More of your email replies to the subprime loan interest rate freeze idea:
Wow! Health care is taboo for this administration, but we'll prop up incompetent lenders and borrowers.
Remember when Congress used to pass laws "that were equally applicable to every person"? Me neither.
Rick Santelli is RIGHT, JUMP ON THE BAIL TRADE! FEDERAL GRAVY TRAIN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
This fix is outrageous. So now a contract can be annulled by the government. How about the investors who bought these loans based on earning a particular yield? Lets see, am I a party to any contracts that I now don't want to honor any longer? I guess I should contact the government to get these contracts cancelled. This action shows the tyranny and corruptness of big government.
We are all on the Titanic . We know we are going to hit the iceberg. What do you do? You do something then you find out what happened, change rules positively, and apply accountability. What part of the ship should take the hit? It is obvious....the part that can.
Why should we freeze the rates of people who have a history of not paying their bills? Most of the 100% subprime borrowers couldn’t make the 3rd payment at the teaser rate. Mainly because the mortgage broker who put them in that loan didn’t care what happened to the borrower they just wanted a higher commission. Fine & sue the mortgage company that they worked for & put the broker on a National watch list never to get into the business again.
If our government decides to get involved in a bailout, I think we should join together in a class action lawsuit against our government.
Questions? Comments? RealtyCheck@cnbc.com