I heard of it when it was just talk, but never knew it passed.
Make bad financial decisions and you should have to pay like everyone else.
Glad I wasn’t the only one who thought this was a mistake.
I would say that none of us have the economics background to know if this is good or not.
economics or not, it’s fucking stupid. If you got a house that was too expensive, fuck you. If you lost your job and can’t afford your house, you should have prepared more and fuck you.
Life is hard, get used to it. I hate the fact that my taxes go for some dumbass who is too fucking stupid to pay his own bills.
i dont think this is to be blamed solely on the borrowers. i say fuck the banks who lent the money. let them get burned by this deal.
right now, the moeny is not really saving the borrowers, but it is saving the ass of the lender who made a poor choice.
yes everyone pays on credit. thats what is wrong w/ this country. no one can spend responsibly.
The banks should not be handing money out like candy, but in the end it’s your responsibility to know what you can and cannot afford.
If you lose your job fuck you? What kind of shit is that? Im not saying Im behind this bill, but its kinda hard to prepare when a company downsizes, or tells you “hey, were done paying comission, so instead of making the 100k you were on track for, we’ll up your salary just a tad. Your fucked…”
If done right and the rules of the bill are followed it sounds like a decent idea. But like shaler said who are we to know if this is good or not.
ok, im goin off on a tangent, and this is not aimed at anyone. i’m just jacked at the whole deal because i work hard for what i got. i budget accordingly and do without. yet im by no means destitute. As i bank at least equal to or more what i pay out in bills a month. so my income to debt is good. however, it was not always like that, and i can clearly remember when i was happy if i had 50bucks in checking at the end of the month let alone 5k.
a borrowers fault is one or two people slip by the cracks. banks fault is when thousands slip by. has this country become to much of a pussy to say no? the bank took the gamble and lost. the borrower took the gamble and lost as well, but they just turn around and let the bitch foreclose and file bankruptcy. go live in an apartment for a few years and try again later.
here is how i see it. poor person gets house–makes payments. bank wins as long as they make them. market goes to shit, bank up variable rates–people cant pay, so up some more to try and cover the loss, puts more people under–banks are fucked. ultimately–the banks took the gamble and they were wrong.
so if the banks were smart and realized–hey, joe schmoe w/ a 35k a year income and his wife who makes 28k a year and combined they have 150k in debt from college an personal/car loans they probably should not be getting a mortgage for a 150k house. tell them to get a 50k house…
same token, the couple who combined have 70k yr jobs, owe a solid 80k in student loan-- should not be going out buying 40k cars, racking up another 20k on your credit cards, etc etc.
in the end, no one take responsibility for anything–thats what pisses me off. i’ve had my share of debt, and have busted my ass to pay it off. If that meant working 60 hours, doing without, or just straight up hustling-- you do it. i have driven my fair share of pieces of shit for daily drivers until i could afford something nice-- and even on the nice cars i get them broke, fix them and generally sell them… even my “race” parts are paid w/ side money. if i wanna play, gotta earn the money on the side, Bills and play toys should never get mixed.
yet no one seems to live in reality. everyone wants to live in dream land–which is out of their budgets. nothing is given to you n this life. you need to work for it. sometime you catch breaks–run with it. but don’t expect anything and there will be no disappointments.
While I agree with a lot of your argument, if the already terrible housing market becomes further flooded with forclosed property, I believe it will have devastating effects on the value of real estate.
any item is only worth as much as someone is willing t pay for it. supply and demand comes into effect. if you have 100 peopel wanting homes, only 20 homes, price goes up. now you have a shit load of homes, and peopel who cant own them, they go down.it is timing.
granted, prices n the short term are going to be shit. but long term should not change. when have you heard of someone lose money on a house after 10 plus years?
I agree. I went a lot of years without going out to dinner more than once every 2 months and driving shitty cars(hell, I still drive shitty cars). I know how it feels to struggle also.
I got approved for a $150k house when I applied 5 years ago. I ended up spending around 65k for my house. I just started a new job and didn’t know what was going to happen. I am not saying I will never have a big mortgage, but you have to be smart about it.
Hell, I could get a job at target and pay the majority of my bills. People that make 50k/year and buy a 200k house are fucking stupid and I could care less if they lose their house.
I thought everyone on here had a masters in econ.
good. it should! It’s been rising at an astronomical rate over the last 10 years. What is artificially driven up, must come down!
Also, this does not lie on the banks. This lies on the consumer. Did the banks play on the public’s stupidity and greed? Of course they did. But it’s not the bank’s fault people are BEING STUPID AND GREEDY! I could have went out and got a mortgage over the last couple years and got a house and then have it drop like a rock.
People have to be responsible for their decisions. If you make a bad investment, you have to live with the consequences. The government didn’t get a taste of the money as your home appreciated, and it shouldn’t have to subsidize your loss if it doesnt.
Actually, the government gets a huge taste of the money as homes appreciate. Assessed value directly impacts property taxes.
yeah I guess in a way it kinda does… forgot about that. But what I should have said was that the government gets no reward from the mortgage investments that return profit, but when they go bad the taxpayer eats the loss. Privatized profits, socialized losses.
yeah… menial details :hsugh:
I phrased my statement wrong. :hsugh:
I blame this all on one fucking generation. The great generation of baby boomers. These fucking hippies drive me nuts. Baby boomers bought these houses for shit 30 years ago and then sold them to dumb ass Gen X’rs for a ridiculous rate because they needed money for retirement. Gen X’rs are dumbasses because they think they don’t have to work for what they want because of the hippie Baby Boomers raising them up to be giant pussys. So many people my age want a big house like there parents, and nice cars like there parents. Most of them don’t work for it and just beat the shit out of credit cards till they get what they want. The so called deserved life style they need. If you can not think foryourself, fuck you and die. I make 50k a year with 100k in student loans. Lets go buy a house… No rent an apt until your dumbass gets right side up.
In short, baby boomers can lick my taint.
well put!
that does sound about right.