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Old 10-07-2008, 06:28 AM
 
96 posts, read 176,690 times
Reputation: 38

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Quote:
Originally Posted by johne482 View Post
Wondering why Peter Wallison didn't run for Prez..whoever he is.
I think that instead of running for Prez these scoundrals just decided to apply for jobs under Obama He's been willing to hire a few of them as his advisors
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Old 10-07-2008, 06:40 AM
 
Location: Right where I want to be.
4,507 posts, read 8,008,762 times
Reputation: 3332
Aw man, we always miss the gravy train. When we were looking to buy 5 years ago we were surprised to see how much the bank was willing to loan us. It was truly a ridiculous amount and that was not considering any 'creative financing' that may have been available. The monthly payment would have been much more than we would have been comfortable with so we got something much less, something we could afford over time and even if we hit a rough spot financially.

And we have been particularly 'smart' and have been paying our very reasonable mortgage down early. If only we had known Uncle Sam would give us a bail out had we gotten the house the bank said we could afford in the first place. http://www.livinglikenooneelse.com/forum/images/smilies/dunce1.gif (broken link)


OK, so leaving the sarcasm out....It just goes to show that as a country we really aren't helping people by giving them what they can't afford in the first place. We have to decide. Do we want to be socialist and have the same standard of living for everyone or do we want to keep the freedom of opportunity, knowing that we all have a chance but not all will make it, some will land in the middle and some will rise to the top? Trying to have a little bit of both will not be successful and only serves to drive a wedge between socioeconomic groups.

It seems undeniable at this point in time, we just can't afford 'affordable housing'.
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Old 10-07-2008, 06:51 AM
 
Location: Right where I want to be.
4,507 posts, read 8,008,762 times
Reputation: 3332
Quote:
Originally Posted by md to nc View Post
You know it is not always foolish people who can't afford a house who get into trouble. Yes I may not have had a "stock pile" of money or a five to six month cushion when my husband got let go from his job a year ago. But the six months of being off has taken us a year to get back on track. Its not always foolish idiots who get behind and get threatened with foreclosure. However, I have since lost ALL my 401K as well as husband. Plus borrowed some from my parents to keep from having to lean on the gov't. Unfortunately not everybody has the resources to fall back on or great set of parents to help out. Yes there are those who sometimes get what is coming to them. However, we were living well withiin our means, prior to the breadwinner getting laid off. I just feel for some of those that have the misfortune of coming upon hardtimes during this economic crunch. They are riduculed for not having a nest egg or lack of planning or even basically just plain stupid. I am sorry but some of these comments I have taken to heart and yes I may not have planned for something like this happening, but come on who really plans for their husband to lose his job. The first time ever in his life and he is 41 yrs old.

What I am trying to get across by my sob story is not everybody is facing foreclosure because of their inability to pay a mortgage or their "american dream" catching up to them. Some actually do come across hard times and may being facing foreclosure even if the rest of America was not. Lord knows, I can pay my mortgage and had no problem whatsoever until my household income dropped 75%
I will agree with PP who said your story is not in the majority of the mortgages causing the problems.

We have been unemployed. It was a hard and eye opening experience. Fortunately DH found a new job before the severance package ran out but it was very scary. We could have been where you are now and I don't want to minimize your experience in any way. It was stupid that we didn't have any money set aside for just such an emergency. We learned our lesson well and now we do plan for DH to be unemployed, just as we have a plan for his death by having life insurance, we have a plan for major sickness by having health and disability insurance. The emergency fund we keep in the bank will cover up to a year of very basic living if needed, including mortgage payment. We encourage others to plan for this as well. Good luck to you, I hope you are able to get back on track and these hard lessons are ones you have to only learn once.
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Old 10-07-2008, 06:51 AM
 
Location: Highland Creek Area
327 posts, read 1,057,668 times
Reputation: 143
Quote:
Originally Posted by md to nc View Post
You know it is not always foolish people who can't afford a house who get into trouble. Yes I may not have had a "stock pile" of money or a five to six month cushion when my husband got let go from his job a year ago. But the six months of being off has taken us a year to get back on track. Its not always foolish idiots who get behind and get threatened with foreclosure. However, I have since lost ALL my 401K as well as husband. Plus borrowed some from my parents to keep from having to lean on the gov't. Unfortunately not everybody has the resources to fall back on or great set of parents to help out. Yes there are those who sometimes get what is coming to them. However, we were living well withiin our means, prior to the breadwinner getting laid off. I just feel for some of those that have the misfortune of coming upon hardtimes during this economic crunch. They are riduculed for not having a nest egg or lack of planning or even basically just plain stupid. I am sorry but some of these comments I have taken to heart and yes I may not have planned for something like this happening, but come on who really plans for their husband to lose his job. The first time ever in his life and he is 41 yrs old.

What I am trying to get across by my sob story is not everybody is facing foreclosure because of their inability to pay a mortgage or their "american dream" catching up to them. Some actually do come across hard times and may being facing foreclosure even if the rest of America was not. Lord knows, I can pay my mortgage and had no problem whatsoever until my household income dropped 75%
I completely agree with you. Not all who are struggling with mortgage payments are "deadbeats" as was said earlier. This crisis goes far beyond the misinformed and over zealous first-time home buyer. We may very well see this up close and personal if and when the Wachovia mess is settled. Thousands of bank employees may be out of work and begin to struggle with their mortgage payments. Will we refer to them as "deadbeats" as well?
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Old 10-07-2008, 07:54 AM
 
1,350 posts, read 3,302,435 times
Reputation: 418
I do feel sorry for the poor hard working person who may loose their home to unfortunate circumstances. It could happen to anyone. But like John842 said it is a very small percentage of the population. It is the people who made foolish mistakes that I have a problem with. My concern is people like this very rarely learn from their mistakes and after getting "bailed" out of one situation they are going to get themselves into another bad situation. I have a friend who went through 4 million dollars on nothing. She still has a large mortgage and a 2nd mortgage and is up to her eyeballs in credit card debt plus owes the IRS money. She no longer has a job (she quit because it was too rough) and has $7 in the bank. She is living on her credit cards but still manages to go to the hairdresser and pay $200 for a hair cut and color and paid tons of money for her 4 and 5 year old daughters to see Hannah Montana! I am afraid these are the kinds of people we are bailing out.
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Old 10-07-2008, 07:57 AM
 
Location: Ayrsley
4,714 posts, read 8,457,827 times
Reputation: 3814
Quote:
Originally Posted by LBIkid View Post
I completely agree with you. Not all who are struggling with mortgage payments are "deadbeats" as was said earlier. This crisis goes far beyond the misinformed and over zealous first-time home buyer. We may very well see this up close and personal if and when the Wachovia mess is settled. Thousands of bank employees may be out of work and begin to struggle with their mortgage payments. Will we refer to them as "deadbeats" as well?
Agreed. And I feel for those few on here who have mentioned job losses or other financial hardships that they have fallen on.

But I also have to agree that I don't think that, for the most part, situations like this are the primary reason for the mess we are in now. I won't rehash the same points about people buying houses they couldn't afford that others have already brought up.

But it goes beyond housing; it was not just people buying houses they couldn't afford. A very large segment of our society has been living beyond their means for quite some time. People buying high-end cars that maybe they couldn't afford, or at least helped put them in that category of living paycheck to paycheck. People who maxed out credit cards and could not afford to pay their bills, and wound up filing for bankruptcy. There are a lot of examples, but the bottom line is that, as a whole, our society has put itself into massive debt because so many people out there made it a common practice to live beyond their means - now it has come back to bite us all in the a$$.

You can blame the banks and lending institutions to an extent, and there are a number of people out there in financial trouble due to some unfortunate circumstance, but a lot of this can be traced back to a lack of personal responsibility on the part of many consumers.
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Old 10-07-2008, 08:13 AM
 
Location: Indian Trail, NC
314 posts, read 1,025,053 times
Reputation: 129
Quote:
Originally Posted by ssd3 View Post
I do feel sorry for the poor hard working person who may loose their home to unfortunate circumstances. It could happen to anyone. But like John842 said it is a very small percentage of the population. It is the people who made foolish mistakes that I have a problem with. My concern is people like this very rarely learn from their mistakes and after getting "bailed" out of one situation they are going to get themselves into another bad situation. I have a friend who went through 4 million dollars on nothing. She still has a large mortgage and a 2nd mortgage and is up to her eyeballs in credit card debt plus owes the IRS money. She no longer has a job (she quit because it was too rough) and has $7 in the bank. She is living on her credit cards but still manages to go to the hairdresser and pay $200 for a hair cut and color and paid tons of money for her 4 and 5 year old daughters to see Hannah Montana! I am afraid these are the kinds of people we are bailing out.
You had me until you mentioned Hanna Montana. I mean, seriously, who passes up a chance to see her perform. It's totally worth going into debt for that!
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Old 10-07-2008, 10:24 AM
 
743 posts, read 2,024,366 times
Reputation: 231
Quote:
Originally Posted by LBIkid View Post
I completely agree with you. Not all who are struggling with mortgage payments are "deadbeats" as was said earlier. This crisis goes far beyond the misinformed and over zealous first-time home buyer. We may very well see this up close and personal if and when the Wachovia mess is settled. Thousands of bank employees may be out of work and begin to struggle with their mortgage payments. Will we refer to them as "deadbeats" as well?


That is exactly what I mean. Those who come across badluck getting the "deadbeat" rep.
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Old 10-07-2008, 10:27 AM
 
743 posts, read 2,024,366 times
Reputation: 231
Quote:
Originally Posted by ssd3 View Post
I do feel sorry for the poor hard working person who may loose their home to unfortunate circumstances. It could happen to anyone. But like John842 said it is a very small percentage of the population. It is the people who made foolish mistakes that I have a problem with. My concern is people like this very rarely learn from their mistakes and after getting "bailed" out of one situation they are going to get themselves into another bad situation. I have a friend who went through 4 million dollars on nothing. She still has a large mortgage and a 2nd mortgage and is up to her eyeballs in credit card debt plus owes the IRS money. She no longer has a job (she quit because it was too rough) and has $7 in the bank. She is living on her credit cards but still manages to go to the hairdresser and pay $200 for a hair cut and color and paid tons of money for her 4 and 5 year old daughters to see Hannah Montana! I am afraid these are the kinds of people we are bailing out.
I agree with all on these types of people getting bailed out. I now suffer with trims at Great Clips and $7 color jobs from a box at Walmart, LOL. I too use to spend $200 on highlights and cut. Too bad all people don't learn their lesson the hard way. I know I have, I even took out $300 life insurance policy on hubby just in case, LOL.
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Old 10-07-2008, 10:32 AM
 
Location: State of Being
35,885 posts, read 67,009,663 times
Reputation: 22370
The biggest reason for bankruptcy in this country is medical debt. You can lose your house b/c of huge medical debt that you can't pay off. But no one is talking about these hardworking Americans in re: to the bail out.

The bailout solely refers to people who bought homes they couldn't afford, or signed onto loans they didn't understand (and couldn't afford) or who lied (on no doc loans) and bought a house they couldn't afford.

Sadly, there are Americans who have lost their homes due to job loss and medical expense . . . and no one is helping them and no one ever will.

That is what infuriates me about this bailout. This all occurred b/c of loans that should never have been made.

I would feel differently about it if it were to help people who - thru/ no cause of their own - were suffering b/c of job loss and/or medical debt.
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