Quote:
Originally Posted by 3SuperSports
I saw on the news yesterday that there are a growing number of people who have stopped paying their mortgages (even though they can afford to) because they expect the government to step in and pay it for them.
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Most of this is bacause the banks don't want to refinance the ARM loans that raised their payments to double. These people were not a risk but are treated like one and they were stupid, YES VERY STUPID, to sign up for them but the banks are not treating them like they should and are wanting to steal the houses back and take all of the money paid and right now the bank can make the payments to their lender with the government bailout money they received. When you hear their stories you have to wonder who isn't listening and you know why they are walking away. I was totally appauled and in disbelief that the banks would do this but they are. I still can't believe that some haven't gone berserk and retaliated violently to the greed. There are people being pushed to the edge by greed. These people aren't all looking for the federal government to come in and pay for it. They are hoping that by not paying the federal government will step in and redo the ARM loans and do justice to the greedy bank that is in charge of them. These people just want to refinace and have the ability to pay and are just tired of the fact that they are being taken advantage of because of an ARM loan they can't get out of. It is sad that most don't see what is going on. Redo the ARM loans and the problem will be helped a lot. You have to really listen to these people stories to get an idea of what is happening. I couldn't believe it until I listened. I was as mad as hell about it too!!,when I heard they were walking away ,thinking that they were deadbeat people who had no pride or morals but they are just people being taken to the cleaners. It is the banks that have no morals and are proud of it ,it seems.
ARM loans should never have been legal to begin with since it was obvious that most could never pay the higher interest rate payments once they happened . most thought that after 2 to 4 years they could refinance but the banks beat them to the punch and made it impossible. Who do you think new that was going to happen?
This is the biggest land grab scam by the federal reserve and the world banks that has ever existed. Most don't see it that way because they are obscured by the media and their own anger.
I'll stop now, calming down, whew.