Sunday, February 12, 2012

What am I missing ?

I don't claim to be the brightest kid on the block but what am I missing ? I keep hearing about the government bailing out these homeowners because they are behind on their mortgages. Apparently many of  these people lied about their assets and income levels and the banks did not verify the claims, all these people had to do was sign a paper swearing all the information was true and correct. So now they can't pay the mortgage and the government is bailing them out because the bank took advantage of them ???? Are you kidding me, They lied and signed false documents and  the bank is the villain?  What about the poor slob working two jobs to pay his mortgage, does he get any help? No wonder this country is so hosed up. Somebody tell me I am wrong....please.

22 comments:

  1. Haven't you heard, capitalism is evil. Of course it's the banks fault. TJ is correct, this isn't the same country in which I was born.

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    1. Stephen, I hate it but it's true.

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  2. This poor two job slob lost his house. It wasn't the mortgage I couldn't pay, but the taxes and insurance, which both doubled in less than 10 years. I suspect there's a lot more like me that aren't reported because it doesn't fit the media's agenda...

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    1. Taxes are a crippling item for sure, it is criminal.

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    1. Rob, it does save some grief, only trouble is the landlord is going to recoup all his cost via rent. of course it gives you freedom to move. Thanks.

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  4. Don't forget you had Janet Reno standing in front of all the banks telling them to loan the money or else. It's gonna get even nastier in the housing market.

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    1. Very true,the government pushed the banks to loan the money but the people were still responsible not to overextend themselves. And yes it will get nastier. Thanks.

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  5. The whole thing stinks. Many bad days are coming to Amerika due to the communist socialism that has taken over the county and the mindset of the governed as well as the goobernmant.

    I'm a former combat Marine and am actually trying to decide if I should sell my preps for what I can get and get out of the country.

    The power that has been placed in the few is enormous. I am obviously a domestic terrorist because I have flashlights, more than seven days food, believe in the constitution, am a libertarian, a veteran, against illegal immigration and a myriad of other sins.

    Many tell me to get the F out when I posit this position as I am not a patriot. The Jews said the same thing in 1929 to those who left. It's coming, the socialists have made their coup and the American Republic is no more. The lack of following the constitution shows this.

    Personally, I'd like to see the banks who did this housing fraid go bankrupt but they now own the gov so that ain't happening.

    I also want to stay and fight but the frog in the pot theory is/has been going on for some time. I doubt many would stand by me except for the 3pers, and they are way to small in numbers. It IS going to get worse. Mark my words.

    /rant

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    1. Thanks for your service brother, welcome home.
      I agree 100%, it IS going to get worse...A LOT WORSE. The problem I see is there is nowhere else to go. Every other country is going to be worse off. To me some things are worth fighting for.

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  6. This is the latest "I wanna pony" Manchild/Womanchild tantrum that politicians are trying to bribe or are afraid to stand up to.

    Unfortunately not enough of us pitched a big enough fit on the original TARP. Now both sides are racing to borrow from our children to pay off these stupid participation trophy special snowflakes who don't understand that this is the really real world and that your stupidity has consequences. Hell they wouldn't recognize a consequence if it introduced itself by clan and social security number.

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    1. It is way past time to hit the Re-Set button. I have never been a conspiracy theorists but some things do make me wonder.

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  7. Why do you think it was the norm for people to lie on their mortgage application? Why do you think that is why most people defaulted?

    The defaults did not really excelerate until unemployment started to climb. The second most common problem was peoples mortgage rates resetting. There was an assumption, by both the banks and the home owners that they would be able to refinance before that happened: turns out both were wrong.

    There is a lot of talk in the media that likes to blame the home owners, but that same media is either owned or financed by Big Finance. They are not lying about the lying. They are just overstating and misdirecting.

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    1. There is plenty of fault to go around....no doubt. Problem you don't know what to think when you listen to the media.

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  8. Absolutely zero expectation of personal responsibility. I do think the banks have a role in the whole housing market issue. They knew they were making funky rules to allow people to buy homes they could not afford, but that does not absolve the individules responsibility to be truthful and pay his/her debts. I was not a big fan of the government bailouts either.

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    1. Amen sister, my thoughts exactly.

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  9. All of the above! Until we can get some leadership in Disneyland North, It ain't gonna get better.Liberal America is going to ruin this nation.

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    1. I could not agree more John. Thanks.

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  10. Not that I would ever side with those who could never afford their homes but bought one anyway, I am lucky that I got the right mortgage or I would be one of those who lost their home. I got divorced six years ago, when the housing prices were at their peak. I kept the house and paid off the ex. This meant I had to refinance the house. No problem. People were giving me suggestions as to what type of loan to get. The best rate was a 5 year interest only. At the end of five years you could refinance and possibly get a better rate. The payment would have been about $500 a month less. That's a lot of money. Since I didn't know if I was going to stay in the house or move it was a real good loan for me. Much to the chagrin of all my friends, but fortunately for me, I decided on the plain old 30-year note. It's a good thing because my house dropped in value by so much that no bank would have refinanced my loan when it would have come due at the end of the five years. I would have lost the house, becoming one of those deadbeats who wanted a bailout. It would have been through no real fault of my own. Who could have predicted that the houses would lose half their value when the time came to refinance? Before I judge those jerks I want to really know that they are jerks and not just stuck in the situation that I almost got myself into.

    It burns me that people who on purpose don't pay are able to refinance at better rates through government programs because they now can't afford their homes. I still would like to refinance but can't. I have fantastic credit. Although I've never been late on a payment and even pay a little extra each month, the house has lost so much value no bank will refinance it. It doesn't make any difference how much I money I earn or what my credit worthiness is. If I decided to stop paying and on purpose screw the bank, then the government would step in and get me a new loan. Makes no sense.

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  11. I agree with you, It is terrible people like yourself who are doing the right and responsible things are punished. The government has no business interfering in this kind of stuff. They ALWAYS hose it up. Bless you for doing the right thing.

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