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Old 02-26-2009, 01:44 PM
 
Location: Miller Place NY
1,051 posts, read 1,920,806 times
Reputation: 108

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Quote:
Originally Posted by totallyfrazzled View Post
I still feel like I'm missing something in your logic. There have ALWAYS been a certain percentage of first-time homebuyers who (either through original intention, bad financial planning, or just plain Circumstances of Life) go into default. I worked for a foreclosure attorney for years and so I saw more than my share of them! It's not something that's new, or that's going to increase in number, as a DIRECT result of the New Homebuyer Credit of 2009.

According to the terms of the Credit, if anyone receiving this credit does not continue as the house's owner for at least three years, then they must pay the credit back, in full. It will become, in effect, a "lien" against the house. Whether that lien is repaid as part of a foreclosure sale or by being taking out of the person's taxes for the next howevermany years, doesn't matter because then it no longer is a "giveaway", it is now a loan that will be repaid. And I seem to recall that the IRS is pretty darn unforgiving when it comes to getting money that is due them.

If you were okay with the previous $7500 First Time Homebuyer Interest Free Loan, then you should be equally okay with the current $8000 tax credit because if the homebuyer defaults within 3 years, it then becomes no different than the "Interest Free Loan" was. And anyone who buys a home "intending not to pay", as you describe it, isn't likely to want to keep shelling out all that upfront mortgage interest for a full 36 months before going into deliberate default; that makes no sense whatsoever.
The Re-defaults are happening; it doesn't "have" to make sense to you, just because YOU don't do it.

People are living beyond their means, KNOWING that the "other guy"...in this case taxpayer dollars...are going to get on the hook for it.

IN ADDITION, with the encouragement of entities like ACORN, they are defying the forclosures !


http://www.youtube.com/watch?v=h7DC3zqyh6M

Haven't you been reading ANYTHING about this practice, with these foreclosures ?

So "WHY" should "I" pay for "You", when I have paid my bills on time ? And all of this, when, more than likely, you won't pay it back, anyway ?

Are we new best friends ?

Last edited by longislandmike; 02-26-2009 at 01:53 PM..
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Old 02-26-2009, 03:28 PM
 
Location: NY
1,416 posts, read 3,515,002 times
Reputation: 525
Guess we will have to agree to disagree (not for the first time ) because let's face it: People have been "gaming the system" for a looong time when it comes to mortgages/housing. Like I mentioned before, I worked for a foreclosure attorney and believe me I have seen it all and run up against every trick in the book. And most of those "tricks" did end up costing taxpayer dollars, either directly or indirectly. So... like I said... nothing really new. The only difference is that much more light is now is being shined on what has been going on for literally decades even though (because the market and the economy was in such a boom for so long) most people were totally unaware of it and/or never gave it much thought.

It's only when people start to feel it in their personal pocketbooks that they suddenly become agitated. You can point to fraud and "gaming the system" in several other industries (health insurance/care is a great example) that has been going on for a dog's age without a peep from the general public UNTIL their own premium bills started skyrocketing and their benefits started getting cut.

As for the media, I basically tune anything out that is obviously coming from any party-line agenda (whether it be political parties, religious affiliation, whatever) which makes it less than objective. Unfortunately one of the hardest things to find nowadays, especially on the internet, is reporting that is TRULY objective, rather than Opinion masquerading as Hard News.
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Old 02-26-2009, 03:32 PM
 
Location: Miller Place NY
1,051 posts, read 1,920,806 times
Reputation: 108
Quote:
Originally Posted by totallyfrazzled View Post
Guess we will have to agree to disagree (not for the first time ) because let's face it: People have been "gaming the system" for a looong time when it comes to mortgages/housing. Like I mentioned before, I worked for a foreclosure attorney and believe me I have seen it all and run up against every trick in the book. And most of those "tricks" did end up costing taxpayer dollars, either directly or indirectly. So... like I said... nothing really new. The only difference is that much more light is now is being shined on what has been going on for literally decades even though (because the market and the economy was in such a boom for so long) most people were totally unaware of it and/or never gave it much thought.

It's only when people start to feel it in their personal pocketbooks that they suddenly become agitated. You can point to fraud and "gaming the system" in several other industries (health insurance/care is a great example) that has been going on for a dog's age without a peep from the general public UNTIL their own premium bills started skyrocketing and their benefits started getting cut.

As for the media, I basically tune anything out that is obviously coming from any party-line agenda (whether it be political parties, religious affiliation, whatever) which makes it less than objective. Unfortunately one of the hardest things to find nowadays, especially on the internet, is reporting that is TRULY objective, rather than Opinion masquerading as Hard News.

It doesn't sounds like a nightmare to you, but it's really happening.

Good Luck, I hope your reality, is what's really HAPPENING, and you have a nice time on your voyage, on the GOOD SHIP LOLLIPOP !

I suggest taking one of those little white pills, before you read further....

Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011

February 26, 2009 12:00 PM

President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

1) On people making more than $250,000.

$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike

Total: $636 billion/10 years

2) Businesses:

$17 billion - Reinstate Superfund taxes
$24 billion - tax carried-interest as income
$5 billion - codify "economic substance doctrine"
$61 billion - repeal LIFO
$210 billion - international enforcement, reform deferral, other tax reform
$4 billion - information reporting for rental payments
$5.3 billion - excise tax on Gulf of Mexico oil and gas
$3.4 billion - repeal expensing of tangible drilling costs
$62 million - repeal deduction for tertiary injectants
$49 million - repeal passive loss exception for working interests in oil and natural gas properties
$13 billion - repeal manufacturing tax deduction for oil and natural gas companies
$1 billion - increase to 7 years geological and geophysical amortization period for independent producers
$882 million - eliminate advanced earned income tax credit

Total: $353 billion/10 years

Political Punch: Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011


Last edited by longislandmike; 02-26-2009 at 04:05 PM..
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Old 02-26-2009, 03:44 PM
 
Location: Nassau, Long Island, NY
15,856 posts, read 17,105,076 times
Reputation: 6523
Quote:
Originally Posted by totallyfrazzled View Post
People have been "gaming the system" for a looong time when it comes to mortgages/housing. Like I mentioned before, I worked for a foreclosure attorney and believe me I have seen it all and run up against every trick in the book. And most of those "tricks" did end up costing taxpayer dollars, either directly or indirectly. So... like I said... nothing really new.
Great! Just great! Now I feel like even more of an idiot for playing by the rules. How about sharing some of those game the system tips so the rest of us can join in (or if wanting to stay honest, at least know what to watch out for)?
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Old 02-26-2009, 03:50 PM
 
Location: Miller Place NY
1,051 posts, read 1,920,806 times
Reputation: 108
Quote:
Originally Posted by I_Love_LI_but View Post
Great! Just great! Now I feel like even more of an idiot for playing by the rules. How about sharing some of those game the system tips so the rest of us can join in (or if wanting to stay honest, at least know what to watch out for)?

SIR, we don't do things like that here.

I suggest this link....I'm sure you get some internet privileges, in the prison venue, that you will be assigned to, after your...games ....


ACORN: News
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Old 02-26-2009, 03:53 PM
 
Location: Nassau, Long Island, NY
15,856 posts, read 17,105,076 times
Reputation: 6523
Quote:
Originally Posted by longislandmike View Post
SIR, we don't do things like that here.

I suggest this link....I'm sure you get some internet privileges, in the prison venue, that you will be assigned to, after your...games ....


ACORN: News
Oh, no, no, no ... I am NOT going to prison ... AND I AM ALSO KEEPING MY MULTI-MILLION DOLLAR BONUS! The heck with the taxpayer! That is MINE! Guess what we are doing next at my bank? We're going on a retreat to Versailles and renting it out for a week. I am going to do like Marie Antoinette did and dress up in a shepherdess's costume and play at the simple life!
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Old 02-26-2009, 03:54 PM
 
Location: Miller Place NY
1,051 posts, read 1,920,806 times
Reputation: 108
Quote:
Originally Posted by I_Love_LI_but View Post
Oh, no, no, no ... I am NOT going to prison ... AND I AM ALSO KEEPING MY MULTI-MILLION DOLLAR BONUS! The heck with the taxpayer! That is MINE! Guess what we are doing next at my bank? We're going on a retreat to Versailles and renting it out for a week. I am going to do like Marie Antoinette did and dress up in a shepherdess's costume and play at the simple life!
If you go to the link I provided you, I'm sure The Bamster, as he is lovingly called, would be happy at your course of action, using their advice !
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Old 02-26-2009, 05:24 PM
 
7,658 posts, read 11,111,699 times
Reputation: 1221
Quote:
Originally Posted by longislandmike View Post
If you go to the link I provided you, I'm sure The Bamster, as he is lovingly called, would be happy at your course of action, using their advice !

Hey I got an idea Mike. Lets try tax cuts for the Rich?
Maybe that'll work.

While were at it... let's get those meddling bureacrats off Wall Street once and for all.

Then we can break the country and blame it on Acorn.

Sound good....whos in?

Hannity ...check.

Coulter....check.

Limbaugh.....Limbaugh.....Limbaugh?


Right America?

YouTube - HBO's "Right America Feeling Wronged"






crooks
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Old 02-26-2009, 05:30 PM
 
Location: Miller Place NY
1,051 posts, read 1,920,806 times
Reputation: 108
My Friend, I am a patriotic American and I must do what my President tells me to do.

Here is the symbol of my New Way Of Life, in our "Different World".

I used to put this hand over my Heart, when the National Anthem was played.

Now, I propose, we do this, in respect to our Country's, New Principles and Ideals !

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Old 02-26-2009, 05:40 PM
 
Location: Miller Place NY
1,051 posts, read 1,920,806 times
Reputation: 108
Quote:
Originally Posted by Crookhaven View Post
Hey I got an idea Mike. Lets try tax cuts for the Rich?
Maybe that'll work.

While were at it... let's get those meddling bureacrats off Wall Street once and for all.

Then we can break the country and blame it on Acorn.

Sound good....whos in?

Hannity ...check.

Coulter....check.

Limbaugh.....Limbaugh.....Limbaugh?


Right America?

YouTube - HBO's "Right America Feeling Wronged"






crooks

ACORN is the harbinger of the NEW AMERICA.

If they are good for our President to use as Footsoldiers in his election, to sign up dead people and Mickey Mouse on voter registration forms, it's good enough for me, to swear allegiance to !

POWER TO THE PEOPLE !
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