Posted on 02/20/2009 4:23:31 AM PST by smartyaz
Bus driver Minta Garcia admits that she and her husband bought more house than they could afford, but she said "the lender made the purchase all too easy." Now the home that she purchased for $800K is worth $675K and she wants Obama to "Stop the foreclosures".
(Excerpt) Read more at housingdoom.com ...
The bus she drives cost more than I bought me house for.
By the way 4 bedroom 2 bath and an attached garage.
“WHY would any sane lender push a mortgage he/she knew the buyer could not afford?”
Good question! Probably because most of the mortgages were guaranteed by Uncle? Just a guess.
That was my first thought too!
I'm quite certain this was completely intentional. A massive distraction while he signs executive order after execute order further diminishing our nation and destroying the dream of the founding fathers forever.
He is pushing all of us to say "WTF - Why should I bother?" as in doing so we would only hasten the destruction of our nation.
The class warfare thing is only one tools, and he's using many of them in the rapid push to shred the very fabric of our nation.
The only bright side is that I see signs of a massive push-back coming...from people who previously supported him. Let's see how much those idiots value freedom when they're faced with losing it.
When I bought my first house about 25 years ago, the rule of thumb was you could qualify for a mortgate 2.5 times your annual income. Unless school bus drivers make $320,000 a year then that’s obviously out the window.
$8300 is their share of the $75Billion divided among 9 million.
Enjoy.
There was a 'time' when a lender would not give the time of day to anyone without the means to put down 20% of the asking price and the demonstrated ability to pay the monthly mortgage payment, along with insurance and property taxes.
I hold these lender scam artists in as much contempt as these who believed the deception they could afford to buy these unrealistic mortgages.
My kid, fresh out of college, good job, no debt, and 6 months of earnings in the bank was told by a real estate agent he could qualify for a $150,000 mortgage. He did not take the 'bait' but there was something out of the ordinary going on in the real estate mortgage business.
[Insert Obama under the bus joke]
If the house was still worth $800,000 or even $850,000, would she be able to afford the payments?
Of course not.
Obviously she wants the investors/depositors who put up the original $800,000 for her to buy the house to just walk away from their money.
the mortage was set to sold thus there would be no risk.
Remember how the banks got trained in the process.
Banks were forced to sell in redline bad neighborhoods. The banks sold the note in order to cut their losses rather than hold the note. They got lower profit from the transaction but did not maintain the risk.
The banks figured out that they could make up in volume what they lost in quality. IT DID NOT MATTER what the person said for income for the banks needs, they did not need the collateral the made profit on flipping the NOTE.
the house was just a cheep crackerjack prize.
My husband has been working for our local transportation authority for over 31 years (no, he has never been a bus driver). I have been working for over 31 years as well. We know the salary range of bus operators. How did this bus operator get a loan of that high amount and why would they take it? Stupidity.
800k!!?? Cheap construction. Ugly. And the house does not even have a garage!
What’s this world coming to when taxpayers are bailing out bus drivers living in million dollar homes.
B.S.!!! The "lenders" were just following the guidelines FORCED on them by the Democrats' "community re-investment act" and thuggery by the Democrats other creation created to enforce that community re-investment act- ACORN.
I'll also bet that this "poor bus driver" and her husband weren't exactly honest on their income declaration form either.
Anyone with HALF a brain, would quickly realize that an $800,000 mortgage is FAR beyond what a bus driver making $50,000 a year could possibly afford, even at 5% low interest mortgages spread over 50 years. A $1400. mortgage payment is over 50% debt loading... INSANE!!! After taxes and utilities alone, there isn't any money left for food on a bus drivers wage.
NO DAMN WAY should taxpayers be forced to bail out idiots like these. Bankruptcy is their best option, and perhaps a forced money management course.
Morons.
This is why we’re to mortgage our future?
Don't be like that, that's ugly.
I know several people in her exact predicament. Good people who make bad decisions, we all make bad ones time to time.
Most have decided to to either modify their loans, if they can, or short sell their homes. Which means they still have to move and uproot their lives and ruin their credit.
Unlike this leech, they are taking their medicine with a brave face and dignity.
Minta need to suck it up and face the music, but I don't wish her the worse.
Same happened to us. We went looking at model homes in our area, as my hubby and I had already bought and fixed up 2 others and sold them. We decided we would do a new home for the one we were planning to be in for the next 15 to 20 years. It was during the height of this mess ,2005 for a 2006 move in date.
We did not want to go over 190,000 and were approved for 215. Well, for the fun of it, we went into a stunning home model. The place had a mortgage guy in it who did not work for the builder, but worked with them to get these homes financed. Within 5 MINUTES, he had us pre approved for a 300,000 home, w/no money down. Needless to say, we just laughed at him and bought our “starter” home, bare bones, no upgrades, and hit our mark at 190,000. We would have been dead in this economy, when our loan would have reset from interest only to P&I.
It ain’t rocket science to know what you can or cant afford. These people pretend to be gullible, but you can hear it and see it in EVERY story they tell. They knew the documents were lying about income, they admit it. They knew they bought more house than they could afford. They knew how much money they needed of their current salary to live, and they knew that the new mortgage payment would not be feasible. There are, I would venture to guess, less than 1 percent (and that is being very generous) of people who took out these mortgages, that did NOT KNOW anything was wrong. To those one percent, they should not have been able to even sign a mortgage since stupidity is not a rewardable trait. The rest, committed fraud. Even if they did not understand the documents, or even read them, they KNEW their own financial situation and when they saw the amount of a mortgage payment on an 800,000 home and their busdrivers salary, they KNEW they could never afford the payments. They signed anyway. Both they and the lender are at fault in 99 percent of these cases.
I bought the most house I could for my salary. I would have LOVED to have that other house I described above. I even flirted with the idea of something so beautiful for the first time in my life, for about a second. Then we laughed at the broker and walked out.
First off. Is she a plant? Bus driver $800,000 home? That’s crazy right there. Who else lives with them besides children. Where does she live and is she an illegal?
How’s Obambi going to spin this one?
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