Mortgage Loans - Tips & Tricks » Government http://blogging4mortgage.com Learn how to avoid foreclosure and pay down your mortgage faster Tue, 06 Apr 2010 19:21:09 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Government Mortgage Bailout – $700+ Billion – Makes Me Sick to My Stomach http://blogging4mortgage.com/2008/09/23/government-mortgage-bailout-700-billion-makes-me-sick-to-my-stomach/ http://blogging4mortgage.com/2008/09/23/government-mortgage-bailout-700-billion-makes-me-sick-to-my-stomach/#comments Tue, 23 Sep 2008 20:41:04 +0000 Braxton Haines http://blogging4mortgage.com/?p=32 I bought my first house about 5 years ago, at the point where the market was up, and headed even higher. Like many other people, I got myself into an adjustable rate mortgage (ARM). The difference between me and most other people, was I asked my lender this very specific question, “In the worst case scenario, what will my monthly payment be if my ARM adjusts to the maximum interest rate possible.” To which my lender laid out the details and I realized that my monthly payment would just about double. I was comfortable with this, so I went ahead and stuck with my 3/6 ARM. Most borrowers did not do this. Most borrowers are idiots and will take any money that is offered to them. Most lenders are idiots for lending money to these borrowers. I’m not banker, and I’m not in finance, but I would never in my right mind approve of half of the loans that went through in the past 3-5 years. Now, thanks to the stupidity of the big banks and lenders out there, I can count on my taxes increasing over the next few years due to the biggest bailout in history. The government is offering to buyout $700+ billion in bad debt from big banks and lenders.

I’m absolutely furious about this. One, I am pissed off that these irresponsible borrowers are now getting bailed out and presented with options on how to keep their homes. As far as I’m concerned their asses should be thrown out to the streets. Two, I am pissed off that the government is offering the large banks and corporations a way out of all these crazy ass backwards mortgages and loans that these companies offered to sub-prime borrowers. As far as I’m concerned, these banks and companies should go fuck themselves, after all, it was their fault. Let’s be honest… can a family making just under $100K per year really afford an $800,000 house? NO, THEY CAN’T!!! In no way, shape or form could this ever work. EVER!!! Bankers and lenders are absolute idiots for not seeing this.

I’m pissed, I can’t believe this is happening, and now, all the responsible people out there are going to get stuck with the burden of paying for these idiots mistakes through higher taxes.

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