Banks, FRE and FNM already face huge losses for years to come.
By Daniel at 12 July, 2009, 6:18 pm
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Top government is forcing them to do loan modification for some who can’t pay( for their political gain).
End result will be.
1. Banks are going to suffer even more loses.
2. Most of the people who are unable to pay their mortgage are the one’s who are irresponsible(Who in the first place should not have brought the house) or the ones who don’t have job(No matter how less the mortgage is, they still wont be able to pay as they don’t have any income)
3. Government is going to pay for banks, FRE and FNM(Those are already controlled by federal)–> Which just means we the taxpayers are going to bail out those irresponsible ones and the one who don’t have job(This is only going to delay the bankruptcy not completely avoid)
So what does an average hard working American get???
An average hard working American will not only have to pay his mortgage but also help others pay(Yes we tax payers will be the ones who are ultimately going to bailout the irresponsible or delay foreclosures) in this hard economy and without losing jobs.
Should we a little to the less fortunate?
Yes we should if we are able to save our self( from disaster) in the first place. Lets see how many percentage of us(people) are so confident that we have more money to help other without getting into trouble?
As the answer turns out to be another question, I will leave it for you to answer
NK
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