WillowTree
Diamond Member
- Sep 15, 2008
- 84,532
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better hold on to your house, this ride is going to get very bumpy.
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better hold on to your house, this ride is going to get very bumpy.
I'm thinking there were a lot. my proof? the cost of this bailout. 700 billion so far, that is $2300 dollars so far for every taxpayer and they say that's just the start, it could go to 3 trillion. now you tell me. oh and edited to add Nancy Pelosi wants to put the ceiling for each homeowner at 700,000 dollars.. so that's where I got my figure
but... i dont have a house! what can i hold on to?
The stock market only gives jobs to those working in it.
Why are the rest of us bailing them out? That $700 billion would be better used elsewhere, even in the hands of those in adjustable mortgages that WANT to keep their homes and can afford to do such if they could get a fixed rate mortgage....
then less homes would default and my home value would not continue on this spiral downward.....
helping the homeowners is the only way I WOULD BENEFIT from a bail out, it would have to be a bail out of the homeowners by giving them conventional mortgages/rates to pay...
and i still don't agree to any of this, just saying bailing out the bankers doesn't help me one iota....
your checkbook? see Care she will help you.
The stock market only gives jobs to those working in it.
Why are the rest of us bailing them out? That $700 billion would be better used elsewhere, even in the hands of those in adjustable mortgages that WANT to keep their homes and can afford to do such if they could get a fixed rate mortgage....
then less homes would default and my home value would not continue on this spiral downward.....
helping the homeowners is the only way I WOULD BENEFIT from a bail out, it would have to be a bail out of the homeowners by giving them conventional mortgages/rates to pay...
and i still don't agree to any of this, just saying bailing out the bankers doesn't help me one iota....
And I contend it is not the government's place at all.. bailing out the institutions OR the individuals...
Both made their beds.. both have to lay in them... one of the negatives of freedom that goes hand in hand with the positives of freedom
Those who made STUPID decisions as individuals should not be given the bailout of a similar deal as those who did right all along... just because some touchy-feely liberal gets a good feeling because of it... if they have to lose their house, or get a refinanced loan at 8% instead of the 5.5% that people who did not default get, SO BE IT... consequences to actions...
And if fraud is uncovered by Realtors or lenders.. .prosecute the HELL out of them.. it is a criminal act... but fraud is not going to be the general case here... it will be a very rare instance indeed
but... i dont have a house! what can i hold on to?
YOur opportunity, if in good credit standing, is to buy a house now, when the market is down.... it will be a very good investment someday....especially since you are buying in to the LOW....
but my book is pretty empty cause im paying off student loans. wheres my bailout? maybe if i stop paying ill get some money.
damn, i hate this crap. wall street can go take a shit in the ocean
ooh but take heart my friend. the people who are in the student loan business are in line with their hands out too..
where is this line and how can i get in it?
only a little over a year out of school. lots of student loans. and not sure where i would like to permanently live (for several yrs in a row, at least). i have good credit, but at the moment i cannot take on more debt. it is highly unfortunate
I mean the people in the business of giving student loans..I think what we are going to see is any entity who ever made a loan, will now want the taxpayer to foot the bill. it's crazy. And, I just heard on the TV that Obama wants to proceed with the tax rebate stimulus package. So, again, here we go, we are going to give tax rebates to people who don't pay taxes, it's all "above my paygrade".
And I contend it is not the government's place at all.. bailing out the institutions OR the individuals...
Both made their beds.. both have to lay in them... one of the negatives of freedom that goes hand in hand with the positives of freedom
Those who made STUPID decisions as individuals should not be given the bailout of a similar deal as those who did right all along... just because some touchy-feely liberal gets a good feeling because of it... if they have to lose their house, or get a refinanced loan at 8% instead of the 5.5% that people who did not default get, SO BE IT... consequences to actions...
And if fraud is uncovered by Realtors or lenders.. .prosecute the HELL out of them.. it is a criminal act... but fraud is not going to be the general case here... it will be a very rare instance indeed
You know, many on this board have blamed the mortgage ignorant home buyers for this mess we are in...and some of this blame, is understandable.
They did not take the time to make themselves knowledgeable enough, on the biggest purchase of their life, before buying the home and getting the adjustable rate subprime mortgage and many on here have said this is their own damn fault!
Well, I'll be damned!
Isn't that what we are doing ourselves RIGHT NOW?
Letting our gvt talk us in to mortgaging the biggest debt in our history, with no qurstions asked by us...told by paulson that his deal to bail out the banks MUST INCLUDE NO OVERsight by any gvt position or agency, and it has to be done RIGHT THIS SECOND?
AND all of us are just repeating what we are told, THAT it MUST be done right now? when we haven't even asked WHY and how will this fix anything and how many more trillions will it cost?
WE ARE SO IGNORANT OURSELVES, don't ya think another scam is being pulled and WE are no smarter than those subprime homeowners?
My advice, don't wait too long. I bought my first house at 28. It was a terrifying experience (I was still in law school). It was just before the last downturn like this in the early 1990s. In the DC area, things aren't cheap, so I bought a $150,000 house for no money down and on a VA loan. (Yep, that would be subprime wouldn't it). But, we held it through all the bad times for 11 years. Neighbors all around us were sending jingle mail to the banks. At one point the houses on both sides of us and behind us were owned by the bank.
But, we were determined to keep the house at all costs. It finally paid off and we sold it for $110k more than we bought it for. When we bought the next one, we made sure we strengthened our financial position.
i seriously doubtthat the underpriveledged got in to an adjustable mortgage at 5.5 %, they probably got in an adjustable at around 7% because of their lower credit ratings, then once it started to adjust up, they are more than likely paying an 11% or 12% adjustable rate, because of their higher risk...
But what the hell do i know, this was how it was just a few years ago, when we refinanced our home in to an adjustable....the rate we qualified for, the 5.12% was due to the fact that both of our credit ratings, our FICO scores were close to 800 at the time....
I seriously doubt the disadvantaged had even built up their credit rating yet, thus the much higher percentage/rates for the adjustable loans....
My first mortgage that i ever took out was in 1981 or 82 and due to the recession and me being very young with no credit rating established, the mortgage interest rate was at 13.5%....for my conventional mortgage!!!
OUCH!!!!