how does this affect main street?

[WNYresident]

Wouldn't it be easier to just pay people's mortgages off? The money would go directly back to the people who invested it...

[stevespets]

10,000 people a day losing their homes to foreclosure. Their fault? Probably.

I believe that the majority of forclosures are directly related to the falling values of the homes that people bought. They are now faced with a mortage payment that is to high relative to the value of their home. If you are paying a 200,000 mortage on a home that is now valued at 140,000 you are in a negative equity situation and it makes sense to foreclose.

I am sure there are people that were doing speculative home buying, but I'd bet that the majority are people like you and me that just want a place to live and to build some equity.

[Save Us]

I believe that the majority of forclosures are directly related to the falling values of the homes that people bought. They are now faced with a mortage payment that is to high relative to the value of their home. If you are paying a 200,000 mortage on a home that is now valued at 140,000 you are in a negative equity situation and it makes sense to foreclose.

I am sure there are people that were doing speculative home buying, but I'd bet that the majority are people like you and me that just want a place to live and to build some equity.

your right,, if you have to live somewhere, you have to ride out the fact that like any other investment may take a dip in value,, you cant live in a stock market.

a lot of people got greedy,, let them fall!

[Dougles]

The Best advice i can give people in a time like this is to over pay your mortgage. If you have extra money that your not sure what to due with and your too scared to put it into stock, bonds or mut funds, PAY IT INTO YOUR MORTGAGE. Now this is only for those who are VERY close to retirement or people who are just TOO scared to play the market.
By over paying your Mortgage your doing 3 important things.
1. paying down debt and GAINING home equity. When the housing market begins to rise again, you will have a huge amount of equity. Additionally, if down the road you need more cash for college or a car, with higher equity, you will be able to get more on a home euqity loan typically with a better INT rate!
2. By paying down your debt and over paying, your creidt score will rise. This will allow you, if need be, to get credit much easier in a credit crunch like this.
3. By making one extra payment a year you can cut up to 7 years off a 30 year mortgage! if you have a 700 a month payment, you'll pay $15000 extra during those 23 years but will save $58,800 in payments!

[WNYresident]

your right,, if you have to live somewhere, you have to ride out the fact that like any other investment may take a dip in value,, you cant live in a stock market.

a lot of people got greedy,, let them fall!

You purchased something that was overpriced. That's not mainstreet's issue. Mainstreet along with millions of others have their homes and money.

Are you telling me people like Marine Midland, Key Bank took all our business accounts and "invested" them in people's mortgages who couldn't afford their homes in the first place?

[Save Us]

Are you telling me people like Marine Midland, Key Bank took all our business accounts and "invested" them in people's mortgages who couldn't afford their homes in the first place?[/QUOTE]

The prime directive of a bank is to make money...
If the institutions thought they could make money by taking risks because they couldn't see through the "irrational exhubberance" then yes.

Home ownership or the american dream doesn't make sense for everyone...personally I would rather rent, especially in an area of historical low appreciation and high taxes. I have run so many numbers with variables and have determined that if the rent is low enough,, it actually costs more to own,, and that is not considering the value of your time spent on maintenance and repairs.

Yet our government from the feds (clinton,bill) on down pushes it because it helps put money in their pockets.

[Enough]

The way I understand it.......

We have to bail out people that received mortgages they couldn't afford yesterday to sustain todays economy.

If that's the case, don't we have to keep on giving mortgages to people who can't afford it to sustain tomorrows economy too?

This economy has been inflated for too many years. Everytime it tries to "right-size" the government churns it up to keep it over-inflated. Take NYS for example. How much money does our state and local government make in sales tax alone from people making purchases on credit cards they simply cannot afford? That over-inflates our economy. Patterson knows this and is scared beyond belief that his budget will be a disaster unless the Fed's subsidize him!

Sometimes in life the best thing to do is nothing at all.

[Mary3]

http://www.youtube.com/watch?v=npUMUASwaec

Do the maverick thing and pick another VP.

Bailout according to Sarah is all about healthcare!

[FMD]

I have no mortgage on my house. I have some credit card debt and about to take on an equity line of credit to get rid of some serious BS in my life. SOmething I am being forced to do. With that said, I can honestly say, i truely, hate my family.

[stevespets]

You purchased something that was overpriced. That's not mainstreet's issue. Mainstreet along with millions of others have their homes and money.

Put yourself in their shoes... You are being moved to a new town and you need a home for your family. After an exhaustive search, you buy the best home you think you can afford. A year or two later the bottom falls out of the market and now the house is worth a lot less than it was when you bought it. If you foreclose, you can';t buy a new home so you are stuck renting. If you sell it you take a real loss on the investment. So, what do you do?

All the talk is STILL about the financial markets. I know that is huge and will effect everyone, but I still say that is the result of the housing issue. If the Goverment helps there, then less bad loans.

Help the family that's trying not to loose their home due to a bad mortage
Come one candidates! Help the little guy this time and it will affect the whole secnario.

[FMD]

By the govt taking over mortgages, the govt is in esense taking over the liens on all these homes. If the govt wishes, they may forclose on these people and BAM you govt now owns that house. They can do as they please with it.

the enxt issue here is the value of the dollar. which last I heard was at 3.6 cents, What is this buy out going to do to the value of the dollar?

The 700 billion is PER transaction. not TOTAL amount. Its 700 billion at any ONE time. meaning is bank A needs 650 billion, and bank B needs 500 Billion, then the treasury will spend a TOTAL of 1.15 TRILLION on those two banks ALONE.

What gets me is the fact that even after we slide into another depression which bush calls a 'panic' the banks are going to jack up the fees on EVERYTHING and add new fees and surcharges to 'help pay for their losses'

So they get both. Our tax dollars, and more fees. Heres another fundamental issue tho. Right now, we have more money, cash money in circulation than ever in history. Which is partially why the american dollar isnt worth a damn. What is going to happen when we give out TRILLIONS to PRIVATE banks? the value of the dollar will continue to fall, the cost of oil is going to continue to rise. Everyone thought that the oil bubble burst and that maybe the specualtors were wrong about oil being $200 a barrel by the end of this year. Maybe they knew something at the time that we didnt. If congress passes this buy out, the United States as we know it TODAY will be over. And we WILL be in a depression. Look up history folks,. this isnt the first time the Govt has attempted these bail ouits just to have the economy collapse anyways. Happened right before and during the 1929 stock market crash.

The next major sector to collapse is the credit card market. If you have ANY extra cash, start paying off that credit card debt. If that means selling assets, to pay off those cards, thats what needs to be done. And thats what I am doing. the less debt you carry, the better off you will be.

[300miles]

Toll on NY keeps rising

The financial downfall on Wall Street could cost New York state up to $3.5 billion in tax revenues by March 2010 and as many as 40,000 jobs, according to an estimate by the comptroller’s office.

“The preliminary September numbers show the fallout from the Wall Street crisis is starting to hit the state hard,” said the report from Comptroller Thomas DiNapoli after Congress failed to approve a bailout package worth $700 billion.

“The volatility in the markets is creating difficulty in predicting budget revenues, and (Monday’s) vote in Washington will only increase that volatility. But this is a warning bell. The state has to watch its spending. Every dime counts in a crisis.”

Gov. David Paterson said in reaction to the comptroller’s report that he will meet with state legislative leaders later this week. According to Paterson, 20 percent of New York state revenues are derived from Wall Street.

Total job loss is difficult to project at this time, but each job lost on Wall Street could result in as many as three jobs lost elsewhere, driving the losses considerably higher, with most of the job loss concentrated in New York City, the comptroller said. DiNapoli said this year’s reduction in Wall Street bonuses could rival the 50 percent decline incurred after the terrorist attacks of Sept. 11, 2001. A 50 percent decrease would reduce bonuses to the 2003 level of approximately $16 billion.

Preliminary tax collections for September indicate that personal income tax remained relatively flat, while sales, business and other taxes showed a decline of approximately $154 million compared to the same month of 2007. Business taxes have been below state estimates all year, even though the estimates have been lowered twice already. On Sept. 18, DiNapoli reported that business taxes were nearly $167 million lower than expected through August and down $366 million from last year.

http://www.bizjournals.com/buffalo/s...d=lfn&brthrs=1

[Enough]

Toll on NY keeps rising

The financial downfall on Wall Street could cost New York state up to $3.5 billion in tax revenues by March 2010 and as many as 40,000 jobs, according to an estimate by the comptroller’s office.

“The preliminary September numbers show the fallout from the Wall Street crisis is starting to hit the state hard,” said the report from Comptroller Thomas DiNapoli after Congress failed to approve a bailout package worth $700 billion.

“The volatility in the markets is creating difficulty in predicting budget revenues, and (Monday’s) vote in Washington will only increase that volatility. But this is a warning bell. The state has to watch its spending. Every dime counts in a crisis.”

Gov. David Paterson said in reaction to the comptroller’s report that he will meet with state legislative leaders later this week. According to Paterson, 20 percent of New York state revenues are derived from Wall Street.

Total job loss is difficult to project at this time, but each job lost on Wall Street could result in as many as three jobs lost elsewhere, driving the losses considerably higher, with most of the job loss concentrated in New York City, the comptroller said. DiNapoli said this year’s reduction in Wall Street bonuses could rival the 50 percent decline incurred after the terrorist attacks of Sept. 11, 2001. A 50 percent decrease would reduce bonuses to the 2003 level of approximately $16 billion.

Preliminary tax collections for September indicate that personal income tax remained relatively flat, while sales, business and other taxes showed a decline of approximately $154 million compared to the same month of 2007. Business taxes have been below state estimates all year, even though the estimates have been lowered twice already. On Sept. 18, DiNapoli reported that business taxes were nearly $167 million lower than expected through August and down $366 million from last year.

http://www.bizjournals.com/buffalo/s...d=lfn&brthrs=1

The only volatility in the market is being created by our Government! They take today off and the market rebounds 500 points!

And Dinapoli and NO IDEA what he's talking about! He is merely speculating and causing a scene to create more attention to the situation! NYS has an insatiable need to get too involved in everything instead of taking a breath and letting things figure themselves out.