My point wasn't to complain about my homes value dropping (I'm not currently in that situation), but to illustrate that the move to help bailout some of these foreclosures isn't just a move to help the people who messed up in the first place, but to help protect the economy as a whole.
I am of the opinion that the country is going a way that nobody of a truly conservative mindset can possibly support. Eventually a line has to be drawn in the sand as opposed to continually allowing the government to expand with no end in sight just for the sake of protecting the economy. That's how France has ended up with a crap economy with a standing unemployment rate of 20%. If I wanted to live that way I would move there.
Yeah... it seems like everybody believed they should spend, spend, spend.... nobody believed in saving, it was becoming the American lifestyle. Everybody needed to spend and stay in debt to keep that economy coming and keep profits up. Hell the day after 9/11 when the President was asked what Americans should do he said "go shopping."
The fact of the matter is that these loans would not have been written if there wasn't someone standing in line to buy them.
Blame the appraisers, the underwriters, the banks, the Wall Street investment houses who bought and sold them, and the borrowers.
Yes there were unscrupulous brokers who falsified information, and they are guilty as well. But for the most part, they did nothing more than matching borrowers and lenders for a profit.
I lost a bunch of money in the .com crash of 2001, where is my check?
Where I feel the real failings of people lie is in their inability to understand the concept of a personal balance sheet. They run on too little cash, ignorant of the fact that they could become sick or injured, or unemployed.
Just another symptom of our immediate gratification society.
I'm taking full advantage of the down economy. It’s a great time to buy homes and rent them out. When the market turns around you will make some good money.
A lot of these foreclosures are in Florida, Arizona, NY and Cali. House prices in these areas are crazy high.
Change is coming...Right Mr. President He doesn't have a clue what is going on. Throwing money at the problem doesn't fix it...it's just a short term fix.
Imo it would be better long term for home values to completely crash and rebound than it would be to drag out the misery for years as the debt we're rolling up for this housing "band aid" is going to prevent the economy from working it's way out of the hole.
That is frustrating. People who want to do the honest thing have a harder time getting help than those who just dont pay their bills.
I planned on staying in my house for 4-5 years when I bought it. I thought it would be worth a little more. I am going to have to stay in it probably around 8-9 years now. It's the risk I took when I bought the house. It sucks but oh well.
I guess I should just let it go into forclosure. Then get bailed out. Meantime I can use the money from my house payments to buy half price stock. Then when the market goes back up. I not only make the money from my house payments I used to invest. I am up to speed on my house payments and I win the whole time. Thank you Taxpayers for investing in my future retirement/boat buying ability.
As someone who has always lived within my means and with the exception of my first 2 years at ISU have always had at least one job since I was 15. I have never had any large amounts of debt and have paid my credit cards in full every month. I managed to buy a car using cash and have passed on buying things I wanted becasue.... I could not affod it. I will admit that I am in the minority in this day and age but I can't help but feel that I am paying for the sins of others.
For the past few decades the government has given big banks and people who like to live beyond thier means more then enough rope to hang themselves and our economy. The govenrment has now decided the capitalism is no longer working and is pumping money into businesses that don't seem to be changing the way they do business. Isn't the definition of crazy, doing the same thing over and over and expecting different results? The laws of supply and demand tend to take care of themselves and while I feel for people who are in financial straights (I know more then a few here in So. Cal) most of the ones I know brought it on themselves. Just because you got approved to 2 million doesn't mean you have to take it. This is not the first time housing markets have crashed and we as a country have gone into recessions.
The simulous package is designed to do nothing more then get funding for pet projects (see the wetlands mouse: Washington Times - Pelosi's mouse slated for $30M slice of cheese) under the guise of creating jobs and stimulating the economy. We as a nation should be furious with those we have elected to office to represent the country's best interest.
Either way you look at it and which ever side of the political fence you sit on this will get far worse before it gets any better.
BTW: I do not own a house and with the way things look it will be a while before I will be able to any way.