyway ?

I bet 7 out of 10 are going to rich investors who should be forced to pay these loans or dump the propoerty. Period.

[singingrick]

The truth is that these lenders engaged in predatory lending practices. Over 55% of the borrowers that were sold "subprime" loans qualified for standard mortgages. Lenders bumped up commissions to employees that steered customers to these slickly packaged variable rate ripoffs.

Ultimately these shady lenders knew that if they got in real trouble that the American tax payer would bail them out just as we did during the trillion dollar Savings and Loan crisis in the eighties. It''s just another way for them to rob the public. They lobby for deregulation and then take us all to the cleaners.

[fstop100]

This isn''t the governments problem. The lenders were handing out mortgages like candy. Let them pay the consequences. Anyway what is 30 days going to do?

[stanleyrice]

It''s really about protecting borrowers, it''s about protecting neighborhoods. And it''s also about protecting the housing market and the economy, ultimately," Sheila Bair, chairman of the FDIC, told CBS News.

I get a kick out of this! This is the same government saying they are protecting you now, who allowed the greedy mortgage and banking industry to run wild with little to no regulation, creating these "opportunities" for you too, to get into the housing world! (Even if you couldn''t afford it!). And they keep lying, cheating, and stealing, and you keep buying into it. Oh well, changing seats on the Titanic won''t do you any good.

[tmittelstaed]

Hey Jumkey, I understood our mortgage contract perfectly (likely my wife didn''t) when we bought our house because I spent the time in the lenders office to _completely_read_ through it before signing. A home purchase is one of the only gambles that an ordinary working man or typical middle class wage slave can take and have better than even odds it will work out to his or her advantage - the home mortgage industry is one of the things that makes the US a great country. Go watch the movie "It''s a wonderful life" and open your eyes. The only thing the vast majority of lenders ask is that you don''t borrow more than you can afford to pay back. The housing market provides all manner of houses in all price ranges - from low-price fixer-uppers to expensive palaces, you just need to spend a little time looking. For the vast majority of people, the gamble works out fine, they benefit, the banks benefit, everyone is happy and the country is strengthened. For the few people that it don''t, if they were careful and prudent going into the deal, they won''t be ruined for life. But it -is- a gamble after all - and the majority of folks who are losing their homes now, they didn''t look at it like this when they went into the deal.