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Author: Lokicious Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 35387  
Subject: Re: I'm laughing, sort of Date: 11/15/2007 11:29 AM
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OK, as I cross posted - I think we are on more common ground -
Yes CFC et al, should pony up a few billion to make this work.


I'm really not interested in helping out anyone who gambled and lost or anyone who got a sweet deal on interest rates on a temporary basis and doesn't want to make up the difference, which is what I think Mark is talking about.

I see 3 types of foreclosures (probably more).

1) Folks who were trying to flip houses and lost
2) Folks who knowingly took teaser rates and thought they could refinance and win out.
3) Folks who got talked into mortgages they couldn't afford and didn't understand.

Group 1: let 'em eat cake. Group 2: find a refinancing formula that ends up costing as much over the long haul as if they had taken out a conventional mortgage in the first place (with some penalty, but not killer). Group 3: find ways to let those who can make affordable mortgage payments keep their houses (some can't), subsidized by those who made big profits from making these loans in the first place (not taxpayers in general or future legitimate borrowers).
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