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Farming bills are easy to socialize because you can hide the hammer and sickle with a bigger US flag and claim that farming is woven in the fabric of America and the taxpayers have a responsibility to subsidize the great American farmer.
Okay.. so you're upset that Bush is gong to veto a bill htat will help many hard working middle income families stay in their home and pay their mortgages.. and help the economy.. but it's okay that the federal governments bail out Bear stearns, Corporate America & other banks.. PLEASE..
Funny.. when something is actually being done to help the little guy.. ie: the homeowners that are just your typical average American's in this country. you all get up and arms . Hello everyone.. we live in a corporate welfare country that we the little guys fund..
So while the oil companies CEO 's are makign millions and wall street is raking in on the oil stocks as prices climb to insane levels the rest of us are cutting down to PB& J sandwhiches and rice to get by so we can pay our bills.. they get richer.. we get poorer.. oh.. and we fund their wealth! Just one example.
But here comes something that will actually HELP average American's.. yeah.. some made stupid mistakes and got themselves into ARMS.. but they WANT to pay their mortgage and just can't. IT's volunatry anyway by the lenders..
Banks are getting HUGE handouts left and right fromt eh government.. but the government steps in to do something for hte little guy and everyone's all pissy about it..
Meanwhile.. all those introuble are tax paying citizens like the rest ofyou. . isn't about time that the little guys get something back! I think so
Okay.. so you're upset that Bush is gong to veto a bill htat will help many hard working middle income families stay in their home and pay their mortgages.. and help the economy.. but it's okay that the federal governments bail out Bear stearns, Corporate America & other banks.. PLEASE..
For gods sake.. the government did NOT bail out Bear Stearns (or any other bank).. They provided a loan GUARANTEE, not the money needed. While I disagree with the government getting involved with the guarantee, its not a loan.
In addition, I dont recall ANYONE here supporting a "bail out" of Bear Stearns.. I for one am consistant.. Government shouldnt bail out businesses.. or home owners that made stupid choices.
I have been described as a liberal leaning kind of gal, but unfortunately, I cannot equate the people who bought houses that they could not afford with the hard working guy that just got laid off from his job, can't afford gas to go look for a job and who has to try to figure out how to provide medical insurance for his family while he is between jobs.
The two just don't jive.
During the housing boom, I was offered a loan that I could not afford unless I went for an ARM with no money down. I have always wanted to own a house, and it was very tempting, until I really thought about it. Sure it would be great to have that American Dream, and the realtors and lenders were practically guaranteeing that your house would double in value in 5 years, but it didn't make sense to me and I said no, I'll wait it out, the prices will eventually go back down again and I will continue to work and save.
Now for those people who were just too impatient and greedy that they had to have that 4 bedroom 2 bath on a cul-de-sac with a pool, I have to contribute to them staying in that house. As long as they can find a place to rent, that's pretty much were my compassion ends.
For gods sake.. the government did NOT bail out Bear Stearns (or any other bank).. They provided a loan GUARANTEE, not the money needed. While I disagree with the government getting involved with the guarantee, its not a loan.
In addition, I dont recall ANYONE here supporting a "bail out" of Bear Stearns.. I for one am consistant.. Government shouldnt bail out businesses.. or home owners that made stupid choices.
First of all..how is what is being proposed for homeowners different than what was done for Bear Stearns.
If hte lender voluntarily writes down the mortgage to 85% of the current market value and fixes the interest rate than the federal gov't will offer an FHA guarantee.. so that if thel oan defaults the gov't will pay what the difference..thereby guaranteeing the mortgage..not giving the homeowner or the lender money and ONLY guaranteeing. AND the gov't will have a percentage of any equity instantly gained or any equity that will come about when the house is sold.
yea..I'm sure we weren't all out their shouting .. support Bear Stearns.. but you know what.. it was done anyway.... and so if it was done for big business.. then it should be done for the Joe homeowners too! After all.. all of them caught up in this mess pay just as much taxes as you do.
I for one think that if they are goign to okay guarantees for businesses and banks and help them otu of THEIR mess (and are they NOT the ones that should have known better) than I do not see any problem with them doing it for the little guy too..
Cause guess what.. the banks have been getting bailed out by the gov't already while STILL taking peoples homes.. so they get it fromt eh gov't and they get whtaever they get out of the foreclosed homes and they come away with their businesses intact..
Meanwhile the families in these homes are destroyed financially..etc.
so.. no I don't agree with big business bail out.. but it's already been done adn I'll be damned that the gov't should be so hypocritical by doing it for htem and then turning down the same type of help plan for the homeowners that pay tehir salaries in taxes..etc.
For gods sake.. the government did NOT bail out Bear Stearns (or any other bank).. They provided a loan GUARANTEE, not the money needed. While I disagree with the government getting involved with the guarantee, its not a loan.
In addition, I dont recall ANYONE here supporting a "bail out" of Bear Stearns.. I for one am consistant.. Government shouldnt bail out businesses.. or home owners that made stupid choices.
I have been described as a liberal leaning kind of gal, but unfortunately, I cannot equate the people who bought houses that they could not afford with the hard working guy that just got laid off from his job, can't afford gas to go look for a job and who has to try to figure out how to provide medical insurance for his family while he is between jobs.
The two just don't jive.
During the housing boom, I was offered a loan that I could not afford unless I went for an ARM with no money down. I have always wanted to own a house, and it was very tempting, until I really thought about it. Sure it would be great to have that American Dream, and the realtors and lenders were practically guaranteeing that your house would double in value in 5 years, but it didn't make sense to me and I said no, I'll wait it out, the prices will eventually go back down again and I will continue to work and save.
Now for those people who were just too impatient and greedy that they had to have that 4 bedroom 2 bath on a cul-de-sac with a pool, I have to contribute to them staying in that house. As long as they can find a place to rent, that's pretty much were my compassion ends.
Don't presume to know why or what drove someoen to buy a house.. don't also presume that everyone bought a house they couldn't afford because they could ONLy afford it with a low teaser rate.
What a lot of you don't know and hasn't been as publicized is that a larger percentage of loans with ARMS were made to people with GOOD or pretty good credit at NORMAL starting interest rates..but were ARMs because of one reason or another.. like in my case.. because I was stated and didn't ahve a credit history to speak of (which meant I was responsible and DIDN'T have credit cards). Becasue i work for myself AND i had no established credit (despite being an excellent tennant for many years paying on time as wellas my other bills) I was given ONLY a ARM.. and told that in 2 years with established mortgage payments and if I open some lines of credit..with an improved score I would be alls et for a stated refi into a fixed. And NO I didn't buy my house with NO MONEY down either.. as a matter of fact I also made improvements. BUT.. when the tiem came to refi I was locked out.. why.. well ..my score improved BUT they then RAISED a stated person with what would now be 100%LTV (because the value of my home shrunk in the crash) higher than mine was at currently SO despite paying a 6.95% interest rate for 2 years on my home (which for a small starter in a modest ..not high end neighborhood on LI with taxes I was paying $3300/month) I was locked out and stuck in an ARM I never planned on being in the first place.. AND that the original mortgage holders KNEW I wouldn't be able to afford (while I was stated..they did ask to see my bank statements with all my deposits, etc.).
I never asked for a write down in principal. yeah.. i bought high.. and now I am probaly upside down.. but I didn't care.. I, for 8 months 4 of which were BEFORE the reset and while I was current, begged the mortgage company to work with me on getting it modified to a FIXEd. They refused. When the new payments came due I stopped paying..because I know that unless they FIX the interest then I would juts not be able to afford it and so wasnt' going to throw anymore money at the house I would loose anyway.
NOW>.I'm going to be walking away from over $80K I've invested in my home in both down payment ANd improvements. The servicer of the mortgage is frustrated as I am because they are trying to make their client understand what I and other homeowners they hold the notes for are going through.. but their either stupid or living on a different planet. I'm still hoping that they come around and say hey.. I'd rather have this person paying me back at the 6.95% they have been for the past 2 years rather than take the home and loose a boatload.
This plan would help me immensly in keeping my home. Actually.. it's even better becaue it woudl lower my initial payments if the value gets written down as proposed.. the only problem is that it is on a voluntary basis.. AND I have NO FAITH whatsoever that the banks /note holders will really volunteer.
Project Lifeline from Wells FARGO.. HUGE joke.. PR stunt to make the public THINK they were helping homeowners so that it woudl justify the gov't bailouts that have been occurring .. but it's a bunch of BS. how do I know..because my "investor group" that holds my ALT A ARM mortgage is with Wells Fargo and they are just not budging..
So.. now I'm doing what I need to do for myself and my family.. walking away smart.. and milking it for as long as possible so that I can live in my house for "free" for as long as I possibly can to save money to move on in my life. And.. I know and so do the mortgage servicer i deal with, that I have done EVERYTHING I possibly can NOT To walk away. As a matter of fact they said I'm the most PRO Active homeowner they have had in this situation. I'm hoping somehow that helps me somewhere down the line.. but I'm okay with it. After being depressed for weeks, I realized my life willb e better when I can move from this financial diasaster.. and in a year or two I will be able to buy a house .. fortunately only I am on this mortgage and NOT my husband.. AND i will not have a foreclosure on my record. So it will be okay.
Listen.. something is going to happen somewhere and someone is giong to get help.. wether its the big banks or the little homeowner. I'd much rather see hardworking people be able to stay in their homes than the big corporations get the "helping hand". I'm tired of the corporate welfare in this country at our expense.
As far as not being "hard working" simply becasue someone made a mistake or a bad decision doesn't suddenly make them lazy, or not hard working. I've worked my tail off to buy and keep my house up to this point.. we work NON STOP as we work for ourselves.. AND we pay double the SS tax and our own health insurance to boot becasue we are self employed. At being capable of paying a $3300 / month mortgae I'm more than deserving of owning a home.
And just to add.. I'm NOT in a mcmansion. .they don't really exist too much on LI. I live in a very modest starter Levitt house.. 1100 sq feet with no basement. So I didn't buy big.. I bought at the entry level here!
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