The bailout passed. How do you feel about that?

[PUNKturedBIKE]

The days of loans for people with bad credit or 100% financing for anyone are over - but mortgages and car loans are closing every day, even now.

Toyota announced this week an offer of 0% financing for people with good credit to boost sales. It's a sign of the times to see Toyota doing it, but apparently the money for loans to customers is still out there. (And if you have a 10mpg SUV in the driveway and excellent credit, 0% on a Corolla sounds like a pretty good deal right about now).

And FWIW, the offers of pre-approved credit cards and offers to refinance our mortgage haven't slowed down a bit at our house.

TBH, if you have a bad credit rating you shouldn't be getting credit. That is in part how you get a wonky economy. Don't care was made to care, but can't pay, won't pay.

 

[PUNKturedBIKE]

You do not purchase a home unless you can pay for it. If you take a tenant then that tenant should not be the determining factor in meeting your mortgage each month. It should be icing on the cake.

Tell my landlady that! I have to pay rent early so that she can pay the mortgage on her second home.

But nobody can get a mortgage right now, even if they have impeccable credit. That's the problem.

Yeah, but there's them rich folk with ready money awaiting.

Bet it's not our dear old ma's anymore with mattresses full cash.

 

[Claudia2006]

TBH, if you have a bad credit rating you shouldn't be getting credit. That is in part how you get a wonky economy. Don't care was made to care, but can't pay, won't pay.

Absolutely. This "credit crunch" we're in as it applies to the average American living beyond their means is a good thing.

 

[SNS22]

I want reparations!

 

[Buzzetta]

Tell my landlady that! I have to pay rent early so that she can pay the mortgage on her second home.



Yeah, but there's them rich folk with ready money awaiting.

Bet it's not our dear old ma's anymore with mattresses full cash.

Exactly what I mean, if you decide to move somewhere immediately she could be in default on that mortgage. I mean really WTF? Idiots. You do not buy what you cannot afford.

 

[Corrissey]

On SNL Weekend Update:

"Guess what? That house you couldn't pay for? You can pay for it."

 

[bored]

But nobody can get a mortgage right now, even if they have impeccable credit. That's the problem.

That's not true. They are much harder to get but they are available.

 

[bored]

Bring back debtor prisons and institute the death penalty for corrupt CEO's.

That'll clean up the market!

Where do I vote for that?

I'll be first in line.

 

[Unwitting Observer]

America: Where stupidity and financial irresponsibility is rewarded. Where the stupid, ignorant and those unable to manage their finances have their hands held. The height of stupidity.

America is supposed to be a capitalist country, where the government stays out of things like this, correct? Yet when stupid morons who can't add properly spend more than they earn and banks keep lending them the money, they just bail them out.

Let the rats sink. It would be hard for a few years, but things would even out once again. What is the message they are sending now? "Go ahead and give loans to every moron who comes through your doors." "Mr/Mrs consumer: Go ahead and spend beyond your means. By all means buy that second SUV and that plasma screen. We have your back!"

I'm not even American and I'm disgusted at the whole situation.

Um yeah. I don't know if you realize this, but, the thing you're talking about DID NOT HAPPEN. It was a proposal, but it didn't get passed along with the bill. It was cut out.

All the bailout did was bail out CORPORATIONS. Individuals will get nothing from this. It only helped WALL STREET.

 

[Buzzetta]

Um yeah. I don't know if you realize this, but, the thing you're talking about DID NOT HAPPEN. It was a proposal, but it didn't get passed along with the bill. It was cut out.

All the bailout did was bail out CORPORATIONS. Individuals will get nothing from this. It only helped WALL STREET.

I blame the mentality of individuals such as my coworker's tenants who decided to purposely default on their rent so they could go on vacation knowing that they would have to pay a hefty penalty. It is nice and easy to blame the faceless corporations but people DO indeed need to analyze their spending habits.