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Old 07-29-2008, 09:27 AM
 
271 posts, read 932,764 times
Reputation: 151

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Here is what will happen when fiscially irresponsible individuals get bailed out by uncle sammy, using responsible citizens tax dollars. A winner of extreme makeover gets a $450,000 home for free, and $250,000 cash ($700,000 TOTAL!), and then uses the free home to get a home equity loan for $450,000 only to hide behind "foreclosure victim-hood". Tip of the iceberg...speculators, vacation home owners, people making $8,000/year with 4 home equity funded harley davisions....they all win, and you, the responsible tax paying, wage slaving idiot....you loose! Why do I say idiots, because all us idiots who were responsible will pay the price in higher taxes and bailouts over the next 30 years!

Note that the term "Victim" is used for the family that was given a $450,000 mini mansion and $250,000 in cash, and borrowed $450,000 to buy more useless crap. The media wants to pull your heart strings to increase revenue by selling stories...wise up America, very few of those in foreclosure are "victims", unless you consider self inflicted "victim-hood". If one jumps off a cliff because they can't handle life, are they a victim too??? These folks should be put in jail...they are not Victims, they are victimizing everyone who pays taxes, and all those people who live next door and can't sell their homes due to too many cheap forclosures flooding the market.

Next the media will be calling those who didn't borrow above their means "Heroes". Again, destroying the word meant for the very few that actually exist. Someday, words will be meaningless...refugees=natural disaster residents, victims=instant gratification lovers, heroes=everyone, etc....
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'Extreme Makeover' house faces foreclosure

LAKE CITY, Ga. - More than 1,800 people showed up to help ABC's "Extreme Makeover" team demolish a family's decrepit home and replace it with a sparkling, four-bedroom mini-mansion in 2005.


Three years later, the reality TV show's most ambitious project at the time has become the latest victim of the foreclosure crisis.

After the Harper family used the two-story home as collateral for a $450,000 loan, it's set to go to auction on the steps of the Clayton County Courthouse Aug. 5.

Materials and labor were donated for the home, which would have cost about $450,000 to build. Beazer Homes' employees and company partners also raised $250,000 in contributions for the family, including scholarships for the couple's three children and a home maintenance fund.

It's aggravating. It just makes you mad. You do that much work, and they just squander it,"



'Extreme Makeover' house faces foreclosure - Yahoo! News (broken link)

Last edited by Siberia; 07-29-2008 at 09:37 AM..
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Old 07-29-2008, 01:32 PM
 
Location: Broward County
2,517 posts, read 11,033,822 times
Reputation: 1391
get over it buddy. If you lost your job today, you would be in the same predicament. Don't shun others because they cannot control LIFE. Things happen. Many people are in foreclosure because of the economy and the massive job loss we are experiencing. It's not just speculators that have caused this mess, it's the economy and we all know who to thank for that one ! I cannot wait until November.
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Old 07-29-2008, 02:35 PM
 
Location: A little suburb of Houston
3,702 posts, read 18,184,081 times
Reputation: 2091
Massive job loss is the cause? I think you should check the numbers. Sure there are folks in a bad predicament because of job loss (or maybe a medical issue) but a much larger percentage are there because they have been irresponsible and overspent or overextended themselves with bad loans. If you look at the actual unemployment figures (see: Unemployment rates - Unemployment rates by state from CNNMoney ), they are not really that high at the moment except in a few states.
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Old 07-29-2008, 02:42 PM
 
Location: Dallas, NC
1,703 posts, read 3,865,586 times
Reputation: 809
People need to stop buying more than they can comfortably afford. The Extreme Makeover case is total stupidity and greed. I don't feel a bit sorry for them. They probably used the money for their kid's education too. If I lost my job, I'd go to McDonald's or WalMart and work if I needed to. I don't feel sorry for those who want everything handed to them. When life hands you lemons......
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Old 07-29-2008, 02:44 PM
 
Location: Downtown Orlando, FL
573 posts, read 1,687,450 times
Reputation: 549
I feel you on the November count down......I'm counting the days.

As far as the Extreme Makeover people...yeah, well, it kind of is stupid of them. But many Americans are going through foreclosure right now due to job loss AND/OR the fact that lenders gave them way more money than they should have. I know a lot of people on here will preach personal responsibility, and I agree....but I have to say that the lenders have to take some of the blame for this, too.

You're not telling me that x amount of the American people all together, simultaneously became fiscally irresponsible. I believe that the lenders all together, simultaneously, became fiscally ignorant. With that said, it falls on both the American people and the lenders, together.
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Old 07-29-2008, 07:27 PM
 
2,197 posts, read 7,381,163 times
Reputation: 1702
What exactly do you guys think is going to happen in November? Neither candidate has a viable plan to fix this mess. The only way to fix this mess is time and that has nothing to do with the White House. Despite all the media hype and self-promoting photo ops, it will be more of the same no matter who gets elected. The only difference is that one candidate will raise taxes more than the other. A couple of years in, the new figurehead will be reviled, too, because the bubble must be popped and neither candidate is willing to hold the pin.
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Old 07-29-2008, 08:26 PM
 
Location: Sarasota, FL
252 posts, read 768,123 times
Reputation: 134
Quote:
Originally Posted by Poltracker View Post
Massive job loss is the cause? I think you should check the numbers. Sure there are folks in a bad predicament because of job loss (or maybe a medical issue) but a much larger percentage are there because they have been irresponsible and overspent or overextended themselves with bad loans. If you look at the actual unemployment figures (see: Unemployment rates - Unemployment rates by state from CNNMoney ), they are not really that high at the moment except in a few states.
Correct!
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Old 07-31-2008, 11:27 AM
 
167 posts, read 452,481 times
Reputation: 72
IMHO,
There are several factors involved in this mess but iniatially it started with lenders and then people who were greedy refinanced and took out equity and walked away.

I live in Lake Havasu City, AZ. People came here and bought vacation houses and their houses built up equity, they got a home equity home loan, pulled money to buy their boats, sea doos and trucks. When the market depreciated they walked away from their houses and house values are dropping each day. So that leaves people like myself you has lost $35K in one year. Foreclosures will depreciate a neighborhood faster than anything.

Most people I know who are losing their houses is not the bank's fault but their fault. There are about 20 percent of those people who actually are losing their houses because of job loss or health. Also, must not forget those people who have lost half their house worth and they just leave their home in the middle of the night,
i.e. Temecula, CA.

Here in Havasu there are hundreds of houses for rent. This brings down the prices. People are walking away from their high mortgage payments and renting, much less expensive.
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