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Old 10-06-2008, 02:30 PM
 
96 posts, read 176,674 times
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I heard this morning that the Big Bailout, which I didn't really want, has a thing in it called the 10 big city initiative. In the 10 Big city initiative the Govt will help people who are about to go into foreclosure restructure their loans so that they can avoid foreclosure and keep their home. I also heard that the govt is doing Charlotte first!! Which makes sense to me since Charlotte is one of the best cities out there who was the least impacted by this big bubble burst. I think they want to make Charlotte a quick success and then take on other cities in worst shape, with a victory in Charlotte to give hope to other struggling cities Has anyone else heard about this or know where I can read about it? Sounds awesome to me, and I think it might even bring about some positive media(If media can every be positive). What do you know about it?
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Old 10-06-2008, 02:44 PM
 
382 posts, read 1,745,555 times
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what's your source of this information?
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Old 10-06-2008, 02:45 PM
 
96 posts, read 176,674 times
Reputation: 38
A lady in my office with a degree in economics...... She left right after our meeting and left us all wondering about this...... I'm hoping to find out more before having to ask her tomorrow, I guess I could always google it....
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Old 10-06-2008, 02:54 PM
 
Location: CLT native
4,280 posts, read 10,033,005 times
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The bailout rewards poor decisions and I am furious about it.



Five years ago I could have built a McMansion, financed 100% with an ARM, or interest only, and used my current home equity to furnish the house and buy a Porsche or two, or maybe a vacation condo. Now people who did this or similar foolishness are getting bailed out (and I know of few of them). Heck, Biden said last week that in some cases the principle would be reduced! Only in America would we reward foolish behavior.

And please think about the language, people who finance 100% or 'pick a payment' are not 'homeowners', they are living in a house that someone else owns...as of last Friday possibly us taxpayers.

Last edited by mullman; 10-06-2008 at 03:03 PM..
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Old 10-06-2008, 02:57 PM
 
755 posts, read 2,241,653 times
Reputation: 321
Quote:
Originally Posted by mullman View Post
The bailout rewards poor decisions and I am furious about it.



Five years ago I could have built a McMansion, financed 100% with an ARM, and used my current home equity to furnish the house and buy a Porsche or two, or maybe a vacation condo. Now people who did this or similar foolishness are getting bailed out (and I know of few of them). Heck, Biden said last week that in some cases the principle would be reduced! Only in America would we reward foolish behavior.
Absolutely, Mullman!! (Unfortunately, I have to spread rep around before I can if it to you again, but you are SOOOOO right!!)
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Old 10-06-2008, 02:59 PM
 
4,222 posts, read 6,709,506 times
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Goody, Goody'! We taxpayers get to see our tax money wasted on supporting those that are generally not qualified, responsible enough or deserving of a mortgage in the first place. Expect to see lots more of this stupidity in the future if a certain liberal candidate is elected.
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Old 10-06-2008, 03:03 PM
 
630 posts, read 1,674,343 times
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Where do I sign up for this bankruptcy thing? I could stand to restructure my loan.

Anyone know how much a new Escalade costs? I need to buy one first to get myself into financial hardship because I foolishly saved my money and bought a house I could make payments on. But if the governments giving out freebies, I want a piece.

See my status above
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Old 10-06-2008, 03:14 PM
 
630 posts, read 1,674,343 times
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Quote:
Originally Posted by mullman View Post
.as of last Friday possibly us taxpayers.
I think the plan should be that if the government bails you out, then the taxpayers should be able to use your house. If you're going on vacation to Florida, just look up on a government website of bailed out properties (I'll call it BailedOutVacations.com) and you sign up and then get to stay at that persons house free of charge until they payback what they owe.

Now who in our senate should I send my plan to?
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Old 10-06-2008, 03:22 PM
 
96 posts, read 176,674 times
Reputation: 38
Quote:
Originally Posted by mullman View Post
The bailout rewards poor decisions and I am furious about it.



Five years ago I could have built a McMansion, financed 100% with an ARM, or interest only, and used my current home equity to furnish the house and buy a Porsche or two, or maybe a vacation condo. Now people who did this or similar foolishness are getting bailed out (and I know of few of them). Heck, Biden said last week that in some cases the principle would be reduced! Only in America would we reward foolish behavior.

And please think about the language, people who finance 100% or 'pick a payment' are not 'homeowners', they are living in a house that someone else owns...as of last Friday possibly us taxpayers.
I like it!! If only I had known this I could have bought that 1995 Porsche widebody whale tail that I dream about........ Dang, and I was worried about paying my mortgage, now I feel stupid... JK, what excites me about this is that when these people start to get "saved"(even though bailing them out of a bad decision probly wont teach them too much) I hope that this causes the media to say something good, because the more bad things they say the worse things are going to get.
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Old 10-06-2008, 03:43 PM
 
9,905 posts, read 9,276,008 times
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Quote:
Originally Posted by mullman View Post
The bailout rewards poor decisions and I am furious about it.
It burns me up to even think about it ... in addition it's not going to help that individual little ole homeowner in the midst of foreclosure or that has already been foreclosed upon ... it's going to BAILOUT the BIG BOYS (Freddie, Fannie and the rest of them) that bought the worthless paper.

I was in the doctor's office and some woman was singing the blues about her daughter finally got a home of her own a few years ago ... no money down ... payment less then $200.00 a month ... and then ... and then ... (sounds like Coasters old song Along Came Jones) ... and then the rubber hit the road and payment went sky high ... in addition the daughter finally read the fine print and it seems there was a balloon payment up in the thousands. Alas ... daughter and all the little grandbabies are back living with the lady singing the blues.

The billions of dollars will not help that lady or her daughter ... just the fat cats that allowed this to happen. No credit ... bad credit ... it didn't matter ... come on down ... 'We're Dealing' ... and then the nerve of GW and our elected officials to have us, the taxpayers bail them out.
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