This is why should not be 'bailed out'

[williamsvt]

http://www.cnn.com/video/#/video/us/...re.outrage.cnn

This link was taken from CNN's homepage.

This lady from washington bought an 800,000 house a few years ago, when the economy was good. She is now faced with foreclosure, because she can not afford the monthly payments on the loan. She further seeks to profit from the bail out by having the government's help with her mortgage.

I believe that this is the perfect example of what was occurring before the recession; people taking out mortgages that were unrealistic and banks letting people who did not have the proper income take out the mortgages.

For example, an 800,000 house would equal the lower 3,000's in monthly mortgage payments, if not more (depends on how much money the homeowners put down). It was probably a 30 year mortgage and from the article i can tell that it was not fixed. Now, 3000 monthly is a lot for mortgage when your husband is a construction worker and your a bus driver. People who should be buying those kinds of properties should be making at least 100k+ in order to afford the mortgage and expenses or have supplemented income by stocks or savings.

She has been receiving a lot of flack from the public, because it was a poor decision. And I believe it was. I don't put all of the blame on the family, but the bank rather who failed to realize that sufficient income was just not there and the loan should have never been made.

Comments?

[F22HB]

America, the land of opportunity,lol.

[Makaveli2k]

Her daughter is hot.

[civic_90_08]

Her daughter is hot.

ehh, i wouldnt say "hot" maybe cute...

[owequitit]

http://www.cnn.com/video/#/video/us/...re.outrage.cnn

This link was taken from CNN's homepage.

This lady from washington bought an 800,000 house a few years ago, when the economy was good. She is now faced with foreclosure, because she can not afford the monthly payments on the loan. She further seeks to profit from the bail out by having the government's help with her mortgage.

I believe that this is the perfect example of what was occurring before the recession; people taking out mortgages that were unrealistic and banks letting people who did not have the proper income take out the mortgages.

For example, an 800,000 house would equal the lower 3,000's in monthly mortgage payments, if not more (depends on how much money the homeowners put down). It was probably a 30 year mortgage and from the article i can tell that it was not fixed. Now, 3000 monthly is a lot for mortgage when your husband is a construction worker and your a bus driver. People who should be buying those kinds of properties should be making at least 100k+ in order to afford the mortgage and expenses or have supplemented income by stocks or savings.

She has been receiving a lot of flack from the public, because it was a poor decision. And I believe it was. I don't put all of the blame on the family, but the bank rather who failed to realize that sufficient income was just not there and the loan should have never been made.

Comments?

No worries. By virtue of the limits of the housing "bailout" her house is above the maximum cap.

What I am MORE worried about is how are they going to say that "you qualify, and you don't" when all else is equal. They SAY that this is designed to help people who are upside down, but showed "responsible" homeowner practices. Is that someone like my parents who have had the same house for 20 years and didn't do anything to overextend themselves, or it is someone who bought a house they maybe couldn't afford? My parents are currently at least slightly upside down because of the housing crash, even though the equity they did use was primarily to work on the house, and yet I have a strange feeling they are going to be told they don't qualify.

[jhoff]

why would you buy a 800000 dollar house and your a school bus driver
when was she thinking of paying that off, never?

[scudweiser]

ehh, i wouldnt say "hot" maybe cute...

butterface. end of discussion.

yea i think i herd about this story on the radio

[williamsvt]

No worries. By virtue of the limits of the housing "bailout" her house is above the maximum cap.

What I am MORE worried about is how are they going to say that "you qualify, and you don't" when all else is equal. They SAY that this is designed to help people who are upside down, but showed "responsible" homeowner practices. Is that someone like my parents who have had the same house for 20 years and didn't do anything to overextend themselves, or it is someone who bought a house they maybe couldn't afford? My parents are currently at least slightly upside down because of the housing crash, even though the equity they did use was primarily to work on the house, and yet I have a strange feeling they are going to be told they don't qualify.

I'm worried as well. I'm not sure how the gov't will use this new bail out system in reference to housing. Hopefully, the people that qualify will get the money they deserve, and those that over extended don't. However, I fear that a lot of people that overextended themselves are going to be taking advantage of this program Taxpayers dollars hard at work...

[apuforyou]

Maple would hit it

[blizzard335]

Maple would hit it

The house?

[owequitit]

I'm worried as well. I'm not sure how the gov't will use this new bail out system in reference to housing. Hopefully, the people that qualify will get the money they deserve, and those that over extended don't. However, I fear that a lot of people that overextended themselves are going to be taking advantage of this program Taxpayers dollars hard at work...

Of course they are. And most of the people who were prudent, aren't in AS MUCH of a position to lose their house. I guarantee this is going to reward bad behavior.

[cp[mike]]

heres my wallet, come take some of it to pay for your house

[Ghetto_CB7]

bailout

The bailout is a strikingly stupid yet politically necessary tactic to get the idiots of out economy to spend money.

Weather you want to admit it or not it is stupid people like them that are necessary to start the economy again. Why?

It is because the sane smart individuals are fearing a total collapse and saving money. The people willing to go out and save the economy are the very idiots that were given these outrageous loans and credit cards in the first place causing the issue.

So if the government lets them off the hook guess what they then have money to do again, that's right buy things they do not need with money that should be spent elsewhere. This time around however they should not be given credit cards or loans!

It reallllllly sucks that they are the ones to be forgiven considering that they made the mistakes, but that is the way it is going to be.

The thing that pissed me off just as much if not more so were the "fiscal conservatives" that had been giving the banks free rule quoting small government is good and let the big business prosper without regulation from the government. Then when shit went down hill they begged the GOVERNMENT for a bailout. Yes that thing they wanted to keep small so it would stop regulating them. AHHHH! Yet we are going to give the banks, car manufacturer, retail stores, and anyone else who made poor decisions money with no grantee that they will change.

Again I hate it, but there is no sense getting my panties in a bundle.

The American dream has gone from paid off house with white picket fence, two kids, beautiful spouse (husband / wife ) 9-5 job that pays the bills and leaves enough in the bank to take vacations and leave the kids something when your gone.

To pray your check pays the mortgage (unless your atheist), then call your ex spouse to find out who is picking up the kidd from counseling, going to work only to hear that they are making cuts and people who you have worked with the last 5 years are getting the axe.

WTF happened people? That wasn't that long ago.

Wow I actually should have been working instead of going on this rant LOL

Have a good day, by the way this was in no way a bash on the democrats, republicans, America or anything else that would send FBI agents to my door.

[owequitit]

The bailout is a strikingly stupid yet politically necessary tactic to get the idiots of out economy to spend money.

Weather you want to admit it or not it is stupid people like them that are necessary to start the economy again. Why?

It is because the sane smart individuals are fearing a total collapse and saving money. The people willing to go out and save the economy are the very idiots that were given these outrageous loans and credit cards in the first place causing the issue.

So if the government lets them off the hook guess what they then have money to do again, that's right buy things they do not need with money that should be spent elsewhere. This time around however they should not be given credit cards or loans!

It reallllllly sucks that they are the ones to be forgiven considering that they made the mistakes, but that is the way it is going to be.

The thing that pissed me off just as much if not more so were the "fiscal conservatives" that had been giving the banks free rule quoting small government is good and let the big business prosper without regulation from the government. Then when shit went down hill they begged the GOVERNMENT for a bailout. Yes that thing they wanted to keep small so it would stop regulating them. AHHHH! Yet we are going to give the banks, car manufacturer, retail stores, and anyone else who made poor decisions money with no grantee that they will change.

Again I hate it, but there is no sense getting my panties in a bundle.

The American dream has gone from paid off house with white picket fence, two kids, beautiful spouse (husband / wife ) 9-5 job that pays the bills and leaves enough in the bank to take vacations and leave the kids something when your gone.

To pray your check pays the mortgage (unless your atheist), then call your ex spouse to find out who is picking up the kidd from counseling, going to work only to hear that they are making cuts and people who you have worked with the last 5 years are getting the axe.

WTF happened people? That wasn't that long ago.

Wow I actually should have been working instead of going on this rant LOL

Have a good day, by the way this was in no way a bash on the democrats, republicans, America or anything else that would send FBI agents to my door.

Acutally, you have quite a number of facts wrong. You should fix that before commenting.

[owequitit]

heres my wallet, come take some of it to pay for your house

LOL! That is the way I feel too. Although, even though they are going to take our tax money, I can assure you that if it was us who needed "bailed out" they would find a way to cop themselves out of it, and tell us we didn't
"qualify."