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Old 03-05-2009, 07:18 PM
 
Location: planet octupulous is nearing earths atmosphere
13,621 posts, read 12,753,172 times
Reputation: 20050

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Quote:
Originally Posted by camping! View Post
And if the market had continued to grow, she would have sold her house for a hefty profit. She gambled, she lost. I waste no tears for her or her predicament.

That said, I do agree with the financial expert in the video, that by allowing idiots to crash and burn we would be harming the entire market. My question though, is how did so many clearly unqualified home buyers purchase houses they could never afford? Just who is responsible for that lowering of the financial bar to begin with? Surely it could not have been a bank acting on its own as the problem is so widespread --- just why were these decisions made?
Pure greed on the part of the banks? Then let them absorb the bad loans they themselves made.
Politicians putting pressure on banks to give loans to the 'underserved'? If so, then man up and admit that a grand social experiment has failed.
I think we are owed a thorough explanation, and I bet that the blame would go across political ideology. The question is - are people ready to put aside party loyalty to hear the truth?
i think at that time all you needed to get a loan was a name and a wallet and a cupple of fake credit cards and you were in like flin.
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Old 03-05-2009, 07:31 PM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,805,744 times
Reputation: 3587
The Recession (sing to the tune of Blood Sweat and Tears "Spinning Wheel"

What goes up
Must come down
Got a recession
All around town
Talk about your troubles
And the President
And you didn't catch a whiff
Of that bad scent
Your brain should tell you
Somethin don't smell right
When wages set still
And houses go out of sight
And Bernie Madoff
He promised you
All your dreams
Would soon come true
At his mansion he does the chores
While the auctioneer sells off yours
You got a car from Chevrolet
When they go bankrupt
Your warranty won't pay
The government is piling up red ink
If it it still legal maybe we should all drink
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Old 03-05-2009, 07:38 PM
 
Location: Raleigh, NC
9,059 posts, read 12,990,189 times
Reputation: 1401
Quote:
Originally Posted by ovcatto View Post
Here's is the unsaid truth. The banks are not taking back foreclosed homes, they are leaving them in the name of the borrower who simply walks away, once the original borrower walks away the vandals come, the house is stripped and left such a condition where the only thing to be done is to bulldoze it.

So who gets left paying the tab, the same John Q. Citizen in taxes paid to remove these soon to be blighted homes and the loss in property taxes due to the deteriorating condition of the home and reduced property value of the adjacent properties.

You either pay now or you pay later.
At least the loss is localized to the person's neighborhood and not spread out across the country.
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Old 03-05-2009, 08:19 PM
 
Location: here
24,873 posts, read 36,234,013 times
Reputation: 32732
Quote:
Originally Posted by ovcatto View Post
Here's is the unsaid truth. The banks are not taking back foreclosed homes, they are leaving them in the name of the borrower who simply walks away, once the original borrower walks away the vandals come, the house is stripped and left such a condition where the only thing to be done is to bulldoze it.

So who gets left paying the tab, the same John Q. Citizen in taxes paid to remove these soon to be blighted homes and the loss in property taxes due to the deteriorating condition of the home and reduced property value of the adjacent properties.

You either pay now or you pay later.
This is exactly it! As someone who has bought all 3 of my homes with 30 year fixed loans, and never missed a payment, of course it makes me sick to think of these people getting "bailed out." But it would make me a lot sicker if I had multiple foreclosures on my street that would bring my home value down. Not to mention the tax dollars and association fees that would be spent on these vacant properties.
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