notashple

O.K. I just listened to "Bhillary" Clinton on my T.V. She was talking about bailing out the financials. (She probably owns their stock).

Even if she doesn't own stock, here are my problems with her plans.

1. A young couple gets a first time homeownwers loan with a good fixed interest rate and decent monthly payments.

The American Dream.

Their mortgage company steps in after a couple of years of equity and continually calls these people up on a bi-monthly basis offering them their equity money by refinancing (but not telling them that they plan on increasing their interest rate by making it a variable, or other means, which will inevitably put more money in the financials pockets) and when these homeowners politely say "no thanks" the mortgage company still continues to call and call. Once they see this is not working, They formulate another plan.
They then suddenly say oops. I'm sorry mr. and mrs. homeowner, we messed up and calculated your taxes wrong this year and we are needing a little more this month on your mortgage payment, plus in order to cover ourselves so it doesn't happen again we will have to start a new savings account to cover it from ever happening again. So we will need additional money every month on top of your mortgage to put in it. So starting now your new mortgage payments are . . . . . . .yada, yada, yada. . . .

The next step . . . .

Ring, Ring, . . . . hello, this is your mortgage company, we would like you to call us regarding your mortgage, please call 123-456-7890,

So the new homeowner with a decent government backed new homeowner loan calls them back.

Ring, Ring . . . .Hi. this is so and so with so and so finacial, how can i help you.

I am calling regarding a call I got about my mortgage,

oh yes, just a moment, let me get so and so,

Hi im so and so with so with your mortgage company, I was just looking over your account and I see you might be having future difficulty making your new recalculated mortgage payments, How would you like to refinance your and get some extra money as well?

End.

This is a real scenerio. It happened to me,but I never did take the bait. I feel sorry for those young people who did.
I once said yes i would like to refinance and looked at their terrible new contract they wanted me to sign. I bartered them down to the same fixed rate as my last contract with all the same characteristics, at which point they said, oops, "It failed to go through we need to alter this and this, blah, blah, blah"

Now I hear on t.v. how the financials simply made bad loans to people who had no buisness buying a house to begin with. And how they need to be bailed out.

This is rediculous. Good people with good first time homeloans, were talked into higher mortgage payments and different contracts than what they originally had backed by the government. And once young homebuyers mortgages were streached into bad proportions they were forced into forclosure by the financial companies.

So much for the American dream

And now the government (or Hillary) is talking about bailing out the financials and giving the homeowners counseling on how to manage their budget.

wtf? This is an insult to every homeowner who was forced into forclosure by a mortgage company that wanted to act more like a collection agency.

The bailing out should be bailing out the homeowners facing foreclosure.

And the Government should be loaning the financials money if they needed bailing out. Not giving it to them at the expense of the people who lost out to begin with.


Ring, Ring, . . . . Hello so and so mortgage, this is your government calling, and we were looking at your account and we see you might be having problems paying back your new Government bailout loan payments. Did we mention we now have a new program where you can also get you a little extra money in return . . . . .

end.

Why should the people taken advantage of by these financials, have to pay for a bailout with their taxes.

Hillary - this way of thinking and acting is the problem with our current Government, And it is not an ethical valid solution.

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michaelr

We cannot allow this to happen. Hell you speak of bringing the past, anyone remember the savings and loan bailout.

While the savers recovered pennies on the dollar, the companies did alright, at the expense of the taxpayer.

It was a bad idea then, it's a bad idea now.

notashple

I feel an investigation into the financial loaning practices should be a first step in all of this, before any bailout or alternative action should be presented