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| Name: |
cobra
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| Subject: |
Someone please tell me
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Date:
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2/18/2009 7:06:32 PM
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How giving money to someone who cannot pay for their home is going to help this bad economy. Most people that are in trouble bought a home that they could not afford to begin with. Just look around and you will see what I am referring to. Let those people lose the home. Someone with money will buy it up for bargain price. There are still plenty of people with money. The government cannot control everything like BO thinks they can. Stay out of this type business and let the economy run it cycle.
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| Name: |
mckaygmc
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| Subject: |
Someone please tell me
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Date:
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2/18/2009 7:36:32 PM
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I agree...and they say a Boat is a big hole in the water you throw money into....LOL
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That the state of michigan and the county where detroit is located has a sheriff that has refused to serve any foreclosures as a civil disobedience. The governor has agreed. Other states are following.
What is the deal with those who borrowed against their first home and bought a few other homes and then the market fell out and they got stuck with the three homes and cannot afford to pay them back? Are we suppose to bail them out as well. you find these people hiding their assets in others names and looking to the government (you and I ) to work to bail them out. It's called gambling and they LOST! When did the government get into this.
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| Name: |
Talullahhound
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| Subject: |
Someone please tell me
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Date:
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2/18/2009 8:45:27 PM
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I'm sure there are some people out there that did all the right things and still ended up in foreclosure and bankrupt. At least that's what my BIL has told me about the people he's seeing.
But there is that segment that just bought over their heads and some who tried to speculate by dipping into their equity of their primary house. And I totally agree that it ticks me off that they would get any kind of bailout. Some of us have always been careful to buy what we could afford and didn't take low interest ARMs or any other creative financing.
I can only guess they are trying to keep the banks from having to take back anymore bad debt and trying to keep those houses from flooding the market.
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| Name: |
cobra
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| Subject: |
Someone please tell me
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Date:
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2/18/2009 9:13:32 PM
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Why do I feel like the bank execs just don't get it? If you rape the country for a decade or more, the country isn't going to reward you for it. In fact, they should be forced to repay all the bonuses they got. Something here is just not right. I put money in a bank. They loan my money to anyone that can sign their name. The borrower loses his job and says they cannot pay the loan back. They continue to play golf and have a good time. BO bails them out. My return on my money drops to almost nothing. Get real here.
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| Name: |
Mack
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| Subject: |
How about this Term??
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Date:
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2/18/2009 9:42:58 PM
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Call it a "NO FAULT" economy. No Sense, No Care, No Caution, No Rules, No Bonus, No Backlash, No Repercussion??
"No Fault"
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| Name: |
bluekatz
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| Subject: |
Someone please tell me
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Date:
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2/18/2009 10:32:35 PM
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I remember when you went to your banker for trustworthy advice... I'm all for admonishing the piggly wiggly bag boy for buying a 300,000 house...but the greedy SOB that SOLD the kid the mortgage and then turned around and sold the note to a hedgefund should be drawn and quartered... to bad those guys will never be brought to justice as they've all retired and moved their loot to offshore banks. May all their villas be burned down by middle class extremist.
For many many years after the depression people hid their wealth in coffee cans and matresses - not because they were afraid the banks would fail again... but because they were afraid the bankers would steal their money... a little thing called consumer/investor confidence.
I think the only thing that will make things better is absolute transparancy /accountability... a company should prove its a good STEWARD of invester dollars not only by the bottom line but day to day operations... in short when your laying guys off and closing factories leave your corporate jet in the hanger and take a cab.
Kevin
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There are many families that are living in mobile or modular homes. They are being ripped off with high interest rates as high as 13% They are working low income jobs. They are struggling and there is no help to get affordable interest for them . In most cases they have a low education and they are taken advantage of by loan shark financing. It is sad to see these single, elderly people I work with loosing their home because they lost the part time job and their social will not support them. They cannot refinance like you and I and are paying the 13% and finally loose the mobile home. I contacted each devision of the state and there is no help because this is treated like a used car loarn. High interest and no regulation under Hud, Ftc etc.
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| Name: |
MartiniMan
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| Subject: |
Its called buying votes
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Date:
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2/19/2009 9:07:19 AM
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That's all this is, using taxpayer funds to buy votes. And we derided that black woman who said Obama was going to pay her mortgage, etc. It turns out she was right.
As for why we are here, I'm sure each of the people have their own story. Some were duped into bad loans that they couldn't afford when they matured, some lost their jobs, some walked away when the home value dropped below what they owed and on and on.
The overall crisis was created by government distortion of the housing market. It was a combination of the Community Reinvestment Act and groups like ACORN suing to force banks to make loans to people who simply should never have been put in that position. Another factor was Fannie and Freddie buying up loans and then the securitization of the loans. So imagine you can loan money to someone, sell that loan and never have to worry about whether they pay it off. You make the money on the origination, not the payoff. So who cares if they are creditworthy as long as I have Fannie and Freddie to buy these lousy loans.
The problem is the whole house of cards relied on ever increasing home values. When that crashed, the house of cards collapsed and here we are. I guarantee you that if the loan originator actually had to rely on the person to pay the loan back we would have never had the housing bubble. Does that mean some lower income people could never buy a home? Absolutely! But we didn't do them any favors saddling them with this incredible debt when they could have rented. Home ownership is not for everyone.
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| Name: |
green,ed
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| Subject: |
Someone that sickens me
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Date:
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2/19/2009 9:27:33 AM
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Financing a mobile home deserves more interest.More risk.
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| Name: |
Summer Lover
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| Subject: |
Its called buying votes
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Date:
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2/19/2009 10:00:02 AM
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Bingo - we have a winner. If you do not have the common sense to figure out what you can afford; be it a house a car, a TV or a candy bar - why do "we" have to bail you out? The people that are selling products are "salespeople" - they (for the most part) - are NOT looking out for your best interest, they are looking out for theirs. I understand that some people have lost income, and that can be very difficult. Financial planning can help mitigate the impact if only you are living for your life and not for today. All we are doing is teaching our kids to rely on us, and the citizens to rely on the Government. No personal responsibility. Unfortunately; our kids, grandkids and great grandkids will pay for our failures.
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Bingo to that! This is why I make my child work for his extra money, for paying for his dating and anything that is not school or school activity related. I do provide him with a vehicle, but he is also a responsible young citizen with above 4.0 average taking college level courses.
Back to the mobile home financing. Why would you think that a mobile home would be any higher a risk than a vehicle when you should be looking at the credit history, work history and income of the person with the application? 13 % interest is highway robbery. These are young kids with their first loans and no guidance. They are making their payments and have good credit. They cannot get refinanced because the financial industry is failing and they will not renegotiate the loans. They are not regulated to do so since it is not HUD or FTC money.
WE can go back to the blame of congress and their lack of ability or accountability to regulate the housing industry via Fanny Mae and Freddie Mac. President Bush made a mistake is starting this whole stimulus program. I know he probably sees it now. He made the choice and he has to live with it. I cast no blame on him. The government/congress is to blame and it will be the government/congress to blame for the future hell for our children and grand children will be paying for many years to come!
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| Name: |
water_watcher
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| Subject: |
Have you heard Rick on CNBC
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Date:
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2/19/2009 7:37:59 PM
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He went off on Obama this morning and how crazy this stuff is ... his big point is Obama is doing zero for the people carrying the water and doing everything for the people drinking the water. It was great.
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| Name: |
Talullahhound
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| Subject: |
Someone please tell me
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Date:
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2/19/2009 8:04:46 PM
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The other morning on MSNBC, someone nailed it when he said that the government blew it when they said that everyone was "entitled" to the American Dream of owning a home. Prior to the 1960's a lot of people didn't own their own home, they rented. And there is nothing wrong with renting. Owning a home is for those that can afford it -- it's not a "right".
In a small way, I feel sorry for low income people struggling to make payments on their double-wide. But, on the other hand -- did they go to school and get an education so they could eventually get a good job? Likely not. '
I used to get annoyed with the Administrative Assistants that worked for me. They would talk about how they wanted to get a better job and such, but when I would tell them that they should go back to school and take classes at night, take professional development classes, volunteer for higher level projects, they would just look at me blankly and say "well, I don't want to have to go to school at night or take on extra work."
I had a Navy Petty Officer who was my Assistant. He told me that at 30, he had already met all his goals. I told him that if he met all his goals at age 30, then he set his goals too low, and I challenged him to go back to school. Even though he had a family, he did (Navy even paid for it) and he got promoted and will have a chance at a good job when he retires.
To some extent, people get what they are willing to work for.
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| Name: |
cobra
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| Subject: |
Someone please tell me
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Date:
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2/19/2009 8:51:46 PM
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a small way, I feel sorry for low income people struggling to make payments on their double-wide.
You got to be kidding me with a statement like that.
I fell sorry for you.
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| Name: |
Swimmer27
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| Subject: |
She can't help it
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Date:
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2/19/2009 9:23:20 PM
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She is an inside the beltway elitist. Her passtime is looking down her nose at others.
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| Name: |
water_watcher
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| Subject: |
She can't help it
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Date:
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2/19/2009 9:37:04 PM
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ah, giver her a break. I really think she is seeing the light and realizing what a mistake Obama and his direction is, but may not know how to express it yet.
Bottom line ... the dems convinced people that should not be in a home that they had a "right" and made it easy for them to have what they think they should. When reality set in that they could not afford it and really needed to make the payments ... now they are saying it is someone elses fault and they should be allowed to keep their home.
Now Obama comes riding his white horse (hopefully that is not a racist statement since it was not intended to be) and say I will reduce your payments and interest rate and you can keep that home. But all us poor suckers that worked hard for a down payment and always paid our mortgages get no help.
Under Obama you only get rewarded if you default on what you did not qualify for to start with.
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| Name: |
cobra
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| Subject: |
She can't help it
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Date:
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2/19/2009 11:38:32 PM
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I grew up in a small town with working class parents. My father never went to college. He was a very smart person just not educated. He learned how to make ends meet during the great depression and never went without working unlike many during those times. When he died 25 years ago he was worth a lot of money. He knew how to save it when he made it.
Its funny that people actually think that college is so important. It is not. Learning a trade is better. How may college students you know that are out of work today ? Many successful people today never went to college.
Think how it was back in the 30's. People who grew up during the Depression said, "No one had any money. We were all in the same boat." Neighbors helped each other through hard times, sickness, and accidents. Farm families got together with neighbors at school programs, church dinners, or dances. Children and adults found ways to have fun for free – playing board games, listening to the radio, or going to outdoor movies in town. Wow have times changed.
Hound, you can go ahead and look down on me if that is what you want. I never finished college. My parents were working class parents. I actually lived in a single-wide trailer at one time in my life. That is all I could afford at the time. I did not buy a home until I saved enough to afford it and only bought one in my budget.
I never tried to keep up with country club group. That is how I was taught and I still live by that rule today. I am well into my 60's now and can afford more things because I followed my Dads lesson. I do not buy wants, only needs. I guess by your standards I am low class because I did not finish college. That is how I like to be. cobra
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| Name: |
Talullahhound
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| Subject: |
You are Totally Over-reacting
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Date:
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2/20/2009 1:13:50 AM
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I am not looking down my nose at anyone who didn't go to college. College is not an indication of how smart you are -- only that you have completed a prescribled course in learning, which is generally accepted to make one qualified for better paying jobs. Are there millionaires who didn't go to college? Of course. Even Billionaires, I'm sure. And there are a lot of people in the trades that make a very decent living, because they are being paid for their expertise, which they obtained from OJT.
A lot of people living and struggling to make payments on their doublewide probably shouldn't have a house and should be renting. Not that there is anything wrong with renting. Lots of people struggling in low income jobs did not have the foresight or the ambition to either get an education or get the training needed for anything more than a minimum wage job. I'm sorry if that is offensive, but it is shown to be true that people with an "education" make more money and have access to better jobs.
So, I didn't mean to insult anyone's Daddy (my grandfather FYI grew up in the Tennesee Hills, had a 3rd grade education, and managed to acquire a 500 acre farm which he worked until he retired from farming); I'm not being elitist, but I'm just not that sorry for people that take on payments they can't afford with no back up plan (i.e. that would be savings) And I don't want to see them bailed out any more than I want to see the people who bought $2M houses they couldn't afford either. And I'm rather tired of hearing from those that walk around with their hard luck story, hoping someone will give them a handout.
Life is hard. Deal with it.
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| Name: |
MrHodja
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| Subject: |
She can't help it
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Date:
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2/20/2009 7:53:14 AM
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Indeed the world has plenty of folks who did well without formal education. But the fact is that many well-paying jobs require a college degree or some other form of formal certification.
Having formal education does not ensure success, but it does open many, many doors that otherwise are closed.
I, too come from a hard-working family whose breadwinner, my Dad, had only a High School education. My parents helped me with my dream to go to college, and with their help and my working my patootie off and saving every possible penny, I did get a college degree. That degree opened the door for me to apply to Air Force Officer Training School and get a commission (which I couldn't have done without a degree). While in the Air Force I went to school at night and received an advanced degree, which was an unwritten requirement for promotion. I then applied for and received AF sponsorship for another, more technical degree. I have since retired from active duty after giving the AF 22+ years, and that education now qualifies me for better and higher paying jobs with my company.
Am I smarter than you? Probably not. Do I know more than you? Maybe, maybe not. Do I look down on you? Absolutely not. Did my education expose me to different ways of thinking, knowledge I wouldn't have otherwise ever known, and knowledge and ways of thinking that I use every day in my work? You bet.
I think the point that Hound was trying to make is that education opens doors, and I agree. Doesn't make her or me any better than you.
Have a great lake day,
Nasreddin Hodja
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| Name: |
water_watcher
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| Subject: |
She can't help it
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Date:
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2/20/2009 8:03:47 AM
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What I think the problem is here is that those that are in blue collar or trade jobs think that people that are successful were born with a silver spoon and it has always been that way.
If fact in most cases it is just the opposite. My dad, like others have said here was a hard working high scool graduate, supporting 4 kids and a wife. We grew up in a small 3 BR ranch with 1 bathroom. But what that did for me was want to work harder and have more. Not complain and look for the government to help me or take from others to give to me.
There is nothing wrong with a trade job or a factory worker. But they made that choice. Anyone and everyone has the opportunity to stay in that way of life or get higher education and earn more.
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| Name: |
Talullahhound
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| Subject: |
You are Totally Over-reacting
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Date:
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2/20/2009 9:00:19 AM
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I too grew up in a solidly middle class family. And I worked full time while going to college. But, I knew the kind of life I wanted and I knew what it would take to get there. And I don't think it makes me elitist. I don't look down on anyone who is working and earning a living with integrity; but don't look down on me or others who made sacrifices to get an education.
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| Name: |
lamont
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| Subject: |
I'm With You Hound
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Date:
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2/20/2009 10:04:51 AM
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and I also worked my way through college and agree, the actual education might not have done a thing for me however, I can promise you it did open doors. Have any of y'all read "The Millioaire Next Door." I think that's the name of the book. It descibes the typical millionaire as, not one with the silver spoon in his mouth but, one who drives a 6 year old car, lives in a 1800 squar foot ranch and has constantly made sacrifices throughout his/her life to be financially independent. This book describes my father to a "T." My father is 87, lived through the depression and probably saved 99 cents of every $ he ever made. We never ate at a fast food restaurant, or any restaurant for that matter, never went to movies, our vacations were always trips back to Texas to see our relatives, not beach vacations, etc. My point in all this, is my father never made alot of money but, he certainly saved alot. He is now thoroughly enjoying retirement. This "cheapskate" had a Plasma TV before me, travels the world, plays golf twice a week and doesn't have a financial worry in the world. It's called "personal responsibility." Try it, you'll like it.
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point!The point is that their interest rate is "13%" and the banks will not consider refinancing because they treat it like a "Used Car" and are not regulated to do so. The people who are living is these mobile homes do not look at it as a "car". This is THEIR HOME! The reason they are struggling (they have not missed a payment) is because they got laid off from their job or they were self employed in the construction business. Regardless he went out and got another job, but it pays a little less but he's not standing in line for a hand out. He like anyone else was looking for the source to refinance. You would do the same thing if your loan was @ 13% and you knew you could be paying a lot less. His credit is in good standing and he has income. This is a young man in his early 20's and single. The banks will not refinance the mobile homes. The companies that have been financing the mobile homes will not refinance because they ARE in trouble due to bad loans. They will not take any additional loans on the existing property even if someone wanted to buy it from him. He is in a lose lose situation!
I am the park owner so believe me I know the business. My heart goes out to them, because I know them. I educate them when I can and I watch these people take their baby steps and go out into the world, buy their land, then build a home, then have children and see the circle of life before my eyes. I have couples that are both nurses and going to school to be Anesthesiologist while raising two children and trying to keep them out of an apartment atmosphere. So please don't stereotype them in any way.
The manufactured housing Association for the State of Alabama has just had it passed in legislature and it will go to the Senate for approval that all manufactured homes will be given a title as a manufactured home. They will no longer be classified in with automobiles, RV's etc.. This is a step in the right direction. I was not looking for handouts for these people, only fair and balanced treatment. The things I expect for myself! If I didn't care, I would be holding the mortgages @13%. That is a hell of a lot more that the bank is paying me right now! So on that note, may God Bless them and I will continue to fight for fair and balanced treatment!
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| Name: |
Talullahhound
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| Subject: |
Question
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Date:
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2/20/2009 8:57:54 PM
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Did they always have a 13% interest rate? I'm assuming if mobiles are treated like cars, then this is the rate they signed up for when they originally took the loan.
I'm not against people living in mobile homes. And perhaps you are correct that the way the mobiles are treated for loan purposes needs to be changed. But, looking at it objectively, they really don't have the appreciation potention or the same life span as a regular home, unless they are built onto to make a more permanent structure. It's an interesting question.
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