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Countrywide being sued - 6/30/2008 10:18:11 PM

cyberdude611

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I know the banks made some very big mistakes over the past several years with the sub-prime loans and mortgage crisis....but how does suing these banks help the struggling real estate and banking market?

It seems the government is only trying to make the situation worse. These banks are on the verge of bankruptcy and the government's solution is to sue the banks?

http://news.yahoo.com/s/nm/20080630/bs_nm/countrywide_lawsuit_dc

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RE: Countrywide being sued - 6/30/2008 10:23:13 PM

christine1

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i don't know cyberdude. all i know is my tax dollars better not go to help the banks or the people that were stupid enough to do the sub prime loans. their stupidity is not my problem. i don't know how sueing the banks will solve anything....i just don't want to have to bail them out.

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RE: Countrywide being sued - 7/1/2008 12:56:16 AM

cyberdude611

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People also need to remember that real estate is an investment. And in every investment, there is an element of risk. People seem to have forgotten about that. A lot of people made some very stupid decisions, not just banks. I mean I know people that bought up 2, 3, 4 properties with sub-prime loans and tried to flip them and got caught when the market crashed. The teaser rates expired and the interest shot up leading to foreclosure. That is where a lot of the foreclosures have come from. The other bunch were people who either didn't read or understand the contract they were signing and ended up in a sub-prime program they didnt understand.

A lot of investors and speculators got trapped in a very, very high risk investment scheme and ended up bankrupting themselves. Those people made foolish financial decisions and should lose their money. Unfortunately some people of the lower economic classes got caught up into this as well. But there is a problem because you cant bail out one group of people and not another.

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RE: Countrywide being sued - 7/1/2008 1:01:44 AM

christine1

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i don't think anyone should be bailed out. i've goofed up in my life financially and i've always gotten myself out of those goof ups. i don't know where the "i'm entitled" attitude has come from but i'll go kicking and screaming into the era of "bail out the stupid people." there is no excuse for stupidity or ignorance...do your homework.

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RE: Countrywide being sued - 7/1/2008 3:17:20 AM

mefisto69

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it's not really about bailing out suckered home owners. the feds are tyring to find ways to get some of the mega-billions of dollars back that were made by all the middle men. the mortgage brokers and mid-level bankers were making money hand over fist pushing through very shaky mortgages...... they new it was wrong...... they should be stripped aof their personal assets and kicked out of the industry for their actions.

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