It looks like our democrat controlled government is going to do it again. Throw your hard earned tax dollars up against the tide of failure, to bail out those who didn't have enough common sense to police their own economics when purchasing a home. The latest is they will be guaranteeing loans in excess of $700,000 since $600,000 wasn't enough in some areas, such as California where Nancy Pelosi lives. WTF?? With any luck, the President will veto this one before it further bankrupts us monetarily and morally.
House prices are falling like rocks off a cliff and people still want to have loans for the big, fancy homes? The average price for a home in San Diego County, California is now in the low to mid $400,000 range, and California homes statewide are in the low to mid $300,000 range so what's wrong with buying an average home? There are lots on the market with all the short sales, owner sales and foreclosures? But no, the give-it-away government wants to back risky loans to twice that amount so people can live in big, fancy homes where you know there is a great potential they will default, and the taxpayer will end up paying the bill! Just say NO, and tell them to simplify their lifestyle and get something they can afford. Read my earlier blog on Foreclosures for more on the opulence and the crash!
How about taking away all but one low value credit card, not allowing more credit until they actually can handle it, assigning a credit monitor, requiring they drive an economy car and live a very modest lifestyle in return for any assistance at all? That seems more than fair if they want assistance. Plus, if they default as a result of their monetary incompetence, require the loss be paid back in some way or form. Or perhaps, better yet, publicly flog the idiot politician who dreams up this tripe!
We are fast becoming what our forefathers would have hated, a nation of whiners and failures, who expect every road to be made smooth by someone elses wagon tracks. No more pushing ourselves along and making things do, getting tough when the going gets tough and tougher when the going is damned near impossible. No, we're always waiting for a bail out and a hand out from someone, so that we can recover from our own stupidity, and lack of sense when it comes to our own survival, and that of our families. Had our forefathers been like this, we'd still be on boats somewhere wondering who was going to help us cross the ocean or the plains or whatever to get to where we are today.
Finally, how about people who live on boats or in RV's? Will they qualify for the program? And what about the guy who lives in a VW Kombi Camper. It's his home and he has a loan he can't pay or they'll repossess the remanufactured engine and the tires. Is he covered? After all, they did it for the homeowners and what's fair is fair. Next people will want the government to bail them out when they become too indebted to pay for their sports cars too. Then where from there? I can't pay for the banquet I threw for my friends and they're threatening to cancel my Diamond Platinum Credit Card...Please intervene!!
Showing posts with label foreclosures. Show all posts
Showing posts with label foreclosures. Show all posts
Wednesday, June 25, 2008
Saturday, June 7, 2008
Housing Foreclosures
This might be a delicate subject with some, but here goes anyway....
What the heck were you thinking?? Now I'm not saying that some people in foreclosure didn't fall on hard times through illness, job loss, or maybe being flim-flammed into thinking that mortgage payment would somehow be affordable when interest rates doubled or tripled. To those people, I am truly sorry that you ended up in these hard times. I sincerely wish you the best, and hope you can somehow find a way out of the housing debacle.
For those who were possibly scammed by lenders or real estate agents into signing documents, who could never have afforded the homes in the first place, and then having income amounts changed, as some newscasts suggest could be the case, my suggestion is "go get 'em" and use every legal avenue available to you along the way. I truly hope justice can be done if any of this has occurred.
But for those that simply bought way over their heads and now want the federal government, meaning me and my fellow taxpayers, to bail you out...not only no, but he** no!
Looking at some local neighborhoods with big dollar homes, I've seen the Mercedes, BMW's and even Lamborghini's in the driveways. People living larger than life on income that couldn't possibly support that lifestyle for a reasonable future. Then the interest rates went up and all of a sudden here's panic. The $6000 a month house payment, $3000 a month payment on the Merz and Lambo, the $1000 a month property tax plus all the credit card payments, not even considering food, fuel, utilities, etc would require an income in excess of $200,000 just to sustain. POOF! The for sale signs went up.
The lucky ones shed the fancy cars and within a few months, a drive through the same neighborhoods saw the same houses with the driveways stocked with Hondas, Toyotas, Chevys and Fords. Others were lucky enough to be able to sell at the very beginning of the foreclosure troubles. For others, though, the for sale signs become weathered and replaced by foreclosure signs, bank sale or short sale signs. Perfectly manicured lawns gave way to less than perfect, although in areas like this, there is no urban decay. People moved out and the homes just sit, waiting for the auction man to do his thing or some cash-laden buyer to make an offer in this now buyers' market.
But why should the government help homeowners keep their homes when they themselves went way over their heads in purchasing them? The answer is they should not! Home ownership is a responsibility, not a right. These people whine and complain like it's the government's fault that they're losing their home. It's not. It's their own fault! They knew the potentials for mortgage rate increases, and in many cases, how much the payments could increase! If they bought a reasonable cost home to begin with that they could afford then, and into the future, and didn't gamble on interest rates remaining low, they would still be living in their home. They took a chance and lost! Simple enough.
If they went to Las Vegas and bet the money on a roulette wheel while staying in the casino's hotel, and lost all their money, the hotel would kick them out. They wouldn't expect the government to bail them out of their loss. So why bail them out of another gamble they made and lost?
Just another example of people not taking responsibility for mistakes they make. If you make a decision, you have to stand by it. If it's a good decision, then you profit from it. If it's a bad decision, you lose from it. But either way, it's your decision. Unless you're mentally unstable and incapable of legally making that decision, you made it and the results are your responsibility. If you were incapable of making that decision, then you wouldn't have signed the papers, and all this wouldn't matter anyway.
What the heck were you thinking?? Now I'm not saying that some people in foreclosure didn't fall on hard times through illness, job loss, or maybe being flim-flammed into thinking that mortgage payment would somehow be affordable when interest rates doubled or tripled. To those people, I am truly sorry that you ended up in these hard times. I sincerely wish you the best, and hope you can somehow find a way out of the housing debacle.
For those who were possibly scammed by lenders or real estate agents into signing documents, who could never have afforded the homes in the first place, and then having income amounts changed, as some newscasts suggest could be the case, my suggestion is "go get 'em" and use every legal avenue available to you along the way. I truly hope justice can be done if any of this has occurred.
But for those that simply bought way over their heads and now want the federal government, meaning me and my fellow taxpayers, to bail you out...not only no, but he** no!
Looking at some local neighborhoods with big dollar homes, I've seen the Mercedes, BMW's and even Lamborghini's in the driveways. People living larger than life on income that couldn't possibly support that lifestyle for a reasonable future. Then the interest rates went up and all of a sudden here's panic. The $6000 a month house payment, $3000 a month payment on the Merz and Lambo, the $1000 a month property tax plus all the credit card payments, not even considering food, fuel, utilities, etc would require an income in excess of $200,000 just to sustain. POOF! The for sale signs went up.
The lucky ones shed the fancy cars and within a few months, a drive through the same neighborhoods saw the same houses with the driveways stocked with Hondas, Toyotas, Chevys and Fords. Others were lucky enough to be able to sell at the very beginning of the foreclosure troubles. For others, though, the for sale signs become weathered and replaced by foreclosure signs, bank sale or short sale signs. Perfectly manicured lawns gave way to less than perfect, although in areas like this, there is no urban decay. People moved out and the homes just sit, waiting for the auction man to do his thing or some cash-laden buyer to make an offer in this now buyers' market.
But why should the government help homeowners keep their homes when they themselves went way over their heads in purchasing them? The answer is they should not! Home ownership is a responsibility, not a right. These people whine and complain like it's the government's fault that they're losing their home. It's not. It's their own fault! They knew the potentials for mortgage rate increases, and in many cases, how much the payments could increase! If they bought a reasonable cost home to begin with that they could afford then, and into the future, and didn't gamble on interest rates remaining low, they would still be living in their home. They took a chance and lost! Simple enough.
If they went to Las Vegas and bet the money on a roulette wheel while staying in the casino's hotel, and lost all their money, the hotel would kick them out. They wouldn't expect the government to bail them out of their loss. So why bail them out of another gamble they made and lost?
Just another example of people not taking responsibility for mistakes they make. If you make a decision, you have to stand by it. If it's a good decision, then you profit from it. If it's a bad decision, you lose from it. But either way, it's your decision. Unless you're mentally unstable and incapable of legally making that decision, you made it and the results are your responsibility. If you were incapable of making that decision, then you wouldn't have signed the papers, and all this wouldn't matter anyway.
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