Thoughts??

the link didn't work for me

okay I don't really get a lot of this financial stuff. But my take is that I see Mccains point and I think the people deserve more help than the large companies. But, I also think that people knew what they were getting into with the mortgages and shouldn't have taken the risk if they would lose their home over it. Its partly their own fault as well. I also think the bailout was flawed, but at the same time did the country have much of a choice? Its just a s*cky situation and I dont think there is going to be a perfect solution. I also dont think anyone knows what the best solution is, so we just ahve to hope that the government can go through different scenerios and come up with what they think will be most effective.

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Posted by GinaZ

okay I don't really get a lot of this financial stuff. But my take is that I see Mccains point and I think the people deserve more help than the large companies. But, I also think that people knew what they were getting into with the mortgages and shouldn't have taken the risk if they would lose their home over it. Its partly their own fault as well. I also think the bailout was flawed, but at the same time did the country have much of a choice? Its just a s*cky situation and I dont think there is going to be a perfect solution. I also dont think anyone knows what the best solution is, so we just ahve to hope that the government can go through different scenerios and come up with what they think will be most effective.

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I agree with why help the big companies instead of main street. I think a lot of people fell into a trap with their mortgage because they accepted it not fully understanding adjustable rate mortgages and/or interest only loans. A lot of mortgage brokers work on commision and after the papers are signed they don't really care if you can pay your mortgage in 2 years. With adjustable rates some people may have had a $800 a month payment after 2 years this may have gone up to $1400. They should have read their mortgage but for someone who doesn't know to look for this stuff it's not very simple.

Buying up bad mortgages to prevent foreclosure is also good for property value of the surrounding homes. If one of your neighbors forecloses your property value will drop since it sells at a lower price and will be used as a comp. on the other hand it would really annoy me to think I work 2 jobs and my husband works a 17 hour shift once a week so we can pay our mortgage and staty current on all our bills. It just succks all around. I can't wait to win the lotto.