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No Agman... blame it on those who PASSED the laws that FORCED them to make the bad loans.

Listen, I lose out on this deal, too. Probably more than most... but turning your back on the situation and causing potential ruin to 100's of thousands of innocent people caught in this scam is just going to cause even more problems for all of us.

This is how they FORCED the banks and lending institutions.... A lovely do-gooder theory... They were WARNED by economists and bankers, but it SOUNDED SO PRETTY at the podium that they ignored the warnings and did it anyway.

From Wikipedia.. The Community REinvestment Act

The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses.

The CRA was passed into law by the U.S. Congress in 1977 as a result of national grassroots pressure for affordable housing, and despite considerable opposition from the mainstream banking community. Only one banker, Ron Grzywinski from ShoreBank in Chicago, testified in favor of the act. [1]

The CRA mandates that each banking institution be evaluated to determine if it has met the credit needs of its entire community. That record is taken into account when the federal government considers an institution's application for deposit facilities, including mergers and acquisitions. The CRA is enforced by the financial regulators (FDIC, OCC, OTS, and FRB). In 1995, as a result of interest from President Clinton's administration, the implementing regulations for the CRA were strengthened by focusing the financial regulators' attention on institutions' performance in helping to meet community credit needs. These changes were very controversial and as a result, the regulators agreed to revisit the rule after it had been fully implemented for five years. Thus in 2002, the regulators opened up the regulation for review and potential revision.

Here is where I disagree. These people you call innocent are not innocent. They made mistakes and they have to take responsibility for how they spend their money. I was looking for a house at that time and saw the dangers of no interest loans, I chose not to take one and continue renting. If I can figure it out without having a lawyer look over papers then I don't consider these people innocent. Houses around here at the time I was looking was 300k+, you are willing to pay 300k for a house but not a couple thousand for a lawyer to look over the paperwork?

These people are not innocent and I should not be paying for their mistake. People need to be responsible for their own actions. Its too bad they are going to lose their house, I know many people who either were foreclosed or in the process of being foreclosed, but their life goes on and they are now renting or will be renting like I am. We as a society should not be rewarding people for making mistakes and punishing people for making smart decisions. I looked at the future and saw these houses were way overpriced and these interest only loans were going to bite people, now you suggest that instead of me being stupid and buying a house and someone bailing me out, that I should bail these people out so they can live in a house and I continue renting. This is a farce in my opinion.

You see? It's not just buying a house... And when any company LIES to the public and the government about it's solvency the consumer has no way of knowing it's a bad deal

Following are the various offerings or services provided by AIG... Take a moment to look at each category and try to imagine how many people would be hurt if they just turned into dust...
These are not LENDERS, these are just human beings who thought they were doing business with a reputable company - and they had NO REASON to believe otherwise...Auto and Motor Vehicle Insurance
High Net Worth
Home and Property
Identity Theft
Life Insurance
Travel Insurance
Personal Health
Annuity
Banking
Investment Services
Loans and Credit
Mutual Funds
Retirement Services

Guys... think about it this way... Regarding foreclosures, it is only about NINE percent of the population that is in foreclosure. Ninety One percent are not...

If these company's were SOUND, this would not be a big issue for them... So it is not the sudden influx of people making bad decisions that created this problem.... It is the bad decision making of the company that rendered them unable to withstand a slump.

Following are the various offerings or services provided by AIG... Take a moment to look at each category and try to imagine how many people would be hurt if they just turned into dust...
These are not LENDERS, these are just human beings who thought they were doing business with a reputable company - and they had NO REASON to believe otherwise...Auto and Motor Vehicle Insurance
High Net Worth
Home and Property
Identity Theft
Life Insurance
Travel Insurance
Personal Health
Annuity
Banking
Investment Services
Loans and Credit
Mutual Funds
Retirement Services

Its the bad decisions of both the companies and the people. I have heard too many people who bought houses and the stuff they say, its absurd they would buy a house under those conditions, but their attitude seems to be if they are going to loan me the money to buy the house then I will do it and worry about it later. You can't blame everything on the business, you need to take some responsibility for your own financial decisions too, its not just the business fault because they are willing to loan someone money that can't afford it....

People went into this with the idea that somehow it will work out, the price of the house would continue to rise, they would take out a home equity loan, or whatever, I just shook my head when these people talked with glee. Now that it all fell apart they want to just blame the business. You signed the loan, take some responsibility.

Well think about this.... You have this Community Redevelopment act come in suddenly offering loans to people who never in their lives thought they could afford a home... You think they are going to have the means or ability or wisdom to hire a laywer when what they are hearing seems too good to be true????

Remember, this was not the bank's idea... this was forced on them by the Clinton democrats....

And was originally implemented on Jimmy"Peanuts" Carter's Watch.

Well think about this.... You have this Community Redevelopment act come in suddenly offering loans to people who never in their lives thought they could afford a home... You think they are going to have the means or ability or wisdom to hire a laywer when what they are hearing seems too good to be true????

Remember, this was not the bank's idea... this was forced on them by the Clinton democrats....

Obviously this thread needs a poem.

Darwin once said its survival of the fittest.
So the Republican squirrels quickly collected nuts and hid them away.
But the squirrel with the least nuts quickly realized he was not the
richest
And squirrel with the most nuts proclaimed “Change your lazy ways”

Now frustrated and demeaned the squirrel with the lest nuts
proclaimed
“Greedy republican squirrels should be taxed so that all the squirrels
will have nuts in the planter”
Thus was born the democratic squirrel thus named
And all the squirrels lived happily through the winter.

My work is done, Good nite.

I do understand that these people might not have the wisdom or common sense to hire a lawyer. It then comes down to should I be paying for them not having the wisdom or common sense to hire a lawyer or just to make a common sense decision. The people I know all make 50k a year, so they can't use the wisdom excuse. If we are going to bail people out it should be like the economic stimulus package so we all get a fair share. I am against the economic stimulus package, I am just saying we shouldn't be rewarding people for making bad decisions, while people who made good decisions get punished.

Personally, I think anyone who voted for Jimmy Carter or Bill Clinton should be the only ones who have to pay! LOL it was their hair-brained idea that set this all in motion!

Ok, and I think the only ones that should pay for the war and anything connected to the war are people who voted for George Bush!