Obama and dems threaten rescue plans

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Lehman Brothers' execs are still available for upwards of 25 million dollars each independent of how the company does. Under the current bailout.

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His proposed give away to homeowners that are over extended defies logic and rewards those that haven't lived up to their own personal responsibilities. They are not "victims" but rather many, many people that simply overextended themselves, and many more that should never have been given these loans to start with.

"His" being Obama's statement... The bailout as proposed is a blanket bailout of corporate CEO's who have made tidy bundles creating this mess. Where is your sense that there should be any corporate responsibility in all of this? They keep collecting their contractual paychecks, perhaps pick up a bit more scratch helping to 'manage' the bail out, and everyone else is supposed to say "Okee dokee!" ???

[kaydee457 13]

His proposed give away to homeowners that are over extended defies logic and rewards those that haven't lived up to their own personal responsibilities. They are not "victims" but rather many, many people that simply overextended themselves, and many more that should never have been given these loans to start with.

"His" being Obama's statement... The bailout as proposed is a blanket bailout of corporate CEO's who have made tidy bundles creating this mess. Where is your sense that there should be any corporate responsibility in all of this? They keep collecting their contractual paychecks, perhaps pick up a bit more scratch helping to 'manage' the bail out, and everyone else is supposed to say "Okee dokee!" ???

This all goes back to Sub Prime lenders, not totally Wall street fat cats....These mortgages were bundled and sold as stocks by Wall St. firms, yes. The worth of the bundled mortgages were supposed to guaranteed by responsible lending practices to assure that those that received these loans could pay them.

To place the blame solely on Wall St. execs is ignores firms like Countrywide and others engaged in questionable lending practices.

There's plenty of blame to go around, and the blame needs to extend to the borrowers themselves. I sold two homes during the "boom", one in 2001, and another in 2003.

I had one couple put earnest money on the house and waste my time for almost 10 months trying to secure enough loans to buy a house that they clearly could not afford, and they knew it!

They had a subprime adjustable at 0% for the first 12 months, and a second mortgage, a Home Equity loan lined up the day of closing, to cover the down payment they did not have to start with.....

They had judgements against them for having skipped out on their rent in Florida and that eventually sunk their hopes of buying when uncovered through the Title Search on behalf of their lender....

The point is this. These people, and many like them that "play the system", aren't simply innocents that were cheated by sub-prime lenders like Countrywide but rather actively pursued their mortgage products to buy houses they themselves knew they couldn't afford......They shouldn't be rewarded using taxpayers money!