Federal tax dollars are being used to bail out CA homeowners (Arnold: loans, house prices)
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Ah, another civic minded post from the 'me and mine' club. Ask not what you can do for your country, but what you can get out of it individually.
That's a laugh, considering this money is going to selfish individuals whose irresponsible and greedy behavior caused the problem that I now have to pay for.
I disagree. Obama has been attempting to buy votes over the past year as he is now and he still can't get much separation from Romney in the polls. His approval has been below 50% for most of his term and he's currently down by 8 to Romney (Rasmussen). That's considerable as Romney hasn't even officially won his party's nomination yet.
At some point the deliberate, shameless pandering becomes too much for those of any political stripes. The Obama administration can't spin this any other way, irresponsible home buyers are being rewarded at the expense of their neighbors.
But in the end, at the last minute, when there is a statistical dead heat, the incumbent will generally win.
That's a laugh, considering this money is going to selfish individuals whose irresponsible and greedy behavior caused the problem that I now have to pay for.
As said ... 95% of the individuals who are facing foreclosure now were not greedy or acting in any way willfully irresponsibly. They were buying products marketed to them very aggressively by an amoral system, at the least. They acted on their conditioned dispositions. They tried to be in the game through mortgages structured in ways that had never been marketed before. You can call them stupid at worst. I prefer to call them simply gullible, but understandably so.
Anyway, none of them are getting a check. They are getting a restructure. And the bailout funds are going to the financiers. So, it's the investors that are having their losses cut on your dime. Otherwise the buyers who can't afford the payments on their overpriced purchases would just be walking away -- not because they are slippery opportunists, but because they simply can not pay.
Do you think the buyers took valuable products away from other qualified buyers who would have paid the inflated price? No, they didn't. If these mortgage products hadn't been created, these sales would never have taken place at the prices they did. Investors never would have seen the money they are now getting from the government to "compensate" them for their greed.
All the while, these sociopaths who contrived and promoted the debacle and being rewarded two and three times. There are your greedy and irresponsible players. They are the only ones who acted with full, sophisticated knowledge and experience in what they were perpetrating on the public. And they've not suffered a dime as individuals -- rather they continue to profit at everyone's expense.
The buyers that so many of you vilify are little guys caught in the squeeze. They aren't being made right by this at all -- let alone at your expense. They are being only partially adjusted for their own losses in most cases. Most of them had downpayments invested on these overpriced homes and made substantial payments for varying periods of time until they crashed.
The pigs that got your money ran up the tab, collected every dime, and took off without paying any bills.
As said ... 95% of the individuals who are facing foreclosure now were not greedy or acting in any way willfully irresponsibly. They were buying products marketed to them very aggressively by an amoral system, at the least. They acted on their conditioned dispositions. They tried to be in the game through mortgages structured in ways that had never been marketed before. You can call them stupid at worst. I prefer to call them simply gullible, but understandably so.
Anyway, none of them are getting a check. They are getting a restructure. And the bailout funds are going to the financiers. So, it's the investors that are having their losses cut on your dime. Otherwise the buyers who can't afford the payments on their overpriced purchases would just be walking away -- not because they are slippery opportunists, but because they simply can not pay.
Do you think the buyers took valuable products away from other qualified buyers who would have paid the inflated price? No, they didn't. If these mortgage products hadn't been created, these sales would never have taken place at the prices they did. Investors never would have seen the money they are now getting from the government to "compensate" them for their greed.
All the while, these sociopaths who contrived and promoted the debacle and being rewarded two and three times. There are your greedy and irresponsible players. They are the only ones who acted with full, sophisticated knowledge and experience in what they were perpetrating on the public. And they've not suffered a dime as individuals -- rather they continue to profit at everyone's expense.
The buyers that so many of you vilify are little guys caught in the squeeze. They aren't being made right by this at all -- let alone at your expense. They are being only partially adjusted for their own losses in most cases. Most of them had downpayments invested on these overpriced homes and made substantial payments for varying periods of time until they crashed.
The pigs that got your money ran up the tab, collected every dime, and took off without paying any bills.
The difference in greed between a person who took out a mortgage they could not afford and a wall street banker is merely how much money they're ultimately going to bilk out of the responsible members of society.
The difference in greed between a person who took out a mortgage they could not afford and a wall street banker is merely how much money they're ultimately going to bilk out of the responsible members of society.
Heh. That would be a very clever observation if it were true in the slightest that any of the buyers took their mortgages knowing they couldn't afford them. But they didn't. Why would anyone? What would they gain? Nearly all put at least a few % down, which at the high prices usually meant tens of thousands of dollars they would lose if they couldn't perform. They were convinced they could.
No. As I said, you might call some of these buyers stupid, or, as I do, gullible and trusting, overly anxious, optimistic ... But none of those things are criminal acts nor morally depraved.
Buyers brought nothing to the party except desire and enthusiasm.
On the other hand, the creators and promoters and manipulators did what they did with knowledge and malice. That is criminal. That is sociopathic. And their set up worked. They got paid and then paid again.
Heh. That would be a very clever observation if it were true in the slightest that any of the buyers took their mortgages knowing they couldn't afford them. But they didn't. Why would anyone? What would they gain? Nearly all put at least a few % down, which at the high prices usually meant tens of thousands of dollars they would lose if they couldn't perform. They were convinced they could.
No. As I said, you might call some of these buyers stupid, or, as I do, gullible and trusting, overly anxious, optimistic ... But none of those things are criminal acts nor morally depraved.
Buyers brought nothing to the party except desire and enthusiasm.
On the other hand, the creators and promoters and manipulators did what they did with knowledge and malice. That is criminal. That is sociopathic. And their set up worked. They got paid and then paid again.
Nah, they thought they were getting on the bandwagon and were going to flip their house.
People are stupid, sure, but so stupid not to realize that they couldn't afford a mortgage on a 700,000 dollar house when they made 40,000 bucks a year? So stupid not to realize that an adjustable rate mortgage will adjust?
No, they were greedy. If they were on wall street, they would have behaved just like those greedy bankers did.
Nah, they thought they were getting on the bandwagon and were going to flip their house.
People are stupid, sure, but so stupid not to realize that they couldn't afford a mortgage on a 700,000 dollar house when they made 40,000 bucks a year? So stupid not to realize that an adjustable rate mortgage will adjust?
No, they were greedy. If they were on wall street, they would have behaved just like those greedy bankers did.
Your examples are specious exaggerations, at best. Very few people, very few, are as you describe. Total nonsense. We are talking about millions of everyday working Americans, most of whom lost their jobs in the economy's crash, not millions upon millions of speculators. Find me an example of anyone getting into a $700,000 dollar house on a $40,000 annual salary. No one pulled that off. You may like to knee-jerk over a few sensationalized examples in the media. Perhaps knee-jerking is your exercise program.
As for the very small minority of people who bought to flip? Who would buy high to flip a house? Right: no one. That's not how 'flipping' works. Flipping works with undervalued wrecks that need some kind of work, at least cosmetics. That doesn't represent any significant percentage of the homes in foreclosure today. The homes that are in foreclosure are homes that owners are trying to save. Houses bought to flip were walked away from long ago. And there weren't many in the percentage of the problem we are talking about. Total nonsense.
Adjustable rate mortgages don't accelerate overnight. They are sometimes as low as three-year ARMs. Mostly they were five year. Buying to join the rest of the market by living in, and holding, a home for five years and then selling to upgrade is not nuts or criminal -- IF the market is truly accelerating, as brokers and bankers were showing buyers that it was. The crime was at the top where the designers of these programs knew full well the market couldn't continue. Joe Sixpack doesn't know from beans except what he is being sold starts when he turns the keys he has been given to drive it off the lot.
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