Posted on 02/20/2009 2:51:38 PM PST by metmom
Michelle Fry is a suburban Atlanta homeowner who has seen the value of her modest one-family home drop by more than half in the past year. She now sees a national mortgage bailout plan that appears to reward people who bought more house than they could afford and can't pay their bills. And she has a simple question for President Obama:
"Why am I paying for them?"
"We are very frustrated and scared," said Fry, 32, a newly expectant mother who works as a creative director for a public relations firm. Her husband Sam, 38, is a truck driver for a local printing company. Their combined household income is less than $100,000.
(Excerpt) Read more at foxnews.com ...
Everyone I know in the Washington DC suburbs who bought a home in the early 2000s did so to try and take advantage of the housing boom. They all upgraded homes with profits from the sale of their existing homes and used unusual financing schemes to afford homes near the 1 million dollar range. Although most of them are not at risk of foreclosure they are sitting on homes no longer worth anywhere near what they paid for them. They took a risk with their money and now they have to pay the price. It is an outrage that taxpayers who were more responsible with their money should now be asked to pay for the risks taken by people trying to make an easy buck.
Yup, I couldn’t agree more.
I’d like to know what O pays for his Chicago “mansion”. I bet he doesn’t pay a dime. Someone has taken care of that for him.
Inherent in PROFIT is RISK. If there is no risk, there is no profit. If there is too much risk, there is no sense in lending, as there will be no profit.
Making the banks swallow more hit on defaulting mortgages =more risk. How will that free up lending?
The bank is already getting saddled with a property that is liened at up to twice it’s current value. How does it help them to be prevented from reclaiming even that from their losses?
This is like a game of musical chairs were the “loser” gets to stay in the game and just remain standing. Then the last guy with a chair is declared the loser and thrown out of the game.
You don't know that it's stupid to try to slip people money to keep them in a home that they cannot possibly afford?
As I understand it, the plan is to restructure the loans into terms that they can afford.
“She now sees a national mortgage bailout plan that appears to reward people who bought more house than they could afford and can’t pay their bills.”
Seems that what is NOT being reported is that the bailout also includes renters in homes that are being foreclosed on AND any renter who is facing homelessness. That little tidbit is also tucked into the stimulus bill.
Expect an Obama rant about selfishness soon.
LOL! Where does that image come from, a movie?
“You don’t know that it’s stupid to try to slip people money to keep them in a home that they cannot possibly afford? “
I know that it was stupid from the get-go in June 2000 when Bush pandered to illegals by pushing his “Ownership Society”. I wonder exactly what he EXPECTED would happen when you give people an opportunity to use their Section 8 vouchers as downpayment on a mortgage?
And people aren’t looking at the big picture, connecting the dots, and seeing the ultimate intent. Predictably, the more the crises grows the easier to sell the bipartisan/globalist’s agenda for a North American Union.
That’s what I thought, but don’t know much about the details.
We’re having that problem where I live. Many bought condos here for investment purposes and now they’re going into foreclosure. They stopped paying HOA dues a long time ago. IT EFFECTS EVERYONE. We are in dire straits.
fightin bronco wrote:Well, one problem is that it hurts the economy. A lot of our "economic activity" for the last few years came from people refinancing and "pulling cash out" of their homes to pay for cars, big screen TV's, cruises, or whatever they wanted.
As long as people don’t have to move, shouldn’t they just continue to make payments. It’s funny how no one in the press asked why homeowners having their home values fall (when they don’t have to sell), is such a crisis.
Now, when they can't do that, demand for goods and services is down because they don't have the money to buy stuff.
Why are you in dire straits? Because the HOA isn’t getting their money? How does that affect you other than maybe the grass isn’t cut as often? I’m not trying to be a hardass, I am just trying to figure out exactly what you mean by your post.
Are you kidding me? Do you live in a condo? It’s not just grass..it’s INSURANCE..IT’S WATER..IT’S GARBAGE...IT’S DAILY MAINTANENCE. It’s property management. I live in a luxury condo...we pay $300 a month in HOA. And before you get all class envy on me...EVERYONE KNEW ABOUT IT WHEN THEY BOUGHT IN.
Whoa, ease up there big feller. Like I said, I was just asking a question. No I own a house and there is no HOA here so I don’t know how it works. Thanks for enlightening me, though. And I wasn’t going to go class envy on you.
Interesting though, that one could call this spend-your-way-out-of-it plan the Bush-Obama plan. Obama is continuing exactly what Bush started last fall, only with a big dose of fear mongering thrown in. Can the country stand 4 more years of Bush-Obama? Bush was always a big spender, and shame on us conservatives for going along with it.
whew...;)
But seriously, it’s a problem. People were getting loans for things they absolutely should not have. There’s a couple downstairs who bought three units here. He’s a fireman, she’s a part time worker. They bought 1.5 million worth of condos that are now worth alot less. So, do the math..mortgage, HOA fees...insurance.. they will be walking away, I’m sure of it. Out of 79 units, 15 are in foreclosure, about 10 for sale...
Are we supposed to help them out? Everyone’s a genius when the market is going up.
BTW, I ain’t a feller..I’m a gal!
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