Typical liberal BS taking money from taxpayers to give to irresponsible people who should not have purchased a home in the first place.

This is an educational moment for all irresponsible people and if California taxpayers want to foot the bill, then OK, but not the rest of the nation. You are on your own.

No. These people knew going in this was a possibility. Why should taxpayers want to foot the bill.

Hell no. Just what the "instant gratification" crowd needs: a bail out for their gluttony and refusal to plan beyond the next paycheck. I want it and I want it now and I want it to my specifications. Enough already.
There are consequences for buying things you cannot afford : massive debt, bankruptcy and foreclosure or repossession. Not the tax payers responsibility.
Alarcon once again proving he's an idiot. I suppose light bulb Lloyd Levine is for this folly as well.
Stop the insanity.

No. Billy Bob said it all and said it well. The government - that's you and me as tax payers - absolutely shouldn't bail these people or institutions out. They were greedy.

This is insane! Why should I have to give up my hard earned money because people bought homes they couldn't afford. Let the company that made the loan suffer the loss with them since both groups knew the risk. Government has no business using taxes to pay off personal debt, and encourage irresponsibility.

NO!!!!!!!!!!!!!!!!!!

Why should those of us who didn't fall for the scam pay twice -- higher mortgage rates than they and then to bail them out. Cut the government apron strings.

First off, I personally feel Richard Alarcon is a big idiot. If I were in his district, I would have protested. I'm so sorry he managed to get back in the council.

Now on to the main topic. Alarcon has no business or right trying to assist or direct any kind of funds to help these people out. These wanna be home owners are losing their shirts because they didn't read through the fine print, had no foresight in what could potentially be getting involved with, understand what they were getting into because all the did was leap into the dream pool while it still had water in it, nor do the calculations and statistics themselves to ensure they could handle the times when their teaser or low rates would go up. What kind of homeowner thinks their interest will stay at 1-3% for 5-10 years? How could they not know that paying principal only means no hard equity built? SORRY to them. You can't blame shady dealers alone. Buying a home is the biggest investment most will do. There's homework involved on the buyer's part. BUT NO, they just signed themselves away to a big commitment, believing their lender was a family member. Who blindly trusts an agent like that? They did. That's not our fault that we, the intelligent people who waded through this mess successfully, and saw through this sham should pay for in the end. A lesson must be learned. The people who took on this burden were adults, not kids. Now it's time to grow up on the inside and understand the consequences of such bad decisions. Otherwise with out learning a lesson, always having someone to back them up, they can go do it again.

We've already given our schools, hospitals and welfare system away why not give free services to city homeowners by paying their mortgages. It's only tax money. When tax funds start to run low the city politicans can panic and demand another tax increase to cover their stupid idea.

It's bad enough that this jerk is thinking of local funds, but FEDERAL as well? Why should a truck driver in Kansas or a cop in D.C. be forced by the police powers of government to bail out irresponsible homeowners? HELL, NO!

Oh heck no the goverment should not help bail these soon to be exhome owners out! They knew the risk going in to the contracts,I'm a home owner for 5 years now and at 27 years old I knew a 30yr fix was the way to go if I wouldn't get that fix I would not have bought a home. These people have to learn the hard way so be it. No one is helping me pay my morgage!

Oh heck no the goverment should not help bail these soon to be exhome owners out! They knew the risk going in to the contracts,I'm a home owner for 5 years now and at 27 years old I knew a 30yr fix was the way to go if I wouldn't get that fix I would not have bought a home. These people have to learn the hard way so be it. No one is helping me pay my morgage!

I absolutely agree with all of these comments, and I would disagree that this is a "crisis." In all of Los Angeles County, notices of default were sent out to 4,009 homes. Foreclosures in all of California numbered 7,240. How many homes in LA County? How many homes in California? These numbers are miniscule. Of all of these foreclosures and soon to be foreclosures, how many are because people lost their jobs or had some other misfortune and how many are because people were just plain stupid. I believe in helping the needy, not the irresponsible.

Hell, no. I want to see the banks go broke, stop funding credit cards and home loans, and watch their share prices plunge to pennies on the dollar. Not.

Our society seems to have it backwards. Those who don't use their heads, don't think things through, or just plain don't follow the rules always seem to be rewarded or rescued.

Those who work hard, follow the rules and think things through, seem to pay the price for the (excuse the term) screw ups.

People learn by correcting their own mistakes. People get angry when expected to bail others out all the time.

Oh heck no the goverment should not help bail these soon to be exhome owners out! They knew the risk going in to the contracts,I'm a home owner for 5 years now and at 27 years old I knew a 30yr fix was the way to go if I wouldn't get that fix I would not have bought a home. These people have to learn the hard way so be it. No one is helping me pay my morgage!

Richard Alarcon, Are you stupid or something.This is a real Forest Gump idea, minus the possibilty of stumbling onto something good!

LOL-
You can take $10 Billion Dollars, inject it into the housing market in this city, and that will only prolong the inevitable.

Oh, of course you should not help out fools who signed those documents.

Dunno of one escrow company that carries a gun and points it at peoples' heads when they refuse to sign.

Absolutly not- this is just the far left pollitions trying to redistribute money from the capabable money handlers to people who will always be poor.

Ala]er"con" is obviously a fool that could use a basic lesson in economics. First there are consequences to bad decisions in life and these people do not deserve a bail out. The neighbors across the street from me are a classic example. Bought the house on a 5 year arm 4 years ago. Took out all the equity and now there is a 60K car sitting in the driveway but the bank is foreclosing because they can't refi their arm with a rate they can afford. Alercons plan is foolish and will only slightly delay the inevitable. We all forget that politicians are not experts in some case they have little education and are fools masquerading as experts.

"We're seeing people who borrowed $600,000 and can only afford $300,000," said Lori Gay, president and CEO of Los Angeles Neighborhood Housing Services.

Problem No. 1: the lender
Problem No. 2: the borrower

I don't see where the taxpayer fits in to the problem

Another absolutely ridiculous idea from an elected official. The people affected were adults and should have had enough sense to see what could happen

Absolutely not! I live on Social Security and a pension. I can not afford to help anyone else. NO,NO,NO!!!!!

Leave it to Los Angeles to think that giving money to irresponsible idiots who bought more house than they could afford is a good idea. No wonder the city wouldn't let the San Fernando Valley secede. If we were gone, who would pay the taxes that the city merrily flushes away on the undeserving?

ABSOLUTELY NOT! OUR TAX $ S/B USED FOR MORE POLICE, FIREMEN, ROAD POT HOLES, ETC. IF THE POLITICIANS CONTINUE TO DO THESE IDIOTIC PROGRAMS, EXODUS OF THEIR TAX BASE WILL CONTINUE TO LEAVE THE CITY, COUNTY AND STATE!!!

Absoloutely not - Alacorn is just another liberal politician looking for votes.

Democrats on the wrong side again! Politicians trying to play saviors using taxpayers' money. Stop enabling idiots! My ex husband is one of the idiots who impulsively bought a house he can't afford and expected me to pay it along. That's why he's now my ex.

And to think - this man was elected into office. What does that say of his constituents?

Mr. Alcorn, I purchased a stock on margin and it's way down and I cannot afford to pay these margin calls. Please, ask the taxpayers to lend me the money to get out from under.

The taxpayers should definitely not bail out homeowners who have purchased sub prime mortgages. We should also not prop up those lenders who provide loans to people who cannot afford them.

Hey Richard Alarcon take the money to save these irresponsible people out of your own pocket not mine. I don't own a home because I KNOW I CAN'T AFFORD ONE.

NO BAILOUT. Interest rates were at a 40 year low. Which direction did these people with ARMs think they were going to go? DUH

As we can see, once again the politician is not "representing" the people. Not a single response so far in agreement with him.

This is another example of the "its not my fault" culture we live in with frivolous lawsuits, fraudulent workers comp, etc.

If you do not let the market run its course, the problem will get worse, not better.

Bailing out foreclosures punishes those of us who refused to buy beyond our means and actually prevents us from getting in. Maybe they can then go out and give me some extra money to now buy. Oh, and I would like to pay less taxes, and my job dos not pay enough, etc.!

If doing the wrong thing, whether morally (Villaragosa, etc.) or financially does not have any recourse, then we are writing a new chapter of America that push us into total disaster, and this "crisis" will be tiny compared to the anarchy that will follow. This is antithetical to all that we are trying to teach our children who, at this pace, will be sure to move out of LA when they are older if I have not already!

If Richard Alarcon and others believe it is a good idea to rescue people who make poor financial discisions, he can use his own personal funds - but I don't believe that will happen because he perfers to spend other people's money on his socialist agenda.

Absolutely NOT!!!!!!!!

I previously worked for huge Bank in Chatsworth (Mortgage Servicing Division) and saw all these Jumbo loans. I saw the numbers and wondered how in the world were these homeowners were going to afford these homes. Lenders should be held accountable. Many of the loans being originated were teaser loans, Interest Only and negative amortization loans. If you don't know what your signing, you should have never purchased a home in the first place.

Mr. Alacron, WHERE WERE YOU WHEN OVER 4,000 OF MY CO-WORKERS WERE LAID OFF!!!!!!!!!

Hey, how about all the people who go to Vegas and lose money? Why don't we raise our taxes to help them, too?

Villaraigosa and City Hall think our tax dollars grow on trees. If you want to make housing affordable, quit wasting our tax dollars, and instead pay property tax REBATES to property owners. That will lower the price of home ownership RIGHT NOW.

If you're reading this, and you're fed up with City Hall, you need to visit my website. My name is Walter Moore, and I'm running for Mayor right now. Go to WalterMooreForMayor.com.

ABSOLUTELY NOT!!
Richard Alarcon has lost his mind. Why would you ask people living within their means to bail out those that went out on a limb to live beyond theirs.
What a truly stupid idea.

Oh, no, please do not take taxpayer's money to pay these debts! We need to stop being baby-sitters to everyone and make some of them learn responsibility for their own situations.

NO! If they can't afford to keep their homes, then they will just have to rent like every other american that has to rent. Why are they special? Why should we help them and not the other millions of renters out there that want to own a home? It's insane to even suggest it. So, what's that message we are sending, go ahead and outbid everyone and inflate the prices on a home you can't afford because you don't have to worry about paying the money back? Hmm, these people didn't lose their jobs or fell behind due to illness, they wont need a one time help me up hand, they will need payment assistance for the life of the loan because they can't afford it!

What kind of drugs is Mr. Alarcon taking ? You expect taxpayers to bail out someone that can't afford their mortgage ? What's next, we pay for their cars ? Hey, I have an idea, I am in the process of building a pool, Mr. Alarcon, will you pay for that, too ? Where the heck do we draw the line ???? NO WAY !!!!

Has anyone head of the word "SACRAFICE ?" You can't always get what you want (in the words of Mick Jagger.) If you can't afford it, you don't buy it ! It's that simple. There are many other better uses for tax money. How about our failing school system ? Get out of here, Mr. Alarcon !!!!!!!!!!!!

Mr AlarCON has secured his place as the town idiot!

let's look at who he wants to bail out:
1) People who had no business buying a home at the price they paid in the first place.
2) People who sucked out equity to buy their new Escalade, boat, and go on vacation
3) People who made an informed gamble that the market would keep going up and took a chance
4) People who straight out lied on their applications.

Sure, there are people who lost their job or got sick, but they were going to lose their home anyway if they didn't pay.

Why should those who resisted the temptation to get a low teaser loan to buy an overpriced fixer pay for those who made bad choices?

Go after the loan brokers who lied, who told people their adjustable was fixed, or they can refinance in a years and didn't mention the $10,000 pre-payment penalty. Take their money and use it to repay their victims, but don't expect the rest of us to pay when we didn't even get to play.

Another fine example of the liberal thought process. Steal the money from the people who have it and give it to those that don't.

Sounds all warm and fuzzy doesn't it?

In fact, I have a friend in a similar situation and we are trying to keep them on their feet until things get better for them. If the government would quit stealing so much money from people to pay for those that are failures in society, we would all have more money to help each other out without being forced to.

Once again the nanny state is rearing its ugly head. Make a stupid or irrational choice and the Government by way of the taxpayers will bail you out or subsidize your bad judgment.

Why have personal responsibility and accountability anymore when you can make any life choice you want and not have to worry about the outcome.

I want to live in Malibu on the beach in a million dollar house. Where is my government funding to buy this house for me?

NO WAY! Why on earth should the government bail out these people? If the government has all this excess money, why not use it to eliminate the GAP in medicare, help Social Security, or even cut taxes. To bail out the homebuyers who shouldn't have purchased in the first place is totally wrong!

Here is yet another push to make America a socialist state. Why not just pay 75% income tax and let the government buy our homes for us and tell us where to live and where to work and where to shop and.....and...and....and someone please stick a cattle prod up Alcorn's A**...he needs to be shocked back to reality.

I cannot believe the stupidity of this Alarcon person. Is he serious? Who in their right mind would even suggest that city, state and federal tax money should be used to bail out people who live beyond their means. Fortunately my home is paid for now, BUT I just retired and am living on a very limited, fixed income. When will I start receiving a check from the city, state and/or feds so that I can be paid to live beyond my means? GET REAL!!!!! KT

NO WAY should taxpayers foot the bill for people who are facing foreclosure. Where did Mr. Alarcon get this idea??

I want a brand new Porsche.

Who do I contact in the city to get them to pay for it for me?

Are you high on crack?? Granted; the loan companies are liars right along with the people that signed on the dotted line; but no amount of bail-outs are going to fix this problem until the consumer has the money in their pockets to pay the piper. When the Fed took food & fuel from the inflation reports we were doomed. THE STOCK MARKET IS NOT THE BOTTOM LINE!! Consumers and small business are the engine that drives wall street and until the "experts" realize that economic growth percolates up to fund investments we will continue to slide down this slope until reality catches up with the experts. I fear that day will make 1927 look like a day at church. Add up taxes, often 40% of a family's income, a 100% rise in the cost of fuel that drives the cost of food and soaring health care cost and the "experts" wonder why folks are unable to make the payments on their inflated real estate funded by loans that can quadruple their payments in less than two years. Can I get a DUH???

NO!

For years I paid on my mortgage, which took most of my paycheck. I am a single woman employed as a clerk, but I knew re-financing for each change in the interest rate was dangerous. No way should someone who had very little foresight look to the taxpayers for getting them out of their situation. I would like a bigger house in a nice area. Will the taxpayer, other than me, help me. No way and they should not help. Fran Mead

For years I paid on my mortgage, which took most of my paycheck. I am a single woman employed as a clerk, but I knew re-financing for each change in the interest rate was dangerous. No way should someone who had very little foresight look to the taxpayers for getting them out of their situation. I would like a bigger house in a nice area. Will the taxpayer, other than me, help me. No way and they should not help. Fran Mead

Alarcon is an idiot and so are those that elected him back into office. Even if they doled out money, the amount they could give each one would not forestall the inevitable. The key words are:PERSONAL RESPONSIBILITY. Obviously words Alarcon and our Mayor Villar have no conception of.

Alarcon is an idiot and so are those that elected him back into office. Even if they doled out money, the amount they could give each one would not forestall the inevitable. The key words are:PERSONAL RESPONSIBILITY. Obviously words Alarcon and our Mayor Villar have no conception of.

Hail No
Have these socialist politicians ever even heard of The Constitution? It's just nauseating to realize what they've done to it so far. Let this 'crisis' be the eye-opener for the masses.

No, no, no, no! It's very easy to suggest a bail out using taxpayers money. If you want to create a bail out fund, do it using only voluntary donated funds. So, all politicians and people that agree can donate THEIR own money and those that are against it, don't have to, it's only fair. Let's see how many supporters raise their hands...

Let the mortgage brokers who got fat wallets bail out their cutomers.

Let the mortgage brokers who got fat wallets bail out their cutomers.

Alarcon and CA both need a wake up call. The foreclosures are a result of greedy lenders and irresponsible borrowers. The CA market is out of control and the only thing that will really fix the problem and bring houses back to a sane level is letting the lenders take the fall with the borrowers. This will keep the rising costs of the housing market from continuing. Then hopefully most average people WILL be able to afford a house because there wont be these under qualified people bidding on houses. The market needs to be reflective of what the median income level is of the area and not based on lenders qualifying people who don't make enough money in the first place! I'm a homeowner here in LA county and I could only afford a small house and would like to get into something bigger but not at the ridiculous prices that the lenders have let it go up to because of them over lending. The people who are being foreclosed on are the fault of this market craziness. Let them or the banks take the fall and not the rest of the state or the Federal Gov't. You buy it you pay for it! You can't afford it don't buy it!

Reggie the alligator has more sense than Alarcon....taxpayers of LA say absolutely not, no bailout for people facing foreclosures.

Let the mortgage brokers who got fat wallets bail out their cutomers.

Why should the tax payers bail out people who were so stupid they got a mortgage they can't afford? Its not the governments problem or does Richard Alarcon have a mortgage he can't afford. Ohh, no problem I sure the city council will vote them selves a new raise.

Reading these comments has boosted my opinion of Californians. For years I thought you were all socialist nutcases destine for financial oblivion. But, holy smokes! All the comments here are actually sane. Maybe there is still hope for you...

The concept of taking City of Los Angeles taxpayer's money to bail out those who can't handle their mortgage is absolutely ABSURD. Mr Alarcon doesn't seem to have a clue on what's right and wrong. Why doesn't Mr Alarcon go after the loan sharks that have coerced these people to get into loans that they can't handle? That's where the emphasis needs to be. It's absurd business practices that need to be addressed. Thanks, Chuck

NO NO NO NO NO! Do not help out greedy people. Everyone involved in this mess caused it because of greed. Us responsible people should not bail out the greedy people. Let the greedy people wallow in thier own incompetence.

John, it is not the mortgage companies responsibility to bail out these people either. No one put a gun to their head and told them to spend more than they can afford. Besides the mortgage companies that where stupid enough to give out these moronic loans are now folding like a deck of cards.

How generous is Mr. Alarcon to give away everyone else's money. Is he using other people's money to pay for his upcoming wedding too? Maybe he can donate some of his wedding gifts since at his age he should already have everything he could conceivably need. Shame on you for greed and then wanting to give away other people's hard earned money.

Of course not. Is the city also going to help renters whose rent increased because of the market?

This would be terrible!

People should be more cautious taking loans. Let them file for bankruptcy if they have to.

Alarcon will never, never get a vote from me coming up with this inventive welfare system for the careless.

Nooo!!! I don't think is our resposibility (taxpayers) to pay for the mistake of the homebuyers. If we bail them out, what would be next? their car payments? I don't think so.

If Alarcon could put himself in the position of a working taxpayer, he most likely would not advocate spending tax money on irresponsible people. But he can not do this because he is a liberal socialist trying to distribute wealth.

I can't believe Councilmember Alarcon would recommend this. These people need to suffer the consequences of a free market economy. I can't even afford to buy a home and you want my tax dollars to go for this? How crazy is that?

No way! This is not the United New Soviet Union.
I have always taken responsibility for my financial decisions, good or bad. These people knew what they were signing up for when they purchased homes they could barely afford. The government has never bailed me out. I have always taken the rap for my own mistakes.

Mr. Alarcon says" we'd better kick the federal government in the butt to get into action." Sounds like a well placed kick in his butt would not go amiss.

Alarcon you have got to be kidding me? I can not believe how irresponsible you are being with this idea of a foreclosure bailout. "Should city bail home buyers out? - Alarcon wants Los Angeles to help those facing foreclosure" - LA Daily News.

Why should my taxpayer money be used to subsidize irrational, irresponsible and downright stupid life choices and decisions made by someone. "We're seeing people who borrowed $600,000 and can only afford $300,000," said Lori Gay, president and CEO of Los Angeles Neighborhood Housing Services. Is this mine or my governments responsibility? I don't go out and get a loan for a million dollar house in Malibu, where I want to live, when I can not afford it. Well maybe I should! According to you, Mr. Alarcon, the government will just step in and bail me out if I can't or don't feel like making the payments. Wow! Cheap beach house in Malibu, government subsidized!

Alarcon you are an ass! I work hard for my money and I don't spend it beyond my means, which means not having kids I can't afford, going without a vacation this year because I have to work to make my mortgage payments or BUYING A HOUSE that is beyond my monthly income if I can not even buy food to put in my mouth.

Alarcon use your own money if you feel that upset about people being stupid and use that to bail them out. If you where a employee of a company you would be fired outright for such stupidity. Wait a second you are an employee of a company, the government. In fact, you are my employee, as I pay you salary with my taxes, and I think you should be fired for being incompetent at your job. So please clean out your office and security will escort you out.

Hey Richie,
we better get out of town and join Elvira in TJ

No, no and heck no! I have looked at almost 100 properties in foreclosure in the last year, every one of them had new, high end cars in the driveway. These folks have used their home as nothing more than an ATM that they don't ever need to put money into.

The City Council never did anything to keep lenders from making these garbage loans in the first place and now they want our money to bail them out. Where is the recall movement for Alarcon and the rest of these immoral bastards?

Of course the government should pay for my mortgage. All of YOU PEOPLE should pay for MY mortgage.

That would be fair.

That will free up my money so I can buy an investment property, maybe a duplex. That in turn will help the economy!

Politicians are CRAZY

Can you pay my mortgage too?? I've been off work lately and need help.

Send you comments directly to Richard "Moneybags" Alarcon by calling:

City Hall Office:
(213) 473-7007

Pacoima District Office:
(818) 756-9115

Sylmar District Office:
(818) 756-8409

Email:
Councilmember.alarcon@lacity.org

Website:
http://www.lacity.org/council/cd7/

Flood the office and make your opinions known. He will never read any of this on the Daily News site but if you bring down his phone line with calls and fill up his email box he may get the point.

From each according to ability, to eachs according to 'need'

Mr. Cavanaugh,

Subject: Your article, Should City Bail Out Homebuyers? > http://www.dailynews.com/ci_6683739

In the context of Lost Angeles City Councilman Richard Alarcon's suggestions that a political solution be created to bail-out borrowers (I won't use the term 'homebuyers' since many never had any real home equity) I think you might find the attached analysis of the housing markets, which is co-authored by the economist Arthur Laffer*, interesting.

It's unfortunate that artificially induced low interest rates, non-existent lending practices, unrealistic appraisals, and a host of other circumstances allowed people to make bad decisions relating to home financing, and the uses of transitory home 'equity'. But, it's important to remember these were their personal decisions, for which those individuals are personally responsible.

The dilemma now; how do we bring rationality to the market. Do we subsidize irresponsibility, to make those who gambled on ever-increasing home values more comfortable in the corners into which they've painted themselves? And where do the potential rescuer's (like City Councilman, Alarcon) get the money to bail-out the risk takers? Does the money come from increased taxes? Do we (aka "the government") lower interest rates permanently and allow taxpayers to finance a bigger deficit and distribute a benefit to the poor mortgage borrowers? Do we print more money and allow this process to levy the hidden tax of inflation on the general public? Or should the Lost Angeles City Council mandate a special tax on everybody who (in their opinion) made 'excess returns' from their participation in the housing bubble (In the case of Countrywide's Angelo Mozilo's compensation package this almost seems fair > http://findarticles.com/p/articles/mi_m5072/is_22_27/ai_n13814866 ). How does one create 'market discipline' if these are the only choices that policy makers see.

And, how does Mr. Alarcon separate the hard-luck stories from the speculators who gambled and lost? Even more difficult, how does he separate the hard luck stories from the borrowers who spent 'home equity' on luxuries that, prior to the bubble, they never dreamed they would be able to afford? And, if one bails out the foolish borrowers and the speculators, who compensates those who missed the opportunity to play the game because they recognized the bubble was built on the mythology of uninterrupted and constantly increasing home prices?

Before politicians begin re-allocating the pain, a little basic math may be in order. I recently read that the average home price in Lost Angeles in July was $517,000.00. I then researched the average annual family income in Lost Angeles and found that it is about $48,000. The current annual mortgage payment on $517,000.00 is $35,004.00. before property taxes. This leaves the average family in Lost Angeles $12,996.00 annually to pay for all other family household expenses (e.g. property taxes, income taxes, utilities, food, health care, clothing, education, travel, entertainment, cell-phone, and tattoo & piercing, and transportation expenses- like auto loans, fuel, auto registration, maintenance and repair. That's $1,083 per month for all family expenses above the cost of the mortgage!

I believe an objective analysis of the foregoing suggests that the Lost Angeles City Council needs to mandate a significant increase in the average Lost Angeles family income, or allow home prices to reflect affordability, and the true costs of lender's risk, based upon current and projected family income statistics - without consideration to unrealized future real estate gains. How could home prices make this adjustment? Supply and demand, with no tinkering.

* It's interesting to note that, a little more than a year ago, after being very critical of the fiscal policies of California Arthur Laffer moved his family and his business from La Jolla California to Nashville, Tennessee.
For more see > http://www.arduinlaffermoore.com/PDF/8-14-06%20Tennessee%20Zero%20Income%20Tax%20Lures%20Supply-Sider%20Laffer%20(The%20Tennessean).pdf

An Occasional Reader,

Bill George

No, if we reward bad judgement and bad decieions, we will only get more of each in the future.

HELL NOOOOOOOOOOOOO!!!! I personally couldn't buy a home so I rented. Now I am busting my behind to saving money money to buy a house I CAN afford, without anyone's help. AND THESE PEOPLE should do the same. Can't afford your house, get a 2nd JOB. I am sick of paying for people stupidity. They know the consequences of the market. IT'S PAY BACK TIME but not at taxpayers expense. No wonder CA is in so much debt.

CITY SHOUL "NOT" HELP MORTGAGE BAIL OUTS. MORE IMPORTANT TO STOP GRAFFITI AND FIX POT HOLES. THE MARKET WILL FIX MORTGAGE PROBLEM.

CD 7 YOU REALLY MESSED UP, LETTING THIS CLOWN BACK IN OFFICE.

The key issues are what to do now. Some may say nothing, and I can mostly agree. The current problem was caused by lots of greeed by lots of people trying to make a quick buck. I say we should learn from this and make some changes. following are some changes I would make. ( Background on my family - We have excellent credit and would like to buy and have tried for several years but it was clear that the market was nuts and that the prices were being jacked up not by ligit families needs but by insider realtors, investors trying and succeding in making a quick buck)

1. All associatied with the sale Realtors, loan brokers etc.should be required to have a fudiciary relationship with the buyer and seller.
and as such would have legal responsibility for exagerated statements, wishful or overly optimistic statements.
2. Change the realtor and loan broker compensation model. a flat Listing fee for the seller and commissions paid by the purchaser. Which would mean that the realtor would have a responsibility to getting the lowest price for the customer. the loan broker should be required to put the customer interest infront of the companies such as Century 21 or Countrywide or there own interests
3. Make verbal statements made by all associated with the sale with the to be easily added to the contract so that if later on the statements made prove to be exagerations, false, wishful thinking etc that those made would be held accountable.
4. A single family home is different than other investments and as such the tax laws concerning them should be different as well. SFH primary purpose is to raise a family in. After you or your controlled entity owns two SFH there should be no more additional tax benefits such as depreciation, interest deduction etc. Investors can still invest in large apartment complexes, raw land,commercial properties etc. but leave the SFH, Condo, Townhome to families that need them.

Add more changes that you think would help reduce greed, improve disclosure, and increase accountability. That would promote local family ownership. Which would good for our families and neighborhoods and schools

Absolutely, Positively NO!
Why are the taxpayers always the first to foot the bill for everything!?

If Alarcon is so concerned about bailing these idiots out, why doesn't it come out of his own hefty salary!? (and various perks).

Is there anyone who agrees with Councilman Alarcon? ... I didn't think so. But don't hold your breath for him to change his position - However, he may approach it in a different manner. Remember, he truly believes that those that don't agree with him do not understand the greater picture (He thinks your stupid). You, the tax payer (personal or business) only exist to advance his political movement that envisions a socio-economic system in which property and the distribution of wealth are subject to control by the government for the purposes of increasing social and economic equality.

ABSOLUTELY NOT!!! People need to grow up and start taking responsibility for their actions. We've wanted a house desparately for a long time like many people. Wisely, we didn't jump the gun and purchase something we couldn't afford just to have everyone else end up paying for it. This reminds me of the woman with the credit card bill who asked people to donate money to bail her out.

TRANSFER OF WEALTH (aka Robin Hood Principle) IS NOT THE ANSWER! The City (and all governments) are not charities. What is Councilman Alarcon thinking? He should utilize his city subsidized health insurance plan for psychiatric counseling!

What a great idea! Why don't we pay for delinquent auto loans also, or maybe department store accounts that are late. Then we can help businesses that are having trouble making profits. Gosh, maybe we can take the money from our troops in Iraq. Alarcon is a jerk! If he really feels this way I'm sure he can use some of his own private funds to help the folks in trouble.

See the comment above with Alarcon's website and phone numbers and keep sending your messages/phone calls he needs to know how the hard working tax payers feel about this scheme.
www.LACITY.ORG/council/cd7/

Did anyone notice the post above (at 9:53) by MIRTHALA. The only unemployed Mirthala I know is moving into the Getty Mansion with Mayor Antonio Lothario. I don't think the rest of us should have to pick-up the cost of the mortgage on her condo in Studio City, do you?

abolutely not!!
we shouldn't reward bad choices or behavior. What should we do? Let the consequences fall where they may. Let banks and loan companies wake up on their own and realize they need to start making wise choices themselves and quit adding to the problem by encouraging others to make BAD CHOICES!! The same BAD choices we all could potentially make, but some of us choose not to!!!
And those of us who chose not to make bad choices..where are we today? We are just fine, with no need to ask the rest of society to bail us out of anything.

JOIN THE ROYAL COURT OF INEPTITUDE:
1. VILLAR
2. BACA
3. DELGADILLO
4. ALARCON
5. CARDENAS
THE HALL OF SHAME

It's unfortunate that artificially induced low interest rates, non-existent lending practices, unrealistic appraisals, and a host of other circumstances allowed people to make bad decisions relating to home financing, and the uses of transitory home 'equity'. But, it's important to remember these were their personal decisions, for which those individuals are personally responsible.

The dilemma now; how do we bring rationality to the market. Do we subsidize irresponsibility, to make those who gambled on ever-increasing home values more comfortable in the corners into which they've painted themselves? And where do the potential rescuer's (like City Councilman, Alarcon) get the money to bail-out the risk takers? Does the money come from increased taxes? Do we (aka "the government") lower interest rates permanently and allow taxpayers to finance a bigger deficit and distribute a benefit to the poor mortgage borrowers? Do we print more money and allow this process to levy the hidden tax of inflation on the general public? Or should the Lost Angeles City Council mandate a special tax on everybody who (in their opinion) made 'excess returns' from their participation in the housing bubble (In the case of Countrywide CEO Angelo Mozilo's compensation package this almost seems fair). How does one create 'market discipline' if these are the only choices that policy makers see.

And, how does Mr. Alarcon separate the hard-luck stories from the speculators who gambled and lost? Even more difficult, how does he separate the hard luck stories from the borrowers who spent 'home equity' on luxuries that, prior to the bubble, they never dreamed they would be able to afford? And, if one bails out the foolish borrowers and the speculators, who compensates those who missed the opportunity to play the game because they recognized the bubble was built on the mythology of uninterrupted and constantly increasing home prices?

Before politicians begin re-allocating the pain, a little basic math may be in order. I recently read that the average home price in Lost Angeles in July was $517,000.00. I then researched the average annual family income in Lost Angeles and found that it is about $48,000. The current annual mortgage payment on $517,000.00 is $35,004.00. before property taxes. This leaves the average family in Lost Angeles $12,996.00 annually to pay for all other family household expenses (e.g. property taxes, income taxes, utilities, food, health care, clothing, education, travel, entertainment, cell-phone, and tattoo & piercing, and transportation expenses- like auto loans, fuel, auto registration, maintenance and repair. That's $1,083 per month for all family expenses above the cost of the mortgage!

I believe an objective analysis of the foregoing suggests that the Lost Angeles City Council needs to mandate a significant increase in the average Lost Angeles family income, or allow home prices to reflect affordability, and the true costs of lender's risk, based upon current and projected family income statistics - without consideration to unrealized future real estate gains. How could home prices make this adjustment? Supply and demand, with no tinkering.

Greed should not be rewarded. To those who lost money in the dot com boom in stocks to those who speculated in the real estate game with no money down. Bad decisions should not be rewarded with taxpayer money. I have no problem with Richard Alarcon taking out his checkbook and writing personal checks but NO to using taxpayer funds to bail out speculators who gambled on the housing market.

It seems to me that a LOT of these people were not misled, but, I believe, greedy. I think that they simply thought that they could "buy" a house, live in it for a couple of years, and then turn a nice $100,000 profit. One thing that my many trips to Los Vegas has taught me is that you should not gamble out of your price range. And as to intrest rates, they didn't believe the inverse of the old expression "What goes up, comes down". No, No, and again No bailout for greed and/or stupidity.

Mr.Alaracon can take his overpaid $171,648 dollar salary and pay for these people himself. This only enforces the fact that to be a council member does not require a brain. They are all idiots.

I am opposed to any taxpayer bailout, at the city, county, state or federal level.

YES - YES - YES !!!
Send the men in the white coats to collect Mr. Alarcon now.

I'll tell you what...I'll volunteer to pay someone else's mortgage when the City of Los Angeles (or Councilman Alarcon) provides me with a $150,000 down payment for the house I'd like to own. When is the government going to stop bailing out people who make bad decisions ?

ABSOLUTELY NOT!!!!!!!!!!!!!!! Why should we have to pay for someone else's mistakes? If you aren't responsible enough to investigate and read and calculate how much you mortgage is, and you end up loosing your house... guess you just learned a life's lesson. The only folks who should be helped are those young men and women you left their jobs because they are serving in the military. They should be helped... everyone else- to bad!

This is typical "ENTITLEMENT" garbage. Entitlement is the ugliest word in the English language. Any politician that suggests that we need to "bail" these people out should be recalled immediately. Let them pay for it out of their salary (which is over inflated anyway.)

AGAIN NO BAIL OUT

HELL NO!!!!!!!!!!!

I take responsibility for my own financial decisions and have been doing just fine. These people are gamblers and they lost!

Do not bail out irresponsible people!

No way! Each and every one of us needs to take responsibility for our own actions - good or bad. If one was not smart about a loan - then deal with it. A taxpayer bailout is not only inequitable but feeds the stupidity and makes it OK for someone to act irresponsibly

bail who out??? how about bailing out the over taxed payer??? this is the damnest idea i have heard of in my life and i am 74 years old. I had to live within my means and I managed to do it without help from tax payers or anyone else. NO NO NO ATHOUSAND TIMES NO.

A classic example of what you get from the highest paid collection of morons in the United States!

The Federal Government should only step in to STOP predatory lenders and their greed. This is what has caused the frenzy in buyers. The colapse of the sub-prime market is a direct result of this greed. We are under no obligation to bail the borrowers or lenders out of their mess.

Absolutely Not.Lending Institutions should not be allowed to make loans that some irresponsible,alledged adults make without backround checks.Homeowners, should be forced to buy Default Insurance up front for their protection.Immediately,those owners in default should have their payments frozen at original rate by congressional action.The lending institutions should be mandated to renegotiate a new contract with homeowner,using the home owners equity.This should be done NATIONWIDE.

Alarcon is a good example of the longer politicians are in office the more brain dead they become and Richard is living proof. I'm glad I live in the 3rd.district I hope you read this mr. Zine

This is why we need term limits!

This is the second time I have encountered this Marxist stupidity. The first time was Hillary Clinton promoting exactly this same garbage while campaigning via TV! NO WAY should ANY public funding go to bail out irresponsible people who foolishly "want it all" at others' expense!

Alarcon wants L.A. to become big daddy to people who are enept at managing their personal finances. They got into a property obviously beyond their means or ability to pay for it...and there were credit firms eager for profit who got stuck. Who says these "poor" people, who've already over extended themselves, will be able to repay city loans to keep them in a house they've proven their inability to pay for. I, for one, am fed up with the welfare government that our council staff wants us to become even more involved in.

This is a socialist idea in full bloom. People should make better decisions and, at least, take the responsibility for the ones they do make. Taxpayers should not have to bail out people who don't face the reality of commitment - payments, upkeep, property taxes, etc. How about the lending institutions and banks, who caused the problem in the first place by making it so easy for people to borrow money and assume a mortgage, bailing out these folks? That'll never happen! Both groups of people should accept the responsibility for their own poor judgment. I'm not willing to. I have my own burden to carry.

This reminds me of the Janis Joplin song:

"Oh, Lord, won'tcha buy me

a Mercedes Benz?"

Nothing, nothing, nothing! Since when is our tax dollars to be used to bail out the irresponsible? Additionally, if you read between the lines this is a bail out for more than just the home owners. Who getz the money, business and government! Business gets paid, home prices stay high so property tax revenues stay high, consumers can still spend freely generating more business/tax revenue and the wealthy keep getting wealthier! I for one will not let my hard earned tax money go to pay the mortgage for people to live well beyond their means. This is unjust! I suggest every one on this blog to go and educate all you know and get folks to speak out to their local and state representatives. Let the market correct! That is free enterprise! I myself have already called Richard Alarcon's office and will start a campaign to hound our state representatives on this issue. We can not stand for this!

NoooooooooWay!!!!!!
Everybody knew from the get go about risky loans but they made the decesion to go forward. No tax dollars for borrowers or lenders. You make your bed, you lie in it.

Absolutely not! The story of the woman who refinanced her house to pay for medical expenses is an exception. However, it was the main "personal story" about the defaults. Shame on the press for not being honest in tryint to imply that most of the bad mortgages are due to misfortune rather than poor judgment. It's time for people to stop expecting to be bailed out of their bad decisions.

Let the mortgage brokers and the lenders bail these poor unfortunates out. Then give a class "Law of Probability" to all high school students. It was possible and very probable that these phony-balony loans would go into default sooner or later. The handwriting was on the wall at the time of purchase

I hope people remember Alarcon during the next election. A person suggesting help to bail out irresponsible home buyers should not be in an elected position in the first place. It reveals his irresponsible attitude.

Yes. And they should also buy me a new pony. RIGHT NOW!

Why as a 50 year City of Los Angeles taxpayer who has always been frugal

with money, be expected to bail out the risky loans that were given?

When we bought our house, we had to wait years until we saved

a down payment. We had to jump through hoops to get a loan. Why

should I be expected to bail out the companies who made money by

writing these risky loans? The companies who originally benefited

should take on the responsibility for their actions. Then they can consider

THEIR loans on a case by case situation. Some of the people with these

risky loans are in situations beyond their control. These are the people

who should be helped. Others who knowingly signed these risky loans

and took the gamble that the housing market would continue to rise,

should have to take responsibility for the actions. Have they not heard

about boom and bust?

Owning property is not a right.

Judith Ecklund

In the article Kerry and Gregory cite a problem with one person and health problems that have forced her to be in the predicament she is in. That is a bad example. The larger group of people signing loans they knew they couldn't afford in hopes of selling when the payments would go up are the larger group which we, as tax payers, should not pay for. We would be rewarding poor financial judgment. The argument, they didn't know, is not a good one either. You need to know what you are signing. If you don't, don't sign. The mortgage lenders knew what they were doing and were cashing in. Now they have to pay the piper and want taxpayers to bail them out.

I believe if alacorn wants everyone but the homeowners to be responsible for there finances.Then why not have everyone else pay those of us who are responsible and live within our means.They should buy all of us a house. My wife and I and our 5 children live in a 1000 sq. ft. mobile home in santa clarita. I make a very good living. We have to live here to be able to afford what we have(FAMILY) It takes sacrafice! something to many people are not willing to do! including our own politicians!!!!!!.Start being responsible for your own misery.It is no one elses fault but your own.Oh and the irresponsible lender's! We looked into buying a house over a year ago. We had three different realtors tells my wife and I- No problem we can make it work and get you your dream home. I laughed! YES ZERO INTREST! I KICKED THEM ALL OUT! AND SAID NO THANK YOU! LEARN! LEARN! AND EDUCATE YOURSELF FIRST! Sincerely,Scott T. Connell

Outrageous communist proposal. Like virtually every other person here, I agree it's the responsibility of the borrowers. IF the banks were guilty of predatory practices or bait-and- switch, sue them.

Alarcon says his district has the highest number of potential foreclosures -- no coincidence he also has among the highest percent of illegals and immigrants who need lessons in common sense finance, NOT our money.

There are too many Americans who didn't borrow money they knew they couldn't reasonably afford.

These immigrants think they have a right to come to this country, and own a house. Same entitlement the Arellano woman had to demand full rights in violation of INS laws, even a right to commit SS fraud.

People shouldn't blame the WHOLE council, though; I'm sure Snith, Zine, Weiss, Parks and a few others are not crazy enough to support this. But sometimes they seem to feel a need to go along with the leftists to not be labelled racists. (Same thinking that kept MLK open too long.)

There is absolutely NO WAY that we should fund people who couldn't afford to buy a house in the first place.
Didn't they realize that you cannot buy a house with no money down!!!!!

No, No, No, No!

Politicians are trying to bail out illegal alliens who are losing their homes. Let them lose their homes and then DEPORT THEM!

No, No, No, No!

Those who cite the example of the woman who's losing her house because of health problems, and somehow think that's a justifiable exception to common sense that warrants a government bailout, absolutely miss the point.

Harsh as it sounds, that's her personal problem. She should have sold the house and taken her money out, which she could then use as she sees fit, including paying her medical expenses.

Life's tough. That's the plain fact of the matter. It's not up to taxpayers to indemnify everyone from the financial impacts of what happens in life, otherwise there's no end to it.

That woman decided to try to keep her house in the face of mounting medical expenses. Her decision; why is that anyone else's problem? Now she has to live with the consequences of her own decision. That's the way things are, and as they should be.

Why should we pay for their mistake.

If I bought a car that was beyound my means would I expect help with payments?

Why should we pay for their mistake.

If I bought a car that was beyound my means would I expect help with payments?

When is the Daily News ever going to lift the embargo that suppresses Richard Alarcon's ties to the Communist Party? Bailing out fools who overspend their capabilities is nonsense. I made some bad financial choices over the years. And I paid for them. Now Richard Alarcon wants me to cough up the bailout for others?

You don't reward people for being irresponsible While we're at it, let's pay off their credit card bills also! . For years people have been complaining about the high housing prices in LA and why we need the taxpayers to subsidize affordable housing. Now Alarcon wants to use taxpayer money to prop up the falling prices Will the insanity every stop? Quit pandering for votes!

Absolutely not. If you don't know what you are getting into you shouldn't sign up for it. I see no reason why anyone has to bailout these people. A lot of these people want to keep up with the Jones, buy new cars etc. and refinance their homes with out thinking about the consequences. I think Alarcon should go to the Soviet Union and stay there. This is nothing but socialism and I am totaly against it. Let the lending institutions take care of their mistakes. They have been giving out loans and credit cards to illegals for some time now.

Absolutely not. If you don't know what you are getting into you shouldn't sign up for it. I see no reason why anyone has to bailout these people. A lot of these people want to keep up with the Jones, buy new cars etc. and refinance their homes with out thinking about the consequences. I think Alarcon should go to the Soviet Union and stay there. This is nothing but socialism and I am totaly against it. Let the lending institutions take care of their mistakes. They have been giving out loans and credit cards to illegals for some time now.

Looks like you misjudged public reaction to your lamebrained scheme. You and your cronies just don't have a clue that the hardworking middle class is sick & tired of being used as a wallet. Your amigo Villar has raised all City fees and invented some new ones lately. We don't have any thing left for your socialist schemes.

Absolutely not. If you don't know what you are getting into you shouldn't sign up for it. I see no reason why anyone has to bailout these people. A lot of these people want to keep up with the Jones, buy new cars etc. and refinance their homes with out thinking about the consequences. I think Alarcon should go to the Soviet Union and stay there. This is nothing but socialism and I am totaly against it. Let the lending institutions take care of their mistakes. They have been giving out loans and credit cards to illegals for some time now.

No to Alarcon Bailout on mortgages.Some people maximized their cash out on equity and now cannot afford to pay thier mortgage.Some are flippers, they buy zero downpayment 1%interest, now they cannot sell the house.

Live within your means like the rest of us. Don't expect the government (which is US) to come to your rescue!

Mr. Alarcon-what you propose is called stealing. Period. We are not your personal ATMs--we are all working to pay for whatever we took on responsibility for. People in this nation are the most charitable in the world--they do not deserve to be robbed by the government.

Absolutely thumbs down to this asinine idea.

I think it's un buen idea.

This is a no brainer, another Alarcon head up rear and locked. If he feels so bad then let HIM give away his private $ which his Pinko liberals gave him. No way if the sub prime lender made the loan then cut back the % increases to the original loan for 3 years. The lender knew this was going to happen it's a no brainer but the lenders love the $, so now pay the piper you blew it. To give away my $, no way I worked for it and with the public money fix the pot holes, streets, sidewalkes and curbs. The only question remaining is WHEN WILL RICHARD ALARCON LEAVE FOR SOUTH AMERICA AS CHAVES WOULD TRULY WELCOME HIM

Deport Alarcon & Villar. Maybe their ideas will be more welcome in Mexico.

RESPONSIBLE-Obliged or expected to account for/ trustworthy/ pay debts/ able to tell right from wrong. This is what the dictionary states, What is Alarcon thinking! I find it amazing that I and many others struggle and go without to meet our RESPONSIBILITYS and not only do these people buy houses beyond their means but take a look at the cars, suv, etc that they are driving which probably were paid for through their homeowners loan. BAD, VERY BAD IDEA to give taxpayer-funded aid.

The market will take care of itself & hopefully the electorate will take care of Alarcon.

Are these people INSANE?! What the hell did my husband and I save up $ to buy a (small) piece of property for, living in this hot as hell Valley apartment for years and years? We should have just spent like we were millionaires ... after all, taxpayers will just bail us out! Here's the ugly irony -- it will be US who bail out these bastards even though WE did the right thing! Richard Alatorre, if you want me to abandon the Democratic Party, you are on the right track!

I shop at thrift stores so these jerks can live it up beyond their means and then want a bail-out. Who is it that you are representing anyway Mr. AlarCON.?

I lost my house and I paid out my FHA 2nd loan a few years ago because I lost my job.But I don't want other hardworking people to bail out my misfortune. It is a gamble.Or maybe I am enjoying the big equity on my property now which I will not share to other people too.

Your idea is no more than
a Robin Hoodnik rationale for redistributing the money of those who have worked hard to those who have frittered away. It's the grasshopper and the ant, except the grasshopper would have qualified for bail-out and welfare.

No,No & No. These people knew what they getting into when they bought their homes. Now that money is getting tight and they cant make their payments the rest of us should feel sorry for them-I dont think so. There are plenty of us out here that would love to live in our own homes but had better sence than to get into something that we couldn't afford. The prices are so high I'm suprised that anyone can afford them.If you cant afford the payment you shouldn't have bought it in the first place. Everyone was making big buck, the real estate person, the financial company,even on sub-prime loans because those people where charged a higher interest rate, and now that things arn't so good everyone wants a bail out.
There is enough wrong in California we dont need this added to it.

I think Richard Alarcon is an idiot.

I think that Mr.Alarcon has unleashed a firestorm judging from the commentary here. I am sure his offices are also feeling the wrath of the people. The masses are finding their voice and using it and those politicians that do not reflect the will of the people are going to be left in the dust. Wake up, there is a finite end to our wallets and our patience.

You talk a lot in council, but you blither on and on . We do listen and we don't like what we hear. Take a lesson from the No 2 Home Depot campaign. Your district has it's eyes on you too.

Well, you should be happy with all the publicity you are getting since you seem to be in competition with Mayor Tony to see how many times you can be in the paper or in front of the cameras each day.

Are you kidding me? Most, not all, of these folks in trouble are because of exaggerating their income with stated income loans, fixed for 2 or 3 years. They couldn't afford the home to begin with, put next to nothing down, got lucky with market conditions taking home values higher, and they expect to keep their home's equity. I say NO WAY. You started with nothing, you end with nothing.

All these people you want to bail-out seem to live a more lavish lifestyle than I am able to. What happened to living within your means? There must be accountability.

""When you step back and look at it, this is a societal problem," he said. "We have created a negative situation for everybody."" -- Councilman Richard Alarcon

My question is: Who's WE??

WE didn't create any problem... that's purely the personal responsibility of the wanna-be homeowners who couldn't afford a modest home in today's ridiculous marketplace (housing prices in Los Angeles were reaching absurd levels before this "correction" began).

I wanted to own a home, but when I did the research and did the math, I stayed put in my apartment (lack of space is still an issue, but at least I can afford my rent each month). Many of these folks now crying foul over their own poor decisions, especially those who purchased a home with nothing down and took advantage of sub-prime lenders and their bait n' switch rates, simply did not do what was required: basic research and budgeting!!

Now WE are expected to pay for their poor decisions and eat the cost of their inability to afford the lifestyle they wanted...?? NO WAY!!

It's rotten political decisions like this that will set Los Angeles taxpayers back on doing what needs to be done in this city (upgrade public transportation, retrofit and upgrade existing but now crumbling infrastructure). The funniest part of the article is Alarcon's insistence on getting Federal aid, as if this mess was somehow created by an act of God (earthquake, fires, hurricanes).

Can we recall this guy and get someone without their head up their rear in his place?

NO NO NO! Subsidizing the poor financial decisions (always based on a certain amount of risk) of individuals is a bad idea all around. If Alarcon insists on handing out redistributed tax money then send some my way so I can pay off the student loans I've had for nearly 20 years. (HA! yeah, right).

Who does Alarcon think he is. If he wants to bail them out, let him and him only. I couldn't afford a new home right now and I was smart enough to figure that out. What happened to the mortgage lenders when they figured out the peoples income. Can't add? I agree with all the other people that said "Hell No". Give the tax payers a break on this one.

I postponed buying a house until I could afford one. Now Alarcon and others want to bail out those who bought over their heads. This will keep prices high and leave me out in the cold. If foreclosures continue, prices will return to more reasonable levels. The "rich" want prices high and want the poor to pay to keep them rich. Voter, get some brains for once and get rid of these corrupt money-grubbers that are in office for their own benefit, not the majority of the public.

Alarcon is engaging in politcal pandering. In an era of ever tightening budgets, it's hard to imagine getting approval for a gift of public funds to bail out homeowners who in effect issued their own "junk bonds". Ain't gonna happen.

No! Government should not bail out homeowners and lenders who ventured into risky loans. Why should I as a person who owns a home and a tax payer bail out irresponsible borrowers and lenders, especially those who would make loans to anyone for the sake of profits.

Now is a good time to look at the role that government has in our lives. Should government provide welfare in the form of a bailout to these irresponsible borrowers and lenders? My answer to that question is NO!!! As a matter of fact it is time for government to get out of the business of bailing out people and businesses including welfare, welfare to business in the forms of tax breaks, loans, etc. The budgets of our federal, state and local governments are out of control due to government bailouts!! Government should focus there resources and efforts on providing services that impact all citizens such areas as law enforcement, fire protection...maintaining the infrastructure e.g., bridges, roads, sewers, water.

Limiting the role of government to the basics could lead to lower taxes, promote savings by families and individuals since we the people would have greater after tax net income form lower taxes, creation of new jobs and promote an environment that would encourage new business to come to California and existing business to remain in our state. In addition we should exempt the first $1 million dollars in savings, all retirement savings and up to $1 million dollars in equity from the sale of a primary residence from any form of tax. These measures would help to encourage foster people to save money rather then venturing into taking on debt though risky loans with the hopes that the future value of a property could offset any negative amortization (owe more than the amount that you borrowed).

My fear is that our elected officials will vote to bail out borrowers and lenders who ventured into risky loans and that we the people will have to fork over the money in higher taxes to save them. Should that take place then I have these questions to those elected officials?

1. Who will bail me out when our governments are broke and my taxes are so high that I won’t be able to pay my taxes, mortgage, insurance, utility bills?
2. Who will provide for the future of my children since I’ll be broke from your actions?
3. What future, hopes and dreams will we leave for our children?

Who….who will it be? Will it be you? NO, I DON’T THINK SO!!! FOR MANY OF YOU THE ONLY THING THAT MATTERS IS BEING ELECETED OR MOVING ON TO ANOTHER COOSHY GOVERNMENT OFFICE!!!

Should you bail out the irresponsible borrowers and lenders, you have committed one of the greatest crimes of all by stealing nest eggs in the form of higher taxes and the future for our children!!!

If he helps me pay my rent when it is due. If he stops my landlord from evicting me. If helps me pay my auto loan and credit card payments first then he can help the homeoner who purchased a home with NO $ down and the homeowner gives me some of the profit they make on their home when the sell.

Greedy developers, greedy bankers, greedy politicians, and people that thought they could use their homes as ATM's instead of residences. All looking for the quick buck. The greasy film of corruption covers you all in disgrace. Keep planning your wedding Mr. Alarcon, your fiancee has several homes, you won't have to worry about making mortgage payments. You're already renting one of her homes so you can have a residence in your district.

Mi casa es su casa.

I'm already bailing these homeowners out.
All of these loans probably have Private Mortgage Insurance(PMI) on top of there mortgage payment. When the home goes into forclosure the mortgage company submits a claim to the insurance company that provided the insurance. Then that insurance company raise it rates to cover the cost. Then the next person to get a mortgage pays the new adjusted rate.Thus the industry has protected itself
Is this Alarcon an idiot or what. I'm just a dumb carpenter and I know this.
What the old saying " Better to be thought a fool, then to speak and remove all doubt".
donal | 08.22.07 - 9:49 am | #

You think you're Robin Hood, but you're just trying to steal our children's futures and destroy the fabric of this country.

No, Nyet, Nein, Olvidate, Senor Alarcon.

I have worked very hard to always pay my bills and not live beyond my means. I have never accepted any public assistance. Other people must be responsible also. I do not agree with this idea. I do not have money to pay for their foolishness.

Alarcon is absolutely out of his mind! If the people who bought houses with no down payment and 1-2% interest thought that the terms would stay that way for years and were stupid enough to fall for the mortgage company's line, then they deserve to be foreclosed on and the taxpayers should ABSOLUTELY NOT bail them out. These people have to face the consequences of their naivete and stupidity. Whoever heard of a mortgage company not requiring verification of income? I guess it's easier just to make something up. The predators were taking advantage of them for their own gain. Well, that's too bad, but we shouldn't feel sorry for them and ABSOLUTELY should not bail them out. If this is what has to happen for REALITY CHECK to set it, then so be it. But don't make me pay for it. As someone said earlier, Alarcon's idea is a great argument for term limits!

Looks like you really stepped in it Richard. I absolutley do not want City,State or Federal dollars bailing anyone out.

No Way!

How about giving money to the people who didn't buy these homes, so they can buy them now that the prices are going down?

I have a family of 5 on a single income and can't afford a house. I'll be damned if I had to pay for someone else's house.

Who will bail you out when voters kick your butt with a recall?

I think it's a good idea.

Mr. Alarcon
This is the most absurd idea I can imagine. It is
time people wake up and
take charge of their lives
instead of depending on the
government and we taxpayers
who have worked hard to pay
for what we buy. Also weed
out the fraudulent lenders.

Mr. Alarcon
This is the most absurd idea I can imagine. It is
time people wake up and
take charge of their lives
instead of depending on the
government and we taxpayers
who have worked hard to pay
for what we buy. Also weed
out the fraudulent lenders.

Mr. Alarcon
This is the most absurd idea I can imagine. It is
time people wake up and
take charge of their lives
instead of depending on the
government and we taxpayers
who have worked hard to pay
for what we buy. Also weed
out the fraudulent lenders.

Mr. Alarcon
This is the most absurd idea I can imagine. It is
time people wake up and
take charge of their lives
instead of depending on the
government and we taxpayers
who have worked hard to pay
for what we buy. Also weed
out the fraudulent lenders.

IS THIS COUNTRY GOING INSANE?

HELL NO,
Sick and tired of those getting something for nothing.
We have to work for what we want, no one gave us handouts when we scrimpted and saved to buy our house.
Those people knew what they were getting themselves into, they just expected that when the time came for those rates to increase, they again would get something for nothing.
Pride in ownership, means just that. Too many of those who got a homes handed to them have neglected them and they have become an eye shore.
So, Hell no........no more handouts!!!!!!!!!!!!!!!

Greedy people, need to pay
the price for greed.
Most prople who finance this way, were looking for
a quick payback.
No reason for responsible
taxpayers to foot the bill.

I learned years ago that you should not argue with a crazy person - You will not change their judgement because they do not realize they're crazy... But they can be voted out of office.

To most of us this is just another example of racial pandering in L.A. On the other hand, to the crowd that supported him this is payback time. RECALL/IMPEACH/DEPORT ALARCON!!

I fail to see why I should pay for my neighbour's idiocy. Hey politicians! Keep your thieving hands out of my pockets!

Wow,
I too am strongly opposed to bailing them out.
I've worked for what I have and I drive an old truck, while those who use their homes as a piggy bank and bought expensive vehicles and they want me to care, while they live it up and I struggled to save money to purchase my home?
It is time to make eveyone accountable for themselfs and to stop giving everthing away.
My mom would say, "You made your bed, now lay in it and don't expect me to bail you out".

You could sell your wedding gifts and donate the proceeds to help these folk. You and your wife to be should already have a well stocked household and shouldn't need any toasters or blenders.

I drove the same car for 20 years and shopped at the secondhand store and still do.Others were carefree and heedless, and now we're supposed to care. This is just representative of a wasteful generation that expects to have someone clean up after their messes.

Yes, Alarcon's Yard & Bail-out Sale. Please donate your unwanted items (old councilmembers, assemblymembers & other used politicians) We can have a raffle to blast them into space.

Alarcon is an idiot "con" artist. If you provide funds for people nearing bankruptcy, then anyone who wants a house is equally entitled to the same consideration. If you want to help, force the mortgage thieves to pay for their fraudulence.

Time to resurrect the San Fernando Valley Secession Movement. This is a pathetic excuse for leadership. Those of you that put him back in office should be ashamed.

No, no a hundred thousand times no! The majority of these people bought over-priced property thinking they could sell in 2 years and retire. I wonder if the values had increased 300% if they would be happy if a politcian said that they could afford another 10% on their taxes. If that idiot Alcaron wants to bail these people out, let him strong arm the greedy banks, greedy realtors and greedy brokers who created this mess. Just stay the hell out of my pocket.

Can't we just secede from California and the United States?

We could call ourselves Bankruptcia, since we don't have any money left after Mayor Villar's trash fees, electric & water hikes and the list goes. Now Mr. Alarcon wants to squeeze more blood from a stone.

Stay the hell out of my pocket Mr. Alarcon. I don't appreciate your wasting the time of the City Council on this issue. I seem to recall that you said you didn't want to set a precedent on deeming the Sunland Tujunga Home Depot a project, but you have no qualms about setting this kind of precedent which is far more costly and far reaching.

You are just clueless about constituents. You are out of touch with reality.

No!!!!!!!!!
What is Arlacon thinking except, maybe, to bail out those who would keep him in office. I was almost ill thinking about his proposal -- What in the h____ is he thinking.
This is totally a no-brainer -- its more than a chicken in every pot -- it's a chicken in the pot of those who cannot take responsibility for their decisions.
This blog means nothing except to vent!! Oh well, I'm venting!!!!!!!

Think of the children! And the hardworking illegals! What about them? What about people with little education, low IQs, and bad credit? We MUST do something to help these folks. I, for one, volunteer to rent my apartments at below market to these poor displaced people, forever. Oh wait, I am forced to do that already. How about we pay for their childrens' schooling? Oh, we do that too. How about we let them break into our houses and steal our stuff, or our cars, or graffiti our buildings, and when they get arrested, they don't spend a day in jail? Oh yeah, we do that too.

Communism does not work, at least it didn't for the USSR. Capitalism is not a perfect system, just the best one anyone has come up with. The world needs poor people. It needs stupid people. It's the yin and the yang. Otherwise, people like Richard Aholecorn would be out of a job.

The sad thing is that Janice Hahn is looking to get a measure on the February ballot to charge homeowners an annual fee of $30.00 to raise money for gang prevention programs ($100 million isn't enough) and if people are losing their homes, that's fewer votes they will be able to secure. If the city council votes to bail the homeowners out, the homeowners will be indebted to them and the liklihood of this measure passing increases; especially if the renters vote for it just to put the burden on the homebyers. We need a tax revolt.

Why should this taxpayer have to pay for others' mistakes. Why should this taxpayer, who makes a decent salary, bail out others when this taxpayer has waited to buy saving for a downpayment. Why should this taxpayer even have to explain himself.

Speaking as a committed liberal Democrat, Alarcon is cordially invited to f himself. No bailouts for the irresponsible lenders and borrowers! You are HURTING affordable housing!

No it is NOT the Government's resposibility or Mine to help out those who bought homes they could not afford in the first place. It's serves them right and these fools should suck it up and learn to be responsible for their own actions. If you make a foolish purchase without thinking it through--then it's up to you to figure out how to get yourself out of it. And that's only common sense--but I guess there's a serious lack of that here in California which is why there is a housing crisis in the first place. And I say Not my problem and if your are one of those fools losing your home then I guess it sucks to be you--Now doesn't it?!!

Yes we should bail them out...for just as long as Alarcon's assets last.

So if a subprime mortgage broker loses his job, and can't afford the payments on his interest only subprime loan, should we bail them out?

The problem with this city is the voters. And the politicians. I pray to see Valley secession in my lifetime. How about we focus on combating crime, and traffic congestion, instead of trying to appease to every special interest group?

Hey Daily News, what's happened to you guys, you used to be the non-pinko LA paper. Does the Orange County Register have an LA version for me?

Someone should do a background check on Richard Alarcon. Did he "really" graduated from college?

Things that make you go hmmmm?

If there were anything local governments could do, it would be to force lenders to renegotiate loans. No bailouts for anyone, especially the lenders, and I don't want my tax dollars to bail out anyone. I've always had to get out of my own trouble.

It's one thing if there was a natural disaster that occurred that NOBODY could prevent but this isn't the case. Why should I bail someone out who over extended themselves while I sat back and responsibly stayed away from this bubble.

F#$^ N#....no taxpayers money...

If this happens, I will sue the City of L.A. chahing...chahing

If you think Alarcon is out of touch, attend a city Council meeting some time.

Its a political circus that could very well pass a ridiculous proposal such as a bail out.

The city of Los Angeles is already in serious trouble fiscally.

Its natural for a politician to advocate for making an already serious problem worst by wasting more tax payer dollars.

No way, and as far as Alarcon is concerned, he should be hung out to dry. Give that boy his walking papers with NO pay at all!
People need to learn responsibility. When you make a mistake, you pick up the pieces and learn from it. If you don't learn from your mistakes then keep on making them until you do.

People who put aside savings to buy a house in the future are going to be asked to bail out those who put nothing aside and got in over their head? Say it isn't so.

Absolutely not. I know of an unemployed 22 year-old who "purchased" a $1.5M new house with her sister (20-something) and her boyfriend (marginally employed). Should they "lose" their "home?" Yes, they were really only renting it, anyway, and they knew that eventually they would lose their "home," when their no-interest 60-year loan terms changed in three years. But they thought they might as well enjoy living in a 6,000 square foot house for a while. Those who sold and financed their endeavor should lose their licenses at the least, or be legally prosecuted for fraud at best.

Further, marginally or unqualified buyers drove up the quantity of houses demanded, which based simple enconomics, increased the price of housing for ALL buyers, who are paying right now.

So, bail them out? Absolutely not!

Mr. Alarcon, you must resign because we thought
you were an idiot and
now you have confirmed it.
Please ask the government
city, state and country to
send me $90,000 for a down
payment for a house that I
won't be able to afford, but the taxpayer will
definitely bail me out
as I am a very nice lady.
My husband is a stroke
patient and we need a
new house, we are renters
right now. We would
like to thank you in
advance for your total
stupidity, but we await
the funds and while you
are at it, please pay
off the mortgage and
send money for a BMW
always wanted one of
those, too.
Theresa

Why not?
We have corporate welfare and subsidizes, why not for consumers?
Who bailed out the S&L's?

Richard Alarcon is an idiot. His mind is full of BS.

Re: City Councilman Richard Alarcon Proposal to seek fed bailout for homeowners.

I am from Texas. I would do all in my power to prevent this. Why should you use my tax money to bail these people out. If you lied on the mortgage application it is your fault. Sure the criminal brokers, such as New Century, were at fault but don't ask me to pay.

If I had kown that it comes to this, I would have bought a much bigger house.........

Read this and till me what you think, personaly I think anybody who buys a house for $500.000 or $600.000, knowing they can only afford a $300.000 house, need to go into forecloser and not get bail out by the government using TAX PAYER MONEY. This Alarcon is stupid for coming up with this idea and I’m glad I never voted for him

NO!no!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

No. Why not make taxpayers provide relief to all home-buyers in default?

And why should taxpayers be made to give money to rich investors?

Sub-prime mortgages command higher interest rates due to increased risk. Capitalism means that you profit from good investments and lose on bad investments. Simple.

These sub-prime loans not only put people in houses shouldn't have bought, they inflated home prices.

Since the City Councilpeople have never made an honest living themselves, let me clue them in on what they should really be worrying about. In the next 18 to 24 months, with all the foreclosure auctions resetting property values to 60% of their current appraised values, they are going to be looking at some seriously huge budgetary holes in the County and City budgets.

NO WAY this guy is a communist...of course this is how they think. WEneed more money for the gangs (even though their liberal policies created the gangs. Payiong people to have kids they cannot afford) now he weants us to pay more for people who got loans they had no business getting. People lose their homes so what. These were people who had no business getting into these high priced houses anyway. If the government(my taxes) bail these people out, then when can I get my mortgage paid too. After all I bought a house I could afford and didn't keep using it like an ATM thinking it was "free" money." This is why LA is a cesspool, lack of leadership, keep your hands off the federal tax money. Hey isn't this the same city that told the feds to butt out on enforcing the federal drug and immigration laws in theior city.

Unbelievable !! Forget the bailout debate, he must be smoking crack or something.

What really scares me is his idea of 'mandatory mortgage training for first time home buyers'. Say what !! ?? I don't need any fracking training lol! I still rent because I knew long ago I couldn't afford a million dollar home at this point in my life.

This guy is a true dope !!

"Alarcon has proposed using city money for an emergency-loan program to help homeowners on the verge of foreclosure."

In an article a couple of days ago: "Alarcon’s proposal called for making low-interest loans of up to $10,000 each to help people caught in the bind resulting from subprime mortgages and a drop in the housing market." This is out of the proposed 5 million from the Affordable Housing Trust Fund.

Why bother providing the loans at all? It's throwing good money after bad and only delaying the inevitable. $10000 might catch someone up out of Notice of Default, but the city loan isn't going to suddenly enable the borrowers to start making on-time payments. They will still go into foreclosure and will never repay the city loan or any other funds Mr. Alarcon would like to have provided by tax payers for bailouts.

I am sickened by the idea of using government money to attempt to bail out irresponsible people so they can stay in their homes. I go to work in my 13 year old car from my rented apartment while trying to SAVE a downpayment for a home and now the city council wants to use the taxes I pay to help someone stay in a home they didn't deserve and certainly couldn't afford? Very nice...

Lets start from the top of the pay scale. I say reduced city council salaries from 175K per year to 100K and used the savings to help out homeowners. Alacon is full of wind!

What!!!! Who’s the idiot non American that believes that WE the taxpayer should pay more taxes to help the idiots and the non Americans Again....As a Proud American... I can't even get help for nothing and yet allot of these people that knew they could not afford a house and made a huge mess in California that is making it very hard for the non-helped Americans. Give me a break! Anyone that believes this is a good idea. You must be an anti-American. I can't believe that we as a country will allow citizens of other countries to come in and purchase property and expect us to bail them out. (Isn’t welfare, medical and wic enough? No, we should also help them purchase their homes)

Alercon,Molina,and our Mayor. Anybody see a pattern here??? Time for the moderates to take over.Remember this in future elections. Brian.

DEFINITELY NO!!!

Bail them out?! Why?! For being idiots and signing up for mortgages larger than their take-home pay? Somehow I was smart enough not to fall for those gimmicky mortgages in 2005! If anything, I want a bail out so I can afford a $4400/mo mortgage on a $600K house. The only "crisis" is this housing market is complete insanity. Let it tank so normal people with normal salaries can enter the market.

A bailout is completely idiotic! Sorry for the folks that got caught up in the frenzy, but its time to let the chips fall where they may. Here's hoping sanity returns to CA home prices.

NO! NO! NO! WHAT PART OF NO DO YOU NOT UNDERSTAND, Mr. Alarcon? For too many years people here in Southern California have been to caught up in appearances. And the sense of entitlement in this city is down right disgusting!! And as a result people have foolishly bought homes they could never afford otherwise through conventional loans and at seriously inflated prices. Not to mention spending through what equity they may have had to buy new and expensive luxury cars. Can't let the nieghbors see you driving anything less than a Lexus or BMW!! Oh don't forget the designer clothing as well!! People have maxed themselves out and expect those of us who decided to be responsible and pay our bills ontime and not live beyond our means to bail them out!! By spending tax dollars on bailing out the foolish and irresponsible is not going to solve the problem. It may keep them out of foreclosure for a few more months--but they will continue to live high on the hog and not learn a single lesson from all of this and will be right back in the same place they are now. Why not spend the money in much more needed places like our schools, after school programs (to keep kids busy and out of trouble--thus preventing future gang bangers), programs for rehabilitation of inmates currently incarrcerated, and, taking care of our crumbling ifrastructue. Giving away money to people who are living way beyond their means is out of the question. How dare you ask the tax payers to bail out the irresponsible? I will be sure to remember that at the next election. And judging from the other comments posted I'm sure I'm not alone in this thinking! I have made my own mistakes in life and have spent too many years scrimping to pay for my mistakes. Now that I have finally started to see the results of my hard work and have rebuilt my credit I am not about to bail out others for their mistakes. That's life and deal with it! I certainly did!

ABSOLUTELY NOT - under any circumstances.

ABSOLUTELY NOT - under any circumstances.

Where was this idea when I had a financial downturn which caused the loss of my home. After working 2 and sometimes 3 jobs and working to clean-up my credit for 10 years, I now own a home again and learn a big lesson.

No handouts to those who took advantage of something that was too good to be true....Guess what it was too good to be true. Suck it up buckos and work yourselves out of the dilemma that you created on your own. I did and you can too!

Where was this idea when I had a financial downturn which caused the loss of my home. After working 2 and sometimes 3 jobs and working to clean-up my credit for 10 years, I now own a home again and learned a big lesson.

No handouts to those who took advantage of something that was too good to be true....Guess what it was too good to be true. Suck it up buckos and work yourselves out of the dilemma that you created on your own. I did and you can too!

NO! No! There is no way people that use their brains and stay out of trouble should pay for the dummies that had to get into a loan they couldnt pay off. Some of us used our heads and do without "toys" that others mortgage their homes for.
I know someone that mortaged their home so they could aford a plasma tv and a heater for patio, now they are in trouble. How unresponsible people are. Some of us have priortys.

GOOD GRIEF! WHAT AN INANE IDEA!

I did not buy a house I can't afford. I don't buy anything I can not afford except Alarcon's salary.

I am taking a little bit of a beating in the stock market. Maybe Alarconolio would like to dip into his taxpayer salary and help me out

No, can't be. Say it ain't so. I do not believe until I see it. You mean someone actually wants to marry this Alarcone gone?

This assalcone would be a great poster boy if someone ever wanted to pass a law saying idiots should not be allowed to reproduce.

I think Mr. Alacorn must be smoking something! He thinks the taxpayers should bail out the people who stupidly gambled on houses they couldn't afford by using dangerous mortgages and totally unacceptable financing. Our real estate market has always had ups and downs. It happened in the eighties and the nineties and I didn't see anyone suggesting we bail out those who couldn't pay their mortgages back then. JUST SAY NO!!

Hey, I'm a renter, and I want a bailout too. Boo-hoo, how come no one cares about me??

Gimme that $$$$, Mr. Alarcon! I gotta get me that bling, that Escalade, and a McMansion to live the good life. There's no way you're going to let us down, right?

I'm sorry, but Alarcon's actions are a MUST. I live in Pasadena and I just received a NOD in the mail. I figure I don't have to pay my mortgage for a good 4-5 months before the sheriff comes. If Alarcon can get the ball rolling on this whole bailout deal, I'll be able to keep my house AND have 4-5 months of free living. What's the problem? Y'all are crazy or something....

No--what a pathetic idea. People who go on a buying spree with their credit cards are now going to take more money from the taxpayers who didn't go on buying sprees? Alarcon is clearly the advocate for immature, irresponsible people to drain the finances of responsible hardworking people. This is what has ruined Sweden and other socialist countries--the people who don't want to work and save simply demand that their neighbors pay for them to have vacations and salaries while staying home. Disgusting. Alarcon is not adult enough to be in city government. Remember it at election time. And put pressure on the other elected officials to stop this nonsense, or be thrown out along with him. THOSE WHO LIVE WITHOUT FOOLING BANKS INTO GIVING US CREDIT WE CAN'T AFFORD, AND THOSE OF US SAVE UP FOR A HOME AND WHO GO WITHOUT LUXURIES WE CAN'T AFFORD, DON'T WANT TO BE THE "ENABLER PARENTS" FOR PEOPLE WHO ARE DISHONEST OR IMMATURE ENOUGH TO BORROW MONEY THEY KNOW THEY CAN'T PAY BACK.

Spoiled people don't need to be bailed out by everyone else as their "parents."

Or--

let's really apply your idea, Alarcon. How about spending city money to help pay off the debts of people who are hard working and who don't go into foreclosure? How about paying for the aging car, the teeth that need work, and such things, of hard-working people? Shucks, where would THAT money come from--right? It wouldn't really make sense, for everyone to pay off everyone else's debts, would it?

But maybe that does make sense to the empty, "pretty people" like Alarcon who grin their way into city government.

But Alarcon doesn't work a real job, so he can't relate to you working for your money and thinking that it should be spent on you, who worked for it. After all, you're supporting him. So he wants you to support the other people like him, who want to live in luxury without working for it.

Make your displeasure known to all elected officials. Or, let them have your money.

NO.
This would be similar to giving credit cards to those that can't pay for them, and asking everyone else to pay their bill.

Problem with Alarcon's idea:
1. This rewards those who can't (or won't) pay their mortgage by having those that have either planned or worked hard to pay their mortgage have to pay twice.
2. Banks have made HUGE profits off of the housing/refi boom. The banks are smart enough to know something like this would happen, and are now playing the corporate welfare card.
3. Many have made (or attempted to make) a living off of the price boom over the past few years by purchasing everything in sight with these crazy loans and hoping to sell before it 'busts'. Should I have to pay for their business venture/gamble ?

It's bad enough that I have to pay for medical insurance twice... once for myself, and once for those that are lucky enough to be covered by Medi-Cal (I'd take Medi-Cal over Kaiser/BlueShiled any day). Last thing that I want will be to pay for my mortgage, and someone else's, while they have a free ride on my expense.

NO! Everyone must accept responsibility for their actions. People bought houses they could never afford either to keep up with the the "Jones" or try to make a fast dollar. When there homes appreciated a few dollars they borrowed more money to buy new cars, fancy toys and didn't think about what they were doing. I have to pay my bills, be it medical, house payments or keep my 7 yr old car running. WHY SHOULD I as a taxpayer pay for someones lifestyle they can't and will not ever be able to afford?

I know a guy that bought a property several months ago. His thinking is he will hold it for a year and sell it for twice what he paid for it. That is the problem. Greed. Too many thought the same. Sell property that is many times over valued to someone that is an idiot and bids more then the asking price for the dream house they can't afford. Add the Hummer, toys and pool and you have a recipe for a disaster. Hay people, don't inflate the hype inflated realestate market with something you can't afford, as well as the majority of people in So Cal. Absolutely NO bail out.

I just remodeled my home in order to improve our life and improve our neighborhood. I'd like some of this money too please. What a joke. If you decide to buy a home you are actually responsible for payments.

I voted to you Mr. Alarcon and I am mexican american My husband and I work hard to make our ends meet it would be foolish of you to bail all these iresponsible people out and for us in the long run have to pay for It, I will tell you one thing if this happens you have lost a vote for the next term.

Mr Alarcon is a complete fool! Evidently, he is one of the many homeowners in trouble. Take out too much equity, Mr Alarcon?

Mr Alarcon is a complete fool! Evidently, he is one of the many homeowners in trouble. Take out too much equity, Mr Alarcon?

Folks, we gotta look at the real motive here. Alarcon is looking to help out for number two...latino homebuyers. And trust me this will never come down to a vote from the people. It will be a city council back door "We don't listen,while you talk" vote and passed...

It's time for real americans to exit right, taxpayer flight out of California....

The Secretary of the U.S. Department of Housing and Urban Development Alphonso Jackson and also the President, George W. Bush have already gone public stating that "bailing out the foreclosure victims is simply a bad investment". The millions of dollars should be spent in prosecuting the brokers, loan officers and also the Presidents of all the sub prime lenders that went bankrupt. So far 10 have gone BK. None of the sub prime lenders nor their officers have gone to jail. This is not a "social" issue, that is what Richard Alarcon wants to make of it. He is seeking political publicity and he is getting it. Especially by making derogatory statements against his own U.S. Government. We are already a trillion in the red and in the middle of two wars. He wants the tax payer to pick up the tab. Why does he not say "tax payer" How much is Alarcon willing put up from his own wallet?. I resent his statement about the politicians sitting on their thumbs. Obvioulsly he does not care about he tax payer and wants the public to get ripped off. The responsibility of paying the mortgage payments is totally with the mortgagor. It is not the responsibility of the City, County, State nor the U.S. Federal Government to pay their personal bills or debts. They signed the contract and mortgage out of sound mind and they are 100% liable for their personal debts. The local and national authorities should not be held liable for private mortgage debts. Councilman Richard Alarcon is only seeking political publicity and that is exactly what he is getting. He is wrong in blaming his government and his also wrong about local municipalaties nor the National Government to take care of foreclosure debt.

Run the bum out of office!!!

Remember your Latin, Mr. AlarCON? Does the phrase "caveat emptor" mean anything to you? Even people with half a brain know they don't buy what they can't afford and these idiots who took the bait are exactly that; idiots. Why in God's name should I have to pay for their stupidity? Are you high? Just what exactly ARE you guys drinking at those Council meetings? Perhaps Jim Jones should be your next bartender.

Why should we bail out people who made a bad decision? On a purchase of this monetary magnitude, discretion and common sense have to used.

I guess it's about time to get up and actually get involved in politics... Does anyone know how we can go about petitioning for Alarcon to drop his harebrained idea?

Mr. Alarcon's contact information.

http://www.lacity.org/council/cd7/cd7contact.htm

Councilmember.alarcon@lacity.org

Mr. Alarcon: Please change your political affiliation to read "Dumb-o-crat". You're a disgrace to ANY political party.

I agree that there should be no bailout of the homeowners who can't pay their mortages. But it is not as simple as, "Alarcon (or Clinton) is a Democrat." Jim Craemer, a very conservative commentator is also for this, as he thinks it will be good for the economy. There are too many people who are more concerned about Wall Street and the financial insitutions than the average citizen.
I am against this idea because it is simply unfair to those of us who refused to jump in and buy when the prices were skyrocketing to ridiculous levels. I guess I should have bought a $3 million house, paid the mortgage for a couple of months, and then waited for the government to bail me out so I could keep on living the high life. Since I was not so reckless, I would not want to see others who were be rewarded, and the inflated home prices stay that way because the owners are refinanced.
But if it were just liberals floating this idea, it would not be likely to succeed. Instead, you have plenty of people such as the CEO of notorious Countrywide who are in favor of this, because it helps the lenders and the mortgage brokers, who also gambled foolishly and lost. The bailout is as much for them as for the homeowners. So if you are blaming this only on liberals, you are making a mistake; because conservative business types are always for a bailout (S&L's Chrysler) when it helps them.

I rent a tiny apartment up here in Silicon Valley. I think Alarcon's idea is ridiculous. If MY hard-earned money is going to bail out anyone, I want it to be my friends here in Palo Alto and Menlo Park (where it's really expensive but people work hard and deserve big homes), NOT those of you in Los Angeles!!!!

No! Not at all. A bailout will only prolong the pain and encourage more reckless behavior.

I think Mr. Alarcon's idea of L.A. bailing out the cities foreclosures is a great idea. Of course, I don' t live in L.A., so I guess I don't gits ta vote. His idea of the FEDS bailing out L.A. is, however, friggin' outrageous.

Absolutly Not. Richard Alarcon will never get my vote and any politician who goes along with this insanity should and hopefully will be voted out of office. Just like most people in this beautiful country, my husband and I have worked very hard, saved to buy a house, raised children, paid our bills and we all have problems. My husband was forced to retire because of Graft Verses Host Disease (he was denied disability retirement). We pay for 3 health benefits insurance policies, all three have refused to pay for a phase II study which will stop/cure the GVHD. (The patient who did qualify for the study is on MediCal)!! I would never expect taxpayers to pay for my bills. I will fight the fight and I will get my husband the care he needs without having other people, who may be worse off than me, pay my bills. What are you thinking; everyone would like to live in a luxurious home, drive a Bently, have personal maids and cooks etc., but most people live within their means and do not ask others to bail them out because of mistakes or stupid decisions they have made. I truly wish I had your salary so I can just afford the health care my husband needs. I am very disappointed in you and truly hope you are not voted back into office. You have NOT earned your salary, which by the way I pay. Your idea to bail out people who have bought houses that were beyond their means, to put it mildly, is just stupid. You must be senile.

No way! Alarcon and others who propose such stupid ideas are simply playing to their constituency, many of whom are already freeloading. He would be one of the last people to use his money to help bail out those who have been irresponsible.

No bail out for people who used Liar's loans to get their home. If they can't pay then they lose their home and go back to renting. I can't buy a home because the price is way too high. The price needs to come down.

Let the market work it out. Taxpayers are not responsible for the short-sightedness of these borrowers. Taxpayers are also not responsible for the greed of the people and institutions who loaned the money knowing full well what the consequences would be for these borrowers when the interest rates rose on the loans. So now some of these borrowers are going to lose their houses and some of these loan officers have lost their jobs and some of these mortgage companies have gone out of business. These are the consequences for their own actions.

If the Federal Government should do anything, it should be to have a full Congressional investigation into the unethical lending practices committed by the mortgage industry.

It looks like Alarcon is trying to be some kind of a hero at everyone else's expense.

NO!!! Abosulutely not. Read "The Forgotten Man."
Let's learn from our mistakes. Let's not let the government try a hopeless bailout, that will not work, and will only be taking OUR money: The honest taxpayers that have played by the rules!!! The greedy people that made a bad decision need to deal with it and learn from it. We cannot enable these fools anymore than we would enable an alcoholic or drug addict. Any politican that sponors or tries to pass legislation for a bail out, will not only not have my vote, but I'll make sure my friends and neighbors vote him/her out!
There is a bright side to not bailing these fools out: HOME PRICES WILL GO DOWN!! Now, isn't that good news?

NO NO NO BAILOUTS

I have no health insurance, i may have some medical problems, and my gums are bleeding.

I am scared to be sued and forced to file BK.

And you want to give money to people who LIED on their application, defrauded the banks, and to pay brokers agents loan officers appraisers for the fraud they comitted?

Is that what you are telling me?

Alarcon is right in that the increasing foreclosures are a problem, but wrong in suggesting giving tax money to homedebtors. Current salaries can simply not support current home prices, and that is the heart of the problem. During the inevitable down-slide of house prices with the inevitable rise in foreclosures, the city should focus on fighting the negative consequences of foreclosures: neglect of upkeep and crime.

The Honorable Christopher Dodd
Chairman
Committee on Banking, Housing, and Urban Affairs
United States Senate
534 Dirksen Senate Office Building
Washington, D.C. 20510

Dear Chairman Dodd:

I hope that during the next legislative session the Committee on Banking, Housing, and Urban Affairs will schedule hearings and provide the opportunity for testimony from representatives from all levels of the mortgage origination industry, testimony from all levels within investment banking firms which engaged mortgage pool packaging, and testimony from individuals, fiduciaries, and the representatives of institutions that purchased collateralized mortgage obligations over the last few years. I believe such hearings will provide valuable insight into what has gone wrong in the mortgage market - and how the problems have impacted, and will continue to impact investors, the housing market and individual homeowners for the foreseeable future.

The disclosures and the insights provided by such hearings would also provide information which will assist the development of improved ‘standards of practice’ for the different institutional parts of the mortgage lending and mortgage investment industry, and I’m sure such hearings will provide valuable information to the press and to the general public.

I believe the current mortgage and housing crisis is the result of institutions and individuals speculating on unrealistic, unproven and improbable circumstances. And it seems both mortgage originators and mortgage borrowers may have engaged in hyperbole, duplicity or even fraud as mortgage practices became less well defined. At the same time, it seems investors in mortgage pools may not have understood how investment bankers’ models might misbehave, or how liquidity might evaporate.

I believe those who played the game should bear the pain; I believe experiencing the pain from this ‘lesson’ is a necessary first step in rebuilding market discipline.

I hope that legislators and the U.S. Federal Reserve Bank will resist the temptation to take actions which reward individual or institutional speculative mis-judgments. And, I hope that legislators and the Federal Reserve will resist actions that will redistribute the financial pain to the general public through a loss of purchasing power, or by actions that will necessitate increases in taxes.

Sincerely,

The lender absolutely should be examined for fraud in a foreclosure. Consumers are told they aren't smart enough to know what they're signing, but then are suspected of being smart enough to invent mortgage fraud schemes. It is the INDUSTRY that invented the exotic loans, and the scams, and usually industry insiders are part of fraud. Any consumers who were also committing fraud should be prosecuted, but many were not committing fraud, they just didn't recognize the often elaborate scams, nor would they know about forgery, etc, until too late. Do not bail out the industry. If anyone needs to be bailed out it was the people who were defrauded and that was NOT the industry. I think Americans are against a bailout because they know who the "help" will go to...the crooked industry people, greedy investors and flippers, and even greedy and stupid buyers, but not actual innocent consumers!

Absolutely NO WAY. These people took a gamble. The were hoping to flip and make a ton of money selling their house - pure greed. What's next? Are we, the taxpayers, to pay for the money people lose playing Blackjack in Vegas?

Are you kidding me?? Let the fools suffer. Maybe they should have read the document they were signing and if they weren't smart enough to figure it out, well take it to someone who is (laywer, etc) to explain the mortgage. Do some basic math to see if you are going to be able to pay for the big house you just bought. If prices were going up, are these people going to share their money with me?? NO they wouldn't, so just because it goes the other way does not mean we need to help them out. ARgh.. idiots.

The housing industry and lenders are at least 50% for the current crisis. Especially here in Southern California I see NO movement towards actually producing affordable housing.

When you turn around every corner you see builders building 'luxury' housing units priced at overinflated prices. Most first time buyers of Southern California have been priced out of buying a first time home because of builder and lender practicies and overinflated ideas about what a home will be 'worth'.

Home prices became inflated comparable to a loaf of bread rising in price to $18 a loaf, with the grocer offering you an interest-only loan to help you pay for it. Obviously no one can afford $18 a loaf unless they are very wealthy. If the market can't support the price of a product, then let the sellers in this case the lenders and housing industry, take a loss, and let the prices adjust for what the market can bear, meaing housing prices can adjust back to afforable rates, that potential homewowners do not need 'exotic' mortages for.

Alarcon and Gruel had two people at their hearing trying to push the local bailout program, claiming they were typical: ONE of the TWO was a "monolingual Spanish speaker" who claimed as his excuse for getting in over his head, that he didn't speak English so didn't understand what he was signing.

Is that sort of stupidity supposed to be our fault? IF he speaks no English and signs something anyway, he is utterly incompetent.

Only the biggest fool would sign a financial document like that without getting a translator. Did he think he was signing a receipt for a gift?

The fact that Alarcon's district has among the most people facing foreclosure, just seems to indicate he has a lot of illiterate Hispanics like this. It's not our responsibility to bail then out.

If I snuck into another country, say Greece or Mexico, wanted a nice house I couldn't afford, signed a document in Greece or Mexico committing me to certain payments, then tried to excuse defaulting by saying "Gee, I couldn't understand what I was signing because I only speak English," would that country bail me out? Insane.

(For the record, in Mexico you can't even buy land anywyere near the ocean if you're an American. People who do buy are required to put down all sorts of collateral.)

ANYONE taking out a jumbo loan with no money down, or 100% financing as the article states, is irresponsible also. Their lending institutions should be penalized, not us.

These people are too stupid to pay back the federal loans even if they can get them, and then we'd be stuck with their defaults.

IF anyone is given loans, it should only be people who have enough equity in their homes that they could be sold for profit if they bail.

I agree with Mr. Alarcon. We need help. That was our only chance of homeownership and you must not deny my family this chance. My little 4 year old son is so happy in his own bedroom. Don't take it away from him. Low income renters get help. Low income people without health insurance get help. Help us low income home buyers.

The sky is falling! Mr. Bush’s “ownership society” is now a nightmare. He has encouraged all Americans to become owners of homes, businesses, and assets while their once secure jobs get outsourced, and their incomes are getting stagnant as a result of globalization. Don’t people realize that they don’t own the dream home they have just bought. Legally, the mortgage company or the bank owns the home until the mortgage is completely paid for, with interest of course, after 30 years. With the cost of housing abnormally high in California, it seems to take forever to meet the high monthly mortgage payments. This is especially true when the majority of Americans are moving around a lot in a dynamic economic society.

Why pay for stupidity?
If you don't have 20% down
you can't afford to buy.
Hold the lenders responsible, not the taxpayers!

Foreclosure is the established process by which our society deals with the the issue of people unable to pay their mortgage.If that has not been a problem in the past when the numbers where lower, why is it a problem now that the numbers are higher? Let the market deal with it, eventually the price of real estate and the number of qualified buyers will settle at a sustainable equilibrium.
Also, if I buy a car and cannot keep up with the payments, it will be repo'd and no government official will waste a moment's thought of bailing me out.
I think the case of Miss Burnie of Pacoima is less about lending than about our health care situation.While a possible segment in Michael Moore's "Sicko", her health care bills, as somebody mentioned earlier, would have meant losing the house anyway. Of course, you can always conflate the two issues and kill two birds with one stone, as the saying goes.

dondiaz

Using taxpayer money to help individuals with their mortgage payments sounds a lot like a mis-appropriation of tax payer money. This could be a signal that we need to look very closely at the people in charge here that want to do this. They have most likely mis-appropriate funds previously and are now become brazen and open in their criminal deeds! Stand up for your rights and don't let these crooks steel you blind. What is next, taking my taxes and paying fake wages in lieu of a person getting a job? We already do that with un-employment and welfare. Is it the plan to create virtual jobs and reward them with tax payer money? What about those who bought a car they can't afford, shall we make their payments. Don't forget about those who ran their credit cards up and can't pay, should we pay those as well. Lets kick these idots out of Government now before they do some real damage.

It used to be when you bought a home about 25% DP was required, today only 5%. This is similar to the roaring 20's when you could buy stocks on a 90% margin. People couldn't pay and the market fell in 1929

Why we have to pay for someones stupidity ?? you don't buy anything is you know you can't afforded .

Another bail out hell to the Naw!!!let these dummys sink with the ship it is not my problem. when they were buying they were talking shit. now they are crying I tried to tell them,let the prices fall,so the smart people who waited can buy. it's our turn now.

NO way - !!!!!11 Tax the smart people thats sounds good !

God Bless America! I hope you people in America never ever need help, because you won't get it. We were told, we were on the way up. Then , so you buy a home, your company closes & whamoo!! NO JOB!!!! But , as you say, we deserve it for buying above our means. Sorry, but we thought we were in America, we were secure!!!
Thanks, for your support, we will give it back aas you gave it to usk, NOT AT~ALL!!

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