Comments on: Friday Question of the Day http://www.princeofpetworth.com/2008/04/friday-question-of-the-day-48/ Welcome to the beautiful life Fri, 10 Feb 2012 02:13:58 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Anonymous http://www.princeofpetworth.com/2008/04/friday-question-of-the-day-48/#comment-103124 Anonymous Mon, 07 Apr 2008 14:09:20 +0000 http://www.princeofpetworth.com/?p=2182#comment-103124 Is anyone going to bail out gamblers in vegas? of course not. This is stupid. CAVEAT EMPTOR ! I feel nothing for people who are victims or "predatory lending". All the information is there when you sign the paper.. if you are too lazy to read it, its your problem. Same for banks, which should know better, if you take on a huge risk, you might loose out. If this hurts the economy then perhaps the economy needs a hit to get straightened out. The worst part of a bailout is that people who are responsible and think reasonably before they act are still going to end up paying for other's recklesness. It almost makes you want to be reckless because there will always be poeple who bail you out (who probably learned the hardway not to be reckless) Is anyone going to bail out gamblers in vegas? of course not. This is stupid.

CAVEAT EMPTOR ! I feel nothing for people who are victims or “predatory lending”. All the information is there when you sign the paper.. if you are too lazy to read it, its your problem. Same for banks, which should know better, if you take on a huge risk, you might loose out.
If this hurts the economy then perhaps the economy needs a hit to get straightened out. The worst part of a bailout is that people who are responsible and think reasonably before they act are still going to end up paying for other’s recklesness.

It almost makes you want to be reckless because there will always be poeple who bail you out (who probably learned the hardway not to be reckless)

]]> By: Shawn http://www.princeofpetworth.com/2008/04/friday-question-of-the-day-48/#comment-103123 Shawn Sun, 06 Apr 2008 18:07:56 +0000 http://www.princeofpetworth.com/?p=2182#comment-103123 The Center for Economic and Policy Research has a plan that would ONLY bail out people who bought their homes to live in them. Not speculators, not banks. It would allow people to avoid foreclosures by renting their homes from those who hold the mortgages at an independently determined fair market rent. Essentially an own-to-rent solution. http://www.cepr.net/index.php/op-eds-columns/op-eds-columns/own-to-rent-the-right-bailout/ The Center for Economic and Policy Research has a plan that would ONLY bail out people who bought their homes to live in them. Not speculators, not banks. It would allow people to avoid foreclosures by renting their homes from those who hold the mortgages at an independently determined fair market rent. Essentially an own-to-rent solution.

http://www.cepr.net/index.php/op-eds-columns/op-eds-columns/own-to-rent-the-right-bailout/

]]> By: sara o. http://www.princeofpetworth.com/2008/04/friday-question-of-the-day-48/#comment-103122 sara o. Sun, 06 Apr 2008 16:51:30 +0000 http://www.princeofpetworth.com/?p=2182#comment-103122 we should be held responsible for the predictable consequences of our actions. we should be held responsible for the predictable consequences of our actions.

]]> By: SLM http://www.princeofpetworth.com/2008/04/friday-question-of-the-day-48/#comment-103121 SLM Sat, 05 Apr 2008 18:08:26 +0000 http://www.princeofpetworth.com/?p=2182#comment-103121 A lot of people are saying that people bought beyond their means and are just getting what they deserve. Problem is that if a lot of your neighbors foreclose and their houses are sold by the bank for way less than they paid, and your neighborhood (or building) has a lot of vacant propoerties, that hurts the value of your home (not to mention the US economy is going into recession in large part because of the housing crisis). Once all the "comps" in your neighborhood are foreclosed properties, what's your house going to sell for?? Even if people got themselves in over their heads, I think it's in everyone's best interest to avoid houses going into foreclosure if at all possible. If the bank forgives part of your neighbor's debt their credit rating will be fu#*ed for a long time to come, but it will help YOU in the long run. A lot of people are saying that people bought beyond their means and are just getting what they deserve. Problem is that if a lot of your neighbors foreclose and their houses are sold by the bank for way less than they paid, and your neighborhood (or building) has a lot of vacant propoerties, that hurts the value of your home (not to mention the US economy is going into recession in large part because of the housing crisis). Once all the “comps” in your neighborhood are foreclosed properties, what’s your house going to sell for??

Even if people got themselves in over their heads, I think it’s in everyone’s best interest to avoid houses going into foreclosure if at all possible. If the bank forgives part of your neighbor’s debt their credit rating will be fu#*ed for a long time to come, but it will help YOU in the long run.

]]> By: AR http://www.princeofpetworth.com/2008/04/friday-question-of-the-day-48/#comment-103120 AR Sat, 05 Apr 2008 14:41:20 +0000 http://www.princeofpetworth.com/?p=2182#comment-103120 This whole crisis is caused by greed and nothing more. When I bought my place, I was a mere 24 years old, but I knew that anything "adjustable" is subject to market fluctuations and is a gamble that no intelligent person would take. I knew, historically, that things go up and down all the time and that it's better to stay conservative (financially) and not take risks with something like a mortgage payment. I thought it was just common knowledge, but apparently I was wrong. Several people in my condo building took the gamble; not only did they get adjustable rate mortgages, but they also borrowed the maximum amount allowed so that they could buy a huge place that was way more than they could afford. Guess what? Several have gone into foreclosure, gotten in trouble with their condo fees, or both. That all being said, I do not think that people should be bailed out, especially when they simply spent beyond their means. It sends a message that "the government" is going to bail people out when they get in financial trouble. People will go back to their old spending habits. People need to learn that living beyond their means is irresponsible and plain stupid. This whole crisis is caused by greed and nothing more. When I bought my place, I was a mere 24 years old, but I knew that anything “adjustable” is subject to market fluctuations and is a gamble that no intelligent person would take. I knew, historically, that things go up and down all the time and that it’s better to stay conservative (financially) and not take risks with something like a mortgage payment. I thought it was just common knowledge, but apparently I was wrong. Several people in my condo building took the gamble; not only did they get adjustable rate mortgages, but they also borrowed the maximum amount allowed so that they could buy a huge place that was way more than they could afford. Guess what? Several have gone into foreclosure, gotten in trouble with their condo fees, or both. That all being said, I do not think that people should be bailed out, especially when they simply spent beyond their means. It sends a message that “the government” is going to bail people out when they get in financial trouble. People will go back to their old spending habits. People need to learn that living beyond their means is irresponsible and plain stupid.

]]> By: David http://www.princeofpetworth.com/2008/04/friday-question-of-the-day-48/#comment-103119 David Fri, 04 Apr 2008 21:42:22 +0000 http://www.princeofpetworth.com/?p=2182#comment-103119 From all the reporting I've been hearing lately, I almost started thinking I might have been a real wuss for going with a fixed rate loan back in 2000. Thanks to everyone for affirming the truth that it's better to play it safe. The risks behind such a huge investment weren't that hard to see -- and I have a math phobia. From all the reporting I’ve been hearing lately, I almost started thinking I might have been a real wuss for going with a fixed rate loan back in 2000. Thanks to everyone for affirming the truth that it’s better to play it safe. The risks behind such a huge investment weren’t that hard to see — and I have a math phobia.

]]> By: AngryParakeet http://www.princeofpetworth.com/2008/04/friday-question-of-the-day-48/#comment-103118 AngryParakeet Fri, 04 Apr 2008 20:21:29 +0000 http://www.princeofpetworth.com/?p=2182#comment-103118 When were ARMs invented? They shoulda never. When were ARMs invented? They shoulda never.

]]> By: Anonymous http://www.princeofpetworth.com/2008/04/friday-question-of-the-day-48/#comment-103117 Anonymous Fri, 04 Apr 2008 19:58:53 +0000 http://www.princeofpetworth.com/?p=2182#comment-103117 I wrote the above, and I forgot to say -- I'm a Hillary supporter. I wrote the above, and I forgot to say — I’m a Hillary supporter.

]]> By: Anonymous http://www.princeofpetworth.com/2008/04/friday-question-of-the-day-48/#comment-103116 Anonymous Fri, 04 Apr 2008 19:58:01 +0000 http://www.princeofpetworth.com/?p=2182#comment-103116 The government shouldn't bail anyone out. As any responsible taxpayer, I don't want my taxes to help pay for people who made irresponsible financial decisions, and didn't take the time to review.. That was their problem. It's the issue of the banks. This whole situation makes me fume. Another issue for me is that Obama stands behind the Bail-outs, and that's one of the reasons why I am not voting for him!!! Why can't people understand that that is not good. It's essentially giving people slaps on the wrists, if you really think about it. The government shouldn’t bail anyone out. As any responsible taxpayer, I don’t want my taxes to help pay for people who made irresponsible financial decisions, and didn’t take the time to review.. That was their problem. It’s the issue of the banks.

This whole situation makes me fume. Another issue for me is that Obama stands behind the Bail-outs, and that’s one of the reasons why I am not voting for him!!! Why can’t people understand that that is not good.

It’s essentially giving people slaps on the wrists, if you really think about it.

]]> By: Nikki http://www.princeofpetworth.com/2008/04/friday-question-of-the-day-48/#comment-103115 Nikki Fri, 04 Apr 2008 18:21:55 +0000 http://www.princeofpetworth.com/?p=2182#comment-103115 It does say an awful lot about how well we educate people about personal finance (i.e. not at all) when someone who is otherwise intelligent believes they can afford a $500K mortgage on a five-figure salary. It does say an awful lot about how well we educate people about personal finance (i.e. not at all) when someone who is otherwise intelligent believes they can afford a $500K mortgage on a five-figure salary.

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