You haven't escaped the mortgage crisis ... yet
description: In a recent panel on the US housing crisis hosted by MSN Money and Reuters, Jim Jubak, MSN Money Senior Markets Editor and Bruce Marks, NACA CEO, say there's still plenty to worry about even for the people who think they escaped the bursting bubble.
Tags
02/21/08
02/21/08
Bruce Marks
Bruce Marks
escaped
escaped
Home ownership: American dream…or nightmare?
Home ownership: American dream…or nightmare?
Jim Jubak
Jim Jubak
msn money
msn money
Comments
I agree that we need to let people fail to pay their mortgage. Why should anyone else be accountable for their actions? The comment to "go ask your friends, neighbors, etc." doesn't do anything for me. Losing a home they have no equity in is hardly a loss. They can go rent a place just like me, it has a roof and heat just like the one they will "lose". Then finally the price of a home can come down to what it should be. Home "ownership" my a**... not with 50 year mortgages. Come on people, take risks - learn to fall. -
TakeResponsibilityForYou
the suggestion for the goverment, i.e. you and I, have the responsiblity to underwrite-save those that overextended is obnoxious. One of the panel says that the government should subsidize the rate to 1%, thus allowing those that cannot afford to live somewhere to continue in a lifestyle that is above and beyond what they can afford without charity. So, we underwrite it, what happens when they sell? Do they pay us back? Are they willing to forgo any price appreciation when they sell and give it back to us? I doubt it...which makes it a one-way street. We give them our money and when it's time to cash in they get to keep it all? Not right. Let them take their lumps. If it all drops, then so be it. If they want to assign their equity so that, within a reasonable period of time, they guarantee to sell the house and give back what's owed, plus interest, fine. If they don't like that deal then let the market deal with them..... -
hawkeye123451
Excuse me but this third rate crap blows. I was watching stock picks and then this senile grandma pops up? -
equityinvestor
I agree to let them drown. We spent years saving to buy a house. My wife's parents paid theirs off in 15 years. My grandfather and father did it in the traditional 30. Our families are fiscally responsible. We learned to live within our means. We learned that cash is king and credit always makes someone else rich. The people I know who are having a hard time bought high end "hybrid" cars that cost too much and really aren't that green. They could barely fill the house with stuff, won't give up their super cable package, and have nothing in savings. One even has a loan out from their 401k plan. It's a house of credit cards falling down. Let them deal with it. The government should legislate morality. -
LibertarianWannabe
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