Quote:
Originally Posted by budsbabes
printing billions to bailout banks and auto companies is fine but changing a loan payment to make it easier to pay back is the highest treason.
good thing gfy is sitting in front of their computers pressing buttons and fattening up so when the legions of hungry and unemployed are at their door they will be nice and tasty.
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Most people were against bailing out banks and auto companies FWIW. I hate the argument of "well we already did this so why don't we do that too".
I'm sure if it had been put on the ballot in November, 80% or more of the voters in this country would have told the banks, AIG, and GM to go eat a dick.
There are already lots of ways to modify loan payments to make them easier to pay back, but none of them involve a flat out forgiveness of principle.
If you can't afford the monthly payment once the loan has been modified to a 4% fixed rate and stretched out over 40 years, then you don't belong in that house. Period.
Forgiving principle is where you really get into moral hazard territory. Then you've got one guy who has to pay back all 400K that he borrowed, because he makes enough to afford the payments on that loan....and the guy across the street only owes 200K, because he can't afford the mortgage so the government just lopped the negative equity off the top. There would be riots.