# Individual mortgage bailouts on the way? **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [March 26, 2008, 12:35pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678 "2008-03-26T12:35:00Z")\ **Posts on this page:** 13\ **Page:** 3
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [April 10, 2008, 12:50pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678/41 "2008-04-10T12:50:19Z")
> [@cougarspeed](#): > > Smooth move there Fry man! I am just in a bad mood is all it is but this is really a joke. There are that meny people out there that can’t pay their fucking bills that need a “bailout” and are fuckign up our economy as a whole. But yet most of them are probably out spending still and enjoying the way of life they feel they need. ANDREW IS NOT HAPPY! This is why I like the stipulation in McCain’s plan that you “have to qualify”. AKA, the guy making 250k a year who can’t afford his 500k house probably isn’t getting a bailout. Personally, I’d like to see every single one of these idiots lose their homes. Unfortunately that would actually hurt all of us more than these bailout plans because it would crush housing values and royally mess up the economy. So unforunately a bailout plan is pretty much inevitable. So with that being the case I want to see one like this where the debt isn’t just paid down by the taxpayer for anyone who can’t afford their payments. ---
**Author:** ![justa4door](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/justa4door/32/7259_2.png) [@justa4door](https://forums.speedlife.net/u/justa4door)\ **Post date:** [April 10, 2008, 12:53pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678/42 "2008-04-10T12:53:47Z")
> [@JayS](#): > > And Fry comes through with another off topic jpg in a financial discussion thread. 😉 > > You’re the A.D.D. posterchild. 😛 > > I really hope you’re joking. no im not joking i dont need a bailout but i dont understand where they will say ok x and y people can get the bail out but z you cant b/c everypayment is on time im sure its not in stone how it will work yet… the way it read to me is everyone that owes more then the house is worth will get a bailout ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [April 10, 2008, 12:53pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678/43 "2008-04-10T12:53:48Z")
Dude, he’s a republican. you most likely have to make over 250k and/or work in the oil, (prescription) drug, or tobacco industries to qualify. 😛 ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [April 10, 2008, 12:56pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678/44 "2008-04-10T12:56:02Z")
> [@Fry](#): > > So back to the plan. They refinance for the appraised value of the house. The overage gets put into a separate piece of paper. Do they just sit on that piece of paper if they don’t sell it? Pay interest? I mean, I’m all for transferring debt from a high interest credit card to a low interest loan, **but at the end of the day the debt’s still there. What happens?** Well the way they are looking at it is that it will in fact change the total amount owed to a much lower amount and as a whole reduce national debt. So even though you migh owe $500,000 because you just have to be mr bling fucking baller your payment might drop into a reasonable level for you to afford. > [@JayS](#): > > This is why I like the stipulation in McCain’s plan that you “have to qualify”. AKA, the guy making 250k a year who can’t afford his 500k house probably isn’t getting a bailout. > > Personally, I’d like to see every single one of these idiots lose their homes. Unfortunately that would actually hurt all of us more than these bailout plans because it would crush housing values and royally mess up the economy. So unforunately a bailout plan is pretty much inevitable. So with that being the case I want to see one like this where the debt isn’t just paid down by the taxpayer for anyone who can’t afford their payments. So does the fact that my accounting homework i am doing right now is making me want to go outside start my books on fire qualify me for a bailout? Also i am almost willing to let these fuckfaces lose everything and take whatever hit comes my way. I can pullback to cash and i for damn sure have a secure paycheck so fuck it. This situation is killing me today for some reason lol. I AM BITTER!!! ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [April 10, 2008, 1:56pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678/45 "2008-04-10T13:56:50Z")
> [@justa4door](#): > > no im not joking i dont need a bailout but i dont understand where they will say ok x and y people can get the bail out but z you cant b/c everypayment is on time > > im sure its not in stone how it will work yet… the way it read to me is everyone that owes more then the house is worth will get a bailout depending on the rate that they carry the “debt” at, this may be like a long term loan for you… :tup: :lol: ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [April 10, 2008, 2:04pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678/46 "2008-04-10T14:04:26Z")
> [@justa4door](#): > > im sure its not in stone how it will work yet… the way it read to me is everyone that owes more then the house is worth will get a bailout The reason I asked if you were joking is because I assumed everyone could understand the simple concept of interest payments vs payoff amount. Call your bank today and ask them for a payoff quote for your loan. Since you’ve had it less than a year it will be right around the initial amount you borrowed. If you sold the house today, for what you paid, you could pay off your loan. You do not “owe” 300k+. You will pay 300k+ because you’re paying interest for 30 years, but the amount you owe, aka, THE PRINCIPAL, is much less. :picard: What these plans are talking about is the guy who took out a loan and purchased a 200k house in a market where the bottom fell out. He now has a mortage for 200k, but the house is only worth 150k. Even if he sold the house he’s still 50k short of paying off the loan. His credit is screwed because he has -50k equity in his home. The fact that you don’t understand this, yet were able to sign the paperwork on a mortgage, is the reason the country is in the mess it’s in. ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [April 10, 2008, 2:09pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678/47 "2008-04-10T14:09:54Z")
> [@JayS](#): > > The fact that you don’t understand this, yet were able to sign the paperwork on a mortgage, is the reason the country is in the mess it’s in. [/caseclosed} :picard: ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [April 10, 2008, 2:11pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678/48 "2008-04-10T14:11:58Z")
You and all of your crazy logic. Stop it! ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [April 14, 2008, 12:22pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678/49 "2008-04-14T12:22:46Z")
BUMP because i want to bitch about how fucking sick i am of reading articles telling the sob story of some poor sap who is losing his home because he is a fucking moron and wated to live beyond his or her means. [http://news.yahoo.com/s/ap/20080414/ap\_on\_bi\_ge/housing\_crisis\_ap\_poll](http://news.yahoo.com/s/ap/20080414/ap_on_bi_ge/housing_crisis_ap_poll) One nervous homeowner is Daniel Gallego, a warehouse worker in Stockton, Calif., who said in a followup interview that he may have to sell his house at a big loss. “We may have to move in with my wife’s parents or my parents,” said Gallego, 30, who has two young children. “I could pay off some debt, then we could rent, and maybe buy another house in a few years.” He said the rising cost of gasoline and other expenses have made his adjustable rate mortgage unaffordable. Because he doesn’t expect his home’s value to recover soon, he said he may be better off moving now before his rates rise. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [April 14, 2008, 12:27pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678/50 "2008-04-14T12:27:59Z")
Variable rate mortgages should be banned unless you can prove you are extremely wealthy.PERIOD ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [April 14, 2008, 12:31pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678/51 "2008-04-14T12:31:27Z")
> [@AWDrifter](#): > > Variable rate mortgages should be banned unless you can prove you are extremely wealthy.PERIOD Also the people who have them should refer to my point and laugh economics plan because that is what they need. I mean WTF, is it that hard to make logical spending decisions. I simply can not believe there are enough people in our country that can’t make proper decisions financially that we are having a “credit crisis”. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [April 14, 2008, 1:45pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678/52 "2008-04-14T13:45:02Z")
> [@AWDrifter](#): > > Variable rate mortgages should be banned unless you can prove you are extremely wealthy.PERIOD I agree in principle but that would screw the housing market to an extent also, albeit as bad as the option ARM’s and the like. If only fixed rate mortgages are available, periods with high interest rates will completely tank the housing market. Say prime jumps 5-10%. Who’s going to buy a house now when they know they’re going to have to pay the highest interest rate we’ve seen in a long time for the next 30 years. This time, people got screwed when their low rates jumped. Fixed only would also screw them because they could be paying way above the going rate for decades to come. The benefit is that they know what they’re getting into. If you bought your house in the 80’s, you’d better pray you had a variable rate mortgage. It’s a tricky issue. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [April 14, 2008, 4:29pm UTC](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678/53 "2008-04-14T16:29:44Z")
> [@cougarspeed](#): > > [http://news.yahoo.com/s/ap/20080414/ap\_on\_bi\_ge/housing\_crisis\_ap\_poll](http://news.yahoo.com/s/ap/20080414/ap_on_bi_ge/housing_crisis_ap_poll) > One nervous homeowner is Daniel Gallego, a **warehouse worker** in Stockton, Calif., who said in a followup interview that he may have to sell his house at a big loss. I’d love to know how much he paid for his house and how much he makes a year. I highly doubt he’s the well paid supervisor. Probably salary \* 10 or more. [Previous page](https://forums.speedlife.net/t/individual-mortgage-bailouts-on-the-way/45678.md?page=2)