More Federal Govt stupidity and blatant vote buying

[..]

Why do the stupid get a bail out and the regular guy just soldiers on doing the right thing.

Makes me want to vomit to see the Federal Govt uisng MY and YOUR tax dollars to help out the morons who over bought.

http://www.cnbc.com/id/43281199

Some replies I will not read so don't bother to expend energy on the keyboard.

Flame suit on.

[old2soon]

With this adminastration nuttin absolutely nuttin surprises me. Makes me want to go out and order the most expensive Rolls Royce made today and let every body but me pay for it. NOT. Dad told me something a long time ago that i try to practice to this day-live well WITHIN your means. Kinda simple really. B T W still works for me today. Goes back to whoever thought up deficit spending. Don't give a politician anything-they'll figure out soon enough to steal way more than they need.  RIDE SAFE.

[Tropic traveler]

While I agree that sometimes bad circumstances like losing a job in a bad job market, illness to a family member or one's self, accident injuries etc. that can cause terrible financial hardship to anyone, it doesn't mean everyone should get "bailed out".
There is a prevailing attitude of entitlement in this country, especially among the younger folks, that is hard for me to fathom. I hear all the time about how someone got "ripped off" in a car or bike purchase. When it comes to spending a lot of money on a large ticket item, how the heck is it possible?? Are some people just so lazy or dumb that they won't do their homework BEFORE they sign on the dotted line?? Nobody is going to talk a person with common sense into buying something they can't afford.
It is especially hard now that the deals have all been done to determine who if anyone should get any government assistance, as usual the devil is in the details concerning the mortgage "crisis".
I think it was a common sense crisis right from the start. 

If you can't afford it... DON'T BUY IT!!!! 

[DarkMeister]

"Some replies I will not read so don't bother to expend energy on the keyboard."

Cut & paste OK? Nyah; never mind. If the above statement means "I only want comments from those who agree with my published opinion", well then...uhm...uh let's see...uhm. Never mind.

keywords: domino-effect, impact of mass foreclosures on communities, banks and their investors, local economy

 

[Bobbo]

It's similar to some parents who always help the "screw up" kid, while ignoring the one or ones who make it with no help.  I don't know if it actually helps, and it creates animosity among the other siblings.

[Robert]

I dont know what you guys are worried about all the real money went to bankers immediately and they left the common guy out to dry now Obama needs some good will so as usual they talk about setting up the program. As usual I doubt if anything will come of it just like the helping programs that were supposedly already setup.   Also if they do it right they will not give the money away they will make the banks negotiate with the homeowners and take a lesser value because home prices are going down anyway so they will never get full value anyway. The only difference is people will stay in their homes. This is the same bs that they talked about before and when you called it was for debt counseling. I say its a shell game watch where the money goes.

Cat Learns To Play The Shell Game	powered by Aeva

[x]

It is a first... and I agree with Robert... on the money.

[DarkMeister]

On the other hand - a little poetic justice:

http://www.digtriad.com/news/watercooler/article/178031/176/Florida-Homeowner-Forecloses-On-Bank-Of-America

 

[musclehead]

what the H, E, double hockey sticks was I THINKING!  I actually bought a house I could afford, it's only about 1/4 of my monthly income. I coulda bought a palacial estate and let everyone and thier brother help me pay for it 

ok if your sarcasm detector didn't go off it should've.

[Tropic traveler]

It's similar to some parents who always help the "screw up" kid, while ignoring the one or ones who make it with no help.  I don't know if it actually helps, and it creates animosity among the other siblings.

First, SE agrees with Robert {& so do I} and now I agree with Bobbo!
What's the world coming to???
Don't hold your breath on the gov't doing anything right unless it serves the powers that be in some way.   

[Tropic traveler]

what the H, E, double hockey sticks was I THINKING!  I actually bought a house I could afford, it's only about 1/4 of my monthly income. I coulda bought a palacial estate and let everyone and thier brother help me pay for it 

ok if your sarcasm detector didn't go off it should've.

Amen!

[Varmintmist]

Also if they do it right they will not give OUR money away they will make the banks who are using money put in by people who pay their bills for loans, expecting interest back negotiate with the deadbeat homeowners and take a lesser value screwing the people who put money in the bank because home prices are going down anyway so they will never get full value anyway. The only difference is people deadbeats will stay in their homes. This is the same bs that they talked about before and when you called it was for debt counseling. Nope, this is someone else paying for the mortgage, counseling is getting you to pay for what you buy, what a concept

Now I agree with Robert to.

[Tropic traveler]

There is a part of my brain that says maybe we should just let the chips fall where they may on the "foreclosure crisis."
The end result after much pain would be lots of foreclosed houses for sale, with the owners AND the banks taking a financial azzwhipping. The foreclosed houses could then be bought {at reasonable prices again} by people who have some financial savvy {read that common sense} then either sold or rented back to the people who have proven they lack financial savvy. There is nothing wrong with renting, it's a time honored way of living that may be more right for a LOT of people than home ownership has proven to be. That's kind of the way it used to be back in the day when you actually had to put a chunk of $$ up for a down payment to buy a house. The 10-20% down payment was automatic proof to the bank that you were somewhat responsible with your money. These "no money down, 125% loan value" people got us what we have now. No initial skin in the game meant no skin off their noses to walk away when things got tough.
Only bad thing is a lot of the TARP money is gone & already on the deficit with very small results for the homeowners... can't get it back now!   

[musclehead]

There is a part of my brain that says maybe we should just let the chips fall where they may on the "foreclosure crisis."
The end result after much pain would be lots of foreclosed houses for sale, with the owners AND the banks taking a financial azzwhipping. The foreclosed houses could then be bought {at reasonable prices again} by people who have some financial savvy {read that common sense} then either sold or rented back to the people who have proven they lack financial savvy. There is nothing wrong with renting, it's a time honored way of living that may be more right for a LOT of people than home ownership has proven to be. That's kind of the way it used to be back in the day when you actually had to put a chunk of $$ up for a down payment to buy a house. The 10-20% down payment was automatic proof to the bank that you were somewhat responsible with your money. These "no money down, 125% loan value" people got us what we have now. No initial skin in the game meant no skin off their noses to walk away when things got tough.
Only bad thing is a lot of the TARP money is gone & already on the deficit with very small results for the homeowners... can't get it back now!   

"10 to 20% down payment" ?  thats racist!  (at least it will claim to be by the media, and other talking heads)

[alph]

This whole mortgage fiasco drives me nuts.  I have two brothers that have lousy credit scores.  One owns four rentals, the other can barely make his monthly payments, and both of them have taken vacations in tropical areas in the last two years.  I don’t feel sorry for people anymore, if you can’t afford the house you live in, down size, or stop going on vacation!!  There’s always an excuse, “the bank held my payment”, “I made the payment but they charged me a late fee”, “we had this vacation planned months ago”.  What ever!!  Don’t care anymore, just hate watching my tax dollars being waisted.

[Varmintmist]

"10 to 20% down payment" ?  thats racist!  (at least it will claim to be by the media, and other talking heads)

It wasnt racist before the New Deal when there was a thriving inner city culture.

BTW, you can still put 20% down. If you do you don't pay PMI (primary mortgage insurance). When I put 20% down and paid points on the first place I bought, the guy doing the mortgage didnt know what to do. He said "Nobody does that." Of course, they were the same people who had me qualified for a 250K mortgage when I had just started a decent job.

I now deal with banks that carry their own paper or credit unions.