Bad Mortgages: Worth Saving?

By Fred

If Congress and Wall Street would ever listen to a cat, this is what I’d tell them to do about bad individual mortgage loans. First, they need to sort them into two litters:

1. People who believed they were getting great loans on houses they thought they could afford, only to get screwed by lenders who suckered them in with phony appraisals, extortionist fees, ballooning payments, and other one-sided terms.

2. People itching to “move on up” in spite of previous credit problems. They willingly let themselves be lured into unfair loans on houses they could never afford, possibly thinking they’d make a killing on appreciation and come out way ahead.

The people in scenario #1 deserve a break. They never intended to bite off more than they could chew. Helping them shouldn’t cost taxpayers a cent.

Their loans should be simplified and converted to fixed rates with a cap on interest. Banks should be punished by earning just enough profit on them to stay alive, and then watched so they won’t try to screw anyone again.

The Democrats like my idea but, as usual, the Bush Administration and Republicans are opposed. Why help little guys when Wall Street CEOs are hurting?

As for the people in McMansions, let them go to foreclosure. It’s the only way to make these Beverly Hillbillies face reality. Their stupidity deserves no reward. They’re a slap in the face to every person who bought a house the old-fashioned way – in a neighborhood they could afford with a straightforward mortgage.

Banks can take losses on the foreclosures. Payback is hell. They should never be allowed to profit from the greed that created this mess.

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4 Responses to Bad Mortgages: Worth Saving?

  1. Bob says:

    Take this with a handful of salt… Americans the worst race ever??????

    Ok that sounds harsh, but who gave Bush Jr, the power to get into an illegal war???
    Devastate a country. That had No legitimate beef with them, Suck thousands upon thousands of lives down a cesspool and to take out his Daddy’s Enemy.
    And drag a good portion of the word with it. Canada included if you count Afghanistan.

    Then he proceeds to let scandal after scandal, torch your homes and now your financial security. WHAT THE FUCK.

    Is this the same party that was out for blood cause Clinton got his dick sucked????

    You may talk shit about the rest of the world, but give your collective heads a shake.
    Get with the program, the world needs you back.

    Bob

  2. catsworking says:

    Bob, you’re preaching to the choir here. You’ll find no love for Bush & Co. anywhere at Cats Working, except maybe in a few misguided reader comments.

    We really appreciate your Canadian perspective and we’re doing our little part to try to get the country to pull its head out of its ass.

  3. Bob says:

    Well with the Bush Bailout voted out by his own party. The US economy is set to go into free fall. The Dow Is down over 700 points today.

    So what is going on, is Bushy getting cut down by his own party as a sacrifice to give McCain Steam ???? There is also talk of cutting Palin loose.

    Anarchy is in the air, Time to get out those Clash and Ramones Albums.
    Its Anarchy in the USA.

    Feel Good Today is My Birthday !!!!!
    Happy Birthday to Me, In Canada I am free.

    Peace out kittys
    Bob

  4. catsworking says:

    Happy Birthday, Bob!

    Read today’s post. The Republicans in Congress are concerned with nothing but saving their own hides, Bush and McCain be damned. The new political talking head at NBC (can’t remember his name yet), analyzed the bailout vote by previous elections and found that Congress people who barely squeaked in last time voted AGAINST the bailout. They know it’s unpopular (their deliberate attempts to keep Americans stupid are coming home to roost now), so they voted no to be able to go home and tell their voters, “I did what you wanted me to,” and win re-election so they can return to Washington and keep screwing things up. After all, the job comes with FREE health care.

    Meanwhile, the economy goes down the tubes. Americans won’t realize how serious it is until all their credit cards have a $20 limit with 57% interest and they can’t get credit anywhere.

    And letting Palin loose to spout her ignorant, incoherent gibberish will put the finishing touches on their self-destruction.

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