Mortgage Principal Reduction?

[Jim in CT]

Originally Posted by Piscator

That's BS. You can call it abuse by lenders Spence but I call it abuse by buyers. It’s abuse by people who sign up for something that is out of their means or that they don't care to honor. That’s what is wrong with this Country. I bought when the market was at the highest, nobody put a gun to my head. When I was looking, some tried to tell me I could afford a larger mortgage and tried to sell the risky ARM's, etc. I did the research, was a responsible buyer. When you buy a house, you have to do some research on your own and figure out what you can afford, not what someone might tell you what you can afford. So you say it is a “systems” problem. It’s a dead beat, entitlement problem and now those folks are trying to point the finger at anyone but themselves.

This is craziness and will set a precedence. We no longer have personal accountability. It’s always someone else’s fault.

Bingo.

When I bought my house, I could not believe the value o fthe mortgage that I was approved for, it was three times what I felt comfortable borrowing. The burden is on me, as an adult, to figure out what I wanted to owe, and if I wanted a fixed or variable mortgage.

Spence, it's not the role of the feds to stabilize the housing market. If it was, why limit to housing? Why don't the feds artificially set stock prices to stabilize the stock market? IS that starting to sound stupid yet?

Obama is just buying votes, that's all he's doing. That, and making more people addicted to government welfare, and borrowing more money from the Chinese that our grandkids will have to re-pay...