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I cannot beleive this. There is a deal going on right now with the federal government and that banks like Bank of America, CitiBank, Wells Fargo, J.P. Morgan Chase and Ally Finacial are reducing the principal on people that have a mortgage with them. The qualified mortgage holders are ones that owe more on their homes than what they are worth. WTF?!?!?!?

The bad part is, the home owners are complaining that this is not enough to bail them out. Again, WTF?!?!?!

So technically people that pay their home payments on time, extra payments, paid it off, and bought "less" house than they could afford sit back and have to have their tax dollars taken and giving to these people that bought too much house?

My god, what is this world coming to?

These banks love these type of people, because they are habitual spenders, thus they come back around after they get a little cash in their pockets and spend it again. So a few million will not even put a dent in these banks, they will win their loyalty and have them back again.

http://money.cnn.com/2012/03/13/real_estate/mortgage-settlement/index.htm?hpt=hp_t1
 

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People will bitch about anything, the bank could just take their house and say tough poopers troopers, but they are helping them. It might not be enough but it's better then being on the streets.
 

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lots of people stay in there homes without paying thier morgage, I'v heard of people living up t 5 years on theses homes. they live there for free the banks are so far backlogged on homes that worth way less that before, the owners haven't maintained the property, the banks just want to cut thier losses get them out and salvage what they can with goverment money. and many of these people put nothing down, refinance there homes way back when spent all the money they didn't really have and now its not enough. this is the moral hazard. in the old days you had to put as much as 20% down not only downpayment and collateral but it also showed responsibility with money. buying a home is a horrible investment, its only a place to live. the prices are being proped up and they will fall, inflation WILL continue to erode our savings. I know alot of you guys are dave ramsey fans but I believe that was advice on a real estate bubble that produced no real wealth thats why we have so much national debt, the mainstream advisers has lost so much money on property following his own advise. to understand how to make money you need to understand what money really is and how human factors that modern economics don't include have a huge impact, years ago I heard Austrian economist make correct predictions over and over and I knew they that most didn't. Uncle Sam is playing with our saving, nothing is free thats how they pay for social programs.

guys at least listen to this whole videos, you can't see the future in a crystal ball but like a chemist if you understand the chemicals you understand the reaction. watch these whole vids. if interested let me know and I can point you in the direction of where to learn free market economics

the video that got me interested in Austrian economics - Schiff 2002-2009 predictions

I personally like Ramsey but his advise is for a bubble economy that is weakening
 
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