Yet we want to worry and stop a fix for the common homeowner our neighbor. I personally saw how lenders, mortgage brokers, appraisers, even realtors that would cut corners or mislead to close a transaction. Greed — rich become richer and those that tried to simply buy a home for their family where they were set up to fail in the long run. Accept it wasn’t a long run. It was very short, ultimately and unexpectedly affecting big business- which by the way our tax dollars have already begun to save.

So its good to see that the big corp. guy (mostly responsible for the mess) gets to keep his office, his big home and is still able to tell you to get him his coffee. I don’t believe that the affected homeowner is looking for a handout, and the government shouldn’t have to use tax dollars to correct the problem. The corp. layer responsible for the mess should fix it. If they go under then that’s too bad. At the very least and most importantly tax dollars are not used. Nobody gets bailed out. At the end, the homeowner loses equity/value and some corporations might not make as much as they projected- oh well. So the big guy eats meals out 1 or 2 times less a month.

I’d rather help my neighbor than worry about whether or not Mr. Big Guy is able drive the newly released sport car.

Read this… http://www.nolanchart.com/article4263.html

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In addition, homes in America are our way of showing accomplishment. It’s all well and good that someone saves $1,000,000 for their retirement. Most people take much more pride in the fact that they own their own home. It is the American dream and it should be something many people can achieve. But our America is changing. Jobs and careers are different than they were. I hope people realize that this is much more than just financial irresponsibility or people being tricked or misled. It has to do with fundamental changes in the structure of the American economy and American life.

Let me end with this question. For most people, what is the most stabilizing thing in their life? (Think of what people might have answered 10 years ago). As much as we might want to say family, I think the home has really helped promote stability in most American families in the second half of the 20th century. If so, isn’t that something that the government should try to protect?

If people were “tricked” into bad loans then maybe they should have educated themselves ahead of time. Hubby and I refused a non-fixed mortgage. I only wanted fixed. I didn’t care if it “could” be a lower rate at some times – it could also go up. And so we turned it down. We knew better. If people bought houses too big for their budgets then it is their own piss poor planning. And I say Tough Noogies. Keep the gov’t out of it.

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Congrats to Mom who was fortunate enough and probably smart enough to get a fixed-rate mortgage that she is paying on time every month. However, when our hapless neighbors lose their homes to foreclosure, every nearby homeowner also loses because the value of his or her home goes down and could even eat up all of their equity.
So, what’s the solution? My suggestion is to enact a federal usury law. I think there should be a cap on interest rates for all commercial loans — mortgages, credit cards, payday loans, etc. And maybe noncommercial ones as well. Most states have usury laws. In California, it is 10%. In New York, it is 16% But in 1980, Congress passed a law exempting national banks from the state limits. The rest of us have to follow the state limits, so keep that in mind if you sell your home and carry back a second mortgage.
I would like to hear what others think about this and, if they like the idea of a cap on interest rates, what they think the cap [or caps] should be.

If you want to check out your state’s usury limits, go to
http://www.lectlaw.com/files/ban02.htm

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