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Old 02-19-2009, 06:23 AM
 
Location: Virginia
931 posts, read 3,410,139 times
Reputation: 447

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Quote:
Originally Posted by theS5 View Post
Reality check, the Housing Rescue Plan is not about helping people save their homes, its about helping banks get bad assets off of their books.

Of course, it will not work. It is just prolonging the problem.

We the people must take control of OUR country again. If this type of bu&*sh*& program is what we are going to get from our government, a revolt is inevitable.
Fannie Mae and Freddie Mac are the only ones really trying to keep people in their houses. The "cramdown" plan is just going to push banks further into bankruptcy. The idea of having a judge, someone that knows as much about the housing market as a high school student, to decide whether a cramdown is warranted is what really ticks me off.
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Old 02-19-2009, 08:08 AM
Status: "Finally Done With C-D BYE BYE" (set 14 days ago)
 
Location: LEAVING CD
22,947 posts, read 21,479,043 times
Reputation: 15430
That does it! I think it's time to stop paying my mortgage so I can get a deal too! Why not?
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Old 02-19-2009, 08:46 AM
 
2,197 posts, read 6,592,971 times
Reputation: 1684
You're right, jimj, there is no place in this New America for responsible people.

I just went through a refi and ended up having to pay a higher rate than the lender was giving troubled borrowers. I argued and argued, but the best rates are reserved for delinquent borrowers, while those current and more qualified are expected to pay more. I told the LO I should just stop paying my mortgage until I got a better rate. I was joking, but he agreed! Banks are subsidizing lax borrowers by charging higher rates to those who can afford them.

I think this level of inequity is going to divide America and cause widespread resentment and hatred. Selectively lowering rates is bad enough, but forgiving principal for some while expecting others to eat their losses is abysmal leadership. And it will only work as long as people are willing to accept it. I just wonder how long that will be?
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Old 02-19-2009, 08:54 AM
 
Location: Houston
529 posts, read 1,140,631 times
Reputation: 373
Quote:
Originally Posted by goodbyehollywood View Post
You're right, jimj, there is no place in this New America for responsible people.
I just went through a refi and ended up having to pay a higher rate than the lender was giving troubled borrowers. I argued and argued, but the best rates are reserved for delinquent borrowers, while those current and more qualified are expected to pay more. I told the LO I should just stop paying my mortgage until I got a better rate. I was joking, but he agreed! Banks are subsidizing lax borrowers by charging higher rates to those who can afford them.
I think this level of inequity is going to divide America and cause widespread resentment and hatred. Selectively lowering rates is bad enough, but forgiving principal for some while expecting others to eat their losses is abysmal leadership. And it will only work as long as people are willing to accept it. I just wonder how long that will be?
I agree. I'm all for helping the people who actually need it. Those who made a considerable down payment (it can be less than 20%), their income at the time the mortgage was signed was verified and was enough to cover the payment, but due to recent circumstances cannot pay anymore, those are the people who need help not the guy who thought this was a good investment and now doesn't want to pay for the losses even if he is able.
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Old 02-19-2009, 09:12 AM
 
9,816 posts, read 19,021,080 times
Reputation: 7537
I think pitchfork time is coming.

I personally believe the financial crisis we are in is an entitlement crisis. Guvment greasing the wheels of legislation to force banks to loan to people who can't afford the payments. Unions with large bureaucracies bending companies over the barrel to pay for outrageous medical and retirement costs. Huge medicaid and social security and welfare costs.

It's all heading towards a crash, as there is not enough productivity in this country to pay for 40 year long retirements or endless health care costs or free homes or endless welfare. Whether you want that garbage or not the reality is the money and productivity isn't there to pay for all that.

Now that we have a government at all three bureaucratic levels(local, state, fed) moving towards taxing itunes downloads, toilet flushes, gps mileage trackers on cars, soda, etc. not to mention all the local state and federal income taxes and capital gains taxes and property taxes and sales taxes, etc. At some point that house of cards is going to come crashing down. The productive people like me and my family are going to get tired of tugging that wagon load of losers and slackers and I suspect a lot of other people are going to get sick of it as well.

Here again with this mortgage relief plan, we are rewarding poor judgement, lies or failure and those that saved up their 20% and have paid their bills get screwed.
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Old 02-19-2009, 09:26 AM
 
Location: Rockland County New York
2,984 posts, read 5,122,987 times
Reputation: 1285
Quote:
Originally Posted by Houston3 View Post
So we now reward those that made poor choices? And I'm sure there had to be a lot of lies on the borrower and lender side of the loans. The new American way.
Well said Houston. We are now socialist and the government can take care of us even when we lie and cheat each other.
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Old 02-19-2009, 10:15 AM
 
8,649 posts, read 14,872,641 times
Reputation: 4563
Quote:
Originally Posted by cdelena View Post
This is a simple choice... you use tax money either way... You make the choice for your money; A) an empty house that you dump at a large loss that impacts the local market or B) take the same money and keep someone in the house with no additional negative impact on the market.

If you choose (A) you may also have to pay social services and housing funds for the people without a home.

It is too late to roll back all the bad decisions by government, businesses, and individuals... now it is a matter of moving forward with the best answer for the country. I hate the situation we are in but it is time for answers not lectures.
So you are saying I will pay either way even tho I made no bad decisions? Is that just another part of the new American way too?

Could be if a few had been "lectured" before they made unwise decisions those of us that did not would not be bailing them out.

I understand that all are not losing their homes because of bad decisions but to many are.
When you lower the entry level what goes up will fall.......
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Old 02-19-2009, 10:37 AM
 
Location: Olympus Mons, Mars
5,000 posts, read 8,034,941 times
Reputation: 4920
it's all an eyewash. Here in California nobody would qualify to refinance because MOST homes in trouble are 30+% underwater.

Bloomberg.com: Worldwide
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Old 02-19-2009, 01:02 PM
 
3,748 posts, read 7,213,486 times
Reputation: 4825
Obama is just thanking his supporters for the votes.
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Old 02-19-2009, 07:34 PM
 
355 posts, read 896,238 times
Reputation: 167
Quote:
Originally Posted by davidt1 View Post
Obama is just thanking his supporters for the votes.
You nailed it.

Sad thing is most of these people will just default again. Some people will just never be responsible for their actions. It's a vicious cycle. Learned behavior.

And so no one gets upset with me......I'm not talking about those who, through no fault of their own, fell on hard times. I'm all for helping them.

But we all know what a fraud the system is when it comes to helping the really needy and those who just don't give a crap and expect us all to take care of them.
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