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Roll the ARMs into 30 year fixed at the original interest rate, make ARMs illegal...
I agree with the first part, but there are legitimate uses for an ARM. People who invest in real estate by buying a house, fixing it up, and selling it, benefit greatly from ARMs. Why should they have to pay more money? Especially at this point, since those who would be capable of doing such are clearly smart enough to handle their finances (or else so rich they probably don't need the ARM to begin with).
I considered doing that very thing when I bought my first home two years ago. Luckily I spent the five minutes to figure out what ARM stood for (adjustable rate mortgage) and determined what that meant (minimum monthly payment goes up over time) that I am still living in my home and making the monthly payments.
The only surprise payments I've had to make with my home has been outrageous property taxes (seriously, a tax to own something?).
Steamed is bringing up the scary possibility of a socialist abuse of business by the unwashed masses here. The current reality is the hangover from the unregulated marketplace of George W Bush, where banks get taxpayer bail out money, but the customers of those banks still have to pay their mortgages, even if they have lost their jobs (even if their old jobs were with the now-downsized banks)
How can you people possibly hope to scare people with what MIGHT happen when today's reality is worse than your scare stories?
I mean, who is dumb enough to fall for.....um, never mind, I withdraw the question.
I am happy to hear that Mr. Gramps agrees with squatting. Hopefully he agrees with the Hugo Chavez philosophy of the theft of food and medicine as needed by the poor, and will open his home, medicine cabinet and pantry to those in need.
I don't care for Chavez any more than I do for any other strong man Police State-loving dictator.
I must admit, for purposes of full disclosure, that I have a personal reason that should make me like Mr Chavez (although I don't) which is that a lot of middle and upper class people who fled his country have settled in the town I live in, considerably inflating the value of homes in my area.
I don't believe in squatting, nor do I believe in bailouts for bad debt which is then not written off, but pursued as if it hasn't been paid off.
So basically you just admitted that you simply took this as opportunity to take another swipe at good ol' GW...
Do you think Bush should be off limits to criticism?
And have you heard criticism of Obama which basically paints him with responsibility for what Bush has done?
So why is it okay to criticize the current president unfairly, but not okay to criticize the former president fairly based on his actions?
There should be some help for those who normally keep the country running not just the banks. This is a crisis where all need support.
Figured it would be Maxine Waters saying these things. I hear she's always looking for a new source of crazy to espouse.
Typical (D)
While I don't think I'm getting the whole story, I do have to admit limited sympathy for someone who does not read every detail of something they sign. While there could be a fast-talking loan agent involved, she still could have just said "no" until she read and fully understood the contracts. If she read them, couldn't understand them, then she should have taken them to a financial adviser. If she couldn't afford one to check the contracts, then she clearly shouldn't have signed them.
MacThulhu
Roll the ARMs into 30 year fixed at the original interest rate, make ARMs illegal, tell everyone to go home and start making their payments again, end of ARM problem. It won't fix the plain-old out of work problem, but it will help.