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Wall Street Bail Out

We asked about the bail out of the financial markets.


What really bothers me about this bail out is what the American people are not being told. How bad is our economy? What would happen to those banks if there were no bail outs? Would those who are current on their mortgages loose out if the bank goes bankrupt? What is really going on with our economy?  --  Angela, Chula Vista

 

The current financial crisis on Wall Street stems squarely from the fallacious political rhetoric that every American--regardless of credit worthiness--deserves home ownership. Anyone who understands the banking industry will recognize that the government's enabling of bad home loans via Fannie Mae and Freddie Mac engendered the blight that has struck numerous financial institutions. The main condition that needs to be applied in any government bailout is a pledge NOT to interfere with the free market. The free market did not fail us; government meddling did.  --  Lawrence, San Marcos

 

We need to legislate ourselves against ourselves. Congress should only allow lenders to lend on 3 different products, 15 or 30 yr fixed or the 1 year ARM. No other exotic loans like the option ARM which is the root cause of this mess. Greedy lenders, ignorant borrowers and now this is what you have. If we don't do this, perhaps we should let the market collapse and shake up our economic culture and ! start over. We are our own worst enemy.  --  Richard, Carlsbad

 

 

Published Tuesday, September 23, 2008 12:34 AM by Mark Bunker

Comments

 

mehleb said:

My name is Brian Mehle, I was in the United States Navy for almost 9 years.  My wife and I bought our home in Illinois for $150,000.00 our mortgage payment was $950.00 per month, 18 months later my mortgage payment went to $1,800.00 per month.  My wife and I couldn’t afford the mortgage.  We have a special needs son that was born with CDH.  With nowhere to turn, we had to sell the house and then rent it from the buyer, just to be able to survive.  During my time in the Navy I was taught to take a leadership role, and that almost every process can be done more efficiently.  The Mortgage crisis has hit an all time high.  People have had hardships like the loss of a job, or the death of a spouse.  Financial institutions are being bailed out by the Federal Government; the same homeowners that are in foreclosure are being told to fund the bailout.  Does this seem right to you?  
Nothing is helping the American citizen, adjustable rate mortgages are devastating families.  Banks are holding late payments and not applying those payments to the loans.  The American people are afraid to pick up their phones because the collections department is beating them up.  Let’s face it; there is no grass roots campaign that helps the American people.  Many times these mortgage companies will put the customer into fixed rate mortgages, lowering their payments.  Mortgage companies want to help but they can’t reach their customers in time.  We hear on the local news that there is help available via the internet, HUD offers information on their web site but this is not reaching the American people in time.  Homes are going to sale and people are finding themselves without answers.  We can do it better!
Caroline Mehle and I have put together a publication (72 Pages) that can reach out to those people who want to save their home.  Many of these people don’t have the time to do the research necessary to understand the foreclosure process.  Bankruptcy is being defined as a viable solution.  How do we say that we are leaders when we tell homeowners “just let the home that you worked for all these years, go” is this leadership?
I have the solution, I can’t guarantee that this program will save every home; but at least it takes a leadership role on the mortgage crisis.  This 72 page publication walks the homeowner through the entire process, Caroline and I would like to offer it for the same price as a gallon of gasoline!  This will at least, give the homeowner the fighting chance they deserve.  Caroline and I are going to offer 20% of all proceeds to habitat for humanity, to help rebuild the homes and families that are still hurting from hurricanes Katrina and Ike.
I have included a copy of the publication for you to read.  I believe that someone like you can help Americans get this information.  This is an economic stimulus program that keeps Americans in their homes!  We need the type of leadership you provide.  Help us take control and provide leadership!
224-622-0338
September 24, 2008 10:16 AM
 

The truth said:

I know for a fact that what is written on the publication is false and the idea was taken from someone else. this is nothing but a story on the so called publication.
November 18, 2008 6:33 PM
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