Do we need further proof? Debt enslaves. And wasn't it government that forced some of these loans in the first place?
Barack Obama Lashes Out at Banks For Risky Mortgages in Weekly Address …Forgets to Mention His Lawsuit Forced Banks to Ease Lending Practices
Why should I get penalized for other people's poor choices? We took out a home loan we could afford even if we lost a job. http://​www.thegatewaypundit.com/​2012/02/​barack-obama-lashes-out-at-​banks-for-risky-mortgages-​in-weekly-address-forgets-​to-mention-his-lawsuit-for​ced-banks-to-ease-lending-​practices/
Besides...all of the other foreclosure aid packages have failed. You need the market to adjust on its own. Interference only prolongs the problem.
http://www.usatoday.com/​money/economy/housing/​story/2011-12-11/​foreclosure-aid-program-wha​t-went-wrong/51815400/1
Anyway, I am fine with using a small portion of these funds for balancing the budget since throwing it at the housing crisis is like throwing money into the air.

Cory Mason demonstrates every chance he can, what an idiot he really is. For "middle class" homeowners who face foreclosure Cory wants to buy their vote with assistance funds. For homeowners that pay their mortgage, on time, and find themselves under water .... drop dead.

I knew it. The robots on the right would trot out their usual charges about the home mortgage crisis, totally neglecting the near or probably criminal manipulation that lead to the meltdown. This as usual takes the blame the black people/poor people line to an art form.

In fact 1% Walker is more liable for getting himself into his mess. How nice and neat when you think of it. Walker is sucking up to the same class who caused the debacle, using the money to buy his own way out that is intended to help those who were financially injured. What a piece of work.

Yet another example of why it is not just collective bargaining.

And please, spare us from the "bad choices" nonsense, especially from those of you who love to play victim. For so many reasons people were steered into these traps in an effort to make a minority of people rich. Don't lower your character by defending this, OK?

Looks like Mason and Grigsby have come up with a new slogan for the DPW:

"The Wisconsin Dems: Allowing people to live beyond their means by having the fiscally responsible (Republicans) pay for it!"

Though, I'm not so sure how this one is going to work for them in the upcoming elections ;-)

Most people in foreclosure or near it were told by loan officers and lenders, eager to earn yet another commission, that the prospective homeowner COULD afford the home and to just go ahead and buy it and that appreciation would make it all okay. I actually KNOW big bank lenders (my wife is a realty broker in CA) who did this kind of "selling" and bragged about how stupid the immigrants and the less educated were to go along with their sales pitch. So it wasn't merely greedy homeowners who signed mortgages they couldn't afford. In almost all of California, and likely in your state, too, it's been proven that fraudulent SELLING was the vast bulk of why people ended up with mortgages they could not afford. And let's not forget that it was greedy banks and Wall Street who "securitized" millions of loans and sold them in BULK that caused the housing bubble first to go UP, and then to go down. So if you, in your Fox-"News" schooling think that you've got it all figured out, you haven't. Bankers and Wall Street profiteers about to finally and justly go to prison for what they did to this country...and it is about time, too.

What ever happened to personal responsibility? Bail out banks, bailout the auto industry, bail out green industry companies, bail out Wall St., now bail out homeowners.

It's a total load of crap if you think these peole didn't know exactly what they were getting into. Most of these homeowners built far to expensive home. refinanced at 110 to 125% equity, bought all the toys on subpar incomes, and now want us to pay for it. What do we expect when we have a political party that doesn't know the valeu of a dollar or how to budget.

Seriously, and I don't throw this out to poke at the Democrats. There is a mindset in the Democratic Party that the working and obtaining wealth is evil, and it is their responsibility to pick up th pieces when others don't live up to their responsibility, or that somehow, they are owed it.

The Plantation owners are back, and they want it all back. Social Security, Pensions, Wages, when they speak you better say YAUSER, YES BOSS.

The rich will PREVAIL.

There is a guy at the shop that was making $14.88 per hour and a few years ago bought two 2-family homes with a combined mortgage of $415,000. He doesn't have either property anymore because he went foreclosure on both. He knew he didn't make enough to pay the mortgages, and didn't care because he said Obama was going to help everyone out when he got elected.

Well he got out of the whole mortgage thing without even having to file bankruptcy, and to add insult to injury he qualified for the cash for clunkers program and got a brand new Ford that ended up getting repossessed a little over a year later.

He knows more about free money programs than anyone in the company. What a disgrace to the history of America.

As a generalization conservatives are wealthy. Again, as a generalization, liberals are working to achieve wealthy status.

What this thread reminds me, with all of the disrespect shown, is an experiment that shows what happens when volunteers are split into two camps. One as prisoners in a prison, the other as prison guards. Nothing was told to either camp how to act but it became clear very quickly that each group acted their roles to a tee.

You guys are so predictable. You have no empathy for those with less than you. You provide no evidence of hope. Even those who take on the role of those with less show disrespect with humor.

So how do we break this cycle? How do we solve this real life problem of how to get along? How do we engage in dialog which brings us together? It certainly is not with dialog like we have above. Think about it.

Or are you saying we shouldn't get along?

See the experiment description at:
http://www.naderlibrary.com/stanford.prison.htm

By the way, some disrespectful key words I came across were:

"load of crap"
"YAUSER, YES BOSS"
"what an idiot "
"robots on the right"
"blustering in your little tirade here"
"not common sensibly smart enough"
"you seem to despise"
"Personal responsibility has no place with the Democratic Party"

Look at these words. Can't your points be made without using them?

@Rees Roberts ... Point/criticism well taken.
There was a time that "local" social service programs provided resources to those in need. But in recent times, those well-intended local social assistance programs have been greatly eclipsed by huge Federal & State programs that are coming at us like waves. For many, there does not appear to be an end to the waves of Federal and State assistance programs which are no longer focused on essential aid to put food on the table or clothes on children, job skill education, subsidized heat during winter, etc.
Now, our lawmakers [on both sides] have politicized virtually every single social assistance program and have galactically increased the scope and on-going societal cost for programs that bail out banks, auto companies, insurance companies, provide venture capital to green companies, launch multiple homeowner mortgage relief programs, cash for clunkers, an immediate societal cost to pickup 30 million people with Obamacare, free birth control and on and on.

There is a limit to the resources of this Nation or any nation for that matter, and we are already hitting the wall, as a Nation, as we broach these limits. Something has to give, and emotions are running high on every side of the aisle with people who are afraid they will lose what they are already getting from the Government, those that want more, and those who don't believe that limitless entitlement programs serve to build a better more responsible society.

Again, can anyone here advocating in favor of the Mason and Grigsby solution explain how allowing people to stay in homes that are beyond their fiscal means represents a rational and just fix to this problem?

Because quite frankly, the 'solution' appears to be nothing more than an undeserved windfall given to those people merely for their uncanny ability in demonstrating irresponsible money management, which is a GIANT slap in the face to those of us that were responsible, did it right, and are now are left footing the bill.

HOW IS THIS JUST???

Heather Asiyanbi, when you are right you are so right. Your comments show understanding, balance, empathy and common sense all with the ability to say it with civility while being informed. I applaud you. We are lucky to have you as our editor.

And no, I'm not looking for brownie points. I just think she has a real gift with the English language.

Thank you Reps for introducing this bill. You can be sure that the victims of the greedy bankers appreciate your efforts.

ThinkProgress @thinkprogress

Gov. Scott walker to use foreclosure settlement money to balance his budget, not help homeowners thkpr.gs/w0qkDp #wirecall

There are many more people, which is the norm, that pay their mortgage inspite of the current market value of their property.

Someone loses their job AND finds the market value of their home is $10,000 less than their mortgage does not establish any fair basis for that homeowner to get preferential treatment over ANY other homeowner, no matter their circumstances. If that should be the case, there are already many social service, church and charitable organizations that can provide life sustaining support.

Everyone had the same opportunity, offer and agreement to take on a mortgage for their home, and it is not the role of the local, State of Federal Government to pick winners and losers for preferential treatment to receive financial support to mitigate the book losses of one homeowner over another, or to supplement one homeowner's cashflow to pay their debt over another hoimeowner that may have decided to work a second job to stay afloat.

We can blame the banks all we want, but the fact is the Federal Government always and continues to have within its means the ability to prosecute any bank executive, or Fannie/Freddie exec or even any investment banking exec of any crime committed related to the mortgage meltdown. The Feds have not choisen to pursue criminal charges, but rather demonize the aforementioned for political purposes while concoting a plethora of bailout programs that miss the mark.

Sorry to have used a blanket statement. My point is that no matter what is going on in today's society, blame seems to be the first thing anyone thinks of. Rees, you are right, and inflammatory remarks need not be used to make a point.

But I will say this. I moved to Caledonia 25 years ago. From Drexel Av to Ryan Rd in Oak Creek, there were very few homes. From 6 Mile to 4 Mile Rd, there were very few homes. Starting in the early 80"s and continuing through the mid 2000's, subdivision after subdivision went up, and not with modest homes, but homes valued anywhere from $200,000 to $350,000. My first home in Crestview cost me $50,000 and when I sold my second home in Crestview, a mere 12 years later, it sold for $123,000. It was not a $123,000 home, and today these homes, even in this mortgage market, they are selling for close to $150,000.

When the subdidvisions were going up, I couldn't believe that there were that many people making that much money to afford these expensive homes. And because of what was being built, the homes in Crestview were getting way more than they were worth because there was a limited amount of single family ranch homes in the area.

I will not say all that are in foreclosure did so without heartache and good intentions. I would even say most thought that they could afford those homes. But right now, the divide comes because there are so many hurting, asking them to ante up just piles on to that.

C. Sanders

You said "Everyone had the same opportunity, offer and agreement to take on a mortgage for their home..."

Maybe I am missing something but when I read Heather Asiyanbi's comment which read "How do you know there aren't bunches of homeowners who did the right thing, bought within their means and then through no fault of their own lost their jobs when the Great Recession hit and now owe $10K or more than their homes are worth?"

Did those people Heather spoke of have equal opportunity, offer and agreement to take on a mortgage when those mortgages were offered by banks who acted with proven malfeasance, after the fact? Is that kind of opportunity fair? Is that the kind of opportunity we want in this country? Good grief. If the nature of our business contracts are anything goes, even if it is illegal, and gawd you had better have known ahead of time what the bank's intentions were? Is that the kind of opportunity you believe in? Think about it.

I want better for us. I would hope you would too. Sincerely.

Rees Roberts

Malfeasance is a crime, generally by a public official. Not aware of any bank executive that has been charged with malfeasance that either acted alone or in concert and on a national basis to commit a crime against the public. Do you?

This looks like a good link to read. It appears civil charges are being looked into. So, maybe not criminal but, as it says in the article, "if it talks like a duck, walks like a duck, it must be a duck." What do think?

http://dealbook.nytimes.com/2011/12/19/closer-look-at-s-e-c-s-mortgage-fraud-charges/

It's all eye wash and political grand standing. It's not right but both parties are guilty as charged. Thing is, it's in a recall season, so of course the democrats are going to make this into a political issue.

2003: Wisconsin's $5.9 billion settlement in the national tobacco lawsuit sold 25 years of tobacco payments for $1.3 billion upfront to balance a single year's budget.

2007: Doyle took $200 million out of a fund paid in to by doctors in order to partially plug a budget hole.

Some estimates report the loss in property values in the US real estate market at $20 trillion. If so, then that number exceeds the size of the entire US debt. There are obviously no winners that come out of this, there are only those that lost less than others, and mortgage bailouts are politically expedient, at best.

Have recently wondered, what's worse?

A journalist that's a liberal or a liberal that masquerades as a journalist.

How about a journalist that's a conservative or a conservative that masquerades as a journalist.

I mistakenly deleted someone's comment ... Soooo sorry! I will try to get it back.

I am sorry to report a epic FAIL in locating the comment I deleted on accident ... I am almost positive it was from C.Sanders. Please accept my apology ... Not the intent! I was trying to tap the reply button for the comment directly above.

If it was mine, not a problem. It would only have annoyed someone and at this late hour, let's invite everyone to have a pleasant sleep.

Yep. It was my post that was deleted. A unintended literary abortion, of sorts.

Pleasant dreams.

If you can recall something from the posting I could share it. Actually anyone who follows the thread via email would have it. I would merely take your recollection and see if I could find it. I would then merely share it again. But maybe Heather could do that too. I dunno.

C. Sanders: Was this the post?

"Rees Roberts That's a good link that describes how the SEC gas charged former Freddie Mae and Fannie Mac execs with some charges. As you know, Fannie and Freddie are Government-sponsored enterprises. They clearly did the bidding of select lawmakers like Barney Frank and Chris Dodd to relax lending standards in order for damn near everyone to live the American dream ... Homeownership. While I may have serious issues with Fannie, Freddie and ilk like Frank and Dodd, the whole house if cards collapsed as a result of the derivative products that were invented and traded that leveraged a mortgage at the rate of 30 to 1. That means that a $100,000 mortgage had marketable securities valued at $3,000,000 theoretically linked to the mortgage. So, when the $100,000 mortgage defaulted, $3,000,000 of marketable securities went with it. WHAM!!!! Multiply that across the US real estate market and you have a financial Armageddon. Where was the SEC oversight? Where was Congressional oversight? Where were the CPA firms that audited Fannie, Freddie? They got caught up in the wave that they never believed would never reach shore. So, the numbers are astronomical and mortgage bailouts are a drop in the bucket designed for political expediency and agendas. IMHO"

Rees Roberts

Thank you for locating the deleted post. Your kindness is much appreciated.

Reading comments here and on some of the other blogs, about the evil bankers, wall street, 1% vs 99%, caused me to go back and watch a PBS Frontline special called The Warning. I am by far not a financial expert, in fact my eyes blur over when I try to understand it, but I can tell you, you can not keep using the fox to guard the hen house. Some of the key players (Geitner, Rubin, Summers), who have been involved in the meltdown of our financial system, are or have been on Obama's economic team. This crosses party lines and neither party is going to do anything about it as the money continues to flow into their coffers. The only one who has any serious plans to turn the tide is Ron Paul.

PBS Frontline The Warning http://www.youtube.com/watch?v=TtJql2aqjkw

Robert Rubin’s disciples dominate Obama economic team
http://news.muckety.com/2008/11/24/obama-taps-robert-rubin-proteges-but-they-no-longer-espouse-rubinomics/7391