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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] i wont try to explain to you why large govt is bad Posted by hard money lender on July 13, 2008 at 7:43 AM In Reply to: How the Bear Stearns Bailout Saved You, the Little Guy posted by CC in OC on July 13, 2008 at 2:11 AM cuz liberal thinking just doesnt get it. they seem to think that the govt is there to protect them, despite all the evidence to the contrary. since the govt thinks it can jump in retroactively and make changes to contracts regarding owner-occupied loans, this hard money lender has reacted. i will make no more loans on owner-occupied. we were already staying away from the protected section 32 loans. i suspect that most hmls will follow that same suit. so owner-occupied will be owned by the banks. either you get a loan from the bank, or you lose your house. we arent interested in signing a contract with an o/o, only to have him run to the govt to protect him from himself and his contract that he was supposed to honor. now we are supposed to meet with the borrower and discuss what options he has. what options are they talking about ? what is this meeting supposed to do ? am i expected to lower the interest rate ? how about if i just forgive the debt ? that would solve the homeowner's problem. i didnt see them crying when they took my money. the hard money market wasnt offering all these pay little now, and lose your home later interest rate loans. in fact, the hard money market is by definition - equity driven. no one put a gun to someone's head to mortgage their home. it is a risk that they took. of course, you have already made us quite aware that you dont understand the risk management system. had this been 5 years ago, you would have been telling us how you got a loan on your house, re-invested that and doubled that amount, while your own house increased in value. and you would have been one of the 98% doing the same. but now that the roof has fallen in on that strategy, you want to run and complain to the govt, and have someone else fix your problem. but you were not running to the govt, asking them to distribute your earnings when everything was going well. people made mistakes on the types of loans that they should not have gotten, and now want someone else to bail them out. people no longer understand the idea of personal responsibility, and the govt caters to them, while it grows larger and larger, and becomes more socialistic. we are fast becoming another no-middle-class-country, with just the wealthy and the poor. this is what happens when you continually squeeze the blood from the middle class. Follow Ups: I'm a registered Republican... CC in OC 10:07 AM, 07/13/08 (2) Re: I'm a registered Republican... Daniel D 4:24 PM, 07/13/08 (0) Re: I'm a registered Republican... hard money lender 11:05 AM, 07/13/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : cuz liberal thinking just doesnt get it. they seem to think that the govt is there to protect them, despite all the evidence to the contrary. : since the govt thinks it can jump in retroactively and make changes to contracts regarding owner-occupied loans, this hard money lender has reacted. : i will make no more loans on owner-occupied. we were already staying away from the protected section 32 loans. : i suspect that most hmls will follow that same suit. so owner-occupied will be owned by the banks. : either you get a loan from the bank, or you lose your house. : we arent interested in signing a contract with an o/o, only to have him run to the govt to protect him from himself and his contract that he was supposed to honor. : now we are supposed to meet with the borrower and discuss what options he has. : what options are they talking about ? what is this meeting supposed to do ? : am i expected to lower the interest rate ? how about if i just forgive the debt ? : that would solve the homeowner's problem. : i didnt see them crying when they took my money. the hard money market wasnt offering all these pay little now, and lose your home later interest rate loans. : in fact, the hard money market is by definition - equity driven. : no one put a gun to someone's head to mortgage their home. it is a risk that they took. : of course, you have already made us quite aware that you dont understand the risk management system. : had this been 5 years ago, you would have been telling us how you got a loan on your house, re-invested that and doubled that amount, while your own house increased in value. : and you would have been one of the 98% doing the same. : but now that the roof has fallen in on that strategy, you want to run and complain to the govt, and have someone else fix your problem. : but you were not running to the govt, asking them to distribute your earnings when everything was going well. : people made mistakes on the types of loans that they should not have gotten, and now want someone else to bail them out. : people no longer understand the idea of personal responsibility, and the govt caters to them, while it grows larger and larger, and becomes more socialistic. : we are fast becoming another no-middle-class-country, with just the wealthy and the poor. this is what happens when you continually squeeze the blood from the middle class. 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