AN OPEN LETTER TO PRESIDENT OBAMA

[rick48195]

I don't see why people don't seek out more education or at least an attourney or someone with the knowledge to help them with such a large purchase.

Do you really think that seeing an attorney would have helped in 2001 or 2002? really? so the only people losing homes were the uneducated and stupid people who neede to get educated. really?

 

[rick48195]

The only people that i think should get some blame for losing their homes are people who thought adjustable rate mortgages (A.R.M.) where good investments and banked the homes into them knowing that a turn in the market for the would leave then financially crippled. A.R.M.

So are the only people losing their homes the ones who had ARM mortages? I think not. People are losing home because they have lost their jobs.

 

[CaStylin]

The only people that i think should get some blame for losing their homes are people who thought adjustable rate mortgages (A.R.M.) where good investments and banked the homes into them knowing that a turn in the market for the would leave then financially crippled. A.R.M.

So are the only people losing their homes the ones who had ARM mortages? I think not. People are losing home because they have lost their jobs.

no one said only ARM people are lossing there homes :? there was clearly a page worth of writing explaining my thoughts of the risk difference between ARM owners and fixed rate owner, I dont blame people who lost there jobs becuase of the eco downturn... they did what they could and based everything on the most stable plan. There a bunch of ARM people who have kept there jobs but loss there homes

 

[TexasT]

I don't see why people don't seek out more education or at least an attorney or someone with the knowledge to help them with such a large purchase.

Do you really think that seeing an attorney would have helped in 2001 or 2002? really? so the only people losing homes were the uneducated and stupid people who need to get educated. really?

It may have helped the buyer understand the terms of the mortgage loan. There were and are many risky loan products being offered. The uneducated get caught with products that may not meet their needs.

I never used the term stupid, you have interjected that. Uneducated is much different than stupid. The capacity to learn varies but when seeking the knowledge isn't even attempted the buyer is limiting themselves.

Experience is a great teacher, but it is a hard way to learn.

Why do you think the government needs to regulate more. Why can't people just know better? Why aren't schools teaching finance and money? Remember a government with enough power to give you everything you need can also take everything you have.

I'll repeat, no one forced those homebuyers to take those loans. Just like no one forces people to buy fast food. Maybe some education could curb some of these behaviors.

 

[rick48195]

Why do you think the government needs to regulate more. Why can't people just know better? Why aren't schools teaching finance and money? Remember a government with enough power to give you everything you need can also take everything you have.

I don't think that the government needs to regulate everything, you have interjected that, I do feel that the government has an obligation to us as Americans to protect us from being ripped off by mortgage companies, banks, the companies we work for. or anyone else trying to rip us off. They should be prosecuting these people for taking advantage of the uneducated, un informed, less fortunate, or everday working folk instead of encouraging them. The bankruptcy laws are now a scam aimed at taking pensions, health care, etc, from everyday working folk just look what they did at GM, this exact same thing happened to me during "W"s reign of corporarte terrorism, only I got slammed much worse, The PBGC took over our pension plan

 

[TexasT]

Why do you think the government needs to regulate more. Why can't people just know better? Why aren't schools teaching finance and money? Remember a government with enough power to give you everything you need can also take everything you have.

I don't think that the government needs to regulate everything, you have interjected that, I do feel that the government has an obligation to us as Americans to protect us from being ripped off by mortgage companies, banks, the companies we work for. or anyone else trying to rip us off. They should be prosecuting these people for taking advantage of the uneducated, un informed, less fortunate, or everday working folk instead of encouraging them. The bankruptcy laws are now a scam aimed at taking pensions, health care, etc, from everyday working folk just look what they did at GM, this exact same thing happened to me during "W"s reign of corporarte terrorism, only I got slammed much worse, The PBGC took over our pension plan

The taking of "your pension" happened much earlier than that. The defined benefit plans are a dieing breed and have been since the 401k defined contribution plan was introduced long ago. This forced anyone participating to become an investor whether they wanted to become one or not. This produced a plentiful supply of uneducated investors to prey on. Good luck regulating that. I think it is a much better plan to educate the ignorant.

 

[rick48195]

The taking of "your pension" happened much earlier than that.

The defined benefit plans are a dieing breed and have been since the 401k defined contribution plan was introduced long ago. This forced anyone participating to become an investor whether they wanted to become one or not. This produced a plentiful supply of uneducated investors to prey on.

Good luck regulating that.

I think it is a much better plan to educate the ignorant.

The taking of my pension happened in December 2002 not before, I don't know how educating anyone could have stopped that from happening. I don't want the government regulating anything, again you have interjected that, I do feel thay have an obligation to ensure that citizens, who pay taxes and do everything right, are not being ripped off by anyone including them, and instead of encouraging companies to rip off their employees, they should be prosecuting them. I still don't understand how education could help someone from being ripped off by the system (government) which was put in place to protect us.

 

[TexasT]

The taking of "your pension" happened much earlier than that.

The defined benefit plans are a dieing breed and have been since the 401k defined contribution plan was introduced long ago. This forced anyone participating to become an investor whether they wanted to become one or not. This produced a plentiful supply of uneducated investors to prey on.

Good luck regulating that.

I think it is a much better plan to educate the ignorant.

The taking of my pension happened in December 2002 not before, I don't know how educating anyone could have stopped that from happening. I don't want the government regulating anything, again you have interjected that, I do feel thay have an obligation to ensure that citizens, who pay taxes and do everything right, are not being ripped off by anyone including them, and instead of encouraging companies to rip off their employees, they should be prosecuting them. I still don't understand how education could help someone from being ripped off by the system (government) which was put in place to protect us.

The legislation that created the 401k and began the shift from a defined benefit retirement to a defined contribution retirement plans was enacted in the 70's. If people would have known better this legislation might never have been passed.

As far as any system being put in place to protect you, I think you are living a pipe dream. Legislation in this day and age is lobbied by profit generating corporations and is therefore slanted to generate profits. There is no system put in place to protect anyone. The only legislation enacted to protect anyone is the retirement plans put in place for the representatives themselves.

 

[rick48195]

As far as any system being put in place to protect you, I think you are living a pipe dream. Legislation in this day and age is lobbied by profit generating corporations and is therefore slanted to generate profits. There is no system put in place to protect anyone. The only legislation enacted to protect anyone is the retirement plans put in place for the representatives themselves

So you seem to be okay with this? Don't you think our government should protect us instead of helping to rip us off? Everyone whines about how our taxes are supposedly going to go up now under Obama (has not happened yet) but noone was whining when gas was 4 dollars a gallon, where did the extra 2.50 a gallon go? In the pockets of the Bush family and the Saudi royal family? Hell we could have taken that extra money we spent on gasoline to line the pockets of the rich and use it for a real health care plan or something to help or protect the taxpayers, don't you think?

 

[87LS/88SS]