Sorry, false statement. Congress has already passed and the President has
signed a bill that bails out a substantial number (approx. 400,000) of
persons liable to lose their homes to foreclosure. The same bill provides a
First-time home buyers repayable credit; an additional standard deduction
for property taxes (That is a even if they do not have enough deductions to
use Schedule A, they can add $500 to their standard deduction for Property
taxes) - this deduction is phased out above certain specified incomes; the
low income housing credit was expanded; interest on certain private activity
bonds for specified housing projects is not treated as tax preference items
for AMT purposes.


"George Grapman" wrote in message
...
Paul Thomas, CPA wrote:
"St Georges Day April 23rd" wrote
The people in charge of these banks which did this should be killed
and their property confiscated to pay off any debt.


Now slow down sparkey. These lenders didn't go out, waylay some poor
scmuck on the street and force them to take out a loan they couldn't
support.

It took at least two to create the problem. Lender and borrower. Greedy
lenders. Greedy borrowers.




This is the only true way to handle these on-going bank frauds and
stock market swindles.



And the folks who said they had income sufficient to repay the debt? I
doubt that there is just one no-doc loan that contains a tad of
expectations and puffery on the application filled out by the borrower.
Nope, not just one for sure. In fact, I'd be surprised if there were one
that didn't contain some erroneous claim by the borrower about their
income or assets.

Seems there is sufficient fraud on both sides to go around.





You have to remember that home equity loans are a relatively new idea.
Brought out by lenders to meet the demand of borrowers. Greedy borrowers
took to them like a teen to a text message. Borrowers took out home
equity loans to do stupid things like go on vacation. They used their
house like an ATM, borrowing any and all equity they could, refinancing
and rolling up the HELOC, and second mortgages into one big first
mortgage with a cash out and starting all over again.

So who caused the mess you're in? If not you - the borrower - then who?
And why is it someone elses fault that they let you - the borrower - be
greedy?

Is it the cops fault that they let you speed? It's the fault of the road
department for making the roads so smooth that you can go twice the speed
limit? So now what, you shouldn't have to pay the speeding ticket?






And only the lenders a being bailed out.