Mixed blessing: credit card reform may shock some

[SMR 368]

Excuse me.... I was under the impression we had regulated standards until they were removed by our illustrious leaders...

On top of that, I fail to see how a universal drop in property values affects those without a mortgage who own property for their own use (not investments). If you need to move, the house you will be buying will similarly be cheaper. If you don't, why do you care how much the appraiser says your house is worth? In fact, you probably are glad since taxes are lower.

Even if you are in a mortgage, you should be fine as long as you don't lose your job or need to move (I realize that those aren't within your control). You agreed to a price for a house that you like and decided that you could afford to pay that much. Why do you care what the appraisal is? Once again, the only effect on you is property taxes.

[Ali G. 37]

Excuse me.... I was under the impression we had regulated standards until they were removed by our illustrious leaders...

I don't know what rules we had but I did realize we were in trouble when I first heard that even illegal aliens could have claimed they were Ronald McDonald, not provided any documentation to support their financial situation, and acquire a loan, let alone anyone else. Someone was clearly fudging the application papers. As such, what the heck sort of lending practices were those?

[Ali G. 37]

On top of that, I fail to see how a universal drop in property values affects those without a mortgage who own property for their own use (not investments). If you need to move, the house you will be buying will similarly be cheaper. If you don't, why do you care how much the appraiser says your house is worth? In fact, you probably are glad since taxes are lower.

Even if you are in a mortgage, you should be fine as long as you don't lose your job or need to move (I realize that those aren't within your control). You agreed to a price for a house that you like and decided that you could afford to pay that much. Why do you care what the appraisal is? Once again, the only effect on you is property taxes.

Like it or not, the entire country is now dragged into this mess. We cannot blame the homeowners, as many were sold the dream of a home and conned into believing they could simply refinance prior to the arm rate resetting. Then again forget about the home owners. What about all of the folks who lost their retirement funds? Can they just sit it out? Many of these folks are now being forced to work again at 70, in order to make ends meet.

I am a conservative, well what is considered a conservative outside America, but never in my life have I seen a group of folks distrust the government so much. Or feel that their fellow countrymen that may have hit hard times due to this mess caused by the greedy, as being deadbeat losers. Yet in the same breath make out the private sector to be some sort of guardian angel.

Edited February 23, 2010 by Booyah