Comments on: Should we bailout unemployed homeowners to help pay their mortgages?

By: confused

confused — Thu, 05 Nov 2009 21:19:40 +0000

Funny,

“If we’re going to define responsible as rainy day savings, that’s going to classify a super majority of Americans as “Irresponsible”.”

I agree and I do think it’s irresponsible. I’ve planned and made sacrifices so when I do buy I will not be in a situation where a job loss costs me and my family our living space. But, if it does happen then so be it, I lose the house. I think if everybody took the prospect of taking on a mortgage as serious as I do there wouldn’t be this predicament and as such I don’t feel they should be bailed out.

I’m not trying vilifying anybody. I don’t think they are evil or bad people. I just wouldn’t classify them as responsible. These borrowers took a risk that they could handle a mortgage and for whatever reason they lost the bet, that simple in my mind. To look at it from the other side, if these people had won the bet and managed to keep the house I wouldn’t feel animosity or want to penalize them with a gaudy tax.

By: Funny

Funny — Thu, 05 Nov 2009 20:06:51 +0000

confused.

If we’re going to define responsible as rainy day savings, that’s going to classify a super majority of Americans as “Irresponsible”.

Saving also runs out very fast when paying for a mortgage and trying to get by on unemployment.

As easy as it is to vilify those in a bad situation, we need do whats best long term for all of us, and what is beneficial to the economy. Limiting foreclosures on an already stressed market due to unemployment is a sure bet.

I do believe that there should be checks and verification to calculate exactly how much assistance can be provided, much like unemployment.

No/bad credit, $12/hr job, 400K house; no deal. take the hit,s tart renting, and start over with the small assistance we will provide.

By: JohnG

JohnG — Thu, 05 Nov 2009 18:21:16 +0000

NO!

By: confused

confused — Thu, 05 Nov 2009 18:16:00 +0000

I have a few questions for those of you who think this a good idea. Can you define responsible? What will the criteria be? For example, if we said a financially responsible person would have put down a 20% on their mortgage and had a monthly payment of less than 28% of their monthly income. I might agree to a loan to that group if they had no credit card debt (a massive sign of responsibility) and could show that when they are gainfully employed they will be able to pay the loan back.

I think that last part is important. These so called responsible people didn’t bother to save any money for a rainy day but now we are supposed to believe that when they are ‘jobfull’ (which must be the opposite of jobless) they will have enough money to pay it back.

And Unemployed, technically this is giving money to the banks the “responsibly jobless” are just acting as a middle man.

By: Unemployed

Unemployed — Thu, 05 Nov 2009 17:56:24 +0000

I believe something should be done to help those who are responsible and lost their jobs to no fault of their own! You can’t go far on an unemployment check, having to pay a mortgage, food, gas, utilities etc. Being foreclosed on because you lost your job is a slap in the face to Many Unemployed Americans who lost their jobs! They need to give TARP to responsible Unemployed people and not to the BANKS!