So, you're telling me that now Bush wants to help out the idiots that took the zero interest loans? Fuck that, if they were stupid enough to take out that loan, they should deal with the backside.
So, you're telling me that now Bush wants to help out the idiots that took the zero interest loans? Fuck that, if they were stupid enough to take out that loan, they should deal with the backside.
So bail people out for making poor financial decisions? Buying/spending beyond their means? Mine and your tax dollars...WTF?
Someone wrote into our paper yesterday or today about how this was like predatory lending, blah, blah, blah....
And I know that there were brokers that sought out folks, instead of the other way around - I suspect they targeted apartment dwellers and said things like "you could OWN YOUR OWN HOME for less than you are paying in rent" etc. And then there were realtors who also profited. But COME ON - the most basic law of money is "if it sounds too good to be true...." and these people didn't even hesitate.
Again - having a hard time with this one - it's not a floor, or a natural disaster - and here we are - bailing them out.
Isn't this like welfare? What happened to the Republican hatred of social welfare programs and the letting "market forces" and the private sector handle this?
here's a novel idea - this administration won't pay to tell kids about birth control, but they'll bail out the idiots when they live beyond their means. Anyone else see the irony here?
Bleeding heart liberal welfare lovers.
__________________
Life should NOT be a journey to the grave with the intention of arriving safely in a well preserved body, but rather to skid in sideways, chocolate in one hand, martini in the other, body totally worn out and screaming ~ WOO HOO what a ride!
Last edited by JT : August 31st, 2007 at 01:59 PM.
Reason: repairing a typo extravaganza
What blows is that a nice guy like me is hoping people get booted onto the streets and get foreclosed on so that I can hope to buy a home in this over infalted California market when it crashes (already has a bit, at least in my area).
I had the opportunity to jump into the market with an interest only or ARM but didn't because I realised how stupid of a financial decision that was. Now the stupid people will get bailed out and I'm getting screwed again.
Its not really bailing them out in regards to the US paying any money to them. All its really doing is letting these people qualify for FHA mortgage insurance who otherwise would not. So in essence it really is not costing the taxpayers very much money and instead will help those who for some reason cannot afford the payments anymore due to rate increases. It's only for people who had great credit and no missed mortgage payments BEFORE the rate got reset. So it's not like you are helping out only deadbeats, you are helping those who will most likely not get foreclosed on after going into this program whereas they probably would lose their house if not for this program further burdeoning the US economy. I believe I read at most 240K people may qualify for the program, although I would bet a lot of them don't use it or will never know about it.
So in essence it really is not costing the taxpayers very much money and instead will help those who for some reason cannot afford the payments anymore due to rate increases.
Uhhh... they can't make the payments because they bought a house they can't afford. Thats not "for some reason". It not because of something out of their control. No one forced them into buying too much house for their income level.
Quote:
Originally Posted by NoRice
It's only for people who had great credit and no missed mortgage payments BEFORE the rate got reset.
Uhhh.. you aren't born with bad credit. How do you think people with bad credit got bad credit? Probably from being late on their mortgate after being dumb enough to buy a house with an interest only loan, or getting into too much credit card debt buying things they can't afford.
I had great credit too.... before I decided to buy a new Viper that I couldn't realistically afford. Quick, lower my interest rate! Kidding of course. I don't have a Viper... my credit is bad because I'm a minority (Italian in California), but thats another thread.
Uhhh... they can't make the payments because they bought a house they can't afford. Thats not "for some reason". It not because of something out of their control. No one forced them into buying too much house for their income level.
Uhhh.. you aren't born with bad credit. How do you think people with bad credit got bad credit? Probably from being late on their mortgate after being dumb enough to buy a house with an interest only loan, or getting into too much credit card debt buying things they can't afford.
I had great credit too.... before I decided to buy a new Viper that I couldn't realistically afford. Quick, lower my interest rate! Kidding of course. I don't have a Viper... my credit is bad because I'm a minority (Italian in California), but thats another thread.
Eddie
I'm glad we have people with more brains then you show controlling the economy. What would be the better choice, bail them out or let the houses get foreclosed on? If you answer foreclose you are an idiot as having that many foreclosures hit the market would devastate not only the housing sector but numerous other sectors of our economy. The only thing I hate is they waited as long as they did to do something. The good thing about all of this is the new bills going through congress that will reform mortgage brokers, bankers, appraisers, etc. if they get passed. Although they are about 10 years too late and still do not do a good enough job in enforcement and regulation of these professions.
I'm glad we have people with more brains then you show controlling the economy. What would be the better choice, bail them out or let the houses get foreclosed on? If you answer foreclose you are an idiot as having that many foreclosures hit the market would devastate not only the housing sector but numerous other sectors of our economy. The only thing I hate is they waited as long as they did to do something. The good thing about all of this is the new bills going through congress that will reform mortgage brokers, bankers, appraisers, etc. if they get passed. Although they are about 10 years too late and still do not do a good enough job in enforcement and regulation of these professions.
No. If you want to help the economy, you can dump the money into any sector. Trickle down. Trickle up. Whatever. In the end, it's all about dumping money into the system at some point. Spend it on the military instead.
Besides, even if you bail out these nimrods, the economy will still tank because they no longer have their home-line-of-credit-ATM financing their consumer spending. That's all stopping, and we will have a contraction.
I hate bailing out stupid homeowners. And I hate bailing out investors who bought their worthless paper.
I'm glad we have people with more brains then you show controlling the economy. What would be the better choice, bail them out or let the houses get foreclosed on? If you answer foreclose you are an idiot as having that many foreclosures hit the market would devastate not only the housing sector but numerous other sectors of our economy. The only thing I hate is they waited as long as they did to do something. The good thing about all of this is the new bills going through congress that will reform mortgage brokers, bankers, appraisers, etc. if they get passed. Although they are about 10 years too late and still do not do a good enough job in enforcement and regulation of these professions.
I guess you didn't read my first post in this thread. YES I want everyone foreclosed on! And YES I know it would fuck the economy! I want the housing market to TANK TANK TANK! Because I'm a selfish bastard!
Sure, I could of bought a $300k house for $1500 a month. But having a brain comes with responsibility, and my brain was saying "But Eddie, what happens 3years down the road when you start paying principal and the payment jacks up to $2500 per month?". So I told my brain, "Brain, we would be fucked."
So here I am. Homeless. Watching people get bailed out of their stupid decisions. And I'm not broke, I make a decent living, a bit more than the median household income in my area. But home prices are soooo out of wack. Unfortunately and fortunately my wife stays home with our two kids who I would kill for. Its bad because you really need two incomes in Cali if you aren't High Roller. Its good because my children spend a lot of time with their mother and receive a lot of love. Shes got her little business thing going that we are hoping will pick up, but if you know me, then you'll know that I perpetually have something in the works that I "hope will pick up". Story of my life.
And you didn't have to call me an idiot. I'm not name calling, dick head.
No. If you want to help the economy, you can dump the money into any sector. Trickle down. Trickle up. Whatever. In the end, it's all about dumping money into the system at some point. Spend it on the military instead.
Besides, even if you bail out these nimrods, the economy will still tank because they no longer have their home-line-of-credit-ATM financing their consumer spending. That's all stopping, and we will have a contraction.
I hate bailing out stupid homeowners. And I hate bailing out investors who bought their worthless paper.
trickle down theroy was a classic line Reagan used, it has been proven not to work
Maybe I'm the predator lender's wet dream but I can't go a week without getting a dozen "$350,000 for you!!!" "this is not a check" checks from the fuckers. That along with all the other junk mail I get. I say we should all refi and then default and let them sell the homes at a loss. That might teach them to stop fucking calling me and stop cluttering up my house with all their crap.
And no matter what Bush does it won't be any more "welfare-ish" than the tax credits parents get for their kids.
So bail people out for making poor financial decisions? Buying/spending beyond their means? Mine and your tax dollars...WTF?
