Not everyone is happy about mortgage lenders' latest efforts to help troubled borrowers.Hum... a Hybrid Adjustable Rate Mortguage...
Take Teresa Nelson. Instead of going for an adjustable rate mortgage with its lure of low initial rates, she opted for the security of a 30-year fixed at 7.10 percent for a house she bought in Pinellas Park, Fla. in December, 2005.
"I was well aware of what an ARM meant, and was staying far away from those snake-oil pipe-dream promises," Nelson said. "I also wasn't shopping for a short-term, big payoff investment - I was looking for my home, until I retire."
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Nelson feels cheated and has little sympathy for people who she believes weren't as careful as she was. "Everybody was seeing dollar signs," she said, "and let their greed get the better of them. So, no. No bail-out, no assistance with my tax dollars. Not one red cent."
She's not alone. Last month, many CNNMoney.com readers expressed outrage to bailouts - whether they involved tax dollars or not - after Countrywide announced good deals for bad loans.
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Why should help be given, and possible taxpayer money spent, to home owners in trouble?
According to Steve Bailey, Countrywide's CEO of loan administration, there are good reasons, but it's a mischaracterization to say all the foreclosure prevention programs are aimed at irresponsible borrowers.
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Bailey said he understands their anger but said, "That's a situation where the greater sin is letting their homes go into foreclosure. You have a vacant home in the community and drive down the property values of neighbors."
[ cf Subprime bailouts: Chump check
Responsible loan payers are crying foul about the breaks that delinquent borrowers are getting. ]
I wonder what is god's wonderful super secret message there....
Besides, when the financial system would have to live with the economic reality of the Criminal Conduct of engaging in various forms of BANKING FRAUD, and given the massive debt that would have to be written down, gosh, just like the Trillions being pissed down a hole in the WhateverOnWhomever, well of course Jesus meant that there should be tax payer dollars transferred to protect those who would otherwise have to be held accountable for their actual conduct, and not the mythological conduct they could have conducted if they had done other than what they actually did....
I mean, do we as americans want to punish the Flippers who have been flipping off so many communities in america by jacking up the prices of homes, rather than, well, gosh, you know, cutting their hair, and getting a Real Job!!!
Now more than ever Americans JUST have to come to grips with WHY we must have more Tax Cuts, and other fun ways of paying off those hiding in the rear with the bear, because, well this is a time of transferring the tax liability unto the Unborn Baby Jesus!!! And anything else and the Gay HomoZeXual Zombie Pirate Canadianists will destroy our white Christian america with their gay marriage only agenda of pro-terrorism...
Think of all of the Baby Mortguages!!! The Innocent UnBorn Baby Mortguages!!!
Are YOU willing to do your part to save the UnBorn Baby Mortguagues???? Or are you one of those Pro-Terrorism types who hates america!!