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Those of us that have been responsible and now are hurting with the collapsing economy cannot benefit...
'Unfortunately, this boon will not extend to those foolish individuals who either made large down payments or resisted the temptation of cashing out equity. The large amount of home equity built up by these suckers, I mean homeowners, means that in the case of default foreclosure remains a financially attractive option. As a result, these loans will be much less likely to be turned over to the government. '
Hi cdelena
You beat me too it. This is a choice cut of injustice. A juicy tender loin of responsible sucker.
Here's the deal guy. For the next few years, make as much money as you can. Beaver away at it. Pay off the debt you can possibly manage, stick everything you can away. Then put it all into stable foreign currencies, gold, and exchanges in countries where property rights are well established. Because when the United States government finally defaults, it won't be pretty. And somewhere around 300 million people are going to get badly burned by it. In fact, leaving the country might be a good idea.
Here's the deal guy. For the next few years, make as much money as you can. Beaver away at it. Pay off the debt you can possibly manage, stick everything you can away. Then put it all into stable foreign currencies, gold, and exchanges in countries where property rights are well established. Because when the United States government finally defaults, it won't be pretty. And somewhere around 300 million people are going to get badly burned by it. In fact, leaving the country might be a good idea.
Why pay off your debt if the you're planning to leave the country under the scenario of U.S. default?
Second, a list of questions I posted in another thread:
If we were to seriously consider a way to help people having trouble with mortgages, how would we draw lines?
--how do we prove people aren't making poor financial and budgeting decisions that are causing their inability to pay their mortgages?
--how do we prove people aren't just holding back or misrepresenting their ability to pay? if I'm an unscrupulous homeowner who hears of my neighbors getting assistance, wouldn't I do whatever I could to get in that line too?
--do you target certain communities based on ethnic makeup, or median home value, or economic situation, or do you go to ALL towns, or do you randomly distribute assistance? are you going to be more favorable to those who have kids, and is it fair to discriminate against single people or couples with no kids?
--are we only looking at adjustable-rate mortgages, or also fixed rate mortgages?
--are we going to do anything for homeowners not having any problems? or for those who put off buying a house to save for a larger down payment so as not to go into an unsustainable mortgage? or those who have ALREADY been foreclosed on? or are just limiting this to those we think are having trouble with mortgages they have right now?
--how bad does it have to be for you to receive assistance? One missed payment? three? no missed payments but not able to buy food? living comfortably and paying the mortgage but not being able to eat out as often as desired or go on out of state vacations?
--how long should the assistance last? what about unemployed homeowners? do we keep paying until they find a job or for a certain amount of time or do we give them a big lump sum?
--how much should the assistance be and what form should it take? who decides what's fair and what's adequate?
--how do we make sure people have actually really tried to make ends meet?
--would we have any help for brand new homeowners who might be in ARMs or might be too highly leveraged according to some standard? or brand new homeowners who have children?
--how do we ensure homeowners don't take advantage of the assistance and use it on frivolous expenditures?
--is the precedence set by this action good for the future of home ownership in this country? does it teach people and lenders responsibility and reasonableness? does it avoid class warfare?
true...
just save your money and buy other currencies. But then again, if the US defaults, will we take the world down with us?
All currencies go down in the long run. Buy gold and silver instead. Those are actually valued and useable by humans. Currency is nothing but little pieces of paper. The sooner you learn this the better off you will be.
All currencies go down in the long run. Buy gold and silver instead. Those are actually valued and useable by humans. Currency is nothing but little pieces of paper. The sooner you learn this the better off you will be.
What is the useful value of gold and silver beyond paper currenty? It only has as much value as we place on it, because it is just antiquated currency.
If you want something that is going to retain value in the face of market collapse, buy steel. Or real property. Or oil. Products which have real value and can be bartered for services, rather than rely on a currency which may or may not retain its value.
What is the useful value of gold and silver beyond paper currenty? It only has as much value as we place on it, because it is just antiquated currency.
If you want something that is going to retain value in the face of market collapse, buy steel. Or real property. Or oil. Products which have real value and can be bartered for services, rather than rely on a currency which may or may not retain its value.
I agree generally, although gold and silver are still good for the simple reason that they have a long track record - thousands of years. Silver has a lot of industrial application, so it has inherent value as well. That being said, I don't understand the irrational enthusiasm some people have for it.
I disagree about real property, unless we're talking about property that can easily be put to productive use. Fertile farmland would be an example. Land near existing infrastructure that could be built up (i.e. no serious zoning impediments) is another. An apartment building in an area guaranteed to generate rental returns (i.e. near a university) is yet another. A McMansion 20 miles from the nearest major employer has no inherent value.
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