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Now I wish I hadn't bothered to pay my mortgage. It looks like I'll be paying for everyone else as well...
Great - a higher tax burden
Great - a higher tax burden
-
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Gray_Cat
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Yep, we get to pay for the ignorance and greed of others. We probably won't have access to any houses that are bought, repaired and sold (at our expense) by local communities as they will go only to those "less fortunate" that otherwise can't buy a house. Chances are, they (the buyers) will repeat the same bad behavior that got us into this jackpot by refinancing every penney they can get out of the property. I drive around here in Los Angeles and see the foreclosure signs in the yards and Hummers, Escalades, etc. with big wheels parked in the driveway. So why not do it again, they know the govt will bail them out if they mess it up again. Meanwhile those of us that bought and paid off property just get to pay for it all again. Of course it's entertaining to watch the jerk at the end of my street try to keep afloat as she has way overextended herself so at least there is some fun to this. Can't wait to retire and move out of CA. With people like the mayor of SF and LA running for governor/senator, it's only going down hill.
OP
vagt6
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Grey cat, change that to ignorance and greed of Congress.
The mortgage companies, for the most part, did nothing illegal. Yes, they made some pretty lax and stupid underwriting decisions, but it wasn't illegal to do so.
It's the job of the U.S. Congress to enact laws to protect the government's finances, and the mortgage industry is huge, not to mention Fannie Mae and Freddie Mac. History proves time and time again that poorly regulated financial markets are a ticking time bomb, an accident waiting for a place to happen. Such is the case here with the mortgage banking crisis.
Blame Congress, not business people who have every right to earn an honest buck (or two zillion).
The mortgage companies, for the most part, did nothing illegal. Yes, they made some pretty lax and stupid underwriting decisions, but it wasn't illegal to do so.
It's the job of the U.S. Congress to enact laws to protect the government's finances, and the mortgage industry is huge, not to mention Fannie Mae and Freddie Mac. History proves time and time again that poorly regulated financial markets are a ticking time bomb, an accident waiting for a place to happen. Such is the case here with the mortgage banking crisis.
Blame Congress, not business people who have every right to earn an honest buck (or two zillion).
OP
Tinster
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alana said:
<span style="color: #990000">Hummm......??
I wonder if there is a way to get my mortgage un-paid-off??
so a piece of theat $25 billion floats my way??
What a pile of rubbish.
d</span>
Gray_Cat
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Hey Mark:
I agree completely with you about the leadership in congress and the need for them to set the rules. My rant was directed at the ordinary citizens who took advantage of the easy access to $$$ and got in way over their heads and now are crying about the loss of their homes. I am a recovering lifetime "creditaholic" who is now debt free and the home is paid for. No BK or credit counselors, just bit the bullet and paid it all off. I owe that to my wife as she is the only one that could drag me into reality and kept us out of the trap many fell into. I guess that's why I'm so sensitive to the issue especially when I see the big toys parked in front of the houses with the foreclosure signs on them. I knew all the time my plight was caused only by my own lack of discipline so never felt anyone owed me anything. I'm certain there are a fair number of people that had no intention of getting in over their heads as they believed the housing market was never going to cool off. For them, I would offer assistance, for any that ran up ridiculous debt out of greed and borrowed more than the house could ever possibly be worth; let em twist in the wind.
Roy
I agree completely with you about the leadership in congress and the need for them to set the rules. My rant was directed at the ordinary citizens who took advantage of the easy access to $$$ and got in way over their heads and now are crying about the loss of their homes. I am a recovering lifetime "creditaholic" who is now debt free and the home is paid for. No BK or credit counselors, just bit the bullet and paid it all off. I owe that to my wife as she is the only one that could drag me into reality and kept us out of the trap many fell into. I guess that's why I'm so sensitive to the issue especially when I see the big toys parked in front of the houses with the foreclosure signs on them. I knew all the time my plight was caused only by my own lack of discipline so never felt anyone owed me anything. I'm certain there are a fair number of people that had no intention of getting in over their heads as they believed the housing market was never going to cool off. For them, I would offer assistance, for any that ran up ridiculous debt out of greed and borrowed more than the house could ever possibly be worth; let em twist in the wind.
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Roy,
I hear you. I remember the first time I saw a notice posted on the door of my home/office due to lack of tax payments. I had let myself charge more than I was making in income, and finally decided I had to fix things. I cut up all credit cards except Amex as they would not let carry a balance. I cashed in my life insurance and paid off all the bills and did not get a regular credit card for about five years while I learned not to charge more than could be paid in that month. It is no longer a problem, but it was painful when living on hot dogs and pasta and having no hobbies or social life until I could afford to start living again.
I understand why my parents were the way they were having grown up in the depression.
I hear you. I remember the first time I saw a notice posted on the door of my home/office due to lack of tax payments. I had let myself charge more than I was making in income, and finally decided I had to fix things. I cut up all credit cards except Amex as they would not let carry a balance. I cashed in my life insurance and paid off all the bills and did not get a regular credit card for about five years while I learned not to charge more than could be paid in that month. It is no longer a problem, but it was painful when living on hot dogs and pasta and having no hobbies or social life until I could afford to start living again.
I understand why my parents were the way they were having grown up in the depression.
Gray_Cat
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Dave:
Thank you for sharing, probably a lot more out there that learned this lesson the hard way. What a great feeling though to be rid of the never ending dread of opening the mail, answering the phone and basically (at least in my case) feeling like a total idiot! It came home (literally) when I returned home after work one day and found a business card from the repo company looking for my motorcycle. That did it!!!
In case anyone wonders, I'm not feeling the least bit superior or smug because I finally kicked the habit. That's why I said I was a recovering creditaholic as it is a lifetime recovery just like alcoholism.
Roy
Thank you for sharing, probably a lot more out there that learned this lesson the hard way. What a great feeling though to be rid of the never ending dread of opening the mail, answering the phone and basically (at least in my case) feeling like a total idiot! It came home (literally) when I returned home after work one day and found a business card from the repo company looking for my motorcycle. That did it!!!
In case anyone wonders, I'm not feeling the least bit superior or smug because I finally kicked the habit. That's why I said I was a recovering creditaholic as it is a lifetime recovery just like alcoholism.
Roy
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Brooklands said:
Dave - congrats on pulling yourself back up. Brings back very negative memories here. When I lost my teaching job in 1974 (remember that two-year long recession?), I ended up charging monthly living costs to my credit cards 'til I found a new job. Took me nearly four years to get out of that credit card pit. And the interest rates back then were close to 20% APR - what a nightmare. Since then (thank heaven!) I've never had any big debt other than the mortgage, and managed to pay even that off six years ago. Talk about a burden off your back ....
I'm still amazed that so few young people I've met have any clue about financial management. New jumbo-size pickup, the latest electronic gizmos, gold jewelry and diamond ear studs, but living at home and working at McD's. I asked one 25 year old I work with how he does it - he said "when dad stops paying my credit card bills I'll just declare bankruptcy. no problem."
argh.
T.
<span style="font-size: 8pt">Happy 100th Birthday Ford Model T - built to run on gasoline or ethanol!
</span>
OP
Tinster
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Tom,
I've heard that time and again from younger folks.
"just declare bankruptcy" is a financial tool
to be used when all the credit has been maxed out.
I was brought up that bankrupty is NEVER an option.
You pay off your debts. Period.
d
I've heard that time and again from younger folks.
"just declare bankruptcy" is a financial tool
to be used when all the credit has been maxed out.
I was brought up that bankrupty is NEVER an option.
You pay off your debts. Period.
d
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If we get into bankruptcy I might say something that gets me kicked out by the boss, so I am sitting on my hands the rest of the night, or until this thread moves out of the active file...
EEEEEHHHHHHHHHYYYYYYYYOOOOOOOWWWWWW
Okay, I think I can make it without a problem ...
EEEEEHHHHHHHHHYYYYYYYYOOOOOOOWWWWWW
Okay, I think I can make it without a problem ...
bugimike
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Gray_Cat said:
Unfortunately these, the exact people who need the help, those who might have re-financed to try and make a slight improvement in their lives due to the percieved equity increase in their homes (not out to "get rich quick"), are the ones that none of the proposed legigslations address. They are the people who are going to fall through the cracks without any relief, and there is no way to measure the devastation of those shattered lives!!!
beaulieu
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I did without many fancy new things and paid my house off after 30 years , never refinanced to buy a new boat or a Yogurt shop,
Now people who made a bad bet get government / bank relief ,
No thanks....
fine , lower their current payments , but put it on the back end of the loan so they have to pay it off later ....but no free ride
naw that will never happen , just give all the people that paid off their houses thru hard work a government check for $50K for doing the right thing.....
now where are my meds ?????
Now people who made a bad bet get government / bank relief ,
No thanks....
fine , lower their current payments , but put it on the back end of the loan so they have to pay it off later ....but no free ride
naw that will never happen , just give all the people that paid off their houses thru hard work a government check for $50K for doing the right thing.....
now where are my meds ?????
OP
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NutmegCT said:
I was just thinking about this today -
I wonder how many US kids at high school graduation can tell you the acceleration of a falling body is 32' per second squared and how many know how to calculate compound interest?
Now, by the time they are 30, how many have actually had the need to calculate the acceleration of a falling body and how many have crashed and burned because they don't have a clue about money management?
Silverghost
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The next generation today - blanket statement I know - can't do anything beyond what is on the screen in front of them. Don't believe me, go to an auto parts store and ask for an "obscure" part or call a company's customer service department and ask for help.
Btw, isn't it 32 meters/second2?
Btw, isn't it 32 meters/second2?
DeltaAir423
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Silver nope it's 32 feet per second per second until terminal velocity is achieved.
OP
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Gray_Cat said:
Heads-up...
The banks are clearing paper with quick sales...
Do a little leg work and put in some offers!
The banks can't collect government hand outs until they write down.
It's time for people with good credit to use it.
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I have held off from posting to this thread but I need to add a caveat and a note of caution after reading the above post.
What we are finding in the real estate industry now is that lenders out in California, mainly, who have foreclosed on properties are not even countering on the offers being written, and properties are going into Escrow for
much more than they are listed for because they are being priced so far under market to get the offers coming in. It is not limited to California of course, but it's a prime example.
This is a game the banks are playing to get as many offers as possible and
then they pick the cleanest, highest one with the shortest inspection period to get it off the books fast.
We are trying to spread the word about these facts because buyers are being
mislead by the media about what's really going on.
It's not the situation that it appears to be on face value........ Not quite as simple as the financial people would have you believe. The media, of course, have no clue as to what's happening, and report what they think is going on without digging deeper. And it's not just the principal mortgage holders that are holding things up. In many cases there are second and even third-tier lenders who have in interest in a property, and while a principal lender may agree to sell at a certain price the second and third parties will not be on board and will reject or stall. People are being led to believe that lenders will greet them with open arms and be grateful for low-ball offers just to get these properties off their books, when in reality they are going to be working against you.........
It IS a mess, and it's mainly because lenders allowed people to borrow money far in excess of their home's true value, even the artifially inflated value that the markets were driving at the time.
I am not an agent, but I am involved in real estate nationwide and so I get the scoop on what's happening in different markets. In some areas it really is not as bad as people are being led to believe. Some cities were affected very little, if at all. The markets in some have continued to get better! Sales numbers here for example are generally down, but prices that homes are selling for continue to rise. I hear this a lot in conversations with brokers in other areas.
Basically, don't be too hasty in jumping in to the market thinking that you will get a deal, and don't expect to pay pennies on the dollar. If anyone wants to bounce something off me first by all means do so, (send me a PM), any and all advice and/or assistance rendered will never cost a cent, (so don't think that I'm touting for business here), and will make certain that you will have all the facts for a particular area and can go in with your eyes open and with enough good information to enable you to be in the driver's seat. There are a few members who will vouch for me :wink:
I got peeps..........
What we are finding in the real estate industry now is that lenders out in California, mainly, who have foreclosed on properties are not even countering on the offers being written, and properties are going into Escrow for
much more than they are listed for because they are being priced so far under market to get the offers coming in. It is not limited to California of course, but it's a prime example.
This is a game the banks are playing to get as many offers as possible and
then they pick the cleanest, highest one with the shortest inspection period to get it off the books fast.
We are trying to spread the word about these facts because buyers are being
mislead by the media about what's really going on.
It's not the situation that it appears to be on face value........ Not quite as simple as the financial people would have you believe. The media, of course, have no clue as to what's happening, and report what they think is going on without digging deeper. And it's not just the principal mortgage holders that are holding things up. In many cases there are second and even third-tier lenders who have in interest in a property, and while a principal lender may agree to sell at a certain price the second and third parties will not be on board and will reject or stall. People are being led to believe that lenders will greet them with open arms and be grateful for low-ball offers just to get these properties off their books, when in reality they are going to be working against you.........
It IS a mess, and it's mainly because lenders allowed people to borrow money far in excess of their home's true value, even the artifially inflated value that the markets were driving at the time.
I am not an agent, but I am involved in real estate nationwide and so I get the scoop on what's happening in different markets. In some areas it really is not as bad as people are being led to believe. Some cities were affected very little, if at all. The markets in some have continued to get better! Sales numbers here for example are generally down, but prices that homes are selling for continue to rise. I hear this a lot in conversations with brokers in other areas.
Basically, don't be too hasty in jumping in to the market thinking that you will get a deal, and don't expect to pay pennies on the dollar. If anyone wants to bounce something off me first by all means do so, (send me a PM), any and all advice and/or assistance rendered will never cost a cent, (so don't think that I'm touting for business here), and will make certain that you will have all the facts for a particular area and can go in with your eyes open and with enough good information to enable you to be in the driver's seat. There are a few members who will vouch for me :wink:
I got peeps..........
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Steve -
Thanks for the reality check.
Here in Clarksville, the market hasn't been affected as much as in other places. Sure, sales seem to be lagging a bit, and houses seem to be on the market longer than they have been in the recent past. But Ft. Campbell keeps things hopping, with all the Army movement. And the economy here doesn't seem to be suffering as much as we're hearing.
Thanks for the reality check.
Here in Clarksville, the market hasn't been affected as much as in other places. Sure, sales seem to be lagging a bit, and houses seem to be on the market longer than they have been in the recent past. But Ft. Campbell keeps things hopping, with all the Army movement. And the economy here doesn't seem to be suffering as much as we're hearing.