Losers and Evildoers?

Thank you soooo much!! Without getting political, because it does not help anybody, I wish to say it is wrong to lump everyone in a pile as if they planned on losing jobs, getting sick or watching their 401K's fade away. Working in the field of credit repair, I hear such sad stories all the time. For the most part our clients are not bad people they just had bad things happen to them. Please don't be so quick to judge. This can be you next.

Happy Friday!!
Lori

Let's be perfectly honest here, there is plenty to go around (if blame helps), when it comes to the foreclosures/housing market going on in this country. Plenty: some lenders, Realtor & CONSUMERS, to name a few.  BUT, there is no use beating this dead horse house.  The question is: What the heck are we going to do about it?

I agree whole heartedly!  Yes there are many who bit of more than they could chew, but there are many out there who have made payments on time and are struggling to keep them up while losing their jobs because companies here would rather send their work overseas, because the companies CEOS got big bonuses and paychecks and let those companies falter, and so on. The blame could go on and on for whos at fault but one thing remains steady, the economy is falling further and further everyday.  As for those with the mighty bucks to be hollering and name calling, maybe if consumers would stop supporting them by boycotting television programs, buying their merchandise and so on, they too would be where many homeowners are today!

#5 is spot on with his opinion.  Kicking people when they are down is no way to go through life as KARMA has a way of coming full circle.  However, even though none of us saw the price decrease it is still part of the free market and we do have to be responsible for our actions.

imo, the evildoers are the people on TV doing loan mods for thousands of dollars, when you can do it for free and get help from a no-profit or government sponsored entity

Sometimes, people are just a few payments late, and that can occur for many reasons.

All they need is a little break. Obviously, that's easier to say in Toronto wherte prices have largely held firm and rose 5.14% last month.

Brian Madigan

I am annoyed by Rush.  That right there just shocked several people, I am sure...  But, the fact remains that roughly 89% of people are on time with their mortgage.  And they are now being asked to pay for the loans of the other 11%...

But what is worse is that the Congress seems dead-set to pass Cram-Down legislation which WILL RAISE THE INTEREST RATE FOR EVERY BUYER... FOREVER.  Again, this means that a larger population will pay so that a few people can have their problem fixed. 

Regardless of how they got there, when people step across the line and start telling the rest of us that WE have to pony up for their misfortune, they stop being victims and start being perpetrators. 

Yep, it sucks to lose a job, to be upside-down in value or to be financially behind the 8-ball.  But that doesn't give anyone in that situation a right to take the property of others.  And don't forget, the government doesn't have ANY money.  They have to take it from you and me.  And we don't have the right to say no.  We don't have the right to opt out of bad laws that will raise costs for future buyers.

Name calling and political posturing will not solve this problem. Obama and a lot of very bright people are trying to find a way forward.  It is so easy to be the obstructionist party but that's really why we are in this mess !

"Evil-doers" I had not heard that before.  That is funny, but very misleading.

Let us not forget that former Federal Reserve Chairman Alan Greenspan, a guy that knows a thing or two about finances, several years ago came out publicly and said that Americans would save thousands of dollars if they used ARMs as opposed to fixed rate mortgages.

I am not suggesting that this mess is his fault as people have made these decisions for themselves, but I think that should give this housing crisis some perspective.

Regardless of who we are pointing the finger at, we are still in the same situation.  I'm tired of people spending their time passing the buck, when we should all simply be focussed on finding a more viable solution.

Evildoers are losers. Some buyers did over extend themselves but some did not. Some just lost their jobs, had an illness, or had a family tragedy or sickness and some even suffered the death of a spouse ans lost the spouse's income. Nothing good comes from assigning blame and name calling. It needs to stop. What would happen if all of this negative energy were focused into finding a positive solution?

I too believe some people need to take responsibility for overbuying.  Not my fault.  I have lived with my means.

No one ever expects to lose their job or the economy to tank, but some of the folks knew that the mortgages could adjust to a rate they couldn't afford. Yes, we need a solution, not finger pointing and name calling- that doesn't solve anything now.

Bottom line;

During the Carter and Clinton administrations Fanny and Freddy ( both under the finger of some of the same democrats who are now screaming "Injustice!") were forced through legislation, to supply mortgages to people who would have previously been disqualified. That of course meant, to a large part, minorities. It is called vote buying. Bush warned on numerous occasions that Fanny and Freddy were headed for the rocks but the very democrats who were responsible for implementing the policies that lead to this disaster rebuked him and assured the public that all was well.

Regardless of the outcome and the motivations, had the banks not been forced to provide mortgages to people who traditionally did not qualify, the market would not be in this mess.

One thing is for sure. Obama has now made every tax paying, mortgage supporting American responsible for the mortgages of all those who should never have had one.

You are correct.. it is a shame that one someone is down... they just keep getting kicked... Seems like 2 steps forward and 3 steps back for some people.

Hi Corey & Erika -- Not even the experts (including both the current and previous Fed Reserve Chairman) saw it coming, so how could anyone else anticipate it?

THESE PEOPLE ARE THE VICTIMS AND WE NEED TO TREAT THEM A SUCH. YES, MAYBE SOMEONE THAT GOT A 1 % ARM SHOULD HAVE KNOW THEY CAN'T AFFORD THE HOUSE BUT MOST PEOPLE THAT ARE LOOSING THEIR HOMES OR INVESTMENTS ARE LOOSING IT BECAUSE THEY LOST THEIR JOBS.

I am upset at OBAMA's choice of words. ( I really did think he can do no wrong, walk on water and heal the wounded  but day by day I feel like he is letting my hopes down, I was one of the first to sport a bumper sticker with WOMEN FOR OBAMA....in PHOENIX .... can you belive that.... )