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Why doesn't everyone stop paying? Anyone who supports this is a not thinking straight (I did say moron but I am trying not to offend anyone
). If this isn't wealth distribution then I don't know.......
Explain why the hell my taxes have to go to Joe Schmoe down the street who thought he needed 2 extra bedrooms and an extra bathroom and an extra car and lived beyond his means.
WE HAVE TO PAY FOR THIS...ARE YOU FREAKING KIDDING ME?!?!
This is what the American dream is about? Working hard to get where we are at only to have what we've worked for taken from us and given to other people who don't deserve it!!
You should be appalled by this. If you can't pay for your house then you deserve to lose it. And then you can rent from someone who can manage money better imo.
If you pay your mortgage and your bills on time and live within your means YOU ARE BEING PUNISHED. You are going to be punished for doing the right thing. The winners are the people who have borrowed more then what they can pay and live outside their means.
Someone please make sense of this. You cant anyway. I'll wait.
475 BILLION dollars people
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Leet8s
(United States)
6,647
Posts.
Joined
08-29-2006.
02-19-2009 12:11 PM
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I'm going to present an article in my econ class today from Ayn Rand. Let's see how that goes.
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GLMM
(United States)
1,240
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Joined
05-18-2006.
02-19-2009 12:15 PM
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This is weird for me as I am a staunch republican.
We bought our house in 2004 in Massachusetts when things were booming and did so with a standard 5% down payment and a 30 yr fixed mortgage.
The home appraised for $354k at the time,and we got it for $339k. We refid once in 2005,took out $10k to pay off some bills and some small improvements and have been in the same loan for the last 4 yrs or so.
So here we are in 2009 and according to Zillow.com my house in worth $302k.In those 4yrs my taxes have been raised twice and my home owners insurance has gone up once.It is a struggle,but we make it happen every month.
I have never missed a payment and barring any tradgedies don't plan to. But you can bet you right testicle (or labia) that I will most certainly be looking to try to refinance my loan if given the opportunity.
Whatever political side your on,this is far from the worst thing Obama is doing to "stimulate" our economy. There will be some deadbeats that will benefit from this,like alot of the other items in the "stimulus" deal.
But I feel there are alot of responsible,hard working Americans who should be able to take advantage of this.
I look at it this way. If people in similar situations as myself are able to refi and save $2,$3,$400 dollars per month,that money most likely will get spent on nights out to dinner,TV's,home improvements,traveling,etc. which is what this economy needs the most right now.
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What I purchased my house for and what it is worth now is very sad. If I had to get out from under my home, there is no way I could sell it for what is still owned. Why did this happen because my next door neighbor got a 105% mortgage and simply walked away. There a multiple foreclosures on my street and Chicago has some of the highest taxes in the country.
I will not feel guilty in attempting to get my mortgage modified to ease my burden. In actuality, this would greatly diminish any fear I had of the possibility of not being able to pay for my mortgage.
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GLMM
(United States)
1,240
Posts.
Joined
05-18-2006.
02-19-2009 12:19 PM
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Another very valid point on the foreclosures,Firm.
The more these occur,the more values will continue to drop.
GL to you sir.
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It's completely bullshit. Nobody is actually losing their home. The people getting this money bought houses as investments and they were bad investments.
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cmval
(Jamaica)
9,161
Posts.
Joined
09-10-2006.
02-19-2009 12:25 PM
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Firm I feel for you. I really hope it works out. I will admit my OP is not very sympathetic to anyone going through this right now.
I am just sooo fn sick of seeing all this money dumped in a fn hole.
Bailing out mortgages is not the proper way to help our economy. But as I said in my previous post I don't blame any individual for trying to do what they can to save their home.
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emcee21
(United States)
14,326
Posts.
Joined
02-15-2006.
02-19-2009 12:27 PM
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 cmval: | |
why sad?
injustice makes me sad. i'm agreeing with you here.
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| Leet8s: | |
I'm going to present an article in my econ class today from Ayn Rand. Let's see how that goes.
lol.
nothing wrong with refinancing, i just dont want to pay for you to do it. still sitting on 5.5% here, really wish it would go to 4.5% to make it worth the up front cost and long term savings. i figure if i can save $200 a month then its worth it and keep paying the same amount anyhow.
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Man, stop bitching, in Canada we been paying for our neighbours medical bills, mortgages, food you name it, for along time, yet somehow our banking system doesnt epically fail ;)
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| Necro: | |
Man, stop bitching, in Canada we been paying for our neighbours medical bills, mortgages, food you name it, for along time, yet somehow our banking system doesnt epically fail ;)
Just stay and all is happy.
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| TheFirm53: | |
What I purchased my house for and what it is worth now is very sad. If I had to get out from under my home, there is no way I could sell it for what is still owned. Why did this happen because my next door neighbor got a 105% mortgage and simply walked away. There a multiple foreclosures on my street and Chicago has some of the highest taxes in the country.
I will not feel guilty in attempting to get my mortgage modified to ease my burden. In actuality, this would greatly diminish any fear I had of the possibility of not being able to pay for my mortgage.
It sounds like we're in the same boat. I purchased my home in mid-2007 for $339k (appraised at $360k so felt like we were getting a good price). Fast forward to today and there are similar homes on our block going for just over 200k. It makes me want to puke. Naturally when we got into the mortgage we got into it because we knew that we could afford it with our salaries and we've been paying our bills on time. We usually pay a hundred or two extra on each payment along with an extra payment at years' end to try and pay down the principal as much as possible.
Then I turn on the TV and listen to people who bought 400k+ homes who barely made any money in the first place and got into those ARM's (friggin' idiotic) thinking that they could have a 450k house for 1200 a month. I'm just wondering whatever happened to the good ol' concept of accountability? It seems like these days you don't even have to fear the consequences of horrible financial decisions because there will always be somebody there to hold your hand and throw more money at you because you happened to do it wrong the first time.
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Lenny
(United States)
6,866
Posts.
Joined
11-23-2005.
02-19-2009 12:38 PM
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| Autolobotomist: | |
It's completely bullshit. Nobody is actually losing their home. The people getting this money bought houses as investments and they were bad investments.
This line of thinking disgusts me. Are you people nuts? There are two people IN THIS THREAD who testify to how a homeowner's assistance program can help them. Neither one strike me as irresponsible or deadbeat debtors.
And FTR you are not paying your neighbor's mortgage. You might be paying 1/3750th of your neighbor's mortgage, but guess what? That $5.35 you chip in will help hold $535 in value in your own home and will help grow our economy by $5350.
Seems like a pretty smart play to me.
In fact, I'm with Jon Stewart. We should cease all payments to failed banks immed. and just give the money to the people. Why pour trillions down the sinkhole of "bad paper" when we can simply shore up homeowners directly. If the money trickles up and clears the books of a megabank or two, all the better.
Too bad it'll never happen.
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| Leet8s: | |
I'm going to present an article in my econ class today from Ayn Rand. Let's see how that goes.
omg im gonna vomit
skullfuck ayn rand, her shit is not fit for discussions of literature or economics
And for OP, amymarie, all the Obama-haters (I'm not an Obama fanatic btw, just have a question).......
Who's more to blame for this current scenario, the government that is making (foolish) bailouts, the people who for all these years accepted (foolish) loans, or the banks and lenders who knew these were foolish loans, and kept handing them out as they saw profits roll in off commission. I think everyone's hands are dirty, but which one is supposed to be most responsible in this situation, the ever-so-financially-illiterate public, or publicly traded companies that owe a certain debt to the public they profit off of?
I sympathize with responsible home-buyers; it's bullshit that other people were talked into buying too much and are now being rewarded for it. But the question now is how best to move on; should we knock out a couple of the bedrooms from your neighbors house, that way its now a reasonable home that he can afford? Obviously not. Do we kick anyone who can't make their house payment out on their ass? Again, I think not. Do we sue the financial corporations that are responsible for this mess? Closer, but still not feasible.
The situation sucks and I'd agree in principle rewarding people's poor decision is completely backwards, but place blame in its appropriate place. For some reason no one is better at class warfare than conservatives, and I would reiterate that I don't see any of this is Joe Schmo's fault really, hasn't Corporate America and our government itself been promoting the idea of American invincibility to a fault since the end of the Cold War? But I guess if you buy into Rand's objectivism and believe everyone makes completely rational choices all the time....
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cmval
(Jamaica)
9,161
Posts.
Joined
09-10-2006.
02-19-2009 12:39 PM
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| cizastro: | |
Then I turn on the TV and listen to people who bought 400k+ homes who barely made any money in the first place and got into those ARM's (friggin' idiotic) thinking that they could have a 450k house for 1200 a month. I'm just wondering whatever happened to the good ol' concept of accountability? It seems like these days you don't even have to fear the consequences of horrible financial decisions because there will always be somebody there to hold your hand and throw more money at you because you happened to do it wrong the first time.
these are the morons
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emcee21
(United States)
14,326
Posts.
Joined
02-15-2006.
02-19-2009 12:49 PM
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| funnygut: | |
But I guess if you buy into Rand's objectivism and believe everyone makes completely rational choices all the time....
Glad I read your last sentence before reading the whole thing. Credibility shot. gg.
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