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Old 02-20-2012, 05:49 AM
 
Location: N. Ga
3,694 posts, read 3,276,313 times
Reputation: 2054

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Quote:
Originally Posted by muleskinner View Post
Let the banks crash and the idiots who were making $30,000 a year but financing a $500,000 house crash with them imho...it's an evolutionary cleansing that's needed anyway....let the stupid learn even if it's the hard way.
I remember a few years back the government saying, "everyone who wants a home should have the ability to have one." The fact is... nope. No matter how you slice it, there are some folks who just are not cut out to be homeowners. We need to go back to the old practice of lending where one needed to save for a 20% down-payment, have a good work history, and where when you bought a home, you were buying a "home", not trying to flip it for the quick buck.

No more bailouts for anyone.. Unfortunately there are going to be casualties who did the right thing when it came to home buying; but for the most part, I say let those who bought wrong because of their own greed or stupidity deal with it also...
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Old 02-20-2012, 05:50 AM
 
Location: Great State of Texas
86,093 posts, read 72,326,058 times
Reputation: 27564
Quote:
Originally Posted by stillkit View Post
I don't like the idea of paying banks to write down mortgages for those who are upside down. That's like rewarding risky behavior.

In any case, what about those people who HAVE been paying their mortgage payments on time, yet have seen the value of their house drop too? Paying banks to reduce mortgages for those in trouble is like penalizing those who have been responsible.
Privatize profits and socialize losses.
This is the big settlement OUR government fought for.
This is not a government "for the people" anymore IMHO.
We have become "consumers" and "taxpayers". Government is the conduit by which the big boyz in business get revenue from us
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Old 02-20-2012, 05:50 AM
 
Location: Near the water
8,231 posts, read 11,583,468 times
Reputation: 3877
Quote:
Originally Posted by HappyTexan View Post
Well we're going into year 5 of this bust (2007-2012) and that is not even on the table for consideration.

Don't you recall our esteemed leaders telling us the mortgage troubles were "contained" and wouldn't effect the greater economy ? Still believe that ?

Heck, I never believed it. When a bubble that large bursts, everyone will be touched by whatever is inside, no way around that.

I don't understand what they think they can accomplish by dragging out propping up the banks. If they can't stand on their own, let them fail. They would let a small business fail, they are allowing some homeowners who are maintaining but have
in some cases lost 50% of their homes value struggle and fight through this.

It is maddening really, I wonder what is going to happen when the student loan bubble pops....because that is next.
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Old 02-20-2012, 05:54 AM
 
Location: N. Ga
3,694 posts, read 3,276,313 times
Reputation: 2054
Quote:
Originally Posted by Chromekitty View Post
It is maddening really, I wonder what is going to happen when the student loan bubble pops....because that is next.

My guess... is you'll see protester's walking for free education for all, paid for by the government, and marching for loan forgiveness..... oh wait... we've seen that already.
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Old 02-20-2012, 06:00 AM
 
Location: Democratic Peoples Republic of Redneckistan
11,102 posts, read 13,161,530 times
Reputation: 3923
Quote:
Originally Posted by stillkit View Post
On the face of that, I'd agree. However, an exception should be made for those who are behind through no fault of their own. I don't see the justification for allowing the guy who lost his job during the recession to be tossed out onto the street right alongside the guy who bought a McMansion with the idea of flipping it and got caught in the downturn.
That's a double edged sword which unfortunately will cut the good and the bad with the same blade.

Although I do feel for the folks that lost their jobs due to the economic downturn,I had to learn the hard way myself back during the Reagan era that you have got to put your earnings into paying your neccesities off FIRST ...I took a bad hit during that time and from there on out I saved every penny and paid everything off prior to ANY leisure time or extra goodies...it has paid off for me greatly in peace of mind alone if nothing else...I can go flat broke in the morning,but my family will have a roof and food to eat for quite awhile...sometimes it takes a hard slap for some to wake up and realize that working just to keep up with the Jones is a truly ignorant way to lead your life and is a horribly selfish way to take care of your children.

To hell with the banks,let 'em crumble in the streets for all I care...I'm untouchable as far as they are concerned
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Old 02-20-2012, 06:07 AM
 
Location: N. Ga
3,694 posts, read 3,276,313 times
Reputation: 2054
I know of folks who over-bought, and have been living in their house for the last 3 years, rent-free, not paying their mortgage, and the bank has let them stay there in order to keep the house from turning into just another bad, un-kept empty foreclosure. I really wish someone would let me skip my next 3 years of mortgage payments and then bail me out...... (sarcasm!) It's time to just suck it up... let the chips fall where they may..
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Old 02-20-2012, 08:41 AM
 
Location: Old Town Alexandria
14,505 posts, read 23,730,473 times
Reputation: 8837
Quote:
Originally Posted by outbacknv View Post
Seems there is finally a point upon which you and I agree. Paul is the only candidate that wants to hold the abusers accountable for their actions.

With regard to your claim of personal attack I suggest you grow a thicker skin. My previous posts disputed your oft professed ideology and were in no way personal.
Obama didnt create the housing mess as CK mentions, but his voters in 2008 were betrayed.

Many swing and Indep voters are voting for Paul, and for those who say he has no chance of winning, I spoke with 8 people on campus today who are in foreclosure, didnt get loan modifications ( the Dodd-Frank and Congress sham bill which was never enforced), and these people are NOT voting Dem. or Repub.

Big banks support Obama and Romney as well as Santorum....Guess who these homeowners are voting for...is anyone in D.C. listening? no they are too busy with 5 martini lunches paid for by lobbyists.

Time for them to start paying the piper bcs the middle class is out of blood.
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Old 02-20-2012, 08:47 AM
 
Location: NC
586 posts, read 514,712 times
Reputation: 275
Quote:
Originally Posted by TempesT68 View Post
The right wing nutcases can't even make it past the first post before they throw in the "Blame Obama rabble rabble!" trash. Fox and the right wing media has done one hell of a job programming the ignorant useful idiots, that's for sure.

And your first post in this thread is the same thing but bashing fox.
Good job trolling.
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Old 02-20-2012, 08:54 AM
 
29,419 posts, read 18,680,030 times
Reputation: 5437
I read an article where banks are actually paying folks now to short sale their homes. If one plays their cards right one can get out of an underwater mortgage, make 20K or so, not take a hit on their credit and move on. Cheaper to do that then wait around for a year or more while they're getting no payments then foreclose and have an empty property.
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Old 02-20-2012, 08:55 AM
 
29,419 posts, read 18,680,030 times
Reputation: 5437
Quote:
Originally Posted by muleskinner View Post
That's a double edged sword which unfortunately will cut the good and the bad with the same blade.

Although I do feel for the folks that lost their jobs due to the economic downturn,I had to learn the hard way myself back during the Reagan era that you have got to put your earnings into paying your neccesities off FIRST ...I took a bad hit during that time and from there on out I saved every penny and paid everything off prior to ANY leisure time or extra goodies...it has paid off for me greatly in peace of mind alone if nothing else...I can go flat broke in the morning,but my family will have a roof and food to eat for quite awhile...sometimes it takes a hard slap for some to wake up and realize that working just to keep up with the Jones is a truly ignorant way to lead your life and is a horribly selfish way to take care of your children.

To hell with the banks,let 'em crumble in the streets for all I care...I'm untouchable as far as they are concerned
That is where I'm trying to get. Haven't had a drink for three years but on that day an ice cold beer will be in my hands.
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