More and more cases of home forclosures have jumped up. Obama is suggesting a bill that will make the 95% of Americans who lived within their means and payed their mortgages on time pay with their own money through taxes to help give relief to these people. Is this right? I don't think so, and I want to hear ur opinions.

Well Ron Paul supporters would tell you that it's just like taking a tax credit. That is if Ron Paul suggests it. So actually according to them it would be wealth redistribution.


I don't know the particulars of the bill so I couldn't comment.

Well I'm not too far into detail with disputed myself, but I was watching this on CNN for like 15-20 min and it kinda made me a little upset seeing people who could support this bill =/.
It's kind of like the other bill (can't think of the name) thats in dispute that if passed will give tax relief to people who drive the gas guzzling SUV's and such who cant afford to pay the gas, so we pay it for them. Both of these just dont seem fair at all to me.

Well I couldn't find the bill, but Obama's economic proposals say that any financial assistance given to people who can't afford their homes would be only to sell it. He mentioned financial breaks to people who live in communities that have been hit hard by foreclosure and hurt their property values as a result (that's obviously no fault of their own)

I don't know. I'm probably leaning toward this being a decent idea as long as it's written and used properly. I don't know for sure though, because I don't know the particulars of the bill.

Well I saw some thing on Larry king, some said we should help some cuz is going to have domino effect on economy. others said no market should adjust itself.

The whole point of a mortgage is that your house is collateral for a loan. If you don't pay off the loan you dont get the house back. If you agree to a mortgage, tough luck if you lose your house because of it. That's your own fault and you should not expect the government to bail you out.

This post was edited by x.lt on Jun 25 2008 12:08am

isn't it if you don't pay off the loan you don't get the house back.
but other than that i agree with what you're saying. however, i also think it was stupid for america to allow their citizens to get into such debt. a lot of the mortages in the states to my knowledge start off as easy to pay arrangements, but become increasingly hard to pay as the time goes on. which is dumb, because why would you give someone a mortage if you knew they could not pay it off in the long run. the whole system is screwed up.

Because our lending industry is stupid and short-sighted. And people wonder why we need regulation and oversight...

well thats what i was thinking
realistically, i would not allow people to even settle for a mortgage unless i knew they had the means to pay and put down a very large downpayment. however then a lot of people would be on the streets so it could not work. either way america is screwing up every time you turn around and something needs to be done about the leadership roles in the country. (not just the president)

my dad lost a couple hundred thousand dollars from the stock market because of this real estate disaster, however he is starting to gain again as the economy sorts itself out best it can

Its all about profits.

Thost people are who the banks are lookin for. Thats where they make the most money.