Mortgage crisis

[MikeWaters]

Oh, don't forget the HUGE farm subsidies in the midst of the highest crop prices in forever. Dems and many GOP are trying to push this through. Huge checks for farmer couples making 1.5 million AGI.

True welfare for the rich.

[ERCougar]

Originally Posted by TripletDaddy

Sorry to interrupt the overwhelming sense of charity and love for all mankind, but there is one significant demographic that has not really been addressed much.

Many of these homes facing foreclosure were investment homes. In other words, knuckelheads bought them, but rented them out to otherwise salient and responsible families.

I saw on the news this week a family that was kicked out of their home because the landlord wasnt making his mortgage payments. The renters were current. They were good people and enjoyed living in the home. They had no idea the landlord was overextended.

Innocent renters (families) will also bear the brunt of this, as well. yes, they can eventually find another place, but what a huge hassle.

It is a very difficult situation with no easy solution.

And for everyone here crowing about how they don't like their taxes to be spent to bail someone else out....hate to break it to you, but you guys arent even paying that much in taxes. we had a bunch of folks here vote this week that they made less than 100K a year. Where exactly do you feel that all your tax dollars are going? What a joke. Walk me through that logic. Your tax dollars arent enough to fix a few potholes on state street, let alone bail out a national housing crisis. I include myself in this group, btw (gross taxes).

If you folks are concerned about your tax dollars bailing out ingrates, then grab some posterboard and head to DC to protest the war in Iraq.

1) Such is the rental market. While it's inconvenient to leave a house you're renting, it's the nature of rentals. I'm currently in a two-year lease, and while I would be annoyed at being evicted before my lease, I would know it's part of the game and CERTAINLY wouldn't expect the government to bail out my landlord so I could stay. The rental market around here has actually opened wide up as sellers are unable to find buyers; it actually wouldn't be hard to find a new place.

2) You have no idea what I make, and therefore can't really comment on how much I am or am not paying in taxes. I'm not sure how this relates to the argument--maybe only rich people can comment on this? Should we apply the same standard to universal health care?

3) So we're in Iraq, so all spending's fair game, because unless I'm sitting on the White House Lawn with a sign, I can't object to any other wasteful spending. I see.

[ERCougar]

Originally Posted by MikeWaters

Oh, don't forget the HUGE farm subsidies in the midst of the highest crop prices in forever. Dems and many GOP are trying to push this through. Huge checks for farmer couples making 1.5 million AGI.

True welfare for the rich.

I heard about this on NPR the other day. Amazing. My poor farmer relatives in Idaho are just barely scraping by with their snowmobiles, boat, wave runners, and ATVs. Oh, and their cabin in Island Park. Farming's a rough life.

[TripletDaddy]

Originally Posted by hyrum

Is there a Federal guarantee of right of hassle-free moving between rental houses in the Bill of Rights? Maybe I missed something. It just seems that whenever anything inconvenient happens there is a segment of the population who is totally unprepared and has to go running to the government to make their life hassle-free. We have 5% unemployment, positive (albeit small) GDP growth in Q1, and people are starting to act like we're in the middle of the Great Depression.

No, of course there is no such clause.

However, this is not "inconvenient." Inconvenience is having to talk sports with guys like Adam or SeattleUte.

This is legitimately a crisis. Many parties are to blame. The government had to intervene already to bail out Bear, which speaks to the magnitude.

I am simply suggesting that a more humane approach be taken as opposed to simply assuming that everyone that will be affected was a stupid greedy slob.

To your other point, I did say these families could get new places, yes.

[Venkman]

Originally Posted by Indy Coug

We shouldn't support it. We shouldn't bail out someone that got a house at 4.75% 3/1 ARM 3 years ago where the monthly payment at 4.75% was 50% of their debt to income ratio and when the inevitable rate reset 3 years later came along and jacked up the interest rate 2% or so they couldn't handle the skyrocketing monthly payments.

And Countrywide, et al, should justifiably go in the tank for underwriting such ridiculous loans to begin with.

I'm not advocating letting these banks and mtg co's off the hook, but...

It's ironnic (but typical) that the same government representatives decrying the reckless practices of mortgage companies and calling for a massive bailout were the same reps encouraging, even demanding, these practices not too long ago in the name of boosting low income and minority home ownership rates.

[il Padrino Ute]

Originally Posted by Venkman

I'm not advocating letting these banks and mtg co's off the hook, but...

It's ironnic (but typical) that the same government representatives decrying the reckless practices of mortgage companies and calling for a massive bailout were the same reps encouraging, even demanding, these practices not too long ago in the name of boosting low income and minority home ownership rates.

That's an excellent point. It really isn't all on the lenders, though it was their greed that pushed it to the point where it is today.

And it's more proof that when the government gets involved where it shouldn't, it just makes things worse.

[RockyBalboa]

Originally Posted by TripletDaddy

Sorry to interrupt the overwhelming sense of charity and love for all mankind, but there is one significant demographic that has not really been addressed much.

Many of these homes facing foreclosure were investment homes. In other words, knuckelheads bought them, but rented them out to otherwise salient and responsible families.

I saw on the news this week a family that was kicked out of their home because the landlord wasnt making his mortgage payments. The renters were current. They were good people and enjoyed living in the home. They had no idea the landlord was overextended.

Innocent renters (families) will also bear the brunt of this, as well. yes, they can eventually find another place, but what a huge hassle.

It is a very difficult situation with no easy solution.

And for everyone here crowing about how they don't like their taxes to be spent to bail someone else out....hate to break it to you, but you guys arent even paying that much in taxes. we had a bunch of folks here vote this week that they made less than 100K a year. Where exactly do you feel that all your tax dollars are going? What a joke. Walk me through that logic. Your tax dollars arent enough to fix a few potholes on state street, let alone bail out a national housing crisis. I include myself in this group, btw (gross taxes).

If you folks are concerned about your tax dollars bailing out ingrates, then grab some posterboard and head to DC to protest the war in Iraq.

Yep, my ex-wife has 3 homes in Maricopa County, 1 of them she lives in.

The other 2 she rents out and is now going to lose both of those homes due to foreclosure and the renters didn't have a clue she couldn't keep up the payments any longer.

She openly admits buying beyond her means.

I don't feel very bad for her.

[MikeWaters]

I say let the states pay for the bailout. If CA needs a bailout, then CA citizens pay for it.

[MikeWaters]

Here in dallas, most of the foreclosures are among the white middle class that bought houses beyond what they could afford.

The houses in my relatively modest, mixed-race neighborhood are not being foreclosed on.

But the pro-bailout forces will tell you it is all poor people.

[MikeWaters]

Here in dallas, most of the foreclosures are among the white middle class that bought houses beyond what they could afford.

The houses in my relatively modest, mixed-race neighborhood are not being foreclosed on.

But the pro-bailout forces will tell you it is all poor people.