There is no fix...

[Stewie]

... to the mess we're in. It sounds nice to refinance people who are in trouble, but SURPRISE!!!, they're defaulting AGAIN on the new favorable loan. People want to impress others, but they can't. Borrowed money makes you look the fool when your fakery comes home to roost.

How much of your hard-earned money is going to save the day when you pay your taxes?

http://news.yahoo.com/s/nm/20081222/bs_nm/us_financial_defaults_6

[StcChief]

A spokesman for IndyMac federal bank, which was taken over by the Federal Deposit Insurance Corp in August, said up until a few months ago, lenders were only tinkering with loan terms and not doing true modifications.
"Modifications in the past were never about finding the borrower an affordable payment," Evan Wagner said. "So I think it shouldn't be surprising that you are seeing a lot of these folks redefaulting."
well dah. No real solution was attempted, just patch that didn't work.

[Stewie]

well dah. No real solution was attempted, just patch that didn't work.

IndyMac spokesman? What? Who cares what they say? They're clueless.

People making $75,000 per year can't afford a $500,000 house no matter how hard the jackasses in DC try to smooth over the situation. It's a failed scheme (scam) that started about 12 years ago.

[PhillyChiefFan]

IndyMac spokesman? What? Who cares what they say? They're clueless.

People making $75,000 per year can't afford a $500,000 house no matter how hard the jackasses in DC try to smooth over the situation. It's a failed scheme (scam) that started about 12 years ago.

:toast: Exactly. It's not keeping up with the Jones' it was beating the Jones', having a new car, a big house, a boat, two jet ski's and a vaction house.

I hope that people learn their lesson, but I know better...the public has a very short memory for lessons like this.

Just like the fact that F-150 and Silverado sales have picked up since the price of gas dropped. Unbelievable, people really think this will last.