CNN

HISTORY REPEATS, NY

I know just what you mean about some of these posts. It's just plain despicable. And right now I am laughing so hard my eyes are watering.

B, Cleveland, OH

i agree with you 100% i hate bush, to be honest. but the irrevelance of that post compared to the revelance of other posts i have put up that have been deleted makes me wonder who is making the decisions at CNN boards

I have no sympathy for people who were irresponsible and selfish. Just because the big bad lender said you could afford a home well beyond your means, didn't mean it was true. Thanks to these morons people like me, who read between the lines and know what is financially possible, could not afford a home. Their selfish and stupid actions drove up the market so high that affording a starter home was impossible. Now we want to bail these people out? What about those such as myself who ended up having to wait to buy a home? Can I have some sort of rebate on the high rental costs? This is ridiculous. Whatever happened to personal responsiblity??

Sue, Michigan

a little behind? to go into foreclosure you have to not pay your mortgage for 3-4 months in a row! thats not a little behind. if you said his rate adjusted and he could handle the new payments thats one thing but not paying the mortgage for 3-4 months its another.

also all you people that are saying bush is catering to the mtge industry dont know how mortgages work at all. its so much more complicated then holding the mortgage companies liable.
you also have no idea how many of these borrowers had 2 YEARS the fix there credit situation and when they did they would have been able to get a good deal, but instead after two years they continued to not pay there bills had bad credit AGAIN and are now crying that they were taken advantage of.....
some people got 2 yr fixed loans and paid there collections and bills off fixed there situation and refinanced into a low fixed rate loan before there loan adj. there are other bad loans out there like the 1% negative am loans that increase your mortgage balance every month. its an aweful loan and if you didnt research it before you signed the docs that is your fault. but you couldnt even get that loan unless you had good credit so that isnt even included in the "subprime" problem.

B, Cleveland, OH

Thank you for responding.
It's always nice to hear from a poster child for Mensa. However, I believe the word you're looking for is 'drivel'
not 'dribble'.

Reverse human Darwinism = Socialism

Wes, Nashville, TN

Thank you for agreeing with me. So why would Bu$h give preference to the mortgage industry?

In the long run, WE, middle-class America, are the ones that will be stuck with the bill. Whatever happens, I'll bet you a dollar it will NOT be the mortgage industry paying the cost, why? Because of the Republican preference for CORPORATE WELFARE.

My brother was an early victim of this mortgage crisis in Ohio. He lost a home that they lived in for 10 years...got a little behind, and was immediately foreclosed. The bank refused to work with him at all. And it seems to me that this "freeze" does nothing except delay the inevitable. People still owe for their homes, and who's to say that in 5 years of not having to budget for their mortgage payments, they will have learned anything? I say, let the crisis take its toll, and let people learn from their mistakes.

People in Finance makes the most money of all professions. They already figured this out. Why should the average taxpayers pay for their intentional calculations? They may not know how soon it would happen, but they knew this was going to happen and they probably counted on a bailout as well. This is another form of corporate welfare to Wall Street.

If we artificially stop the market corrections on housing, fewer people will become homeowners for decades.

We need Ron Paul to fix our money problem.

http://www.ronpaul2008.com

Hillary is a copycat.

CNN, this following post is what you should be editing out. We do not need to be reading such worthless dribble from a moron:

"Has anyone else besides me ever noticed that in some photos George W. Bush resembles Alfred E. Neuman? And in other photos he looks alot like a chimp?"

Can we file a class action lawsuit against mortgage companies for helping distressed borrowers, but not the ones with better credit scores who have been financially responsible? It seems to be a mass discrimination against people who have a little extra cash at the time their mortgage rates reset.

So if the federal government is bailing out people with exorbitant home loans, are they also going to bail people out of credit card debt if that credit card debt is so much that it may make them lose their house?

Bad loans are bad loans for both the mortgagee and mortgagor . But they're not illegal.

GREAT idea!!!
I lied on my loan application so I could get a house I can't afford. Now I get someone else to pay for another 4 years. Who says there is no such thing as a free lunch!!

I disagree with the President on this one because it isn't a mortgage problem, it's a credit problem. These people knew the terms of their contract when they signed it.

i am actually in the mortgage business and i can tell you this plan wont work. just like bushes plan to help people that are defaulting on there loans. that loan is called an FHA SECURE loan and just to let you people know, less then 1% of people looking for help qualify for it. there are some ridiculous guidelines that make it almost impossible to give. we in the industry know the market is just going to have to correct itself and the politicians are just doing politics.

alot of people have been affected by what has been happening throughout the last 4 years in the housing market and there is alot of blame to dish. i know of plenty of brokers and loan officers that are scumbags but there are some like myself that would not sell these "bad loans" to people no matter the amount of money we would make. i would actually lose deals because the "other guy" would promise a client a to-good-to-be-true deal. the problem is people just want to hear what they want to hear. no matter what proof i would give people they wouldnt care because someone promised them 1% on a 30 yr fixed loan. but if that person just took 5 minutes to listen or research they would have seen the downside of these loans. i mean for some companies it takes a month to close a loan and that is plenty of time for someone to truly research the loan they were putting on the place they raise there children in!!
now these same people are saying the brokers did this to them and dont get me wrong the brokers knew what they were doing and they were wrong, but this is business and when you go into business with a company you have a responsibility to make sure about every aspect of this loan!!

i even hear stories of racism! which is ridiculous...ive read stories in the paper of african-americans being targeted. look it has nothing to do with skin color these money hungry businessmen go after people who dont care to look at the details. the uneducated consumer is someone you can make money off of regardless of the color. look no one expects businessmen to have morals they do it to make money. some of us have the ability to care and not screw people out of money. but the people getting these loans should really just read about what they are getting!!! i talk to these people they WANT loans they cant afford just as long as they get the cash today!!!

this isnt the case for everyone but the situation could have been avoided for alot of people with a little bit of research instead of the instant gratification if 20 lenders can only give you a 6% interest rate dont believe the 1 guy that says he can get you a 5%!!!!

People, this is a sugar coated piece of cow dung. First of all, when people entered into a 1, 3, or 5 year fixed, they were usually qualified based on the MINIMUM payment. The MINIMUM payment was a FIXED interest rate that is actually lower than the annual percentage rate (the total amount of interest charged on an annual basis). Therefore, people would make the minimum payment, the leftover interest would accrue and would be applied back to the principal. Essentially, the amount you owe on your mortgage will increase over time. Sure, this is a quick fix for a short period of time. But, in the long run, it is just going to increase the overall debt these people are going to have. So, when Bush is out of office, his legacy is protected and it makes the next president look bad. Increasing the "fixed" term will cause the mortgage market to crash with even more foreclosures, falling just as hard as the NASDAQ back in 2000. If Bush REALLY wanted to help, he would offer a plan for these people to get out of their current mortgages without penalty and offer government funded loans at a low fixed rate....say at the prime rate. The government would make money, the banks would be able to get out of hot water, and the economies of scale would start to rebalance.

Please listen, this is a REALLY BAD IDEA! The ONLY way this would work would be if interest rates fell, the economy surged, and the value of homes rose faster than what people are paying in interest.

I have better idea for the "Connecticut Cowboy" from Crawford.....

.....GO FIND THE WMD's AND OBL!!!

Anyone fool enough to either give or recieve a mortgage on such bad terms deserves to lose it.

Yet here we are, with idiots crying help mistah gubmint! Save me from my own stupidity!

Socialistic crap like this will destroy our country in the long run.

"Officials caution that the mortgage industry has yet to agree to this but they are cautiously optimistic they will sign off on it as well."

Holding out for A BIGGER CORPORATE WELFARE CHECK MAYBE?

Borrowers made a bad decision by ignoring the risks and taking these loans.

The mortgage industry made bad decisions by ignoring the risks and making the loans.

Borrowers will wind up paying extra fees and the their rates still go up in 5 years.

Mortgage companies will get to write it off now, get back most of their money later, and more than likely get a bailout on top of that.

So, could it be the mortgage industry is just waiting for an even bigger payout from uncle Bu$h?

Stupid let the Market correct itself. Stupid loans let them suffer.

Wall Street did it let them fix it. They are a bunch of crooks

It's a tough decision. Certainly there is some blame to be placed on home-owners who didn't read the fine print. But there is also blame on the mortgage companies for pushing the bad ARMs. Unfortunately, aside from the governments part in the setting the actual interest rates, the fault doesn't lie there, and so should neither the reprieve.

If Washington wants to step in, step in by holding the mortgage companies accountable, and protecting the people from ruthless corporate milking, and then prevent it from happening again.

But I suspect that won't happen in this administration.

Has anyone else besides me ever noticed that in some photos George W. Bush resembles Alfred E. Neuman? And in other photos he looks alot like a chimp?

I love how Bush announced this then Hilary gets a bigger headline later about the same thing. Good thing she stole it so CNN would actually report on it with bigger headlines. Oh course Hilary is our hero! She steals the ideas from otehrs and pawns them off as her own. ANYONE but Hilary for President 2008!

The Clinton recession, 9-11, Katrina, Afghanistan, Iraq and this mess all together would have brought down a bad economy.

It is amazing that many of the indicators are as good as they are.

Not great, but steady considering.

I applaud this administration for attempting to find a reasonable solution to an unreasonable problem.

Hopefully this will be a lesson learned to some people – two things.

Read the fine print and use a lawyer when signing these deals, just like I PAID FOR.

If it seems to good to be true, it usually is.

Hey...., didn't Hillary just try to sell us on this being her plan?

I am angry with the way Bush supports the American people.
Here is another example of the contrast between the public and those he favors.

"The rates would be frozen if borrowers meet certain criteria, including being current on payments and prove they cannot afford a higher rates."

From this I deduce that those borrowers who aren't in too much trouble and can prove that they have nothing left to be squeezed from them ,, may get a 5 yr reprieve from foreclosure.

Thanks fellows,,are you sure you can afford the hit?

Bush will give money to civilian contractors and facilitate the economic rape of the public,, but he can't find it in himself to do anything even slightly painful for the elite or the governing class.