Is the housing crisis caused by banks not having a religion that teaches them to forgive their debts owed ?
Would you kick someone out of their house if they had some tough times and missed a couple payments?
Could the housing crisis have been prevented by banks being a little more forgiving?
Why is the fed bailing out the banks when no one bailed out the people?
will you please state your religion with your answer, i expect atheists to oppose this idea
They have your savings which prevents them for this thought
THE HOUSING CRISES WAS CAUSED BY IDIOTS BUYING HOUSES THEY COULD NOT AFFORD.
Sure would. So why don’t you tell the Churches that have billion of your dollars to fork over money to help these people.
Oh, thats right most of these big Churches from the right wing nuts forgot what Jesus said. They don’t even feed the poor.
Jewish
The bible states very clearly that NO INTEREST is to be charged on loaning money.
However, money-grubbing slimy snorting-in-the-mud fat capitalist PIGS are not known for their adherence to biblical principles.
I agree with Donald T.
No, it could have been avoided if the people buying the houses hadn’t tried buy more house than they could afford and if the banks/mortgage agent hadn’t been so willing to give these people a loan. There are 2 entities to blame here.
the mortgages were bundled and sold to equity firms, thus they are not controlled by a single bank, per se.
And yes, my father threw out the people living in the house he sold them after they failed to make more than 2 mortgage payments (he carried the papers) in 2 years of living in the house. They deserved it.
The feds bailed out the banks because the corporations control the government and dictate its actions. Individuals no longer matter.
The crisis is largely due to huge banking corporations who lowered their standards so they could make a buck. Of course, some of these homeowners should accept responsibility but the banks should have known that lowering the standard would allow people to get the “American Dream”, not necessarily keep it. I have no sympathy for the banks.
Donald, I bet a lot of those “idiots” can spell “crisis.”
But to the question: I don’t think anyone should get a bail out. People have been foreclosed on for years, and if you just helped this batch out because they had more people being forclosed, it would be unfair in my opinion. However, if we’re going to be bailing anyone out, it sure as heck shouldn’t be Bear Stearns or other lenders, I’d definitely prefer the people be bailed out. Unfortunately, we’re under a Republican administration right now and the only kind of welfare they support is corporate welfare for their CEO buddies
The housing crisis didn’t happen because banks kicked people out of their houses because of missing payments. The housing crisis happened because people brought houses with the banks do NO background checks or ANY investigation to whether or not the person could PAY BACK the loan.
In a nutshell, when 9-11 happened, the stock market fell. Investors then chose to invest in realty which lead to the housing bubble. Banks, competing against competition from other banks, began to relax their restrictions on loans. Before, loans were made to individuals after the banks received a down payment and had investigated whether or not the individuals could pay the mortgage. With the housing bubble growing and all the banks vying for business, banks began to have a policy of no down payments and no background checks. Getting loans now because ridiculously easy so people started getting loans and buying houses.
Then the economy slowed and coupled with the new bankrupcy laws, individuals had to decide between paying their mortgage and paying their debt. Many decided to leave their homes and thus the banks were left with houses with falling values. And they couldn’t sell the homes because no one was looking to BUY the homes.
Hence the housing crisis.
The Feds aren’t bailing out anybody. Their one single activity was for Bear Stearns and it was nothing basically different from the FDIC has done for banks that were threatened with going under. There has ben no Federal money going to any bank. The biblical admonition about debts and debtors is better translated as Forgive us our TRESPASS as we forgive those who trespass against us.
The financial system wouldn’t work if people’s financial obligations were just “forgiven.” In point of fact, the bankruptcy laws are pretty generous to people who took on more than they should have – a pretty effective form of ‘bailing out the people.’ And if that wasn’t enough, there’s plenty of people who are bailing out on mortgages (letting the banks foreclose) where they didn’t have to put any of their own money into the purchase and the house is now worth less than the mortgage.
I am not defending the lenders but let me ask you this.
First of all how could you or anyone else truly determine that the people who took out a loan fell on hard times? How do you determine the deadbeats from the people truly in need? You can’t, it would be impossible.
I understand why they are bailing out the banks because they are trying to keep the economy afloat. If all the banks go under then the economy will not be far behind.
No, but it is caused by banks giving loans to people when they knew they wouldn’t be able to afford them. Why hasn’t anyone suggested just modifying the loans so that the people can afford to pay them? Dropping the interest rates and making the loans fixed rate would alleviate a good number of the problems. It’s the banks’ fault that they loaned money to people that couldn’t afford to pay, they should take the hit for this. Instead, we seem to be bailing them out. Why?
Have you ever had a car repoed?
Have you ever been owed money?
Had the banks been forgiving they would have not given loans to people that they didn’t trust.
Should credit card debt be forgiven too?
Life is a lot different when you are owed money.
Better to be a creditor than a debtor.-Poor Richard’s Almanak
Better yet, if your employer “forgets” to pay you, forgive the debt.
If he never pays you, don’t quit. This is the same logic that you are promoting here.
Atheist Evolution Believing Capitalist. Better yet, have the Rich Vatican and Mecca bail these people out.
We unfortunately don’t like in that kind of world. In this “capitalist” society what really matters is the power of money, hence why banks are more likely to be bailed out over PEOPLE. Religion is not used in Economic transactions or in the drafting of policy. Politicians and such solely use it to disguise themselves as ethical and moral people. Religious teachings just don’t coexist with money and power at the expense of others… Sorry.
I watched a special the other night about the housing crisis and it had these two sad people who had lost their home and of course the reporter was so sympathetic to their loss and then they showed a picture of the home, It was a huge mansion that would cost a small fortune for electricity and heat alone. He was a black jack dealer in Vegas and she was a secretary, maybe just maybe they should have been sensible when choosing a home, they now live in a motor home. Oh and he drove a Lexus and she a Hummer, notice they kept those, hmmmm. Most of those who are now loosing their homes bought well beyond their means and live well beyond their means.
I don’t think we should have to bail out anybody, including banks. I pay my bills and live within my means. I work and go to college and I live in a dump right now with two annoying roommates because its all I can afford at the moment, I also have a savings account instead of a credit card. Live with your decisions, no do overs in life – especially at taxpayers expense.
Not – It is caused by a combination of people buying houses they can’t afford & bankers allowing htem to do so.
BUT!
When there is a housing crisis, bankers will be very slow to kick people out for missing a few payments because the crisis would mean there aren’t very many folks who would by the house.
If a client owes then $50,000 But they can only sell the house for $30,000 due to the bubble bursting, they will hedge their bets with the current owner as much as they can. In this case, it is smart business to be a little forgiving. But they can only afford to go so far.
And the fed can’t bail out everyone. By allowing one bank to bail out another, they prevent a major crash & domino effect.