UnThreaded | Threaded | Whole Thread (33) | Ignore Thread Prev | Next
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 35932  
Subject: Re: I'm laughing, sort of Date: 11/15/2007 10:28 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Why do you think that future house purchasers should subsidize previous house purchasers that purchased more than they can really afford?

I dont think this. I think the CEO of Countrywide who made hundreds of billions from predatory lending should be the one to pay.

There are ways of working these things out that are good economics and fair. I don't want a bailout of someone who was house flipping and I don't think someone who gt a low teaser rate should be let off the hook. But a lot of the people who are in foreclosure, disproportionately minorities, were subjected to predatory lending. And those responsible for making these loans, or those who bought them up with the idea of making big money on high rates, are the ones who should lose out. I've seen some good proposals about avoiding foreclosure by providing affordable loans with the homeowner sacrificing a substantial proportion of future equity in the home.

Nobody wins with massive foreclosures. But I want to see the predatory lenders and the big banks and the hedge funds, not communities or those predated upon pay the price.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (33) | Ignore Thread Prev | Next


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.