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No Bail Out Money For You For Doing It Right, Just Plain Greed Is Not An Excuse! Sorry, This Is Harsh!

By
Real Estate Broker/Owner with Frank & Jodi Orlando Get Us A Home Realty Atlanta Homes Sale

Atlanta Country Club Golf Homes Estate Sale Private Gated Public Course Subdivision

     My car has a vehicle identification number that begins with a 1, it was assembled in the United States. We built our home 3 years ago and have a fixed rate mortgage and quite a bit of equity. So I ask, at a time when many told us we were nuts for getting a fixed rate instead of an interest only loan, and driving a domestic brand car, many of those folks need help. We always paid cash for our cars, we own a couple rental properties we could sell if we had to, our small business is doing well enough to keep 8 agents from poverty and yet we will help those that were foolish (mind you not in all cases) with a bailout. There is a point where I believe some should just plain pay for their greed. If you needed an interest only loan for a home that is just plain greed, you do not deserve assistance! I always bought a domestic brand vehicle yet I'll probably pay again for a bail out. We could have opened a large real estate office and employed as many agents as we could to simply collect fees, but, that did not make any sense to us. To the many of us who just plain did things right I salute you, we will all pay in the long run, but, we certainly deserve better. By that I mean the small businesses that are no longer in existence is the real shame in all of this mess. No bail out for them, they worked hard and employed locally, and many of them deserve better by doing things right. Sorry for the rant, it's just that when it did not make sense and you did it anyway, I'd rather not bail you out Gordon Gecko (too much coffee this morning). This is still the greatest nation ever, free speech prevails....

 

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Robert Rauf
CMG Home Loans - Toms River, NJ

Frank & Jodi.  I think many agree with you.  I like to call it financial dawinisim.  If you were not smart enough to understand what your payment would be, or what type of loan you applied for, and you are constantly trying to keep up with the Jones' than Maybe you do not deserve what you have? and you certainly DO NOT deserved to be bailed out for being Dumb! (my harsh 2 cents worth! as a mortgage guy I am tired of people saying the mortgage companies are the bad guys in this equation when ultimately it is the consumer that screwed up, I know that I have not put anyone into a loan that they did not understand, or into one that they NEVER should have had)

Nov 19, 2008 12:20 AM
Frank & Jodi Orlando
Frank & Jodi Orlando Get Us A Home Realty Atlanta Homes Sale - Cumming, GA

Robert - Thanks for the comments, agreed! Keeping up with the Jones's is so true. Heck, I do not blame you far having a product that folks wanted, they could have said..... no.

Nov 19, 2008 12:25 AM
Home Loan Search.Online
Home Loan Search Online - Newnan, GA

I've come to see that people purchase not out of entire necessity but out of emotional want. It's the emotional want that leads them to purchasing something that they couldn't pay for in the first place, such as a car or a home.

Now, because of the bailout, the taxes for the small businesses and individuals that have done things the right way will certainly go up. 

Nov 19, 2008 12:39 AM
Frank & Jodi Orlando
Frank & Jodi Orlando Get Us A Home Realty Atlanta Homes Sale - Cumming, GA

Darrell - Yes you are right, Keeping up with the Jones's or buying from emotion is usually a disaster. A home purchase is emotional, but, spending beyond your means is NOT someting we should have to pay for....

Nov 19, 2008 12:47 AM
Karen Poss
Coldwell Banker Pinnacle Properties, Florence Alabama - Florence, AL
Realtor - 256-366-6292 - Search Florence Al Homes For Sale

I agree.  I think all these bailouts are rediculous.  I made a joke yesterday to my broker that I would be leaving today for Washington to get in line for my own bailout(LOL).  Times are tough for a lot of us but I know that means that I need to work harder...looking to government for a handout is not the answer!

Nov 19, 2008 01:05 AM
Donna Taylor
Meybohm Realtors, Downtown Aiken - Aiken, SC
Meybohm Realtors Aiken SC

Amen !!!!!!!  Unfortunately the hard working achievers will be feeling and paying for this situation for a long time.  I weep for our children and grandchildren.

Nov 19, 2008 01:07 AM
Frank & Jodi Orlando
Frank & Jodi Orlando Get Us A Home Realty Atlanta Homes Sale - Cumming, GA

Karen - A friend of ours started up a company just to get in on the bail out monies, he is in Washington now. Capitalism at work...

Donna - Thank You!!!

Nov 19, 2008 01:10 AM
Rebecca Schrader
Competitive Insurance of Dundee - Dundee, FL

YES...BUT! Some folks will NEVER learn...we know a "couple" who lost not only one, but TWO homes. They lived beyond their means...and had to have a house AND a condo (in a very posh Central Florida location)...and so, AFTER their foreclosures...they decided they had to "keep" their lifestyles and they renteda million dollar house in another posh resort...now the wife has lost her job...has a part time job...can't make the rent payments...and they're upset...(tear-tear boo-hoo) WAKE UP PEOPLE!!!  

Nov 19, 2008 01:11 AM
Frank & Jodi Orlando
Frank & Jodi Orlando Get Us A Home Realty Atlanta Homes Sale - Cumming, GA

Rebecca - Laughed when I read your comment! Boo Hoo LOL! You should blog that, so true and really the heart of all this!

Nov 19, 2008 01:19 AM
Ken Cook
Content, coding, marketing, host. - Marietta, GA
Content Marketer/Creator

WHO MOVED MY CHEESE!?

Nov 21, 2008 08:47 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Frank,

I appreciate the Rant!

Mike in Tucson

Nov 21, 2008 11:57 PM
Frank & Jodi Orlando
Frank & Jodi Orlando Get Us A Home Realty Atlanta Homes Sale - Cumming, GA

Mike - Anytime, wish I could rant like Dennis Miller Lol.

Nov 22, 2008 12:16 AM