The rich bail on their mortgages more than the poor

lets come back to this and let me explain more why i think that the greed of institutions that got their bail out are continuing to do harm to homeowners and the housing market, with actions that just dont make long term sense.

because my friends home was foreclosed on and up for sale, they had not yet moved and kept trying to negotiate with the bank to pay the full loan and incorporate those back payments owed into the loan. just restructure it and the bank gets all their money.

instead, the house was sold short. for something like 80k less than what my friends loan was for. so the bank is going to write off a "bad loan", that the owner was trying to make good on but they sent back the extra payments because they werent "all and now". they will lose money, but hey, they got their bail out to cover those bad loans, right? so instead of being financially and morally responsible and letting my friend restructure his loan so he could keep his house and they could get all of their money, they would rather him lose his home and them lose money. and further drive down home values in his area, hurting those that still own their homes that are now worth a hell of a lot less than what they owe on them. it makes absolutely no sense to me.

yeah, this whole bail out thing really helped those that were hurt the most from greed and the economy tanking.

 

This is what happens when the government gets in the way of the not so free market.
The banks already received their money from the government.
But I would disagree with anyone who talks only about the greed of the private sector or the banks.
There has NEVER been more of a power grab or greed involved in government and politics as there is today.
Trent Lott and Tom Daschle are two that come to mind, they resign or lose elections and then become lobbyists in Washington Dc.
Also the house bank scandal of the 90's is an example.

 

For the record, the banking and Fannie/Freddie bailouts was all Obama.

 

i dont care who it was. all i know is it isnt helping people. it is only giving incentive to lending institutions to foreclose more instead of work with people, at least imo. and from what i have seen up close.