Government to announce new mortgage bail out plan
By lilwonders
@lilwonders456 (8214)
United States
November 11, 2008 12:45pm CST
Well it looks like the government has another bail out on the way. They are going to start modifying mortgages that are held my Fannie Mae and Freddie Mac to interest rates and payments that the people can afford. It will also include adjusting the amount owed. Which is going to cause major write offs for the companies. What do you think about this?
1 person likes this
3 responses
@xParanoiax (6987)
• United States
12 Nov 08
I've hardly been online in the last 48 hours so I haven't had the chance to know much about this yet..but I'm skeptical that this will actually help the tax payer.
I'm also concerned that they're gonna accumulate and even larger debt for the entire country...or to hike up the inflation, devalue the dollar further.
I'm gonna have to go do some reading now...
...well, after I get some sleep.
@xParanoiax (6987)
• United States
12 Nov 08
Fortunately, I've seen some video of people in Congress asking just this question today. I'll quote the guy (who's name I didn't catch), he said; "When will all this stop? We just keep printing more and more money, and sometime we'll no longer be able to do this. That's when this will all stop, when there's no more money. We have to quit before this point, before this happens."
You're right though, handing us an even huger debt which will undoubtably alienate the global market...and giving us a currency which is worth even less than it is now (which is even worse than that last bit)...doesn't help us one bit. In fact, if ANYTHING could destroy life as we know it, as far as economics goes, that'd about do it.
But they keep digging away, flimsily trying to justify what they're doing all the while. *wrinkles my nose*
Lets hope someone can talk some sense into them, to get them to cut it out.
@lilwonders456 (8214)
• United States
13 Nov 08
sense? Our government?
They did annouce today they are no longer going to buy up those mortgages. Now they are just going to take the money they were going to spend on that and give top the banks to help them out
Did you hear, American Express is going to get a couple BILLION dollar bail out now too.
I am really starting to think they ARE trying to ruin us. THey have to know what htey are doing. If our dollar goes low enough and our ecomony gets bad enough it would be easier to convience the american public that the North American Union and some of their socialist agenda is the way to get us out of this mess. People will be desperate enough to buy into it. Just a thought. ;
@lilwonders456 (8214)
• United States
12 Nov 08
We can exspect more inflation and the dollar value to drop more. Gee that is soo helping the average person isn't it? I mean really when is this going to stop and how deep is the hole going to be when it is? As of now the government just keeps digging and digging and digging as fast as they can.
@gewcew23 (8007)
• United States
12 Nov 08
Oh well thank God that those that did not pay their mortgages on time are being rewarded. I guess I should have never paid my mortgage. I fell like a dolt for paying my mortgage on time. It is so great that our wonderful government rewards failure, and punishes success. I am 100% against this bailout bill if you cannot tell. I am sick and tired of government always having to "help" someone out.
@lilwonders456 (8214)
• United States
12 Nov 08
you knew it was going to happen. THey seem to be in the mood to EVERYONE out. At our exspense I might add.
@grammasnook (1871)
• United States
11 Nov 08
This is what I do not understant, why should there be a bailout why can't the mortgage companies just eat the loss. You either lose some money or you go bankrupt. I also believe that many others are having hard times with thier mortgages not just the people that went through freddie ma and fannie. This will end up to be absolutely huge. How can they do for some and not others what about people that are losing thier jobs left and right and losing thier homes? This is all one sided. The same companies will keep on coming back for more money stop the bleeding already sheeeesh. Aig is in its 3rd request the auto industry in thier second and now once again the giants are knocking at the door. I have been living off of rice and beans to pay my mortgage since I have been injured nobody is there to help me or many in my position.
@lilwonders456 (8214)
• United States
11 Nov 08
Yep the mortgage and fiance companies are being bailed out but the average joe isnt'. The sad part is it our tax dollars helping everyone but us.
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