Posted on 01/19/2009 5:50:32 AM PST by SandRat
WASHINGTON — When it comes to homeownership, Hispanics in New Jersey, single parents in California and senior citizens in Rhode Island all have something in common: More than a third have an unaffordable mortgage.
(Excerpt) Read more at azstarnet.com ...
Then why the hell did they willingly take out that mortgage? I'm sorry, but i have no remorse for idiocy.
Another question would be why the the democrats and Clinton forced banks to make loans to these people?
That is the whole reason we are in this financial crisis!
Just think how affordable housing could be if the environmentalist people haters hadn’t added 50% to the cost of construction?
Should it be, Not this shit again?” or “This is a REALLY bad time.”
No taxpayer has much sympathy for it. I received an email this morning from a good friend. Here is the content, but I don’t know if these stats are accurate or not:
“Subject: Statistics do not lie ! 2008 Presidential Election. Red is Republican !
Subject: THIS WILL CURDLE YOUR BLOOD & BREAK YOUR HEART if you are Republican
Interesting Statistics
Professor Joseph Olson of Hemline University School of Law,
St. Paul, Minnesota, points out facts of 2008 Presidential election:
Number of States won by:
Democrats: 19
Republicans: 29
Square miles of land won by:
Democrats: 580,000
Republicans: 2,427,000
Population of counties won by:
Democrats: 127 million
Republicans: 143 million
Murder rate per 100,000 residents in counties won by:
Democrats: 13.2
Republicans: 2.1
Professor Olson adds:
“In aggregate, the map of the territory Republican won by Republicans
was mostly the land owned by the taxpaying citizens of the country.
Democrat territory mostly encompassed those citizens living in
government-owned tenements and living off various forms of
government welfare.
Professor Olson believes the United States is now somewhere
between the “complacency and apathy” phase of Professor Tyler’s
definition of democracy, with some forty percent of the nation’s
population already having reached the “governmental dependency” phase.
If Congress grants amnesty and citizenship to twenty million criminal
invaders called illegal’s and they vote, then we can say goodbye to
the USA in fewer than five years.”
Any way to check the accuracy of this????
Well, if they can’t afford it they have to liquidate and move out. It’s a simple situation: You can’t afford the 000s of k$, give back what you can and start over.
Boo hoo. When my contract ends and I get laid off on January 30, I’m going to have an unaffordable mortgage too - the unemployment insurance max won’t even be enough to cover my mortgage, taxes, and health insurance.
“Then why the hell did they willingly take out that mortgage? I’m sorry, but i have no remorse for idiocy.”
I do, because now we have to bail these MORONS out!!! My hard earned $$$ giving these low self esteemed idiots a free ride. They buy these expensive houses to “impress” their friends then find out they can not afford it? To darn BAD...learn a lesson and stop letting government make people into mindless robots that will keep relying on government!
It’s all a socialist ploy for government to give these morons what they want so they’ll continue to vote these crooks back in office....a nasty downward spiral. God help us...God your our only hope!
Interesting, for sure, but it doesn’t matter. The only thing that really mattered was electoral votes, adn we lost. Most likely not fairly, but we lost. Time to regroup, and put up a better candidate.
Little pink houses for YOU and ME!
Throwing good money after bad.
Because they spent more time deciding between the one with the double oven in the kitchen and the one with a sun porch than they did considering what would happen to their payments versus their income when the interest rate on the mortgage increased two points.
We DEFINITELY need a better candidate and we need to make sure there is no voter corruption via ACORN. We need to start demanding photo ID in all of our states, etc.
We also ALL need to get a LOT more involved on our local and state levels. This will take W-O-R-K!
Rather than all the bank bailouts, costing us taxpayers billions, even trillions, the better plan (though still not sufficiently conservative in principle) would have been for fedgov to have paid the difference between the old monthly mortgage payments and the payments after the rates were increase on the homeowners’ ARM.
It would have made most of those toxic assets non-toxic and would have rescued most of the financial institutions that have failed or nearly failed.
What it wouldn’t have done was to heal those institutions from their suicidal lending and investing practices. So, it wouldn’t have been much of a solution, but it wouldn’t have cost nearly as much as the bailout disaster we have now.
20/20 hindsight is nearly perfect.
;-)
Oppps....Fact Check. org states that this email is a hoax. Sorry...(I DID look earlier but did not see this).
The root of the problem is that lenders believed market prices in bubble conditions. That speculators were willing to gamble with someone else's money is utterly unremarkable.
Indeed, depending on one’s employment and/or income situtation a mortgage can be “affordable” one day and unaffordable the next.
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