Barney Frank says we need to bail out people who can't pay the mortgages that?

Question

Barney Frank says we need to bail out people who can't pay the mortgages that Democrats forced banks to give them. Why?


I mean what about the people who didnt buy houses they could not afford and are stuggling to pay the bills or even those who are not, why not reward the people who are being responsible?

and why are we to bail out those (I have 3 in my family) who were irrisponsible and choose to live above their means knowing it was outside their budget??

why not just let them forclose and they can go rent??

Answer 1

Yeah...damn lazy stupid average Americans. Don't they realize they are just not elite enough or American enough to deserve to be helped out when they do something stupid.



Now if they were the "Wizards" of Wall Street...well now that is different. The Privatized Banking Industry has earned the Corporate Welfare they have received because without those Banks there is NO WAY for America to survive. No American can do business like the Americans who currently run the big banks....without these existing banks, there would be no banks. If we allow those banks to go bankrupt it will create a massive vacuum which will never be filled and this country will be without banks for forever.



God forbid anyone ever says "Why Not just let those banks fail and let those CEO's stand in line at the unemployment office."



So to hell with Average Stupid Americans...and praise be to the Lord for Corporate Welfare to help the Rich Stupid Americans continue to live their lavish millionaire lifestyles!!

Answer 2

The banks floating bad loans, then fraudulently bundling those loans into securities then paying off rating organizations to give those securities a AAA rating is what caused this mess. Transferring or guaranteeing the mortgages with Freddie and Fannie was done after the fact as part of a bail out scheme. It is true that the Legislature is responsible for repealing regulations that would have prevented this, and both parties share responsibility for this, but at the end of the day it was the banksters that pulled off this fraud on the American People.

Answer 3

I agree, I agree!! As do millions of others.



I think it's wrong for Obama to help out people that consciously put themselves in debt. I know spending more than you have can be an addiction and I believe people should be given a 2nd chance. But we are talking about some big bucks here. What Bush did with giving $300-600 to families was okay, thought unnecessary since it didn't help the economy at all. But spending millions of dollar that we don't have to help people in debt is unethical.



What should be done is, if you are behind in loans/mortgages/unpaid med bills due to no insurance at a certain amount, you have to apply for "stimulus aid" at the Social Security Dept. You have to be approved (the dept can hire more employees to help with this process) and then have to take a finance class, so many hours and pass it. Then with that passing grade and the approved application, you submit it and instead of receiving a check to pay your over due bills, the govt will send the money to the bank or office that you owe. That way money you earn from passing the class will actually go to the bill instead of in your pocket and your debt gets higher.



Anyways, something like that. My $600 stimulus check went to 3 over due bills, current monthly bills and clothes & groceries. NO cigarettes, no beer, no entertainment, etc. People need to be educated on finances, learn about savings, IRAs, Roths, etc. Earn the money. Like a child earns his allowance.

Answer 4

If I understand Obama's mortgage package, it would only aid struggling home owners who are up to date with payments.



Please understand that the pressure on banks to give mortgages to people who could not really afford them came from representatives from both parties.



Home values are seriously inflated beyond their true value and this has in large part caused the housing bubble. Something that took 3 months to build shouldn't take the rest of your life to pay for, especially when most homes sold are not new and therefore will need more money down the road socked into them for the upkeep. This is usury in action where people own nothing but debt, dressed up pretty like a seniors for the prom.



Think about it this way, a home you paid $50K for 20 years ago is now assessed at $250K and so you refinance your home and take loans against the equity because hey you're making out like a bandit...until the bubble bursts and your home goes back to the $50K ballpark and your stuck with a mountain of debt.



This problem goes way beyond subprime mortgages given to people who can't afford one. "We've only just begun" to quote Karen Carpenter I fear.

Answer 5

Barney Frank is the reason we are in this mess for starters. We only bail them out if they find a home in their price range. No more bailing out financial irresponsibility. Does the liberals realize that these people are using them and playing them? They are just using them for free money. Believe it or not Barney there are people out there who don't do the right thing and lives for ways to stick to the federal gov't.

Answer 6

why is every trying to place blame on one side or the other?



republicans deregulated. bush sat complacently for the last months of his presidency, doing little to nothing, yet he had a MBA. I expect that any genius he had should have been evident at that time.



But it wasn't.



Democrats have created problems too. So have the homeowners who stretched beyond their financial limit. Should we also blame those that lost their jobs, then had bills and mortgage and fell behind? Should we blame all of those who live on the knife edge of the poverty line and are the first to get cut?



Do you ever care about your fellow man, or is it all about you?



So, if you talk about responsibility, then yes, everyone must take the brunt. It's not anymore communism or socialism than it is the failure of capitalism. If we pay the government in our tax money we expect them to do the right thing and get us out of this mess.



Why don't we give this a chance to work first?

Answer 7

Its the democrat way. Launch a foolish program doomed to failure in the name of caring and compassion so no one can complain without being portrayed as heartless . Then when that program fails you pay more money to bail out people thereby establishing a long term voter base of virtual slaves to the government.



Sounds kinda like welfare doesnt it!

Answer 8

Barney Frank and others were the ones pushing to relax the rules and create sub-prime loans. If the loans created from the program fail, he would have to admit the program was a failure...and we can't have that.

Answer 9

Barney , mr. deregulate fannie and freddy while living with the ceo of fannie, is responsible for the melt down

Answer 10

Barney Frank IS a Huge Part of the Reason We're even in this Mess!!!

Answer 11

The answer is Communism.

The current administration wants to go from Freedom to Communism.

"Bail Out" is a euphemism for Socialization, the first step in Communism.

Answer 12

I would rather bail out home owners than greedy and corrupt corporate executives or mortgage companies who knew they were giving loans to people who shouldn't have them.

Answer 13

Because that would be a social atrocity (not to mention he won't get re-elected if he lets foreclosures happen) to have people actually take responsibility for their actions... responsibility to read the fine print and know what the word "variable" means.

Answer 14

your facts are a bit off. i find it funny that the cons continue to use Barney Frank as the scape goat...give me a break. talk about deflection.

Answer 15

Barney Frank is a fat lisping moron. I hope that answers the question.

Answer 16

Good question.