You get "Sucker" tattooed across your forehead with the rest of us who are fiscally responsible. And as an added bonus, you get to watch your property value go DOWN while your taxes go UP to pay for this nation-wide Ponzi Scheme. :( 
Posted on 11/18/2007 2:11:51 PM PST by Graybeard58
In 1998, the U.S. Conference of Mayors blamed "redlining" for the "homeownership gap" in major cities. Though never documented, that was a common complaint for decades. In reality, the gap had less to do with discrimination than low demand for urban housing and banks' reluctance to lend money to people who can't repay.
Still, it wasn't long before lenders cowed by political correctness began lowering their underwriting standards and issuing variable-rate mortgages to high-risk borrowers. The Department of Treasury says 21 percent of all mortgages written from 2004-06 were so-called subprime, up from 9 percent from 1996-2004. And naturally, it wasn't long before rising interest rates hung subprime borrowers out to dry.
At their annual meeting this year, the mayors absolutely savaged the mortgage industry for doing precisely what they demanded nine years ago and called on the government to end predatory lending schemes. Then as now, the conference's criticisms ignored personal responsibility, specifically borrowers' obligation to understand the terms of their loan before signing. Not surprisingly, that angle also was absent from nearly two-thirds of the nightly news coverage on the "subprime crisis" in the 10 months ending Aug. 31, a new Media Research Center report reveals.
And personal responsibility was absent again last week when Gov. M. Jodi Rell authorized a $50 million bailout of Connecticut's subprime lenders and borrowers, and when the preliminary findings of a gubernatorial task force blamed rising foreclosures on lenders while essentially calling on them to redline borrowers.
Gov. Rell says the state has an "obligation to protect and secure" homeownership. Why? Because it's compassionate; it certainly isn't economically sound.
Banks have been foreclosing on houses for centuries, yet Gov. Rell inexplicably waits until now to reward some of the most irresponsible borrowers and lenders in state history with fixed, below-market refinancing terms unavailable to homeowners with good credit histories. And she does it without ever inquiring whether the borrowers' financial troubles are rooted less in rising interest rates than in their own irresponsible spending habits.
Gov. Rell should have left it to the borrowers and lenders to negotiate refinancing terms and then let the market shake out those who as yet are unable to afford the price of admission to the American dream.
Ping to a Republican-American Editorial.
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Hey, I live in CT. What do I GET for buying a house within my means & paying my mortgage on time?
You get to watch all this with a degree of disinterest.
You get to keep paying for your own and now you get to help others pay theirs, through your taxes.
I live in central Illinois and support Chicago's entitlement population while they continue to set the rules through their massive voting numbers and vote fraud.
None of this would have been necessary had the Fed stopped jacking up rates to the point of inverting the yield curve.
You get "Sucker" tattooed across your forehead with the rest of us who are fiscally responsible. And as an added bonus, you get to watch your property value go DOWN while your taxes go UP to pay for this nation-wide Ponzi Scheme. :(
You ain't kid'n!!
Go Pack!!!
[What do I GET for buying a house within my means & paying my mortgage on time?]
Self-respect, knowing your behavior was honorable?
Well, I suppose it could be worse, hmm?
...and a good night’s sleep!
Economy/Credit/Housing Issues Ping List
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~~Ludwig von Mises
There’s no one reason for subprime debacle
By Marilyn Kennedy Melia | Special to the Tribune
November 18, 2007
What were they thinking?
Experts are asking that as they pick through the foreclosure mess. Preventing future fiascoes depends on discovering how so many consumers took loans that proved impossibly expensive.
A couple of surveys provide some insight. In a poll of 1,004 mortgage holders commissioned by Bankrate.com, 34 percent didn’t know whether their mortgage had an adjustable rate or not. And in a survey of 500 owners with adjustable rate mortgages commissioned by the AFL-CIO, 49 percent say they don’t know the terms.
excerpted
You get nothing. Just keep paying that note until you're done, keep paying your taxes on time, and be thankful you're not Kelo'd. ;)
Ya know, there’s just no pleasing some people.
The AFL-CIO wailed because their constituents couldn’t qualify for mortgages due to poor credit; and now they gnash their teeth when credit standards were lowered in order to give them what they asked for.
The djin gives what is asked for, AFL-CIO, not what is desired. Remember that the next time you feel like rubbing the lamp and asking for a gift.
The shaft.
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