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1. people who were at fault and got themselves into to deep = could not have afforded the house
2. didn't have insurance = didn't have good job = could not have afforded the house
The issue is what is considered as the requirement for a family to come to a decision "We are ready to buy a house" ? ....
Maybe if you ask today you will get the right answer..... but points 1 and 2 above are very strong factors detrimental for anyone to buy a home.....
The bottom line is people did not use their own judgement (lied to by brokers... give me a break).... lets be done with the excuses...
I'm mostly referring to people who have lost their jobs, insurance after they purchased the house, not those who had those problems prior to purchasing the house.
I absolutely agree that some of the problems were caused by people not using their own judgements, however the reasons why people are facing foreclosure are much larger then people simply making poor decisions.
I am with Mike and Zulu on this one - payback needs to be discussed on some level! Otherwise no lesson is learned, they will file bankruptcy, wait a few years , get the credit cards again, the mortgage, rack up the fees and boom - back to this point....
No, I don't mean everyone has abused the credit and mortgage system but too many have and those people need to learn a lesson.
Make them pay it back!
Absolutely... I mean some people may be in trouble genuinely, the govt should probably make an effort to help them out in other ways.... but what percent is that of the greed we have witnessed.... this solution seems to just take money from all taxpayers and give it to the people who made a mistake....
Absolutely... I mean some people may be in trouble genuinely, the govt should probably make an effort to help them out in other ways.... but what percent is that of the greed we have witnessed.... this solution seems to just take money from all taxpayers and give it to the people who made a mistake....
The problem generally is if we sit back do nothing and let all these people fall into foreclosure we wind up with a much bigger problem on our hands. We really don't have a great solution to this problem, its basically picking the least crappy of all the crappy solutions.
I'm mostly referring to people who have lost their jobs, insurance after they purchased the house, not those who had those problems prior to purchasing the house.
I absolutely agree that some of the problems were caused by people not using their own judgements, however the reasons why people are facing foreclosure are much larger then people simply making poor decisions.
Smash.... I still think this is an excuse.... In this country.....
I have a Job means = I can afford the luxury and own homes and drive a benz....
I lose my job tomorrow and ..... I file bankruptcy.... doesn't make sense.... it still comes back to how do you define the statement "I am ready to own a home.".... There is no concept of saving for a rainy day.....
If people had even put 10% down then we may not be in such a bad state.... but they financed 110% and then took a home equity line of credit and got that benz.... did I mention they did a 3 yr ARM on the loan ? (oh yeah... then they lost the job and couldn't afford medical insurance)
The problem generally is if we sit back do nothing and let all these people fall into foreclosure we wind up with a much bigger problem on our hands. We really don't have a great solution to this problem, its basically picking the least crappy of all the crappy solutions.
I agree.... keep people in their homes.... I don't have a problem.... but make them pay for their mistakes like I explained before.... I think we both agree on the "stop the foreclosure" part Smash...
The problem generally is if we sit back do nothing and let all these people fall into foreclosure we wind up with a much bigger problem on our hands. We really don't have a great solution to this problem, its basically picking the least crappy of all the crappy solutions.
The problem is...something...was said by someone...GEE I WONDER WHO...to cause people to TOTALLY FORGET our Country's Priniciples.
SOMEONE has been PUMMELLING YOU with propaganda.
You ARE NOT in VENEZUELA, OK ?
You see what their "game" is ? See how your Faith has been shaken ?
To the point, where, you and "WE", are willing to had over EVERYTHING, our Country, to an empty Future.
Last edited by longislandmike; 03-04-2009 at 12:18 PM..
The problem is...something...was said by someone...GEE I WONDER WHO...to cause people to TOTALLY FORGET our Country's Priniciples.
SOMEONE has been PUMMELLING YOU with propaganda.
You ARE NOT in VENEZUELA, OK ?
You see what their "game" is ? See how your Faith has been shaken ?
To the point, where, you and "WE", are willing to had over EVERYTHING, our Country, to an empty Future.
If anyone is being pummeled with propaganda is anyone who thinks what is going on is even remotely similar to Venezuela, a little too much Limbaugh & Fox News....
What do you guys think about the new bailout plan for the 9 million homeowners.... to keep them in their homes ?
If I were a possible first time buyer who has made some wise decisions in the past as in "not purchased a home if I could not afford" and "not considered my house as an ATM machine" ..... is this new bailout reason to smile OR cry ?
Why does it have to be positive or negative? It's just necessary. As someone who has managed my money and owns my home, it isn't fair that the freezing of credit by insolvent banks is causing home values in my neighborhood to plummet.
The problem with much of this discussion, in my opinion, is the automatic default position that blames victims for their problems. Sure, people made bad decisions, but the banking system used to be regulated in a way that didn't allow greed to bypass reason. There is a political philosophy out there that has allowed a minority of people for 30 years to cash in on a free-for-all in a number of industries. De-regulating banking was just one of them. This philosophy allowed banks to make and encourage terrible loans that whey wouldn't have made 20 years ago - mostly because they weren't allowed to.
Securitizing loan products caused all of this and that was spearheaded by Phil Gramm. You can blame Freddie Mac and Sallie Mae, but those are bogus memes generated by a political philosophy that wants to blame this on efforts to federally back risky loans to relatively poorer people. The vast majority of this actually falls on the backs of those investment firms that created the securities and then placed bets on them. This is what AIG and many other did. This is the trillion dollar bailout, maybe two trillion, that we are dealing with. The home bailouts are chump-change compared with the banking bailouts.
Why does it have to be positive or negative? It's just necessary. As someone who has managed my money and owns my home, it isn't fair that the freezing of credit by insolvent banks is causing home values in my neighborhood to plummet.
The problem with much of this discussion, in my opinion, is the automatic default position that blames victims for their problems. Sure, people made bad decisions, but the banking system used to be regulated in a way that didn't allow greed to bypass reason. There is a political philosophy out there that has allowed a minority of people for 30 years to cash in on a free-for-all in a number of industries. De-regulating banking was just one of them. This philosophy allowed banks to make and encourage terrible loans that whey wouldn't have made 20 years ago - mostly because they weren't allowed to.
Securitizing loan products caused all of this and that was spearheaded by Phil Gramm. You can blame Freddie Mac and Sallie Mae, but those are bogus memes generated by a political philosophy that wants to blame this on efforts to federally back risky loans to relatively poorer people. The vast majority of this actually falls on the backs of those investment firms that created the securities and then placed bets on them. This is what AIG and many other did. This is the trillion dollar bailout, maybe two trillion, that we are dealing with. The home bailouts are chump-change compared with the banking bailouts.
Very well said.
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False Dichotomy.
