Mortgage crisis? Is it the responsibility of the President of the United States to correct?

these banks that took advantage of the consumer? Or the consumer KNEW they were gambling and they took out these loans?

Do you really want "Big Brother" correcting this with MORE REGULATION?? Aren't there progams out there already for people to buy houses?? Like: FHA?

This crisis is not a job for the President of the United States.

Agree?? Don't agree??

Update:

In high school we were taught not to sign anything unless you read the entire thing!!

I did not start at the TOP with the house I bought and do not expect or WANT government to bail me out !!

Update 2:

Well, look at all the answers that want "Big Brother" to take care of their bad decisions!!

GET REAL...AND GET RESPONSIBLE!

11 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    Agree. This is between the mortgage companies and the house buyer. And ultimately it is the buyer's responsibility to manage their money, and not let their egos and lack of planning get them in too much debt.

    And the same damn thing goes for people who run up credit cards and the companies who give them credit levels that they can't handle. This time it is the responsibility, ultimately, of the credit card companies to hold down the amount of credit that they give people, if they don't want to be stuck with a bad debt. But people really should pay off their card every month anyway.

    Back to the mortgage issue: I know that a lot of egotistical, shallow people buy way too much house. They buy way more than they possibly need to live comfortably, but they have decided that if they have a big house that other people will like and respect them more. And that's sad. And they will just have to learn an expensive lesson. And the mortgage companies should have to learn their hard lesson too. And not be so damn greedy.

  • Fatboy
    Lv 5
    1 decade ago

    The mortgage crisis is not the responsibility of the President or any other part of the government. The mortgage crisis was brought on by greedy mortgage companies and greedy consumers. Many consumers were using ARMs in hopes of buying in a high demand area and then bailing out with big equity before higher interest rates kicked in, thus allowing them to make big profits. Hard working taxpayers shouldn't be forced to bail these idiots out. If anything, the government should be looking to determine how many common citizens were forced to pay higher prices for their homes due to these same ruthless people forcing the prices up higher than they should have been.

  • JAUNIE
    Lv 4
    1 decade ago

    Crisis:

    As reported on CNBC, the mortgage abandonment is the direct failure

    of the Bush administrations regulators. Who did not do their jobs, all the condition for the mortgage loans were VIOLATED, then resold to larger banks,

    then to World International Banks. Its pure & simple, all the Brokers & Realtors, and Banks were knowledgeable about the BAD LOANS. So now

    we have to bail out the Big Banks, because their BROKE, and this includes,

    for the most part, the WHOLE COUNTRY. This is the reason for these cheap

    loans, or should I say, Credit Loans for operating. Its a very sickening mess,

    with more problems to come. If you think the dollar is cheap, stay tuned. Its not over yet.

    The Truth

  • 3 years ago

    Hm-mm i won't see Gore combating 9/11 so he might have had to handle the fall out of that. All of Gore's initiatives could have been sidetracked I nevertheless think of Gore might have liberated Afghanistan from the Taliban There could be a conflict interior the middle east nevertheless , in basic terms different than this one. Saddam Hussein could have been very emboldened by utilising 9/11 and by utilising Iran picking Ahmadinejad. possibly they might have restarted the conflict between themselves, possibly they might have attacked Israel alongside with Lebanon. So Gore could have been sending in troops to Israel to scrub out the Iranians/Iraqis/Lebanese or Al qudia might have made a effectual attack on the U. S. back using fact there could have been no Patriot Act to collect intelligence and thwart it So Gore might have went into the 2004 marketing campaign with a catastrophe interior the middle East and yet another (or 3) terrorist assaults interior the u . s . a . So McCain might have gained in 2004 There could have been an air marketing campaign solely for Iraq/Iran, like Kosovo many of the U. S. financial equipment runs on housing that this cooling we see now might take place no remember who's president - so as that must be the comparable because it incredibly is now all in all, the comparable as immediately

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  • Anonymous
    1 decade ago

    Chelsea Clinton works for a hedge fund, whose founder is a big contributor to Hillary's campaign. They specialize in buying up foreclosed real estate and bankrupt companies, then sell at a profit.

    With this economy in such bad shape I don't know how Chelsea's firm can afford to be without her as she campaigns for her mother.

    As the economy tanks, the fortunes of the Clinton's grow and grow and grow.

    It's the perfect scam. Create business conditions so harsh that businesses fail, stocks crash and homeowners face foreclosure. Behind all of this is Chelsea Clinton, rushing in to buy up the assets for pennies on the dollar at the bankruptcy sales. Then later, after some favored tax break or regulatory relief from Mom, the assets will rise in value and be sold for a large profit.

    How much has Hillary earned since she made $100,000 in pork bellies off a $1,000 investment? (remember Refco?)

    What is Avenue Capital Group?

  • 1 decade ago

    There must be strong regulations to protect consumers. Banks only target profits, unless the government rules the financial markets and follow up and check it constantly.

    Who's the number one in charge of the country administration ? The President. So of course is his job to put his team working to avoid a huge crisis like that,what he didn't. Now he must take the right decisions to fix it. This is not bailing this is responsible administration. So I don't agree.

    Thank you.

  • 1 decade ago

    If it will help pull us away from full blown recession I am for it. As a home owner this crisis has brought down the value of my home. I have no trouble paying my mortgage, but it ties my hands if I need to move for work. If we had better regulation of lending practices then we would not be in this situation, which is hurting more people than just those who got in over their heads.

  • Anonymous
    1 decade ago

    Simple answer: No. And if you're trying to sell a house/condo and can't just yet, suspend retirement savings (you can always catch up later), borrow money from a relative if you can, cut expenses. Rent out your house/condo or lower its price to get it off your books (e.g. no more mortgage payments, property tax, association dues, utility bills, etc.).

    http://www.realtor.com/realestate/las+vegas-nv-891...

  • Steve
    Lv 7
    1 decade ago

    I agree. It's not the job of the government to bail everybody out.

  • Anonymous
    1 decade ago

    absolutely not the function of the gov. to bail out stupid people ! however,the pandering parasite politicians will come up with some silly programs to screw the tax payers.

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