Quote:
Originally Posted by StuGoTs  FacingNorth,
...but now that the 700 Billion dollar Rescue Plan bill has been proposed those people who are trying to take advantage of the "Hope for Homeowner's Program", or do a "Loan Mod", or a "Short Sale", are having their requests packages put on hold or denied because our lenders are waiting to see if the government will take all of our loans, which would allow our current lenders or loan servicing companies to "Deep Six" us into the sea and be done with us... |
Tell me about it. Our government is bailing out the banks who are largely responsible for this mess, and they're using our money to do it. Not only that, but by doing so, it's removing any hope that we'll have any chance of negotiating for modification, since the lenders can just roll the dice and let most of us foreclose, knowing full well that the feds will purchase the foreclosed property with taxpayer money. I don't get it, I mean doesn't that just mean that this $850 billion bailout is not only profiting those at fault, but it's just slowing down the crash? Because if the banks let people foreclose, then the continued foreclosures will further the crash, and that many more people will be removed from being able to get credit meaning that the liquidity of the credit market will continue to drag.
What gets me is that this was pushed on Congress with the same urgency that the USAPATRIOT Act was, also with no time for the members of Congress to actually read the whole bill before voting (at least the second bill, which was ~450 pages). Some members of Congress were actually told
(I believe by the White House) that if they didn't vote for it, that martial law would have to be declared in the USA. A couple of weeks ago the media was full of stories about how we were 400-500 shares away from "Armageddon", which was described as a drop in the DOW to 8300. Well, here we are now with the DOW having hit a low of 7883 this past Friday, and the world is still turning. With BS like this going on, and our government in talks now with the G7, IMF, and World Bank for a "Global Solution", I'm worried about the future sovereignty of our nation.