Are you angry that the Government is bailing out those with high mortgages?

Yes, I'm angry and I'm also angry that the government is supposed to bail out all these other big companies like insurance companies that overcharged, and mismanaged their money in the first place. I'll check out your link.

They should have added postal codes for people out of the States so they can sign. I do not like a bailout of people who are so irresponsible that they want to buy something over their means. If they want to buy a fancy house then let them save their money, go without and get a large down payment like everyone else.

I can totally understand how you feel, but I also know how the other side feels (I'm one of them). With my first house, I made sure I paid my mortgage faitfully. Of course I had a regular 30-year fixed rate and only had less than 80% financed. When I got remarried, we took an interest only, 5-year ARM, 80/20 to get into a house that would house all our children. Because we sold 2 houses to get into this one, we paid the 20 part off right away and are only financed at 80%. We also pay extra so we've been paying on the principle this whole time. Next year our 5-year ARM expires and we're facing a HUGE mortgage increase. We've been shopping a decent rate to refi, but it hasn't been that favorable. Unfortunatly, we didn't see this coming. We didn't realize that there were people in situations where they were over-extended and would default on the loans. This is something that will hurt us, even though we haven't treated our loan as an "interest only" loan. Many people were banking on re-extending the no interest part so the could continue to make the payments. Well, that didn't happen and now everyone's in a bind. I know that the new laws will help for the future - although they are killing the economy right now. I know that we'll get by, regardless of what our mortgage works out to be next year. It may mean eating out less, or having a bit less fun. But, we know that we need to make sure each of our children have a place, and that means keeping this house.

Thank you for pointing this out to us! I too don't want my hard earned money going for the poor choices others have made.

Many of these mortgage failures are due to the decreasing values of homes. The companies lend according to an appraisal made at the time the home is purchased, then when home prices go down, they reappraise and all of a sudden the home is not worth the amount lent against it. This same thing happened back in the 70's and 80's with farms and many lost not only their homes but also their means of making a living. Many farmers were given only 30 days to come up with the entire balance of their farm loans - and when they were unable to do so, were foreclosed on - many by FmHA - so basically, our own government. Approximately two years ago, we started seeing that the housing market and appraisals were dropping and decided to sell our home and acreage before things got too bad. We were struggling to make the payments and not gaining any ground, but no one bailed us out - we made the choice ourselves, and because we did have some equity in our property, were able to get out from under it. I do know, however, that many people owe too much against their homes to be able to sell in the current market. We have since come to the conclusion that owning our home is not all it's glorified to be - besides mortgage payments, there's maintenance, insurance and taxes. During the current downward market, it's impossible to maintain the value of your home regardless of how many improvements you make. A year after selling our home, we left the area to accept employment several states away. The nature of the position provides a home and all utilities in addition to salary. We do not own a home and do not intend to ever own one again!

not sure what its about. i didnt know the goverment could bail you out. i lost my home due to loosing hubby. i worked a while and barely kept going, but then i got sick and lost my job. you are very lucky to have a hubby to help keep it going.

well, i don't know much about the economy... but i know that i and my hubby are struggling so hard to pay off our mortgages and nobody is helping us... especially with the increase of the interest rates, it is really killing us... i hope the government can do something to bail us as well... take care and have a nice day...

I am angry, or astounded, or both. The rest of us take the natural consequences of our actions. I believe that online petitions are not valid, however, and in fact often are used as a means to collect personal data.

Thanks for the info and letting us know this is happening. Dont ya just love it when A bill goes up and we know nothing about it till some one here tells us!

I don't think anyone that went out and got a home more than they could actually afford, should be bailed out. They need to be sent to money management classes. My husband and I refinanced last year, we were one of the millions that got a home loan that would go up after a few years. Our credit score, was good, but thanks to a credit card that was a grand shy of being paid off, it kept the score from being perfect. We got our mortgage refinanced, and now our payments are actually going towards the mortgage and not the interest. Our payments are higher, but it would have been worse if we didn't, plus it's a fixed rate. I just wish, we researched it more before buying a house. I do feel bad for the ones that got told, sure you can get a home and in a few years you can refinance for a lower rate. I think the ones like me and my husband that was straight out lied to, because we where first time home owners, with no clue, shouldn't be bailed out, but helped getting their homes refinanced at a price they can afford. During our process of refinancing, I was so stressed out, tears, anger, it was horrible. I told one company that this wasn't even worth it. I am glad that it's over and done with and now I can sit back and worry about heating costs this winter time.

Here in Australia there are folk in the same boat. They borrowed much more than they could afford. Not only do they do this but then they want the life style to go along with the fancy house...the fancy car, the fancy clothes , holidays....etc. Then they get into trouble, fight a lot , get divorced and expect the government....albeit the taxpayer, to support them. Stupid! Another scenario was where the banks and lending facilities encouraged people to borrow beyond their means....again, people are stupid. Instead of doing their own research and math, they just blindly go along, signing on the dotted line as required. The banks etc were also at fault here and there are moves in place to stop this sort of thing. Nobody is bailing anyone out here in Australia. I don't think they should. There is a lesson to be learned here and the sooner people learn it the better. Kids today are given everything they ask for ...they then think they can have anything they want....this is the mind set. But unless you have very wealthy, generous parents, life simply is not like this. You have to save for the things you want, you have to work hard, you have to go without a few or a lot of things for a period of time....you cannot have everything all at once....you need a plan and a good job...each person involved.

It is always safer to buy a house with fixed mortgage rate because variable rate may be lower to start with but when it goes up it will shoot to the sky so to speak. We always go with fixed rate, and yes it is not lower than variable to start with but it can't just increase to their liking. a house is a big investment, people shouldn't just agree to sign anything for it without knowing the consequences or get a professional to read the fine prints. I understand completely how you feel and yes I will feel the same if I were you. your govt may think they are helping but there are a lot of ways to help those that are struggling with money, providing affordable health care is one of the ways to do that. if they can do this, it will already help reduce monthly household expenses anyway.

This does mad me mad. It is a two pronged problem. You have the companies who loaned money to people who they knew could not really afford to buy a house otherwise. These companies have continued to make money from these loans. I don't agree that people who did not do their research and understand their role in this should get off. Someone will have to pay the price for these bad deals. I remember when we had some extra money and looked into buying a house. We did not have great credit then so it would have cost us more money to get into a loan. Some tried to suggest ARM loan which I quickly realized would be a bad deal. I think too many people spend without thinking about the what ifs. I heard a suggestion that the finance companies should let these people "rent" their homes. I find this an interesting idea. At least that way the people would still have their home and some money would continue to be paid. I rent cause I can't afford to buy, wish I could but... All of these financial bailouts and problems have so many twists and turns that it will take a lot of hard work to straighten it out. Bush wants an answer "Now" and will speak in prime time to sell his buyout plan to us all. He worries me because he will twist arms to get what he wants and it may not be the best plan. We cannot continue to throw money at a problem and hope it will go away.

Esterlou what about all those people who signed papers for a loan that was written up as a fixed rate and now they find out it was not fixed? I know of a friend who signed a load for an adjustable rate but it was only suppose to go up once every five years. Well not the bank says she signed the papers that say it will go up next month and then every 6 months after that. Her house payment is going up 600 dollars and will continue to go up. The housing market went so low she now owes more than she can refinance for. She needs help. I think some of those people need help. I realize your situation is different than what the government is for the bail out. I do not think the government will bail out people who have lost there jobs. I do not know what my husband and I would do if we would have gotten into one of those loans and not been able to refi. We where talked into one of these loans with the adjustable arms and variable interest rates. We got out of it as soon as we realize the guy who sold us our loan lied to us.