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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 35363  
Subject: Re: I'm laughing, sort of Date: 11/15/2007 10:28 AM
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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.
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