Housing Mess

[ChetSteadman]

I don't know about the rest of you, but I'm fucking ecstatic that our government has decided to reward the morons who bought more house than they could afford, on risky loans, by bailing them out WITH MY MONEY! Up yours Congress, Obama & your administration, ACORN, and anyone else who's fucking me with a cold steel pipe.


Sorry, I needed to get that out.

[Gil Dobie]

I don't know about the rest of you, but I'm f**k[*] ecstatic that our government has decided to reward the morons who bought more house than they could afford, on risky loans, by bailing them out WITH MY MONEY! Up yours Congress, Obama & your administration, ACORN, and anyone else who's f**k[*] me with a cold steel pipe.


Sorry, I needed to get that out.

I have no problem helping my neighbor if he is in trouble, and feel grateful that I am in the situation to help. Many people bought homes, nad good jobs, and could afford the homes. Since, many have lost their jobs, taken survival jobs or unemployment and need help. From what I understand, investors and house flippers will not be getting any help.

[dbackjon]

No, investors and house flippers are not getting any help.

I am really, really torn on this.

I do not own a house. I didn't buy because of moving around, and then felt the market was too high (it was). I had some credit issues a while back, and while I could have qualified for a non-traditional loan, but never felt comfortable with them.

So now all the idiot that drove up the housing prices, used re-financing to roll cc debt into them, extra are being rewarded. And that pisses me off.

At the same time, I can see how if we don't stop this spiral down, we are screwed.

[ChetSteadman]

I have no problem helping my neighbor if he is in trouble, and feel grateful that I am in the situation to help. Many people bought homes, nad good jobs, and could afford the homes. Since, many have lost their jobs, taken survival jobs or unemployment and need help. From what I understand, investors and house flippers will not be getting any help.

I understand that there are some folks that were able to afford the homes originally, and they had things happen that now make the home unaffordable. But what about all the morons that took out ARM loans on $500,000 houses when their total household income was below $100,000? These people don't deserve help now, they deserve to be hit on the head for not realizing that the interest rate could (and likely would) go up. I have absolutely no sympathy for anyone in this situation (and I have friends who are in it up to their necks).

Yes, banks should have never made the loan, but some personal accountability has to be assumed. I could have bought a much larger house than I did, with the aid of a junk loan, but I used my head and bought something I could afford. Heck, my wife and I could make ends meet for a while on just one salary. I don't like having my money go to help people who didn't practice due diligence with the largest purchase of their life.

[dbackjon]

Yesterday, listening to one of the conservative radio hosts discussing Obama's plan, a caller was crying about how it wouldn't help his mess - his $1.2 million CAVE CREEK house is now worth only 750K, and he couldn't see it for what he had paid...

SMFH

[Gil Dobie]

Yes, banks should have never made the loan, but some personal accountability has to be assumed. I could have bought a much larger house than I did, with the aid of a junk loan, but I used my head and bought something I could afford. Heck, my wife and I could make ends meet for a while on just one salary. I don't like having my money go to help people who didn't practice due diligence with the largest purchase of their life.

With the money the government is giving the banks, I would have liked to see everyone that has a mortgage get a break because of the housing mess. Some are more fortunate than others money and education wise and didn't make the bad loans. Now the banks are sitting on money they are not loaning. I would rather the money have helped the home owners. There were many that made bad loans on investment properties, house flippers etc that are not getting help, and that I am ok with.

[ChetSteadman]

I'd have been happy with no bill at all, stimulus or housing. But what do I know?

[Gil Dobie]

I'd have been happy with no bill at all, stimulus or housing. But what do I know?

That may have been the best choice, but who knows.