Bush's bailing out of the irresponsible Options

[Hartmann]

http://seattletimes.nwsource.com/html/busi...mortgage06.html

Of course this still has to go through Congress where it will get a bunch of crap amended to it and blah, blah, blah.

It is not the government's job to intervene on the free market. If people are irresponsible then there is no reason to change the market to cater to them, hurting others who were prepared.

[Billy]

I'm actually very surprised Hartmann is disappointed with the plan. It was that cheap and easy access to credit that has allowed the housing market to boom, in turn creating more buyers to sell to.

Well, it turns out these people were fools by being blinded by the belief they could own a real decent home because things didn't turn out the way they had hoped. Well, shame on them, honestly. But what really makes me sick is how ticked you are because the government is bailing them out so assholes like yourself can't take advantage of them by buying up all their homes for dirt cheap, sitting on them until the market settles, and selling them for massive bank just to do it all again in 30 years when people get themselves into the same shit, because they always do this crap. People are idiots, what can I say? But if you're going to take advantage of the masses, don't bitch about it when someone doesn't make it easy for you.

And I agree with Impala: don't for one second believe you are any different than the next greedy fuck who does the same thing you do. You aren't doing business because you care about society. You're in real estate because you want to make money. I won't fault you for wanting to make money, but nigga please.

[Hartmann]

I'm actually very surprised Hartmann is disappointed with the plan. It was that cheap and easy access to credit that has allowed the housing market to boom, in turn creating more buyers to sell to.

Well, it turns out these people were fools by being blinded by the belief they could own a real decent home because things didn't turn out the way they had hoped. Well, shame on them, honestly. But what really makes me sick is how ticked you are because the government is bailing them out so assholes like yourself can't take advantage of them by buying up all their homes for dirt cheap, sitting on them until the market settles, and selling them for massive bank just to do it all again in 30 years when people get themselves into the same shit, because they always do this crap. People are idiots, what can I say? But if you're going to take advantage of the masses, don't bitch about it when someone doesn't make it easy for you.

And I agree with Impala: don't for one second believe you are any different than the next greedy fuck who does the same thing you do. You aren't doing business because you care about society. You're in real estate because you want to make money. I won't fault you for wanting to make money, but nigga please.

Thank you for completely misunderstanding my reasoning and taking only one point of mine. Yes, it helps people who buy homes if foreclosures occur (even people who aren't in it to make money, including first time homebuyers). Yes I'm upset about it because of this reason but there are others.

I am also mad because I know the impact this will have in 7-10 years. You guys are saying it's the lenders fault, well, by bailing out the homeowners, the government is going to have to give tax breaks to the lenders, effectively bailing them out. Do you think the lenders will learn anything by being bailed out? Hell No. They'll keep giving these loans out (legally and illegally) and we'll have the same problem again somewhere down the road.

The government should go after the lenders, and at the same time give a little help to the buyers (not completely bail them out). I definitely think the buyers need some help, but they do not need their loans frozen so that they can spend their "savings" on something else.

Your first sentence is very true, but the housing boom is on the downward spiral and this will do very little to boost it.

And to clarify Test, we've refurbished a lot of the old Sugar Land homes over by the sugar factory. Those folks are actually sitting on gold mines now since the sugar factory is being turned into lofts and the area will be entirely revitalized. We also have "flipped" houses on the north side near Aldine-Bender and off of Telephone. My dad did a few homes in Pearland before the recent boom there.

And we don't rely on foreclosures to do what we do. For example, the house behind my parent's had a former lawyer turned drug dealer in it. One night he tried to shoot his girlfriend. My dad went over and bought the guy out for something like $45,000, way more than the house was worth since the guy completely trashed it. We fixed the house up and sold it to a woman who was a foster parent. I believe the selling price was around $85,000. With the cleanup my dad had to do and the specialist he had to bring in I don't think he made over $5,000.

And again, this plan is just delaying the inevitable.