In et,
P. Maffia mused:
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.

This will fall on deaf ears. Some people just want to believe the
reality that they made for themselves.




"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.