WASHINGTON — Prodded in part by some of the nation’s biggest banks, the Bush administration and Congress are considering costly new proposals for the government to rescue hundreds of thousands of homeowners whose mortgages are higher than the value of their houses.Don't think for a second that any of this has anything to do with people losing their houses. The banks are in a panic over all the defaulting loans, and they're actually getting that fucking monkey of a President to use our fucking tax dollars to make sure those loans keep getting paid.
Not since the Depression has a larger share of Americans owed more on their homes than they are worth. With the collapse of the housing boom, nearly 8.8 million homeowners, or 10.3 percent of the total, are underwater. That is more than double the percentage just a year ago, according to a new estimate of the damage by Moody’s Economy.com.
You want your fucking socialism Doug? That's it right there.
I don't give a fuck how many people owe more on their house than it's worth. Current value doesn't mean shit if you just stay there and pay the fucking mortgage. Eventually, prices will stabilize.
It's just unbelievable that the banking industry used fucked up loans to get people qualified, which drove up demand, which drove up housing prices, and when the shit hits the fan, the very same slimy bastard banks that mislead these people want the fucking government to fix it?
Meanwhile.. all the executives that ran this sham have already collected their bonuses and bailed the fuck out.
Let it crash and burn for all I care.
2 comments:
What did you expect?
I've been arguing for years that when the dreaded "chain of defaults" scenario started to loom, the Feds would inevitably break down and usher in a new era of inflation.
I knew they weren't about to let their best buddies go broke. That's a given.
It makes me crazy that they have such disdain for people who actually do need compassion and support.. but those that cause their own problems, and who really don't need it, are the ones that get bailed out.
I just have to remember that the days are numbered for these fuckers.
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