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that pay our bills/mortgages on time? How fair is this bail out to those of us that took out legal loans had to have our income analyzed and make sure our debt to income ratio matched.I mean people knew when they took out these loans that defaulted on that they had higher interest because they had bad credit or no down payment.We had to have 20% down on our house and have our cars paid off to qualify for our loan why didn't these people that we are bailing out have to do the same thing. If they had $20,000 invested into their property I bet they would have tried harder not to fail to make payments. And if you know you can't afford the house note then why not rent out a room or put the house back up for sell. You know cut your loses instead of defaulting.Shoot when I lost my job I had to live off savings 2 months then income taxes for another two and never let any of my bills get behind. We just recently got living room furniture from a friend for free. We lived without certain things because we decided to save money and make do with what we have.I doubt I can get my interest any lower, paid points and got bond money our interest rate is less than my wife's doctor's 4.99% is ours her doctors is 6%
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No It's ridiculous and some of our "celebrities" have great lawyers who know every loop hole there is but there is nothing we can do about it now! Oh well! Clinton Got us into this then left it end of story!
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While I tend to agree with you it's a very grey area. Many of the homeowners were very uneducated people who truly didn't know what they were getting into. A lot of mortgage brokers truly took advantage of people and now they are stuck with a home they can't afford and no way to sell it because the housing market is in the toilet. Many were told they could refinance when their ARM loan converted to a fixed rate and now that their houses aren't worth anywhere near what they paid they cannot do that. It's just a bad situation all around.
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The bailout isn't fair for any American citizen, rather you pay your bills on time; or not over the top with expenditures. All Americans are suffering by the bailouts. Did you know that if you pay your creditors off on time; your interest rates are still increasing? Check out your credit card statements. In addition; your community will generate revenues by increasing the amount of tickets handed out by police to off set the lost income from tax revenues from property taxes. Our tax dollars are suppose to aid the banking industries to level out high interest rates, not for corporate buyouts. Perhaps if the bailouts aided those unemployed, small business industries, and those needing a breaking on the interest rates on their car/home/student loans the country would benefit most overall.
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