Happy Hour Big 3 - Paying for Someone Else's House, No Right to Blow Off Your Contracts, and Prosecute Borrowers in Trouble

Also what happened here was people trying to keep up with the Joneses. I'm sorry. The taxpayer shouldn't reward folks who bought more home than they could afford just to keep up with their friends who could afford them. Althought I do think they should be given a chance to refinance based on the loss in value and stick with that. If they fail to pay that, then they should lose the home, pure and simple. No taxpayer bailout of bad mortgages. Fixed interest rates and no ARMs. ARMs are what got this mess started. The rates adjusted and they couldn't make the payment. Maybe lengthen the term of the mortgage from 30 to 40 years or so. This would discourage home flippers in better markets. Home flippers drove the prices to double diget percentage rate increases over the past 10 years to values uneard of. Making most homes unaffordable. Heck, I make over $60k a year and I can't even afford a CONDO in a metropolitan area. Even a married couple both making $60k a year can't. That's outrageous.

My question is this; Early next year after hyper inflation kicks in, I get laid-off becoming unable to make payments and the bank that holds my mortgage (Wells Fargo, 30yr fixed @ 5.5% never late on payment) goes belly up, will I have to move to an Obamaville and defend myself by means of the second amendment?

Of all networks CNN is slapping our Congress dems for taking trips all over the world at tax payer expense. Ms P in Italy costing millions of $'s in her big plane and yet she wants the automakers to go commercial. What's that all about. Not a word about this from CNBC, Fox News or Fox Business Graceanne Keysor

There are too many comments to make here. #3. The reason for no prosecution is that there would be many hundreds of thousdands of legal actions required to get the fraudulant sellers and buyers. And since the buyers cannot pay for an attorney, tax payers will get that bill too.