The BIG Bailout

[JustRobert]

Originally Posted by docholly

So if some fool making 65K per year bought a 500K house which at true market value would be worth 280K, then the banks would assess it at 280K, give a mortgage based on that @ whatever rate the "powers" that be come up with.

Oh No, If they were stupid enough to buy an overpriced house they should be responsible enough to pay it ALL back. Nobody forced them to buy it, it was there choice.

Nobody wants to take responsibility for their actions any more. Pisses me off

Now if the banks want to cut a deal with these stupid buyers and say extend the 30 yr mortgage to 45 or 60 yrs so it reduces the monthly cost to be more maneagable, but they still owe the $500K, so be it.