“Lenders are looking out only for themselves and their investors” – well, of course they are. They are not in the business to lose money.

I predict that there are going to some people in very nice suits sitting across the room from some high ranked government officials trying to explain away why this lending debacle occurred.

It is not nice, but the bottom line is this: You signed on for this ARM. You bought the bill of goods the lender was touting. But you are now stuck with what you signed up for. But you are not alone, many others are in the same situation.

Yoli I think you are missing Rex’s point. This country is based on commerce, the buying and selling of products and services freely. That is without Big Brother telling us how to do it. What you are suggestion, the goernment forcing the private companies to treat a set of people differantly and not in the companies best interest is a COMMUNIST government, not a Republic. Your suggestion would force MANY banks to fold, which would be a disaster.

These people all made their own beds, they are responsible, not the banks, not the government.

No lates; 600+ score; 2 yr history… sounds like there are some other negative factors. 1 out of every 620 homes are forclosing in my area. Each forclosure costs the lender an average of $40,000. Although you wouldn’t dream of not paying your mortgage, many are. Good Luck

I agree with Rex, the federal government has no place stepping into private industry affairs. Lender’s duty is to the investors, who are their clients, and to the stability and profitability of their business. They don’t owe potential applicants anything other than the opportunity to apply.

Rex – that was exactly my thought when reading this. Very well said.

I am not sure why the government (tax payers) should have to step in. Those loans were signed, the borrowers knew the rates would go up. And NO ONE has bad credit who pays all of their debts on time. Again, bad credit is a choice, and people made the decision to have it.

I certainly hope that the government keeps out of private home sales, this is not a communist country and it would be disgusting to force Americans to support people who made selfish and irresponsible decisions in the first place. No one would have trouble if they paid their bills and ONLY bought homes they could afford to live in.