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Will the gov't ever issue a credit card bailout?

JohnCU

JohnCU

Banned
I don't own a house, but I do have CC debt, and if I'm going to pay for the housing bailout, why shouldn't someone pay for me to have a CC bailout?
 
There's a big difference between 10-20k on your CC and 200-500k or more mortgages.
 
Originally posted by: aphex
There's a big difference between 10-20k on your CC and 200-500k or more mortgages.
Click to expand...

EDIT: We should also have a IOU bailout.
EDIT2: Also, fuck the people who have the stupid mortgage problems. Their fault for not getting a fixed rate and NOT being able to face the problem. Fuck 'em I say, get a god damn apartment.
 
Bailing out dumb people from their own mistake won't change a thing. They'll just do it again in the near future. Letting people take out multiple mortgages on house they don't own is down right retarded.
 
Originally posted by: Baked
Bailing out dumb people from their own mistake won't change a thing. They'll just do it again in the near future. Letting people take out multiple mortgages on house they don't own is down right retarded.
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..true. but all this was brought about by politics and the MBA culture of greed i.e. financial "one upmanship". it will happen again.

 
Funny thing is a family member of mine that dont have a pot to pee in whent to find out how much he could get last week from a good bank and they told him $200,000.00..... that was last week after all this crap! They are still giving bad loans! Sick.......... Me and my wife have $ 100,000.00 in cash and are looking at a $220,000.00 home and are thinking about it..... our house we have could be paid off in 6 months but we would like more space and think we have earned it.
 
Originally posted by: aphex
There's a big difference between 10-20k on your CC and 200-500k or more mortgages.
Click to expand...
Yes, the government only bails you out in proportion to your own idiocy. If you've lived only slightly beyond your means, you get nothing. If you live completely beyond your means, you're good to go. If you took out a buttload of student loans to actually better yourself, screw you! You can pay for that idiot's $500k mansion rather than your $80k in student loans.
 
Originally posted by: FleshLight
Because you are not an integral part of the economy.
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Bullshit. You don't know much about the CC industry do you?

You want to talk about banks failing? There is an insane amount of "consumer level" debt in this country. If a few million people decided to not pay their CC this month all hell would break loose. Most CC companies are traditional banks.
 
Originally posted by: LS8
Originally posted by: FleshLight
Because you are not an integral part of the economy.
Click to expand...

Bullshit. You don't know much about the CC industry do you?

You want to talk about banks failing? There is an insane amount of "consumer level" debt in this country. If a few million people decided to not pay their CC this month all hell would break lose. Most CC companies are traditional banks.
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True and I just read a story that one in seven people had over $30,0000.00 in CCD🙁
 
Originally posted by: TridenTBoy3555
Originally posted by: aphex
There's a big difference between 10-20k on your CC and 200-500k or more mortgages.
Click to expand...

EDIT: We should also have a IOU bailout.
EDIT2: Also, fuck the people who have the stupid mortgage problems. Their fault for not getting a fixed rate and NOT being able to face the problem. Fuck 'em I say, get a god damn apartment.
Click to expand...
The feds will likely bail out or at least backstop financial companies from massive failures (look at their stewardship of the JPM BSC deal). I think they've already committed to the latter for Freddie Mac & Fannie Mae.

I think it's quite unlikely they'll bail out homeowners; although the Administration would like some homeowners holding "troubled" loans to re-work terms with lenders in a beneficial way for both parties.

Quite frankly, your typical homeowner with a subprime or Alt-A mortgage that's about to kick up in monthly payments is much better off getting foreclosed and wrecking their personal credit; rather than being saddled with an over-priced loan on an over-priced property.

Edit:
Seems like I'm wrong. The housing rescue bill could help hundreds of thousands of homeowners avoid foreclosure, if their lenders play ball.
 
Originally posted by: TridenTBoy3555
Originally posted by: aphex
There's a big difference between 10-20k on your CC and 200-500k or more mortgages.
Click to expand...

EDIT: We should also have a IOU bailout.
EDIT2: Also, fuck the people who have the stupid mortgage problems. Their fault for not getting a fixed rate and NOT being able to face the problem. Fuck 'em I say, get a god damn apartment.
Click to expand...

While harsh, I share the same exact sentiment. Fvcking idiots.
 
Originally posted by: Joemonkey
Originally posted by: dartworth
Originally posted by: preslove
The bankruptcy bill of 2005 will probably be repealed in 2009...
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why?
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The new laws made it VERY difficult to declare bankruptcy, vs the old laws where it was quite easy.
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not really...it may be a little more difficult to file chapter 7, one could always file chapter 13 too...
 
Help me understand the situation:

FRE and FNM give out mortgages to borrowers to buy a house. Now these borrowers are in debt to them. The lender turns around and sells this debt as security (which is backed by the mortgages) to investors. The investors in these securities get paid no matter what. Everything is good so long as the borrower continues paying their mortgage payments. As borrowers start to default on their mortgages, FRE and FNM lose money because they sell the property for less than what was originally loaned out due to lower house prices.

Is this correct?
 
Don't worry. It's coming. Credit cards and 0% store financing woes will soon be front page news. Go listen to American Express, Chase, and Wells Fargo conference calls for the coming pain.
 
Originally posted by: randomlinh
how about a bail out on student loans? I'll take that since it seems the home owners are getting their asses saved.
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Only if you die. :evil:
 
Originally posted by: Naustica
Originally posted by: randomlinh
how about a bail out on student loans? I'll take that since it seems the home owners are getting their asses saved.
Click to expand...

Only if you die. :evil:
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well, not really. I had to have a co-signer... so they get screwed.
 
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