David Bach The Automatic Millionaire

KevinE - Sunday, September 16, 2007, 2:42PM ET  Report Abuse

• Overall: 2/5

I don't think that irresposible lenders or borrowers should be bailed out. By the goverment or anyone. A person who had at least a 10% down payment and a good credit score and exercised resraint will be just fine. It will be the people that made bad choices that will lose there homes. This is what life is about. CHOICES!! If you took out a $500,000 loan for a house and DIDN'T LEARN ABOUT HOW YOUR MORTGAGE WAS GOING TO WORK!! You DESERVE what you get. If you don't like the closing WALK AWAY. This country has been spending money it doesn't have for the last 30 years. Everybody on here that is for the FED lowering interest rates or bailing out RETARDED homeowners doesn't understand what will really happen if they lower rates. Spending beyond our means for 30 years adds up. A billion here a billion there. We now have (including unfunded liabilities for SS, and medicare) a national debt of over: 40,000,000,000,000 YES THAT IS $40 TRILLION DOLLARS that has to be funded or cut from the budget some how over the next 20 yrs. What ever happened to personal resposibility. THE GOVERMENT IS NOT THE ANWSER TO YOUR PROBLEMS!! You ARE. Step up be a man admit you made a mistake and get your self out of it. If it takes getting a second or third job then so be it. Don't trust the goverment. Look how well they keep within a budget. So I want all you people to think about where we get $2 billion a day to pay the INTEREST on our $9 trillion (on the books) debt. Don't know? China, Japan, and a few other foreign countrys. Inflation is already out of control. The united states HAS to BORROW over $2 BILLION A DAY to pay the interest on the national debt. BORROW!!! JUST TO PAY THE INTEREST!! The dollar is already at an all time low against other major currencys. We lower interest rates and US treasuries become LESS attractive to foreign investors. Which means we can't finance our debt. We have to borrow more or print more. The dollar loses more of its value. We print up more dollars to pay our debt. Inflation gets even worse. Don't think inflation is bad? Think back 8 yrs ago. to what the prices were for food, housing, gas, rents, vehicles and natural gas. Now you tell me they have increased only 2.2% a year. Don't belive the CPI stats of 2.2% a year. How mad would you be if you KNEW you were losing 8% a year on your savings account. Or your 10% return on your 401k is really only 2% after inflation even less after taxes when you withdraw. No wonder people can't get ahead. There is no way the US can avoid this SERVERE CORRECTION we are going to have one way or the other. We may put it off like we did in 2001 for a couple more years. But just like anyone who lives beyond there means for to long. Eventually you must pay the piper. ******************************************** Advice:!!! If the fed lowers rates on tuesday. I'm telling you now to stock up as much as you can this winter with gas, food, clothing. Almost anything imported. Because inflation will get out of control. It will be like Weimar Republic in the 1920's in a couple of years. BUY GOLD AND SLIVER!!! BUY GOLD AND SLIVER!!! BUY GOLD AND SLIVER!!! My Guess is the FED will hold steady and keep injecting cash into the system as needed. The dollar is already toast and if they lower rates WATCH OUT BELOW!! That is one thing all the talking heads on CNBC and Yahoo finance aren't talking about. ********************************************** So to alll you people that want a bailout or to print up more money to help out people that will keep making bad decisions the rest of their lives. Think about what will REALLY happen. EVERYTHING will increase in price 10%-20% YEAR over YEAR. Mark my words: A great depression is coming. Just be ready for it. Stupid people will always be stupid. Look around think for YOURSELF!! Look at what is REALLY going on NOT what they tell you in the mainstream media.

Yahoo! Finance User - Sunday, September 16, 2007, 2:00AM ET  Report Abuse

• Overall: 3/5

I am sick of the pervasive sense of entitlement that politicians pander too via “new programs”. Government is the answer to every question, only for those who are the recipients of the plunder rather than the taxpayers who are the funding sources of the “new programs”. Why should any taxpayer reward and thereby encourage the irresponsible and/or ignorant decisions of others by enabling FHA guaranteed refinancing of loans that shouldn’t have been made in the first place ? “Help for Those in Trouble “ is a politically correct feel good phrase that ignores the fact that “Those in Trouble” got where they are because they assumed risks associated with ARMs betting that there was a higher likelihood of significant rewards (through appreciation) that would out weigh the probability of occurance of a change in interest rates. Now that those risks have become realities, they are crying for someone else to shoulder the costs. Would the same people have been or be willing to provide the government a percentage of any realized gain had the risks never transpired. NO. I live within my means….other people should too ! I also love the phrase in the article ” …help borrowers with weaker credit and lower incomes.” – HOW does enabling them to live in homes they can’t afford, help their weak credit or increase their low income ? There was a day when those with weak credit (a consequence of not paying your bills responsibly) and lower incomes (a consequence of lack of initiative and/or poor choices) meant you were not a “borrower” these people were called “renters”. Buy anything you can’t afford, you loose whatever you bought through ruined credit, repossession, or foreclosure. It’s as simple as that! Next time, buy a house you can afford the mortgage payments using conventional financing.

the economist - Friday, September 14, 2007, 10:38PM ET  Report Abuse

• Overall: 3/5

I understand and agree with most comments here that the genius' who took out mortgages should pay, however, since most of you are not Economists you do not see the whole picture. First of all Fed already bailed out lots of this homeowners by lowering Federal Funds Rate, by buying $20 billion worth of the worst securities(first time ever!) instead of trading Treasury bonds. Why did Fed do it? Because like Ben said this is going to spill over to the other sectors of economy and then the sh*t will really hit the fan. In many hot areas like San Diego, LA, Bay Area business are closing and that means for all you average Joe's with no economics degrees unemployment, spiraling into recession and then depression. So as much as we all hate those genius' that bought houses they could not afford, we have to give them a helping hand.

Cody - Friday, September 14, 2007, 9:35PM ET  Report Abuse

• Overall: 5/5

Excellent artical on the current administrations plan to help the home owner. The artical also does a good job of avoiding judgements aginst people that have gotten into trouble.

Yahoo! Finance User - Friday, September 14, 2007, 10:53AM ET  Report Abuse

• Overall: 1/5

It IS a bailout... People bought homes that they couldn't afford because they believed that the home would increase in value and they would be able to refinance, take money out, have more equity without paying into the house, etc… just like I put money into a stock with the speculation that it would increase in value… when it decreases I take my loss. I don’t care who put you into a mortgage you couldn’t afford, I had the same options as you had and the same information at my disposal and I used the information to make the right decision not the wrong one. So now you get the rate help that would allow you to keep that home that you could never afford without the teaser rate and now without the new assistance being provided… what about all the people that made the right decision to wait until they could afford a home and are still renting and increasing housing prices STILL cannot buy… where is the help for them. Nowhere… So you sit in the house that you could never afford and the renter still pays into nothing, you get help the renter doesn’t, you can now build equity and the renter still waits to buy because he can’t afford the housing prices.

Natalie - Friday, September 14, 2007, 10:27AM ET  Report Abuse

• Overall: 1/5

Housing in the US is 30-50% overvalued right now. The fed needs to raise, not lower rates, and cleanse the system. Those that can't afford their homes need to be kicked out. Sure it will be a bitter pill, and many will lose lots of money. We need the surgury, however, for the economy to heal. Otherwise, this mess will be move from critical to fatal.

Mar - Friday, September 14, 2007, 10:07AM ET  Report Abuse

• Overall: 1/5

How sickening is this?? All these people do is legally STEAL from the honest, hardworking taxpayer and then have the nerve to get on Yahoo Finance and offer their services. Bailing out even one person from their irresponsibility is too much. I feel like the whole country has turned criminal and if you don't participate in the crime you are a sucker because now these people are enjoying tax breaks that the rest of us are paying for. How about a little help with OUR taxes - you know the honest, hardworking American who just spent billions buying houses for Katrina "survivors" who didn't even OWN property!!

David D - Friday, September 14, 2007, 10:04AM ET  Report Abuse

• Overall: 2/5

The bottom line is this; many people are poorly educated when it comes to personal finance. They trusted what a scumbag mortgage broker told them. There needs to be an overhaul in our education system. I for one did not learn about personal finance until I was in college. There are millions of people who do not make it to college. This subject matter needs to be taugh in High School. It is an actual life skill that we all use. Drop Calculus and bring a subject matter that will help millions of people. The more we can educate the better off we will all be. No more used car salesmen; No more predatory lending brokers.

Yahoo! Finance User - Friday, September 14, 2007, 9:09AM ET  Report Abuse

• Overall: 1/5

I hope they raise rates, I was smart and got a low fixed rate when I could. The higher the interest rates, the more money in my pocket.

Matt or Matthew - Thursday, September 13, 2007, 6:27PM ET  Report Abuse

• Overall: 4/5

Maybe it's just me, yet nowhere in this article did I see David claim that he wanted taxpayers to bailout mortgage owners - according to what I read, it was President Bush who was outlining the mortgage/FHA criteria. As far as David was concerned, I simply saw him offering his suggestions on what he felt existing mortgage owners would benefit from.

David - Thursday, September 13, 2007, 1:51PM ET  Report Abuse

• Overall: 1/5

So now, the automatic millionaire wants tax[ayers to bailout the irresponsible? This guy is unbelievable!

Hedders - Thursday, September 13, 2007, 2:41AM ET  Report Abuse

• Overall: 5/5

I'm going to be taking advantage of this opportunity just like I took advantage of the opportunity back in 2002, when I got a 5 year fix. My loan is about to adjust to a 9% next month but today I have over $300,000 in equity and much better credit. I do see, however, why people got into the mess that they're in because I am a little tempted to take a bunch of money out and just take a well deserved vacation (as I'm sure others with lots of equity did when I refinanced them). Being that I'm a loan officer myself I often preach the 5 year fix because in my opinion that's the best there is. I'm finding today, though, that good ol' FHA is the going to be the cream de la crop. I'll be contacting those that fit the criteria for this FHA secure and help them keep their homes, if you like it or not, because it's the right thing to do for the economy, the borrowers, and myself. Contact me if you're one of the people that need help and fit the criteria.

Andre Piwoni - Thursday, September 13, 2007, 2:01AM ET  Report Abuse

• Overall: 1/5

l_bianchinem, you are not so different than all those amateur speculators. They thought real estate always goes up, you think economy can sustain growth like in the past several years forever. Economy cannot grow infinitely on credit and debt. Look where it led us. If homeowner cannot afford mortgage what else he/she can contribute to the economy. Buy plasma TV on credit? Can you elaborate how bailing out distressed homeowners can really help to stop inevitable down cycle in the economy?

Me - Thursday, September 13, 2007, 12:40AM ET  Report Abuse

• Overall: 5/5

I think 99% of these people leaving negative comments on here, don't even know or understand what is going on in this world right now. It is not about bailing anyone out. Before posting a NEGATIVE comment, read and study prior to posting so you don't look so damn stupid. That is my opinion. I think whatever can be done to help homeowners that are in the ARM's, let's do whatever we can to prevent the economy from taking a real bad turn down hill...cause it could get really ugly.

Poor job - Thursday, September 13, 2007, 12:03AM ET  Report Abuse

• Overall: 1/5

A bailout sets such a bad precedent. You're encouraging bad behavior. People bought more home than they could afford on a bet to make easy profits from rising real estate prices... And I'm going to have to pay for their mistakes !!!! Lovely, isn't it ????

tim - Wednesday, September 12, 2007, 11:56PM ET  Report Abuse

• Overall: 1/5

I THINK THIS IS ABSURD... COUNTRY WIDE KNEW WHAT THEY WERE DOING , SO THEY DO NOT DESERVE A INTREST FREE LOAN FROM THE GOV. FURTHAR MORE THESE PEOPLE IN TROUBLE SHOULD HAVE HAD ENOUGH SENCE TO KNOW THAT WHEN THE TEASER RATE WAS UP THAT THERE WAS NO WAY THEY WOULD BE ABLE TO PAY. I DONT EVEN OWN A HOME. THROW ME A BONE OVER HERE. IM A STUDENT AND HAD TO BORROW MONEY FROM FAMILY TO FINISH OUT SCHOOL. BUT WE CAN THROW TONS OF MONEY AROUND TO LENDERS WHO KNEW WHAT THEY WERE DOING AND HOME OWNERS THAT SHOULD HAVE KNOWN BETTER FROM THE START!!! THIS SYSTEM IS GOING DOWN THE DRAIN AND THERE IS NOTHING WE CAN DO ABOUT IT BUT SIT BACK AND WATCH. MOSTLY BECAUSE MOST OF US ARE TOO BUSY WATCHING TO SEE WHO THE NEXT AMERICAM IDOL WILL BE ...

Yahoo! Finance User - Wednesday, September 12, 2007, 11:54PM ET  Report Abuse

• Overall: 3/5

I wish I would have refinaced and cashed out once a year then have the government try to bail me out of trouble. These people knew what they were getting into with interest only, ARM'S and NEG AM'S. All the loan officers and lenders also put themselves in this predicament. Loan offices have no morales or ethics. They also knew that 80% of these people had no business buying overpriced homes or refinacing over and over. My opinion is if you can't afford a home with a 30 year fixed non interest only loan you have no business buying the house.

The Sainte - Wednesday, September 12, 2007, 11:30PM ET  Report Abuse

• Overall: 1/5

For all the homeowners who understand mortgage rates and knew of all the bad incentive plans, what incentive do they have? Many of these people knew and understood the circumstances of the variable rates but because they wanted their investments to grow faster than normal they are now losing. Sounds like the stock market of 2000. I don't remember getting an incentive from the goverment for the shirt getting ripped off of my back during the stock market correction?

John - Wednesday, September 12, 2007, 11:24PM ET  Report Abuse

• Overall: 5/5

First of all I think what President Bush is doing is excellent. I have been in the business for over 5 years now and I have never seen the market take this bad of a hit. For all whom doubt the turn around of the market I believe they should reconsider there point of views because this market will become a bull market once agian. I strongly believe that it would be a big boost to the economy if we are able to refiance B C paper borrowers into FHA loans where they can afford the payments. Now if they continue to not be able to make there payments on time then they have no business buying a home in the first place. Either sell or be screwed and effect the rest of America by foreclosing. In my opinion within the next 3-6 months there will be a major turn around which will boost business and sales nationwide. Thank you George Bush for looking out for all of us!

Yahoo! Finance User - Wednesday, September 12, 2007, 11:20PM ET  Report Abuse

• Overall: 1/5

Bullsh---I mean, baloney. 99% of mortgage borrowers knew exactly what they were getting into and took the loans anyway, not to say anything of the lenders. Heck, now I want Mr. Bush to bail me out of those crappy Internet companies I invested in in the early 2000's. It is NOT government's responsibility to bail individual investors out of bad bets. Can't afford the loss? Don't buy the item!

Joeatch2 - Wednesday, September 12, 2007, 11:02PM ET  Report Abuse

• Overall: 2/5

1st. Here is the "Bush Scam" How can you have 3% equity if you bought a house with zero money down and now your house is worth 25-30% less than when you bought it? The bailout is BS. The stupidity of my fellow Americans is an embarrassment. Shame on all of you who bought a house you couldn't afford. But I guess we can't blame people for following the crowd out of sheer ignorance. Oh ya we can thats the American way. Do irresponsible things, blame other people, and ask some one to bail you out of the mess you created for yourself. 2nd. My wife and I make around 200k per year total. We can't buy a starter home because a simple 2 bedroom 1 bathroom starter home is selling for over 275k. A rediculous amount of money than any reasonable person would realize is obscene. We make well above the national average therefore we should be able to afford an above average house not some starter home for people earing an average of 80k per year. Bail outs are BS. If the industry was regulated and the education system in this country did its job then so many stupid people wouldn't get stuck in these mortgages. I want all the money I have lost in the stock market for making bad investment decisions, my credit is in the 800's. America's obsession with what they cant afford only hurts the people that can afford to buy things by artificially inflating prices. I can't wait for the crash of 2008 so that I can buy a decent home at a reasonable price that I can afford.

Yahoo! Finance User - Wednesday, September 12, 2007, 10:58PM ET  Report Abuse

• Overall: 3/5

Wow, how easy it is for others to assume everyone having a mortgage problem has one because of greed, or simple stupidity. While I'm sure there are those who chose to buy beyond what they afford, (most people make those kind of choices everyday, or we wouldn't have the credit card problems either) but that isn't always the case. My husband and I are facing foreclosure, and it isn't because we were greedy. My husband was relocated due to his job and we were renting our home to a family who was faithful in paying the rent and wanted to buy the home once they established their credit. We bought a home in our new location, because the renters were ready to buy. Within 2weeks, our renter witnessed a serious crime, was "relocated". We then experienced one horrible renter after another. For 3 years we kept up both mortgages and finally ran out of savings and could no longer keep up both payments. (our renters didn't pay 60% of the time, and we had to pay for numerous repairs due to their neglegence) We are still trying to work w/the bank and following their instructions. While I admit to our "stupidity" of buying a home before the papers were signed on our first home, I also don't understand how a bank loaned us the amount of money they did for our first home. Yes, we could afford the payments, but the house was not worth the amount of the loan. When we got to closing, they had added 20,000 to the amount we were told. I didn't want to sign, but my husband said we would be paying more for rent, so we'd be better paying ourselves. Now, the bank is going to foreclose on our home, and we tried a short sell, but since we owe way more than it is worth, they won't accept any offers. Which are actually reasonable considering the property. I'm not looking for the govt. to bail us out, but I am glad that they will be looking at some of the ways loan companies are operating. Hopefully, they will prevent a bank for loaning a huge amount simply on the basis that the person can afford it, instead of what the property is truly valued at. I don't know how the bank loaned us $105,000.00 on a house worth $60,000.00 at best. It's a mobile home! anyway, my point is that you don't know the circumstances in all situations and shouldn't assume it is all about greed. Be thankful you haven't found yourself in a situation where you feel you've done all you can and it still isn't enough. I don't expect to be bailed out and I know my once excellent credit is now crap....but after this I don't plan on buying anything unless I can pay cash!

EvelynH - Wednesday, September 12, 2007, 10:44PM ET  Report Abuse

• Overall: 2/5

I agree with the last two comments. So many people try to get things they can't afford. Most of the people I know with adjustable rates have bad credit. They just take the offer that sounds good at the time not realizing they are going to get majorly screwed later. This country is so backwards it's funny. A bunch of people were putting their wants before there needs and now need someone to bail them out. I don't feel sorry for them. I take care of my credit. I pay my bills on time and just got a house I CAN AFFORD! And though I had good credit and make good money it was a pain getting it. Now if I was on welfare and wanted a $200,00 house they would have handed it to me fully furnished on a silver plater. What's wrong with this picture. This country needs to stop babying the idiots and rewarding the responsible.

T P - Wednesday, September 12, 2007, 10:39PM ET  Report Abuse

• Overall: 4/5

You people, and you know who you are, that are upset about a so called government bail out are so not getting it. The government is not proposing a bail out. It is yet another refinance product for those that have many other main stream refinance options already available to them. The people that took out loans that were interest only, option arms or adjustable rates - particularly the no doc programs - or those that do not have good credit will not be able to refinance. These people took out mortgage loans that really should not have been made in the first place. The FHA Secure and at least in this state the SONYMA Keep the Dream loan is for people who meet both the income to debt ratios and credit guidelines. So don't be so mad at the government. They really aren't bailing anyone out.

__A_YAHOO_USER__ - Wednesday, September 12, 2007, 10:38PM ET  Report Abuse

• Overall: 4/5

what the prez is talking about is nothing new. i work in collections in the industry and nothing has changed. it is called a loan modification and all you do is change the terms of the loan. this new fha secure is really no different that the terms that are set when you modify your loan.(and we only modify loans that are in defalut at least tow payments). this modification smears your credit but it will keep you in your home. bush is right tho(never thought i'd say that) call your mortgage company if you even think you might be in trouble. it is a lot easier to fix a problem before it gets out of hand, than to try and fix it after the fact. but seriously though everyone did overextend themselves with their lavish homes. people you have got to learn your limits. this could possibly(dare i say the d word) put us into a serious recession with the inflation rate going higher and higher everyday. my best advice. don't buy something you know you cannot afford. and just to clear things up( i tell people this everyday) any arrangements you setup with your mortgage company where you make for example septembers payment in october and so forth, you ARE subject to credit reporting. ANY time you make your payments after the last day of the month that it was due you will be reported. thats all im gonna say. oh and one more thing(i actually already said it but you weren't paying attention). IF YOU THINK THAT YOU MIGHT BE IN TROUBLE CALL YOUR MORTGAGE COMPANY! THEY ARE ABLE TO HELP. it may mess up your credit but it will keep a roof over your head.

Jay - Wednesday, September 12, 2007, 10:36PM ET  Report Abuse

• Overall: 2/5

My wife and I bought a home in San Diego for $499,000. Yes a lot of money and we pay $2400 a month for a 30 year FIXED rate at 5.85% I told my wife if we didn't qualify for a fixed then no home. Simple as that. These people who fell for the teaser rate or the variable are STUPID! They should lose their homes. Sorry, but you need to read the lending papers BEFORE you sign them and prepare for the future. Bottom line - If you can't afford a home on a fixed rate DON'T BUY!!!

Melanie - Wednesday, September 12, 2007, 10:26PM ET  Report Abuse

• Overall: 2/5

So boo hoo hoo to all the idiots who bought their big house with an introductory rate of 1.75% for the first year! Duh! What did you think would happen after that? Well, you can count on the good old gov. to bail you out when you are stupid, stupidity reigns apparently in the U.S. Nobody was there to bail us out when we had problems beyond our control and had to struggle to pay our (responsible) mortgage on time, I guess I should have whined to the Feds and gotten a break instead of taking care of myself, but hey, all of us smart people can enjoy the good credit, b/c let's face it, their credit is still ruined, unless of course the gov. steps in next to reset their credit scores too, to a higher score. Ha! you laugh now, but just you wait.... more stupidity to come!

haleysmom - Wednesday, September 12, 2007, 10:26PM ET  Report Abuse

• Overall: 3/5

Avoiding foreclosures on a mass scale is vital for everyone, not just those being helped out of foreclosure. If markets are flooded with foreclosed properties, values will decline and that hurts all homeowners, not just irresponsible ones, not to mention straining the economy and causing job losses. So, all you responsible homeowners who resent others being helped out, it will help everyone including YOU, AND anyhow, it is not as though they are going to be relieved of their debt, they will just be put into the mortgage that they should have got in the first place...a safe fixed rate.

Brian - Wednesday, September 12, 2007, 10:19PM ET  Report Abuse

• Overall: 1/5

Those of you who bought homes and are now stuck in a position where you can no longer afford to make the payments or have realized that your home is depreciating and you are going to lose money … too bad. Taking a loss on a purchase is your right as an American. It is just as much of a right as turning around and making a $150k profit on selling a home. Some people make good financial decisions while others do not. Doing a little homework and researching a future purchase has always helped people in this country get ahead while those that choose to not do the same research fail miserably. Hell, sometimes educated purchasing leads to losses as well. That is part of living in a free market … investment decisions are gambles … some greater then others. You have the right as an American to gamble with your money. If you make a profit good for you. If you take a loss, too bad … I hope you kept enough in reserve to recover. The dangerous turn that this country is now making is a decision by the government to bail out people when they make bad decisions and take losses. Our economy isn’t going to crash because a bunch of uneducated individuals purchased homes beyond their means and are now going to lose them. It’s going to crash because ignorant people keep getting hand outs from the government. The people who overspent on their homes will never fully learn to not spend beyond their means and do a little homework before they purchase their next home and they will set a dangerous precedent that future home owners will simply replicate. Appraisers hired by the banks will continue to inflate the value of homes and will never have to make an honest and accurate appraisal on a home’s actual worth. Realtors will continue to lure “unsuspecting and ignorant” home buyers to purchase overpriced homes. Banks will continue to hand out inflated loans and will continue to lull future home owners into buying more of a home then they can afford. This in turn will propagate an eventual repeat of this same situation over and over again. The only way to put a stop to this cycle would be to let the home owners default on their loans since they made a poor decision. This in turn would cause the banks to take a rightful loss on a loan they should not have “scammed” a homeowner into getting. In turn, the overpriced house would return to the market (along with many others in the same boat) and would sit empty until an honest appraisal was done on its actual worth, thus reducing the purchasing price to something an honest, hardworking person making an educated purchase could truly afford. However, you’ll never see this happen. This kind of blame everyone else for your problems and reach out to the government (or whoever) for a “little help” has seeped into just about every facet of our society. It is becoming engrained in our everyday practices as people completely lose the concept of personal responsibility. Also, the government (local and Federal) does not want to see the price of these homes reduce. That would result in lower property taxes and government never really wants to reduce taxes. It has become a spending monster (but that’s a whole other discussion).

PennyC - Wednesday, September 12, 2007, 10:12PM ET  Report Abuse

• Overall: 3/5

you all who have a problem with the government helping are stupid. Can you not see the forest for the trees? If there is no assistance, America's economy will be devistated and you, Mr. and Ms. Stupid WILL be directly affected. This goes way beyond someone just losing their home and we're not talking about a thousand or so people here! Without government assistance we are ALL looking at economic devestation! OPEN YOUR EYES and stop being judgemental. I too waited to buy a home (thank goodness) because I was leery of the sack of sugar the mortgage companies were selling me. I make a decent income-$65k and I'm single with no kids and would you believe that they qualified me for a $320k loan!? what in the world??? Your mortgage should never be more than 2.5 to 3 times your income but with the "special" rates they could put me in something much nicer than what I was looking at AND of course, they didn't mention that their commission is based on the loan amount! CRAZY. Some people fell for it, some people knew, some people didn't but to put everyone in the same boat is not fair and is unreasonable. I was smart enough not to fall prey, but I don't judge those that weren't. LOOK AT THE BIG PICTURE, without the governments assistance there will undoubtly be an increase in domestic violence and murders, suicide and mental illness and THIS WILL AFFECT YOU! Bottom line, the mortgage companies who approved the loan and the realtors who recommended them all need to be dealt with. I just hope that no one I know is directly affected by this catrosphe.