Mortgage Bailout

[Frudy McRomson]

Privatize the gains, socialize the losses?

[Winston Smith]

Originally Posted by Frudy McRomson

Privatize the gains, socialize the losses?

That's business as usual, and exactly what I was getting at in my earlier posts about socialized capitalism. 'We' want government out of our lives until we hit the skids. This is especially true when 'we' are someone like Chase or CITI.

[malamute]

Originally Posted by MotleyCrew

It is my understanding that this program will not help the stupid investors that own second homes, nor will it help those that are behind in their payments. Also the people that cant afford the newer adjusted rate will not benifit. It will only help a very small percentage of people. I would hate to assist the "investor" that did not know what he or she was doing.

What this program will help are the people who obtained ridiculously low rates with the understanding that the rates could go up (of course they would go up) freeze those rates to the ridiculously low rates.

Those who don't get in on this because they're not in trouble but planned for their ARM and/or bought a house they could will see rates go up.

The others who didn't wish to gamble and chose a higer but fixed rate will also be denied the very low now-fixed rate.

Imagine those idiots who got a 7% fixed rate figuring it was safer? What chumps -- they should have just gone for the 3% which the government would guarantee for them. Look at the big mansions they missed out on and the extra 4% interest rate they've been paying.

[scottv]

These *****ers that BET on an ARM need to get a second job to pay their mortgage if they want a roof over there head...it's ridiculous.