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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on October 12, 2008, 08:31:52 PM
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If you are a mortgage holder who is either struggling with crushing payments, bitter for having overpaid for your home during the bubble, or who has extravagantly refinanced when prices were rising, the government's landmark $700 billion bailout package has an important message for you: stop making your mortgage payments . . . immediately. Furthermore, if you believe that with some planning and sacrifice you may be able to meet your mortgage obligations, the government's message is clear: relax, don't bother.
While angry voters have labeled the package as a bailout for Wall Street, it is more akin to a “Get out of Jail Free” card for anyone who acted irresponsibly during the boom.
[...]
If you do get the opportunity to live for a while with no mortgage payment, don't make the tragic mistake of using your extra cash to pay down your credit cards. As the growing level of credit card defaults will soon push credit card companies into bankruptcy, we can expect a similar bailout plan for American Express and Discover Financial. When that happens, expect massive balance reductions for Americans who can demonstrate the inability to pay. The bigger your balance, the greater the benefit.
Taxpayers, however, will not be so lucky. The savvy investment strategists who see the government turning a tidy profit on its mortgage purchases have not factored in the incentives that will discourage nonpayment. The only way the government will be able to profit would be to buy the mortgages at deep discounts to actual loan values. However, if the purchase prices are too low, the plan will bankrupt the institutions it is trying to bail out. On the other hand, if it substantially overpays, which seems far more likely, it will bankrupt the nation.
In any event, as more and more borrowers succumb to the allure and safety of nonpayment, look for the number of troubled assets to swell. This will ensure that the $700 billion merely represents the first installment in what will be a multitrillion-dollar plan. Just as government policies provided the primary impetus in blowing up the housing bubble earlier in the decade, its latest attempt at market manipulation will only result in making a terrible problem far worse.
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your words or is there a link.
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your words or is there a link.
sorry, forgot to add the link
http://www.signonsandiego.com/uniontrib/20081010/news_lz1e10schiff.html
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Amazing.
Liberalism has gotten so bad that now there is a direct reward for personal irresponsibility.
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Amazing.
Liberalism has gotten so bad that now there is a direct reward for personal irresponsibility.
Its called socialism, and it is here at the request of a republican administration to clean up their own mess.
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Ohio shooting puts face on foreclosure crisis
AKRON, Ohio - By the time deputies came to escort Addie Polk out of her home of 38 years, the 90-year-old had taken out her life insurance policy and placed it next to her pocketbook and keys in the neatly kept house.
She shot herself in the chest Oct. 1 before she could be taken away from the foreclosed house, which was worth less than its mortgage from the day she took out the loan.
A congressman called her the face of a national tragedy, the housing crisis that has affected millions of Americans. Neighbors were stunned and said they had no idea the widow had been about to lose her two-story, white vinyl home.
And Polk, as she recovered, sounded a bit regretful.
"She said that was a crazy thing to do," said neighbor Robert Dillon, 62, who visited her at the hospital.
cont... http://news.yahoo.com/s/ap/20081012/ap_on_re_us/foreclosure_shooting
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Ohio shooting puts face on foreclosure crisis
AKRON, Ohio - By the time deputies came to escort Addie Polk out of her home of 38 years, the 90-year-old had taken out her life insurance policy and placed it next to her pocketbook and keys in the neatly kept house.
She shot herself in the chest Oct. 1 before she could be taken away from the foreclosed house, which was worth less than its mortgage from the day she took out the loan.
A congressman called her the face of a national tragedy, the housing crisis that has affected millions of Americans. Neighbors were stunned and said they had no idea the widow had been about to lose her two-story, white vinyl home.
And Polk, as she recovered, sounded a bit regretful.
"She said that was a crazy thing to do," said neighbor Robert Dillon, 62, who visited her at the hospital.
cont... http://news.yahoo.com/s/ap/20081012/ap_on_re_us/foreclosure_shooting
Who the fuck would give an 86 yr old woman a 30 year loan? That's pretty messed up.
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Who the fuck would give an 86 yr old woman a 30 year loan? That's pretty messed up.
don't worry, it's not the lender's fault... The old bitch was clearly irresponsible :D
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right and the lender was working within the parameters that the government lets him work. he was the irresponsible one. not the government nor the old lady he took advantage of. i think youre trying to say that the lender has something to do with the government. no he doesnt. i think you actually furthered the original posters argument.
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This doesnt make any sense.
1. So she made something like 15K on the morgage deal, then couldn't make the payments 4 years later?
2. Why would a lender give an 86 year old a 30 year loan? (As Jag said)
3. How did she blow 45K in 4 years?
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This doesnt make any sense.
1. So she made something like 15K on the morgage deal, then couldn't make the payments 4 years later?
2. Why would a lender give an 86 year old a 30 year loan? (As Jag said)
3. How did she blow 45K in 4 years?
Probably "blew it" on health care costs.
As for question #2, her mortgage was originally underwritten by Country Wide. nuff said.
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Its called socialism, and it is here at the request of a republican administration to clean up their own mess.
The republican mess lol what a joke.....
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Probably "blew it" on health care costs.
As for question #2, her mortgage was originally underwritten by Country Wide. nuff said.
LOL... if we had government health care she would have had to fork it over to the government.
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Ohio shooting puts face on foreclosure crisis
AKRON, Ohio - By the time deputies came to escort Addie Polk out of her home of 38 years, the 90-year-old had taken out her life insurance policy and placed it next to her pocketbook and keys in the neatly kept house.
She shot herself in the chest Oct. 1 before she could be taken away from the foreclosed house, which was worth less than its mortgage from the day she took out the loan.
A congressman called her the face of a national tragedy, the housing crisis that has affected millions of Americans. Neighbors were stunned and said they had no idea the widow had been about to lose her two-story, white vinyl home.
And Polk, as she recovered, sounded a bit regretful.
"She said that was a crazy thing to do," said neighbor Robert Dillon, 62, who visited her at the hospital.
cont... http://news.yahoo.com/s/ap/20081012/ap_on_re_us/foreclosure_shooting
What a waste. She should have got a plane, flew to Washington and took out a few politicians before offing herself.
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My best friend stopped paying on his house a year ago. Nothing has happened to him so far...
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My best friend stopped paying on his house a year ago. Nothing has happened to him so far...
So who's paying for his mortgage?
I hope this friend of yours doesn't have a family to support.
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So who's paying for his mortgage?
:)
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My best friend stopped paying on his house a year ago. Nothing has happened to him so far...
Sounds like a real winner at life.
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:)
Whut.... oh goddamnit. >:(
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Sad, but if you have a mortgage, and you don't pay, you pretty much have a bailout in the back pocket... You'll never lose your house.
It slaps personal responsibility in the face and it is ridiculous.