Posted on 07/14/2009 1:08:38 PM PDT by GreaterSwiss
Pandering to the unqualified is what caused the crises....they’ve come this far, can’t let the illegal aliens go without housing now.
Great plan, confiscate mortgaged property from the lender and convert it to public housing. That will surely make them more willing to loan money to deadbeats.
Somebody tell this clown he’s not playing Monopoly...this is a real economy that he’s trashing.
If I gave that indication, I apologize for the confusion. Clearly, a renter is not responsible for those things unless it is in a rental agreement. In commercial real estate (in which I’ve been involved for over 30 years), the tenant is often responsible for taxes, insurance, maintenance, and common area charges. If taxes are not collected from the tenant, however, the burden is still on the owner.
I was originally commenting on ownership relative to having the responsibility of a mortgage. The bank is not the owner, the person on the deed is, even though the property is burdened with a lien that secures a promise to pay.
Obama is determined to destroy this nation. It is becoming clearer and clearer. There is a reason our language has the word “renter.” Some people are renters and should have never been given loans to acquire property. Thanks Barney, Mad Max, and the rest of you who started the ball rolling on the destruction of our economy.
re: I only cut the grass and pay taxes on one...
How are you only paying taxes on one?
You are effectively renting from the government and the citizens when you buy a mortgage that you can not afford. That is the effective economics of the situation.
And no, there are no contracts. See Chrysler, GM, FANNIE, FREDDIE, CIT, AIG,BofA, Kelo and bailout nation.
You and I might LIKE for there to be enforceable contracts, but they do not exist. There are only preferred and non-preferred groups.
The only real question
So when the people turn over property does that mean the government now owns the property-—Eventually no one will be able to own prperty looks like
Best path to economic recovery is for the government to stop extracting capital from the private sector, i.e. lower the damn taxes!!!
That's one big kitty!
In the last week my father, a businessman in the boomer generation, has asked me the same question. He has worked for decades in three fields of business, each about to be nationalized/socialized/destroyed by the Obama administration. He's looking at his employees going on unemployment, his salesforce without a product to sell, and his own life's work disappear before his eyes. I do not know what to tell him when he starts expounding on the downward spiral.
“They’ve been living rent free and suddenly they
will start ponying up rent money.”
They’ll be able to pay rent, as soon as the job market recovers, as soon as the stimulus kicks in. sar/
It's a damn good question to be honest.
Obamanopoly
Gateway cities of the prior amnesties. Union cities in the Rust Belt. Sun Belt cities of the current immigration wave and elderly cohort wave.
Pillaging between clans of financiers and political sects. Geographic pillaging.
Demographic pillaging.
Socioeconomic pillaging.
Racial economic pillaging.
Political tribalism pillaging.
We're not looking at anything less than a slowmotion scenario of the civil wars of China in the late 19th century here.
Some time very soon demogogues are going to start cropping up, and they will find myriad followers.
It makes sense? Only if it isn’t your property being “rented”...
What makes you think these renters will make any attempt to keep things up and not simply destroy the house. They have no stake and the owner can’t evict them. Just more of the same leftest stupidity.
Your initial statement referred to "underwater" mortgages. Now you are talking about "a mortgage that you can not afford." They are not the same thing. An underwater mortgage is one whose value is greater than the property's value. A lender may still be able to afford payments on an underwater mortgage. Regardless, renting and owning (albeit w/ a mortgage) are not the same thing.
You and I might LIKE for there to be enforceable contracts, but they do not exist. There are only preferred and non-preferred groups.
Don't give up just yet. I haven't.
I'm sorry if my statements are a bit harsh. This whole thing has got me hot under the collar. I appreciate that you are trying to shed light on a difficult subject, one that is unprecedented in US history as far as I know.
It makes sense because builders in my area have started renting their empty houses that they can’t sell in order to pay property taxes and to recoup some of their money. They have every right to do so. Obama does not. Didn’t read my post?
Care to elaborate? Thanks in advance.
“Honey, who are you going to vote for this election?”
‘Who? Who? are you stupid or something, WHO lets us stay in our house? OBAMA STUPID, that’s who I’m voting for!’
The government now will own your house and you’ll get to rent it from them. Modern day sharecroppers.
Obama Real Estate Corp.
This administration is a damned nightmare.
I am well aware of what an underwater mortgage is.
“Making the payments” is NOT the determining factor for default risk. Analysis of mortgage pools ( I think I read this in Fabozzi) shows that by FAR the highest R^2 (explanatory variable) is loan to value or how much “negative equity” or underwater the loan is determines probability of default risk.
NOT interest coverage. So you will your pay credit cards ( for that big screen TV) before your mortgage if you have negative equity, since it is the bank (read our) problem.
Therefore, you are known in the industry as a renter.
FANNIE and Freddie have been MASSIVELY subsidizing homes since they went bankrupt and the current “homeowners in name only” have really been renters...
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