Mortgage Mess & Accountability

[JohnnyMack]

I keep hearing talking head types complain about how the Gubmint needs to come in and bail out the "sinking middle class" from the evil antics of the big bad lenders. And while I agree the lenders acted rather unscrupulously in all this, how much does personal responsibility come into play in this? Do people not think before they dive into messes they can't possibly hope to come out of unscathed? We just bought a house the old fashioned way, on a 30 yr fixed note. Took what I make each month, figured out what we could afford based on that and bought a house. Now I realize that may sound simplistic, but I can't help but think that if people had really analyzed what they could legitimately afford instead of speculating on what they thought they would be able to make on it in a few years, we wouldn't have so many people in such a faustian mess.

Thoughts?

[soonerscuba]

Let them rot, we all make choices, they have consequences. Don't buy a $500,000 (unless you're Bruce) house just because Countrywide was dumb enough to give you a loan.

[Curly Bill]

Personal responsibility? These days...are you kidding?

Yeah, I say screw'em!

[r5TPsooner]

Let them rot, we all make choices, they have consequences. Don't buy a $500,000 (unless you're Bruce) house just because Countrywide was dumb enough to give you a loan.


What's funny is that the same folks wouldn't be approved for a $5000 credit card.

If you don't have and can't afford at least 10% down on the home that you're trying to buy, then chances are that you probably can't afford it in the 1st place.

[Blue]

Agree. Way too many people living over their heads.

[OUinFLA]

Agree. Way too many people living over their heads.

I tried living over my head once, but every time I went to scratch my nose, I was scratching my butt. After a while it got embarassing, so I quit scratching my nose.

[yermom]

what happens when the bottom falls out on the banks? with the FDIC junk it does seem like they should have some kind of say in it

[Blue]

I tried living over my head once, but every time I went to scratch my nose, I was scratching my butt. After a while it got embarassing, so I quit scratching my nose.

I bees one of those peeps. So if stuff goes in the tank, I'm screwed. That's why I gots my gat.

[Sooner_Havok]

I keep hearing talking head types complain about how the Gubmint needs to come in and bail out the "sinking middle class" from the evil antics of the big bad lenders. And while I agree the lenders acted rather unscrupulously in all this, how much does personal responsibility come into play in this? Do people not think before they dive into messes they can't possibly hope to come out of unscathed? We just bought a house the old fashioned way, on a 30 yr fixed note. Took what I make each month, figured out what we could afford based on that and bought a house. Now I realize that may sound simplistic, but I can't help but think that if people had really analyzed what they could legitimately afford instead of speculating on what they thought they would be able to make on it in a few years, we wouldn't have so many people in such a faustian mess.

Thoughts?

My thoughts are if the fed in any way helps these sums of biotches out, they better damn well pony up some cash for my god damed student loans! $50,000 in debt because I wanted to go to college F%&* that Sh*t! For real, if the fed steps in and gives these people anything, they best at least lower the rate on my student loans!

Our lovely ******* retarded, corrupt government, helping people for being irresponsible and stupid, but giving the middle finger to those who delay gratification and go into college...least that is the way it feels sometimes:( :( :(

[SoonerKnight]

I keep hearing talking head types complain about how the Gubmint needs to come in and bail out the "sinking middle class" from the evil antics of the big bad lenders. And while I agree the lenders acted rather unscrupulously in all this, how much does personal responsibility come into play in this? Do people not think before they dive into messes they can't possibly hope to come out of unscathed? We just bought a house the old fashioned way, on a 30 yr fixed note. Took what I make each month, figured out what we could afford based on that and bought a house. Now I realize that may sound simplistic, but I can't help but think that if people had really analyzed what they could legitimately afford instead of speculating on what they thought they would be able to make on it in a few years, we wouldn't have so many people in such a faustian mess.

Thoughts?

Are you sure it was the middle class they want to bail out? I mean those companies will fall if the Gubmint does not bail them out which has already started. The middle class can walk away from the house. The banks and mortgage companies will do the paying for this. I did the same thing though 3 years ago they offered all kinds of gimmicks but I just figured out how much I made and what I could pay and bought a house on a 30 year fixed note. It's also an assumable loan at 5.25% anyone want to buy a 3 year old Condo in Denver area? :D

[SoonerKnight]

My thoughts are if the fed in any way helps these sums of biotches out, they better damn well pony up some cash for my god damed student loans! $50,000 in debt because I wanted to go to college F%&* that Sh*t! For real, if the fed steps in and gives these people anything, they best at least lower the rate on my student loans!

Our lovely ******* retarded, corrupt government, helping people for being irresponsible and stupid, but giving the middle finger to those who delay gratification and go into college...least that is the way it feels sometimes:( :( :(


The fed has already started helping these mortgage companies buy lowering interest rates and extending their loan payment due dates. Middle class not helped so much.

[Sooner_Havok]

The fed has already started helping these mortgage companies buy lowering interest rates and extending their loan payment due dates. Middle class not helped so much.


All at the expense of the USD. Our money is now worth ****! Any guess why they do that, yet raise interest rates on student loans.:( I just need to hit that powerball shiat, $82 million would pay off those damned things. Hell, that is almost £30 million.l

[OklahomaTuba]

All at the expense of the USD. Our money is now worth ****! Any guess why they do that, yet raise interest rates on student loans.:( I just need to hit that powerball shiat, $82 million would pay off those damned things. Hell, that is almost £30 million.l

The dollar is low, but its worth more than **** I can assure you.

There are some really positive things happening because of the low dollar, one of them is American products and services have become much more competitive globally. And in a global market, we need all the help we can get competing with the likes of China, India, etc.

Folks overseas will pay a premium for American engineered and manufactuered capitial goods. That has always been the case, and probably always will be.

Making us more competitive on a cost basis will only keep the factories hummin here at home, which is great news for our domestic industrial & manufacturing base.

The Euro's and Chinese absolutly hate that the dollar is so low right now. Adding to the pain of theres is oil being so high. But I can assure you, the folks at places like Boeing are laughing all the way to the bank!

[MamaMia]

We purposely bought a home that we knew we could afford, barring any unforeseen extra taxes we may have to pay to help people who didn't. Silly us. :rolleyes:

[Veritas]

I keep hearing talking head types complain about how the Gubmint needs to come in and bail out the "sinking middle class" from the evil antics of the big bad lenders. And while I agree the lenders acted rather unscrupulously in all this, how much does personal responsibility come into play in this? Do people not think before they dive into messes they can't possibly hope to come out of unscathed? We just bought a house the old fashioned way, on a 30 yr fixed note. Took what I make each month, figured out what we could afford based on that and bought a house. Now I realize that may sound simplistic, but I can't help but think that if people had really analyzed what they could legitimately afford instead of speculating on what they thought they would be able to make on it in a few years, we wouldn't have so many people in such a faustian mess.

Thoughts?
I know I keep saying this, but WHO ARE YOU?! Where is my libtastic buddy Mack?

And yes, if you're too stupid to know that buying a house valued at 6x of your annual income is a bad idea, that is a you problem.

[1stTimeCaller]

And yes, if you're too stupid to know that buying a house valued at 6x of your annual income is a bad idea, that is a you problem.

unless you get an interest only or one of those neat adjustable rate loans...

[Veritas]

unless you get an interest only or one of those neat adjustable rate loans...
Well, yeah, that's just sound fiscal practice right there. :texan:

[Widescreen]

I hope Countrywide goes under so I can stop paying my mortgage. So long, suckas!

[sooner_born_1960]

I'm hoping nobody gets bailed out. I'm looking to pick up some foreclosures as rental property.

[mdklatt]

I keep hearing talking head types complain about how the Gubmint needs to come in and bail out the "sinking middle class" from the evil antics of the big bad lenders.

Link?

I don't hear anybody talking about bailing out the homeowners, but the banks that made the stupid loans to begin with.

[usmc-sooner]

a lot of those middle class people are living upper class lifestyles.

[JohnnyMack]

Link?

I don't hear anybody talking about bailing out the homeowners, but the banks that made the stupid loans to begin with.

Lou Dobbs is who I specifically saw do a series on it. I'm too lazy to look beyond that.

[JohnnyMack]

I know I keep saying this, but WHO ARE YOU?! Where is my libtastic buddy Mack?

That man has been crushed under the boot of this one:

http://img147.imageshack.us/img147/4986/fh0000022ll9.jpg

Reborn is a much more level headed, pragmatic individual.

[Widescreen]

That man has been crushed under the boot of this one:

http://img147.imageshack.us/img147/4986/fh0000022ll9.jpg

Reborn is a much more level headed, pragmatic individual.
Little ones will do that to you.

[MamaMia]

Link?

I don't hear anybody talking about bailing out the homeowners, but the banks that made the stupid loans to begin with. Just a few:

http://www.globalethics.org/newsline/members/issue.tmpl?articleid=0903072324501

http://money.cnn.com/2007/08/23/news/newsmakers/gross_homeowners/index.htm?postversion=2007082312

http://www.davemanuel.com/2007/08/31/should-the-us-government-bail-out-homeowners/

http://www.globalethics.org/newsline/members/printfriendly.html?id=0903072324501

http://activerain.com/blogsview/164722/Sound-Off-Should-Gov

[JohnnyMack]

Mama got my back!

[1stTimeCaller]

That man has been crushed under the boot of this one:

http://img147.imageshack.us/img147/4986/fh0000022ll9.jpg

Reborn is a much more level headed, pragmatic individual.

why would Howzit's kid have that big of an impact on you?

[Hamhock]

That man has been crushed under the boot of this one:

http://img147.imageshack.us/img147/4986/fh0000022ll9.jpg

Reborn is a much more level headed, pragmatic individual.


i bet you went zero down, 72 months on the little tikes. didn'tjew?

[JohnnyMack]

i bet you went zero down, 72 months on the little tikes. didn'tjew?

Oh you know it. They gave me a sweet 26% interest rate. I scored.

[SoonerJack]

My thoughts are if the fed in any way helps these sums of biotches out, they better damn well pony up some cash for my god damed student loans! $50,000 in debt because I wanted to go to college F%&* that Sh*t! For real, if the fed steps in and gives these people anything, they best at least lower the rate on my student loans!

Our lovely ******* retarded, corrupt government, helping people for being irresponsible and stupid, but giving the middle finger to those who delay gratification and go into college...least that is the way it feels sometimes:( :( :(

Havoc, take some responsibility. You agreed to the loan terms, right?:confused:

[r5TPsooner]

I was talking to my neighbors about a month ago and during the discussion, they told the wife and I that they didn't hire there own Realtor but used the builders Realtor instead. My wife and I damned near spit out our drink when they told us that. I can guarantee that they were taken to the cleaners on there house which is around the 300k mark. They also went on to tell us that at closing, the builder demanded another 5k down at signing or he wouldn't give them the keys to the house. They then went and pulled the cash off a credit card and gave it to them. Again, I damned near spit my drink in there face when they told me that!

Interestingly enough, I work from the home and I saw a repossession wrecker come and tow away one of there vehicles last a few weeks ago and it has not been seen since. Then, last week the husband told me he was off to Iraq to earn some money to get them out from under there mortgage.

I'd have to be close to foreclosure to make me go to Iraq and work as a communications employee.

The husband is a great guy but the wife is none to friendly. She has ****ed off more than one set of neighbors and we're all just waiting for the county sheriff to drop by there place with a set of papers and a locksmith. Unfortunately, most of us are kind of hoping that it happens due to her attitude towards the neighborhood and her neighbors.

I'd almost bet that they did some type of ARM loan and now they're f'd.

[JohnnyMack]

I was talking to my neighbors about a month ago and during the discussion, they told the wife and I that they didn't hire there own Realtor but used the builders Realtor instead. My wife and I damned near spit out our drink when they told us that. I can guarantee that they were taken to the cleaners on there house which is around the 300k mark. They also went on to tell us that at closing, the builder demanded another 5k down at signing or he wouldn't give them the keys to the house. They then went and pulled the cash off a credit card and gave it to them. Again, I damned near spit my drink in there face when they told me that!


How could that happen without those people being, well, stupid? They would have to submit a contract to a closing company with an agreed upon sales price. Show me a closing company that will at closing say, yeah if he says you owe him 5 grand more, than you should give it to him. Sounds weird to me. As far as the sales price goes, an appraiser has to get to that amount before the bank will loan the money.

[MojoRisen]

No help- they wanted to get rich quick and forgot that it isn't that easy -

I have sympathy but they need to be able to pay their monthly note - no matter what and how much money they got on loan to spend on Blood Diamonds and cars and BS -

Sorry - if the Fed helps - they better help us all tax paying citizens....

[StoopTroup]

I remember my Father telling me about these mafia guys that would loan you dough that they knew you couldn't pay back.

I think there's still a law about that isn't there?

Yeah...lenders aren't the problem....

[MojoRisen]

My brother in law- great guy. Adjusted his mortgage to an APR thinking he was going to sell his house for a couple of hundred thousands dollars more than he paid for it in a year or so and the market crashed.

In washington the realestate market is through the roof and over priced- many people got rich and a lot of people wanted desperately to get in on the action. So I have sympathy for those who jumped in late as they way over paid and probably lost 25-30% in 6 months.

Anyhow my brother in law now has a huge mortgage interest rate and it is jamming him up.

You would think that some reputable lenders would pay his penalty and get him back on a fixed rate.

People should not think money falls off trees- it is the American Dream but making 2-300K in 2 years is not normal and I am happy prices have come down to a more affordable rate.

I don't know much- but it was terrible that a 1800 square foot town home was going for 400K out here.

too bad is all I have to say- glad I have zero debt - even though I would like to own a house one day- just wont buy one in this kind of Market.

Prices will continue to fall - It happens everywhere eventually.

[Tear Down This Wall]

I think all involved suck:

(1) Politicians and bureaucrats for allowing home appraisals for skyrocket, forcing politicians to backtrack and set caps. Quit wasting tax money, buttmunching politicians! Then you wouldn't have to be stealing from us with property taxes and fees out the whazoo.

(2) Real estate penises/agents just for being who they are. All of their damn fees can fly up my lilly white as*s. Cost-closing Dickwhistles.

(3) Mortgage companies for giving loans to idiots.

(4) The idiots for not being able to do the simple math of seeing that a $27,037 a year job isn't going to be enough to cover the payments on the $250,000 mortgage that with donkey molesters at the mortgage company gave them.

(5) The Communists in Cuba, North Korea, and China.

(6) The BCS Bowl System.

(7) That guy who caught the foul ball at the Chicago Cubs playoff game a couple of years ago.

(8) Brian Billick for taping opponents signs.

(9) A-Rod's contract with the Texas Rangers that they were still paying on until recently.

(10) Brad Childress and anyone at the Minnesota Vikings organization for not having the forsight to get a real damn quarterback to take the pressure off AD so he can get his 350 yards a game.

(11) New Coke

(12) Ronde, Thirst Crusher, Rondo

(13) The 9/11 conspiracy theorists and their inbreed cousins, the Ron Paul supporters.

(14) That guy with the television show where he runs around the world eating crap like sheep brains and roasted scorpions.

(15) Nike for their crappy uniforms.

(16) Under Armor for their crappier uniforms.

(17) Women who don't swallow.

(18) Women who do swallow.

(19) Women who can't get you to the point where they have to make that snap decision in the first place.

(20) Dinty Moore beef stew.

(21) Idiots who still own Confederate Flags.

(22) The bed-wetting environmentalists who have forced us to go to crappy Ethanol for no damn reason, screwing up the food prices and water supplies in the process.

(23) Any politicians who has his or her head so far up their as*s that they continue to vote against letting us drill for our own oil and gas in every square inch of land and sea where we already know there a proven reserves so we can tell the inbreed cousin of the conspiriacy theorists/Ron Paul supporters, radical islamofascists, to go stick it where the sun don't shine.

(24) Any U.S. Dollar in coin form.

(25) People who can't keep their dogs on a leash or penned up in their own yards.

(26) The small-peckered miscreants who back their SUVs and trucks into spaces in office building parking garages.

(27) People who carry small dogs around in public in faggy little bags and purses.

(28) Anyone who thinks ropers are real cowboys boots.

(29) The brain dead muthafackers who think Cross Canadian Ragweed is music.

(30) Pinhead GOPers who say "Vote for Rudy" just so Hillary won't be president, as if it doesn't matter which one makes it easier to murder babies in the mother's womb.

(31) Loudcrappers.

[OklahomaRed]

TDTW. Ditto. Don't give them anything. Speculating in the housing market, and pushing prices up far faster than the rate of inflation is their problem. They played the game and they got burned. It's like saying, I invested in the stock market and the market crashed, I want the Govt to give my money back. Legalized gambling. I went to Vegas and lost all my money on the craps table. I want the Govt to give my money back for allowing them sunny beaches to set up their fancy casinos and make me think I could win me some real money!!! :D I didn't hear anyone saying, "I bought my house for $120K in California and sold it for $650K. That's too dang much money. I need to give some of it back to the Govt so they can help them poor stupid people who are going to take it in the rear when the inflated housing market crashes." Wah! We expect the Govt to do to much hand holding. Take some responsibility people for your own actions and quit sitting around waiting on the Govt to bail you out. No wonder those of us who actually plan and buy houses we can afford get really tired or bailing you other dumb #@# out! :D

[Hamhock]

(31) Loudcrappers.

i almost made it all the way through your post without being offended. almost.

[sooner_born_1960]

Not all Nike uniforms are crap.

[tommieharris91]

TDTW, I think you're forgetting some people.

[Widescreen]

(23) Any politicians who has his or her head so far up their as*s that they continue to vote against letting us drill for our own oil and gas in every square inch of land and sea where we already know there a proven reserves so we can tell the inbreed cousin of the conspiriacy theorists/Ron Paul supporters, radical islamofascists, to go stick it where the sun don't shine.
Amen * 1000

[Tear Down This Wall]

TDTW, I think you're forgetting some people.

(32) Brittany Spears and all of her "parenting" drama.

[bluedogok]

what happens when the bottom falls out on the banks?
That did happen in 1982 when they thought a "little bank in a shopping mall" wasn't worth saving.......

It would also help if the corporations would quit sending those "middle class" paying jobs overseas so their stock can go up half a point for this quarter. When there is no middle class, there will not be enough people to fuel the consumption based economy that this country is built on at this time.