Housing rescue plan passes key Senate test

This just makes me want to vote them ALL out of office. Whatever the incumbent, get rid of them.

I think it makes me sick that our government is bailing out people who took Adjustable Rate Mortgages. You know, we chose the safe 30 year mortgage. We had to listen to people for several years talking about how wrong we were and how great it was to be paying less than we were - and for more house! Then the tide turned. Suddenly, they were paying more than us. Now the government wants to use our taxes to bail them out? Is that even morally justifiable? Should we reward people for bad choices?

very apt picture... MONEY!

Thats about as much of a waste as the stimulus package.. I LIKED getting the money, but I think it could have been used in a better way. I'm not one to turn it down if handed to me though.

I think people are just plain desperate to take an ARM; sure it looks good to have a low interest rate, but that rate is going to skyrocket and then where are they unless they refinance. I don't feel it is society's place to bail them out with our taxes... I think they should bail themselves out.

I'm not for bailing people out, but I believe they should be given a chance to work out a payment plan and refinance at a fixed rate. I'm for keeping people in their homes, but they've got to take responsibility for making a bad decision.

Lenders shouldn't be bailed out either. They knew what they were doing and if they have to take a loss, tough. They knew they were lending to people who couldn't handle the loans.

This line from the article worries me:

"They would ultimately have to share with the government a portion of any profits they made from selling or refinancing their properties."

They're talking about borrowers who may sell or refinance in the future. Looks like the fine print will get them again.

They all thought it would keep going up and the people who bought between 2004 and 2006 paid more than what they are worth today. And now their loans are upside down (they owe more than they can sell for). Then if any of them have money issues such as being laid off, they are in way over their heads. And somehow, I have to pay for their mistake. It's not fair.

"Pull your own head out of the sand and really look where all this money went. Who has it?"

The person whom sold the house to the new owner has the money. That's how it works.

And yes, Americans DID get greedy and stupid at the same time and they need to take the hit collectively with the institutions that will get stuck with these bad loans. I don't want to pay for it. Why should I?

"We can't do a thing about oil prices in the US"

Are you insane? We can drill for more oil, create new sources of energy, create more efficiencies... and not for nothing, but the oil prices are in a huge bubble and should go back down to around $70/barrel. I think this will happen within the next two years... but if we do nothing prepare for the worst.

Did you write an article like this when the fed decided to bail out Bear Stearns? Actually I'm not being cute, I'm just too lazy to look, lol. When I hear the answer to that, I might have a further comment....

"Did you write an article like this when the fed decided to bail out Bear Stearns? "

No, but I should have. I was quite angry when I heard about that deal.

"But what makes you angrier- that your coworker get's 50 cents more an hour or the CEO gets $8000 for that same hour."

I'm not angry about fair compensation, but there is an issue with executive pay being out of control -- and the lack of control that shareholders have. I know the board decides the pay and supposedly the shareholders vote on who is in the board of directors, but the truth is only major shareholders have a say and often they are the same people on the board or friends with someone who is... and the board members are chosen for consideration by the executives. So...it's immoral and out of control. It especially sucks for those with 401k's since we have absolutely no control.

I only make one exception... when a CEO also happens to be the founder of a company I have no problem with them making whatever they can. Bill Gates is a good example... he made the company and should reap the rewards.

It's not making me happy, that's for sure.

The beneficiaries, or robber-barons, if you will of this thing were the mortgage brokers and the companies that bundled the mortgages into bonds and resold them to investors. The investors are now reaping the results of their greed, but the brokers and the bond packagers got away clean with the loot. Congress is mainly trying to keep Wall Street from imploding. It might be satisfying to see a collapse if it wouldn't hurt all of us.

We beed to be more concerned about the people who are losing their homes.

I can only compare what America is going throughh to the Great Depression.
Lost jobs
Lost homes
We can't afford to fuel our cars or our homes.

We need solutions and we need to get the candiates talking about this.

Looking like Bush is going to sign it into law. This is a huge transfer of wealth... part of the bill includes a REFUNDABLE tax credit up to $7500 for a new home purchase. Simply buy a new home, and get $7500 back on your taxes. What a rip-off... why are we paying for this?

Maybe it has something to do with the dipshit you elected, and re-elected, to the Presidency Donnie.