I know I said I wouldn't continue the politic stuff but since this is both sides' fault and it isn't partisan and since this is crazy, I felt that I could vent really quick! I understand that in THEORY it is better for my neighbor not to foreclose but at the same time, telling me that it will be a blip on their credit report doesn't make me feel any better at a time when they are predicting 1 million people who will have "blips", it makes it less of a big deal if a lot of people have it because eventually they will have to start giving loans to be people who have "blips" in the future. Talk about not having the government involved in your life...I have paid every single mortgage payment that I have ever had and I am now up to the 7th mortgage that I have had in my lifetime (currently have 5 if you count my Dad's place and my rental property)...these assholes bought a house they couldn't afford and then (more importantly) pulled money out of it and now I have to pay for their mortgage so they could keep up with the Jones'...this is such bullshit! It is not fair to assume that these people didn't know what they were getting into.....how do you know that? The terms of an ARM loan are not that complicated and if they were smart enough to know they could pull money out of their mortgage then they probably understood that the interest rate could go up and they should have to pay it. You can't really blame anyone but the free market for this problem....the market let deregulation happen (since we all elect the people who decided we didn't need regulation of derivatives), the market let loan companies make these loans (by not regulating), and people (the market) wanting to own houses and willing to drive up prices in order get in one (by increasing demand) are the ones who bought the houses. But once again, when the freemarket fails, we all pay....I didn't buy a house that was $100K more than I could afford...I was approved to, but I didn't. Since when do you get punished for being an honest and responsible citizen...what happen to the work hard and get rewarded? Looks like you can be an idiot, buy a house you can't afford, pull money out for vacations and boats and whatever, and then still get rewarded by getting to keep your house AND pay less for it....YAY democracy, it is the best and worst sometimes!! I agree the bailout had to happen but this pisses me off beyond belief that they are just going to give people a break. I don't know what the answer is but I just know that redoing people's loans who abused the system doesn't make me happy one bit! I feel like now regular people are going to suffer because of speculators or some people who shouldn't have ever owned a house.
Ok, on to more fun things! I got my film pictures back so I am going to work on uploading them and then I will let you guys know. Sorry to vent....
7 months ago
4 comments:
Yes, I agree, makes me irrate! However, if we had let the free market alone we wouldn't be in this mess. It all started back in the 70's when our government decided to inact regulations to allow people who could not afford to buy a home, buy a home. Then the housing boom and a push by lawmakers to make more and more loans avaiable to those not qualified. Then you have Freedie and Fannie who in theory were created by our government to help reduce the risk so that a single bank would not collapse if it had a ton of foreclosures. Obviously, that had the opposite affect and we have a bunch of lawmakers in congress that were getting money in their pocket to ignore what was going on.....LESS GOVERNMENT!!!!
I wonder what the situation would look like if the government hadn't gotten involved in the first place????
Actually, that was in 1980 that it finally got passed I think, something to do with Thrifts, brewing from the S&L crisis and now we are right back to doing the same thing...so, yes, we should have let it fail then and we might not be in this situation...no argument there. And you are right...there are always lawmakers putting money in their pockets..they get it from different places depending on who they are. I think that the free market isn't really ever free....I think that is the problem. I simply do not believe that capitalism on its own works because we don't let it and no one has been able to convince me otherwise. It is a personal opinion and one that no one has changed. I said in another post somewhere that the Great Depression was the last time we truly saw capitalism in this country and I don't know anyone who wants to live through that again. True deep recessions are part of economics and if you try to prevent them (like in the 70s/80s and even in the early 2000s and now!) it just comes back to bite you in the ass...everytime...and it gets worse every time. So, yeah, less government would be good in that aspect but both sides try to prevent small government interaction (at least related to financial stuff, not so much the other stuff), not just the Democrats. Look at the whole unity show they put on with this bailout....it was BOTH parties and so I guess I get confused with the Republicans who want less government, but then continue to see them getting involved when a recession is coming, if they truly want less government then shouldn't they let the recession happen and government would be out for good? Not what I want, but in theory, it would solve the long term problem, right? And that is not meant to be a knock on Republicans or you (assuming this is Terah), it is actual confusion, as in I literally don't get it.
I feel like this is just going to have us right back with another problem in a few years because no one learns....look at people from the Great Depression...they learned...if you ever met anyone who lived through it then they probably still save 50% of their money but people will not learn from this....they will just think that the government will bail them out next time....at some point the government has to stop...but we need to be prepared for the results....the Next Great Depression and neither side seems to want that..no matter how much they want the government out, they don't want them out to the point where they are living off 10% of the salary they make now or whatever else might be the real result of a true recession that isn't helped to not bottom out.
So, without going back in time and fixing the 1970s/1980s, what would you suggest to help fix this or would you just like to let it run its course and have us go through a depression (not trying to cut on you, literally interested and honestly asking because I don't know the answer but would like to hear thoughts).
I also think that the we are between a rock and a hard place. You and I didn't do this on our own but we either pay to fix it or risk having another Great Depression...neither is a good option. Like I said, I don't have an answer, I am just PISSED, but I would be just as pissed if the same assholes caused me to lose my job instead of having me pay for their mistakes...
Be thankful you don't make your living in the housing market. That is who I have felt a little sorry for. Builders, construction workers, realtors, and honest lenders. I feel like the lenders were mostly to blame for this situation since they knowingly gave loans to people that wouldn't be able to afford their mortgage once it adjusted. In my opinion they deserve to go out of business as some have and I understand we needed the bailout to protect our economy, but I hope the heads of these lending institutions are fired. I have never thought we had a real estate problem but instead a banking problem. Builders are also a little to blame in that they got greedy. I'm just hoping all made enough money or saw what was going to happen to survive this ordeal. btw, 1/3 of all foreclosures are investor owned. They knew what they were doing and obviously when times are hard they are willing to let their other investments go before their primary home. I hope these people lose the primary home as well.
I could write lots more on this subject but gotta run.
Nothing more to add here. Just wanted to let you know, you're spot on with helping me remember bills. This post reminded me to schedule my mortgage payment today! This not working thing really makes it difficult to remember to do the everyday things. You know, like pay bills :) Thankfully I have until the 15th on my mortgage. . .
Post a Comment