Hi Merth,

I agree with you that borrowers should know what they are getting into, and that taxpayers should not have to cover the costs of an individual's failures.

But what about when taxpayers have to cover the costs of lenders who have cheated the system & borrowers... by bending the rules, taking illegal advantage of loopholes in the law, and outright breaking the law in order to boost their profits at the expense of borrowers and taxpayers?

Lenders are exploiting bad lending practices to their financial advantage... knowing that it's the taxpayers that will end up footing the bill.

/agree 100% its sickening to think how much we as taxpayers end up "bailing out" fraudulent practices. It would bother me nowhere near as much if there were some sorta penalty imposed on these businesses "fitting" the crime. But we all know they wont end up paying a penny back to the "people".

If my house was being forclosed I would squat on the property with friends and refuse to budge. You don't know how quick big businesses will compromise when somthing of this sort goes public and gives them a bad reputation.

If a bunch of frumpy old women can picket in front of my old High School to have certain art and poetry removed from the curriculum me and my poker buddies can get my mortgage re-instated.

lol nice cade!

Quite a few of my friends are struggling with house payments. Mostly because they (or their wife) insisted on getting one of the horrid McMansions. Overpriced, gaudy, no yard, big ass house.

Then they are surprised that a 200K-300K house has a $2000-$3000 a month house payment. Idiots.

I'm glad I bought mine 12 years ago for $50K, they are going for over 80K now (and selling). Another 10 years and I will almost own it (you still pay so damn much taxes you never really own it-but I won't owe the bank anymore)

I'd love to blame this on idiot W but I have to blame the idiot buyers instead. Check the prices, payments, and your income before buying a house.



And some of those frumpy old ladies need to be shot

Call him an A-hole, call him all dirty names in the book, but an old friend of mine had several familes that did that arrested 'cause he bought the forclosed house.

It's what I'd do if I had the money.

He started out with a loan, and now owns $750,000 in housing and has well over $1mil with probably over 6 families arrested.

One person's financial mistake is another's opportunity.

yes but that opportunity goes away if the govt (and ultimately taxpayers) keeps bailing them out!

well said and to true

Government & Tax Players (Depending on type of loan) only cover a percentage of the loan, the bank picks up the rest. Which is filtered back on everyone else. Banks walk away with money, maybe not as much money as they would have if there was no default on the loan.

I have no qualms about exploiting another's misfortune. If I didn't, I may be in that same financial bind as those who I just exploited.

The United States Military Establishment taught me an acronym "6 P's" Prior Planning Prevents Piss Poor Performance. Most of those individuals who defaulted on their loans should have planned better and maybe even read and understood what type of loan they were getting themselves into.