Homeowners frustrated that public isn't bailing them out

[Markor]

[SeattleMoose]

This "entitlement mentality" is disgusting. A long grinding depression is the only way to burn this "retire by 30 without doing any work" out of the population. People need to learn what it means to live within their means, to save money to buy the things they want, and the meaning of hard work. This country (and other western countries) has become "fat Rome".

And for all these whiners who stupidly bought at the top of the bubble (thinking the continued rise in prices was "in the bag")......let them eat cake.

Massive stupidity requires a massive lesson. And one is coming....Obama's first year is gonna be brutal.

The teetering tower of rot that is the western financial system is leaning over so far that gravity can no longer be defied.

The parasite has inflicted a mortal wound on its host.

[Bob_Funk]

If people want the banks to write off the difference on what they signed the loan for & what their house is now worth, I guess that would be fair if the banks could re-write everyone's loan.

I can see the letter from the bank now,

Dear Mr. Smith,

as you know you purchased your home in 1993 for $89,000, we lent you the money & you lived within your means & you have never taken any equity out of your house.

Now even in this market your house is now worth $325,000 & since we loaned you the money to buy this home your loan has been modified & for the remainder of the loan your payments will reflect the current value of your home, not the original amount we loaned you.

And remember, when your home value finally starts to increase your loan will be modified again.

Thank you

Large bank in trouble

[Markor]

Yeah, it should work both ways. I doubt Gagliardi would agree!

I agree it's disgusting, SeattleMoose. I wouldn't be disgusted with the loan being modified if public money wasn't involved. Then it would be just between Gagliardi and Countrywide.

[FreedomLover]

OF course everyone should be bailed out for their stupid mistakes. I thought one would learn their lessons by age of 16 or so.

[jon]