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Meeting with congressional leaders and presidential candidates Barack Obama and John McCain at the White House, President Bush said he expects a deal "very shortly."

"We are in a serious economic crisis in the country if we don't pass a piece of legislation," Bush said.

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Originally posted by Fremdfirma:
Will someone PLEASE hand Ron Paul a crowbar and turn the cameras off for like, half an hour so he can go around and pry their heads out of their asses for once ?

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Originally posted by rue:


Or look at it another way - $700 billion will be spent due to 1 million homes. That's $700,000 per household. Were ALL these people buying million dollar homes ? And, WHAT is all that extra money going for ? Or should I say who ?

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Originally posted by Kirkules:
I'm fairly optimistic that if we can keep congresses hands off the 700 billion, we might actually profit from this in the long run.

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Originally posted by Kirkules:

It's going to help responsible homeowners that could afford to keep their homes with better loan terms, primarily by getting them into fixed rate loans.

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Originally posted by FutureMrsFIllion:


So if someone can't pay their mortgage they are irresponsible? Cause that's insulting.

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Originally posted by rue:
So, the banks did the wrong thing by being undercapitalized, they sold speculative bonds, and the regulators were asleep at the switch, worse they were aiding and abetting. And this is my problem --- how ?


I'll be checking back for an answer to this.

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Originally posted by rue:
"The reason it's your "problem now" is that the Fed was starting to see signs of panic in the financial markets. If this plan hadn't been announced by Friday, it's possible that the stock market would have crashed on Friday followed by a run on the banks and riots by Monday or Tuesday."

And ---- so what ? If the banks fail the government has to print money anyway - FDIC, remember ? - except it goes directly to the people. And not some version of bailout tinkle-on - I mean, trickle down. Or just let people keep their homes for free - it would be cheaper. And a market crash is long overdue b/c market value has been long based on speculation.

The riots are a dramatic effect you added. I can see long lines at the bank.

Still ain't my problem.

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Silence is consent.

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Originally posted by FutureMrsFIllion:

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Originally posted by Kirkules:

It's going to help responsible homeowners that could afford to keep their homes with better loan terms, primarily by getting them into fixed rate loans.

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So if someone can't pay their mortgage they are irresponsonle? Cause thats insulting.

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Originally posted by AnthonyT:
Hello,

As someone who is riding the fine line of being able to pay my own mortgage, I can tell you that I have acted irresponsibly.

Having sworn to myself that I would never purchase a home by using an ARM (Adjustable Rate Mortgage) I was convinced to do so by my spouse. Eager to own a home, she colluded with my mortgage broker to assure me that after faithfully making payments for a year, I would be able to refinance to a better rate, and a fixed one at that.

Thus bolstered with confidence, I ignored my own good sense and signed on the dotted line. And then the real estate market crashed, and my home is worth about fifteen thousand less than I bought it for. So I can not refinance, the ARM is up, and my struggles have commenced.

I was irresponsible. I knew better. I did it anyway, and I was wrong.

Still... I'd hate to lose my home. Every month sees me undertake creative re-budgeting in order to preserve my ownership. How long, I wonder, can I hope to keep it up? Every month gets harder, and Christmas will be bare.

So, is it insulting to be told I am irresponsible for not being able to make my mortgage payments? Yes, it is insulting. It is insulting in the same way as calling a fat person fat, or a stupid person stupid. It's insulting because it's true, and the shame of that truth burns.

However, if you want to call it impolite, I will agree there as well.

--Anthony

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Originally from Rue:
If the bailout money was going to the people who were at best misled and at worst defrauded in their loans I would be very much with the plan. But it's not, you see, at least not most of it. It's going to make good on the fat-cats' investments. And that really pisses me off.
You believed the house (no - HOME) to be a worthy investment. There's no shame in that. I wish you and your wife the best.

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