People who bought houses they couldn't afford are getting 100k taken off mortgage

[ScubaStevo]

http://money.cnn.com/2012/03/09/real....htm?iid=HP_LN

That's right.

People who bought houses they couldn't afford, lived exorbitant lifestyles, defaulted on their outrageously expensive mortgages when things got rough, are now getting 100k shaved off their mortgages.

The reward for people who were fiscally responsible, lived within their means, bought houses they could afford, and saved accordingly? Nothing.

One step closer to socialism. Another victory for the Liberals.

I feel like the Starks must in the Game of Thrones series (serious).

[brbbowflex]

I agree with your overall point and think this is a serious abuse of tax dollars and it is socialism, but the reward for people who were fiscally responsible, lived within their means, bought houses they could afford, and saved accordingly is that they aren't getting foreclosed on and that they own a home.

[iadamson]

Ball so hard tax payers gonna support me

[PrimeraRS]

brb $60k/year salary buying $350k house


American logic.

[ScubaStevo]

I agree with your overall point and think this is a serious abuse of tax dollars and it is socialism, but the reward for people who were fiscally responsible, lived within their means, bought houses they could afford, and saved accordingly is that they aren't getting foreclosed on.

Say what? People who gross 80k a year maybe bought $200,000 houses that they can afford; they were at no risk of default.

Now the people who make 30k a year and are buying 350,000 houses are getting a sweet deal for their blatant irresponsibility.

[Janzza]

real life?

thats pretty unfair holy ****

[Danelectro]

It's fine OP. Every family on my road foreclosed. It's like a ghost road now. We are the only family left.

[ScubaStevo]

It's fine OP. Every family on my road foreclosed. It's like a ghost road now. We are the only family left.

Did they put 20% down at least? I understand if you have a reasonable home and you lost all of your employment, but if you have a $400,000 home and made 50k a year, nah,.

[scarboro]

It seems like our socialism up here is more fair.

[brbbowflex]

Say what? People who gross 80k a year maybe bought $200,000 houses that they can afford; they were at no risk of default.

Now the people who make 30k a year and are buying 350,000 houses are getting a sweet deal for their blatant irresponsibility.

It's a liberal mindset that says "but what about me? where is my freebie?"

You already won by not being foreclosed on, not taking government handouts, or being a douchebag. That is victory,

[ScubaStevo]

It seems like our socialism up here is more fair.

I'll pass. Honestly this whole notion of using tax dollars to buy people things outside of food and basic shelter is offensive to me.

[God_Given]

1 more successful step towards Obamas master plan

[BLAQSAQATTAQ]

inb4 they all go buy 100k cars

[swimmer32]

Being responsible rarely pays off in todays society. Feelsbadman.

[DJKhaled]

I wish I could be rewarded for being irresponsible, instead I just get to pay more taxes for working harder

[ScubaStevo]

Being responsible rarely pays off in todays society. Feelsbadman.

How dare you - that is a very conservative thing to say. Where is your heart????????

[Pepsi88]

inb4 they all go buy 100k cars

100k holidays

[Gibb1991]

It seems like our socialism up here is more fair.

Our socialism gives people the bare minimum (assuming you have a family, if your single and on well fair your actually kind of set), taking $100 k off peoples mortgages isn't even socialism, just mass charity.

[DJKhaled]

Looks like she got her wish

[ScubaStevo]

Our socialism gives people the bare minimum (assuming you have a family, if your single and on well fair your actually kind of set), taking $100 k off peoples mortgages isn't even socialism, just mass charity.

Makes me sick to my stomach.

[ispy]

America, **** YEAH!

[ScubaStevo]

Good to see there is at least some outrage here.

[scarboro]

This is going to buy him votes and favorable public opinion. Obama 2012 is a lock.
Save your campaign contributions this election is already over.

[fatneckbeard]

agreed OP. but its not Democrat vs Republican that's the answer. Its the majority vs the govt that you should be fighting for

[BossMadOne]

United States is the only modern country that families can go homeless cause someone lost their job or they got sick and can't work or someone in the family is ill and medical cost has drained the bank.


This old way of thinking "it's socialism" is just ****ing dumb. Back in 1930's, our Government tried to create a real Healthcare system. One that was really universal, before any other country even thought about something like this (on this type of scale) and you know what happened? people started crying "it's socialism... I don't wanna take care of anyone.. why should I pay for someone else..blah blah blah".

Fast forward to the year 2012 and you still have people.... crying about the same damn thing.


It's really an American motto... "if my neighbor gets sick and can't pay his bills, he should have to give up everything he/she has worked for and live on the street, it's only right"

[scarboro]

United States is the only modern country that families can go homeless cause someone lost their job or they got sick and can't work or someone in the family is ill and medical cost has drained the bank.


This old way of thinking "it's socialism" is just ****ing dumb. Back in 1930's, our Government tried to create a real Healthcare system. One that was really universal, before any other country even thought about something like this (on this type of scale) and you know what happened? people started crying "it's socialism... I don't wanna take care of anyone.. why should I pay for someone else..blah blah blah".

Fast forward to the year 2012 and you still have people.... crying about the same damn thing.


It's really an American motto... "if my neighbor gets sick and can't pay his bills, he would have to give up everything he/she has worked for and live on the street, it's only right"

Lol this issue isn't about getting sick and ending up on the streets. It's about people living outside their means and making terrible financial decisions which resulted in a catastrophic housing crash. Now those who weathered the storm through more frugal living and making smarter decisions are punished by having to cover the mistakes of those who didn't.

[ScubaStevo]

United States is the only modern country that families can go homeless cause someone lost their job or they got sick and can't work or someone in the family is ill and medical cost has drained the bank.


This old way of thinking "it's socialism" is just ****ing dumb. Back in 1930's, our Government tried to create a real Healthcare system. One that was really universal, before any other country even thought about something like this (on this type of scale) and you know what happened? people started crying "it's socialism... I don't wanna take care of anyone.. why should I pay for someone else..blah blah blah".

Fast forward to the year 2012 and you still have people.... crying about the same damn thing.


It's really an American motto... "if my neighbor gets sick and can't pay his bills, he would have to give up everything he/she has worked for and live on the street, it's only right"

BRB America bails out just about every other country in their time of need - criticize their capitalist economy.

BRB communist wants America to reward people for being fiscally irresponsible, like they obviously do in every other country in the world (which is probably why they can't hold a candle to America's economy LMFAO)

[Nefariousx1]

Makes me sick to my stomach.

ehh dude it is bad but foreclosures are even worse....

I agree the situation sucks ass but it is the less grim situation

[DJKhaled]

United States is the only modern country that families can go homeless cause someone lost their job or they got sick and can't work or someone in the family is ill and medical cost has drained the bank.


This old way of thinking "it's socialism" is just ****ing dumb. Back in 1930's, our Government tried to create a real Healthcare system. One that was really universal, before any other country even thought about something like this (on this type of scale) and you know what happened? people started crying "it's socialism... I don't wanna take care of anyone.. why should I pay for someone else..blah blah blah".

Fast forward to the year 2012 and you still have people.... crying about the same damn thing.


It's really an American motto... "if my neighbor gets sick and can't pay his bills, he should have to give up everything he/she has worked for and live on the street, it's only right"

What does that have to do with people going out and buying homes (even multiple homes because they wanted to flip them) which they couldn't afford, and now taxpayers get to pay for their mistake?

[JimmyVee]

http://money.cnn.com/2012/03/09/real....htm?iid=HP_LN

That's right.

People who bought houses they couldn't afford, lived exorbitant lifestyles, defaulted on their outrageously expensive mortgages when things got rough, are now getting 100k shaved off their mortgages.

The reward for people who were fiscally responsible, lived within their means, bought houses they could afford, and saved accordingly? Nothing.

One step closer to socialism. Another victory for the Liberals.

I feel like the Starks must in the Game of Thrones series (serious).

I agree with your overall point and think this is a serious abuse of tax dollars and it is socialism, but the reward for people who were fiscally responsible, lived within their means, bought houses they could afford, and saved accordingly is that they aren't getting foreclosed on and that they own a home.

I didn't read that the gov't was using tax dollars to buy down the mortgages. Did I miss that somewhere?

The mortgage transaction was a business deal between the bank and the borrower. If the bank made a bad business decision to loan too much money to the borrower, then the bank should suffer for that decision - either by having to foreclose and resell the house at a loss, or by writing down the debt. Either way they lose for making a bad decision. That's basic capitalism. I have no problem with that.

However, letting the borrower not share in that "punishment" is bs. And having the gov't mandate this settlement is more bs.