OT: what is 700 billion divided by 200 million americans?

OK.. If there are 200 million adult 18+ citizens in the US... then this bail out package of 70 billion (1 billion = 1 million million, right?) is like 3.8 million per american adult citizen... Are there really that many mortgages in trouble? WTH is this 700 billion for? Why not just pay off everyone in America's mortgage loans.. that would be less than 1 billion, right?  Why do they need this much money and why are they rushing it... this all sounds very fishy too me.

1 billion = 1,000,000,000 so 1,000 million.  Therefore, the per capita ends up being $35.  Still...sounds fishy to me as well.

hmmm....

HAHAHA, ya know what I was thinking, WTH about all the people who already lost their homes this past year! Not fair to them!

Did you hear about the big wigs getting their severance packages still, and they aren't little severences. I mean sure those who put their time in, been with the company for a long time maybe get a little something but MILLIONS. There is one guy only 3weeks on the job and he's supposedly getting a severance package $11+ milion plus a bunch of other crap! What the hells that about!

a billion is a thousand million. i'm against the bailout, but unfortunately that much adds up to less per person than the $600 tax rebate many of us got earlier this year

Do not EVEN get me started.  I resent that the American people are essentially being blamed for this whole thing.  When I took my current mortgage I knew what I was getting into.  I knew that I was borrowing up to a high loan-to-value percentage and I knew that it was risky.  For me, the benefits outweighed the risks and so even though I now hold a mortgage that is more than the worth of my house I grin and bear it with the knowledge that I knew that going in.  Some lenders, however, were very predatory.  I was once offered a loan that was more than 100% of my home’s value and the salesperson was telling me how beneficial this would be to me. Never once did she mention the risks that sort of loan would carry nor did she offer any alternative or lower loan-to-value figure.  If I were not naturally suspicious, it would have seemed like a great deal. 

 

So now that we are in a hole, what does the government do?  Bails out the banks.  Screw the people.  I’ve heard several elected officials propose provisions in this legislation that would help homeowners.  For one, they wanted to build in a renegotiation of loan terms into the foreclosure process, so if you are foreclosing because of a bad loan you have a chance to get right.  I think that’s a great idea.  Just like we have to renegotiate debt when we file bankruptcy, we should be able to renegotiate bad mortgages during foreclosure.  To do one without the other is hypocritical.  I think that the government should set up some sort of fund to get ALL homeowners with crazy interest rates (not just adjustable rates but people who have exorbitantly high rates) and get them onto a more reasonable plan.

 

Lastly, I’ve been paying close attention to the candidates stances on this.  It seems that McCain feels like the only way you should qualify for a readjustment of your loan is if your income and earnings qualified you for the loan you currently got.  Which means if you’re in a different situation then when you first took out the loan, you’re screwed.  Obama believes that as long as you can afford the payments under the terms of a new loan, you should be able to negotiate a new loan. 

 

At any rate, this bailout is bogus and is the culmination of the last 8 years if you ask me.  I don’t get how it could have gotten this bad all of a sudden.  There had to be a warning that somebody missed.

I have a very good friend who is a teacher. She makes a teacher salary, but her husband made 6 figures working as an engineer for the power company. Her income was used to pay for the kids college, and his income paid for the house. They had no other outstanding debt. When they bought a new house, she suggested that he up his insurance to cover the house, so during open enrollment last year, he did so. The insurance effective January 1, 2008. He died Dec. 31, 2007. No insurance, no way in hades for her to pay for her house, the monthly payments were more than her income. She had to walk away from the house. The banks have delayed agreeing to THREE different purchasers until they withdrew their offer and went elsewhere. She's been left destitute, alone, and without a house. Yeah, her cir****tances have changed. Is it her fault that her husband left to go to work one day and didn't come home?

The bailout is about Mr. W taking all the wealth of this country, sucking it dry, giving it to his friends, and he's going to walk away from this country as a completely impoverished nation. But he's got a few more years to steal all our homes from us, and give a few more handouts (bailout) to the croneys he missed the first few times around the bankrupt-the-nation table.

700,000,000,000
    200,000,000

= $3,500

<-----is not so good with the math :)

<---- is a math teacher!

I was a loan officer back 3 years ago and let me tell you I always told my customers that the arms and no down payment was a bad choice however it was their choice.  Out of 100 customers that I did mortgage loans for not one has called me back and told me that they got forclosed on.  Back a few years ago houses where still going up.  Interest rates was still down 5.5% for a 30 year fixed.  100% financing and the worst one of them all was the stated income programs.  In many banks you have to have a DIR (Debit Income Ratio) of at least 35% however for the bigger banks like Washington Mutual, Bank of America and many other you had to have a DIR of 50%.  If you have a DIR of 50% how are you suppose to pay for food and electricity.  Believe me many loan officers where out there for the money however many people out there would go to another loan officer if they didn't get what they wanted.  For me I turned down more than half of my clients because i would not do a loan for a person that I didn't think they could afford it.  I was scolded by my boss for not refinancing a lady's mortgage that see just refinaced 1 year ago because she wanted more money out and was willing to pay 5 points.   You heard me 5 points more to refinance.  I quit that company so fast.  I think I only worked there for 3 months.  I stopped working for a Subprime lender and started doing loans for A+ customers.  I couldn't take advantage of the common people.  I don't know how they sleep. 

I know that we have to bail out the loans however we should keep down the prime rate to 4% or so and lower everyones mortgage rate to balance it off.  I think it will be unfair to lower only a % of loans of the people who left their homes. 

We discuss this everyday at work.