House passes new bankruptcy law

**Thevail** · 03-06-2009, 01:13 AM

Breaking news.

The house just passed the bankruptcy law allowing bankruptcy judges to modify the terms of a mortgage IF the people can prove that the bankruptcy was unavoidable and IF they can show that with modification they can actually afford the home.

Bank Executives had the gall to imply this was unacceptable because it rewards irresponsible behavior and bad decisions.

Really..those guys, the most irresponsible, bad-decision-making aliens on Wall St. had the gall to object, after taking BILLIONS in bailout money, to bailing out individuals who certainly did nothing worse than the bank execs did.

Does their chutzpah know no boundaries???

(BTW..I'm not saying all of those people were perfectly responsible, but these days losing your job really might not be your fault)

**Stu--** · 03-06-2009, 04:09 AM

So the century long pyramid scheme just keeps getting deeper and deeper...

The bankers are the irresponsible ones for continuing to make bad loans.

It's going to burst soon, and I for one can't wait.

**annymoll** · 03-06-2009, 06:58 AM

Everyone should have had consequences, from the top execs on Wall Street, to the irresponsible bankers, to the fools who bought 500,000 homes on a 30,000 income. Do I think Wall Street should get a bail out? No, No, No. Do I think those who purchased over their heads should get a bail out? No.One way or another I know who will pay for it. Wait till GM files for bankruptcy after receiving their money. Watch the neighbors file bankrupcy after their refinances.And all of them, in a circle, pointing and saying,"It's not my fault"

**craftypam** · 03-06-2009, 07:36 AM

Thevail

Isn't that the truth. My problem with all of this is that we were very responsible (my husband has a seasonal job) buying only what we could afford and now we are bailing out all of those who weren't. I have no problem helping those who were responsible and lost jobs and cannot help it. But the rest of them; let them fend for themselves. Why should the responsible have to pay for the irresponsible.

**Spikey1341** · 03-06-2009, 09:12 AM

Originally Posted by craftypam

Thevail

Isn't that the truth. My problem with all of this is that we were very responsible (my husband has a seasonal job) buying only what we could afford and now we are bailing out all of those who weren't. I have no problem helping those who were responsible and lost jobs and cannot help it. But the rest of them; let them fend for themselves. Why should the responsible have to pay for the irresponsible.

I so agree with you. The people that actually are deserving I have no problem with. It's the ones who took the loans that they knew in 5 years they couldn't afford and now are crying. I would love to have a brand new $400,000 home, but I know that I cannot afford that. I bought my home in 1995, It was built in 1948. If something happened to DH's or my income we could still afford to live in this house.

What ever happened to good ole responsibility?