Um, why should I foot the bill for idiots that loaned people who could'nt afford a house money? What about us who thought "Hmm you know I should save up for 20% down, pay down my debts so I have a good record and pay my rent on time" instead of getting a house just because everyone else was telling me to buy buy buy even if you can't really afford it.
How about these people lose their houses because they never should of had them in the first place? /opinion J.J. On 3/8/08, Gruss Gott <[EMAIL PROTECTED]> wrote: > The federal government would lend each participant 20% of that > individual's current mortgage, with a 15-year payback period and an > adjustable interest rate based on what the government pays on two-year > Treasury debt (now just 1.6%). The loan proceeds would immediately > reduce the borrower's primary mortgage, cutting interest and principal > payments by 20%. Participation in the program would be voluntary and > participants could prepay the government loan at any time. > > The legislation creating these loans would stipulate that the interest > payments would be, like mortgage interest, tax deductible. Individuals > who accept the government loan would be precluded from increasing the > value of their existing mortgage debt. The legislation would also > provide that the government must be repaid before any creditor other > than the mortgage lenders. > > Although individuals who accept the loan would not be lowering their > total debt, they would pay less in total interest. In exchange for > that reduction in interest, they would decrease the amount of the debt > that they can escape by defaulting on their mortgage. The debt to the > government would still have to be paid, even if they default on their > mortgage. > > Participation will therefore not be attractive to those whose > mortgages that already exceed the value of their homes. But for the > vast majority of other homeowners, the loan-substitution program would > provide an attractive opportunity. > > -- > "A little rudeness and disrespect can elevate a meaningless > interaction to a battle of wills and add drama to an otherwise dull > day." > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;160198600;22374440;w Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:255996 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
