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tWrex's avatar

Is it ok for the government to keep bailing out mortgage companies...

Asked by tWrex (1655points) September 15th, 2008

Is it ok for the government to keep bailing out mortgage companies without bailing out the mortgage holders? I personally find it asinine that the company gets a break, but the people holding the mortgages are left out in the cold. Literally.

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17 Answers

poofandmook's avatar

I agree. GQ.

sarapnsc's avatar

I agree also, I just never understood why and how the government would go about it that way. Is their any explanation for that?

EnzoX24's avatar

Jackasses in Washington

augustlan's avatar

It certainly does seem unfair. Is it possible though, that bailing out the companies serves a greater good? Like keeping the economy stable, so we don’t all lose our homes? I don’t know if that’s true…just a thought.

tWrex's avatar

@augustlan I totally see what your saying and yeah it makes sense from that point of view. By helping the companies they are doing something for the “greater good”. But when those companies get bailed out, shouldn’t they have to return the service to the homeowners? To me it seems like the rich keep getting rich and the poor keep getting poorer (and that is the most liberal thing you’ll ever hear me say.) and it’s just crap.

My opinions are very… biased on this matter. See. I’m one of those poor bastards out in the cold. Actually, I’m in my in-laws basement, but it’s cold down here. My mortgage company was willing to work with me for a few months and then all of a sudden it was all over. They were like, screw it we’re not helping you. Then about 6 months later, they filed bankruptcy. Then the government bailed them out, but they still wouldn’t help me. My house gets auctioned off in December. Yeah. That’s awesome.

augustlan's avatar

Oh, tWrex, I’m so sorry to hear that! It does seem like the mortgage companies should “pay it forward”.

allengreen's avatar

Mozillo of Countrywide walked away with $500 Million Dollars while employees lost 90% of their 401k’s, and the tax payers are on the hook for $30 Billion in guarentees to Bank of America upon their merger.

The Republicans who rolled back all meaningful regulation on mortgage banking are responsible for ruining America, and giving the bill to the tax paying citizens. And Mozillo will get FURTHER tax cuts under a President McCain.

Privatize profits and socialize losses—my that free market works great!

tWrex's avatar

@augustlan Thanks for the sympathy. It is what it is at this point. I wouldn’t expect the government to do the right thing anyways.

I mean, I’m still waiting for the VA to actually do what they should for me since I was injured during my service. Obama said he’d change it all – since I live in Illinois and we have the worst VA in the country (it’s an actual fact and can be proven) – but he’s been a senator for only 3 years and has been campaigning for 2 of them, so I guess it must have cut into his schedule. He’s on the National Veterans Advisory Committee so I assumed part of his duties would be to make some “CHANGE” here in Illinois, but as I’ve seen thus far the only “CHANGE” he is going to make is his position in government.

@allengreen It’s ridiculous that those people were made to lose all of that when their employers were profiting. It’s asinine that tax payers are to pay for those mistakes of the businesses as well. Ridiculous. As far as the rest of your stuff. Those EVIL Republicans. Man. We should really do something about them. Hey let’s vote for that “CHANGE” I spoke of earlier. Then we’ll just be left with “CHANGE”.

btw I’m voting for Ron Paul w/ Cindy Lauper as his VP. I don’t care for the Republican party any more than Democratic. Just wanted to make that clear.

allengreen's avatar

I am sure the crappy VA in Illinois is Obama’s fault for sure, and I am sorry you were injured during service. Our vets deserve better for sure.

tWrex's avatar

I never said it was Obama’s fault. It’s been the worst since 1942. I simply stated that he said he was going to “CHANGE” it and all I got was a letter from him and the VA stating that the reason for the shitty care was because… ”...there have always been discrepancies in the VA system…”. In other words, this is the way it’s always been so this is the way it’s going to stay. Just saying that… that really doesn’t sound like the voice of “CHANGE”.

allengreen's avatar

@twrex, another 4 Bush years should fix that…

tWrex's avatar

Guess you must have missed this part:
“btw I’m voting for Ron Paul w/ Cindy Lauper as his VP. I don’t care for the Republican party any more than Democratic. Just wanted to make that clear.”

But it’s good to know that what you come up with doesn’t address my point on Obama. Accuse and Deflect. You’re, of course, free to not defend your point, because you don’t need to defend everything you say anyways. But slinging mud at the other side, when I’ve given you concrete examples of where the “CHANGE” has not happened when promised isn’t constructive, nor does it add anything to the conversation. Furthermore, because this question wasn’t about politics, rather mortgages and government bailouts the points you’ve made after your initial point – which was good information and thank you for sharing it – are really irrelevant to the conversation.

allengreen's avatar

sorry for hijacking your thread——you make a valid point. I am sorry…

tWrex's avatar

And it happens again today! First thing I see on the news when I wake up is about the Fed bailing all these companies out. Wtf? Seriously. Thoughts?

tWrex's avatar

@allengreen LoL. Nice article and definitely worth a read. Not a member though so I only got the readers digest version.

allengreen's avatar

Seems the Free Market Guys are pretty quiet as they get the Welfare Queen Awards and place their palms up to the Tit of Momma Gov. for their billions of corporate handouts. Tomorrow they will beg for tax cuts on their dividens.

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