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Debts. You finally figured this out? I have been telling all the self righteous finger pointers on here that THEY will end up paying for folks who simply will give the banks the finger and go bankrupt.
The real winners are the people who chapter 7 and dump all their debt so the folks who pay will pay for them. This is why the gov has today concocted this stupid plan to con folks into staying in houses they dont even own .
Make their 30 year mortgage a 50 or 60 year mortgage. Its a total scam to save the banks
Think of this point: We absolutely must stop the freefall in depreciation of housing. The more values fall, the more people give up and say, "where do I turn in my keys?" Then, the worse it gets for everyone. Whatever it takes, banks have to stop the bleeding, for all of us in this economy.
I read 2 days ago that banks are going to open up rental departments and start renting their REO's, and I saw it today on our local MLS. They will wait as long as it takes until values come back.
I also heard today from a lender that investment groups are trying to buy some of these mortgages and renegototiate for...say .70 cents on the dollar, then they think they can sell them for .80 cents on the dollar. Capitalists are going to find a way to make a little profit while still providing a solution.
Personally, I think the private sector could find a solution, if we could keep the government from bailing everyone out with our money, then taxing us to oblivion, keeping us from having anything to provide solutions. And the cycle continues....
Sorry. In order to qualify for a 'hand out' now you need to prove a hardship. "It's not fare" is not going to cut it. Plus the help going on now is not yet coming from tax dollars. Its coming from investors who backed the loands taking a loss.
lol
How do you stop people from just going bankrupt? Its the ultimate free handout and there is little to NOTHING anyone can do about it.
They didnt change the bankruptcy laws enough.
CK
right now the gov has hatched a 'debtors prison' form of bailout where they simply extend your mortgage from 30 years to 50 or 60 years which does NOTHING for the homeowner in the long run and its just so banks dont have to foreclose and write down the loss.
They are the same ol pieces of sh$# who only care about the banks.
Think of this point: We absolutely must stop the freefall in depreciation of housing.
Think of this point: We absolutely must stop trying to stop the freefall in depreciation of housing. Until we reach a reasonable level of house prices in relation to income, this won't get better. Trying to stop it will only prolong the pain.
I agree, too. We need to let it fall and fall hard. Softening only slows it down and makes it last longer. Unfortunately, Congress doesn't agree.
I have wondered how many people have jumped on the bandwagon to "upgrade" their housing and send jingle mail back to the lender of their previous home. If you can somehow qualify to buy a new home at or below market price and walk away from one thats 100k plus underwater ... why not ?
Because lenders have now put in certain guidelines to deter 'buy and bail' which is what you are describing. One of the requirements is you need at least 30% equity. Well there goes California.
At what point did we get away from the simple economic model of supply and demand? We had an artificial demand for so long due to lax lending guidelines and creative financing that we artifically drove home prices up. Values are not dropping anything beyond what they should be. Why all of a sudden are we trying to reinvent the wheel? Let's stick to the fundamentals and let the market take its course. Lets see what the real demand is and go forward from there. Too much intervention will only put off the inevitable and possibly make things worse.
OOOOOOOOOO
There, Sunny, gave ya several!
Too much intervention may make things worse some here say and we also hear the argument that Japan suffered for so long cause they did nothing (or not enough).
CATCH 22 if I ever saw one!
When prices match incomes--house prices can then stop falling.
Although I must say, if the banks won't write off the principal, they can shove the house where the sun don't shine. lol
Screw the mahor banks and the Fed. Stop giving major banks capital infusions, raise their fractional reserve to 100% and thank the Federal Reserve for their time and service while handing them a pink slip. Then refinance all current and future primary home mortgages to 0% interest directly from Henry Paulson's US Treasury playhouse printing presses! Consumers benefit, tax revenue goes up, house values stabilize, and economy revives as investment capital re-allocates to the business sector.
Up with consumers, down with banks!
Craig :)
Debts, I tend to agree with that statement, but it's a little more complicated. For those mortgages held BY the bank, or any lending institution, it's not too difficult to negotiate a work out that will cost far less than a foreclosure. Where it gets complicated is as per this qoute;
"The way that loans were securitized: Loans were broken up and portions were sold off as parts of packages to investors around the world. This made it easy to sell mortgage-backed securities because the risk was spread. Great idea -- on the way up, a Nightmare on the way down. No one knows who owns how much of what, and if the mortgage servicing company can figure it out, it is often impossible to get unanimity from the investors on a loan revision. The only way to deal with this is to modify the terms of the securitization contracts, which is unconstitutional unless done by a bankruptcy court."
What this all means is until they figure out who has what, and find a way to get multiple investors on the same page and make some DECISIONS, we're not going to see anything other than these band aids which do nothing but string out the problem.
There will always be stupid investors, stupid people, and stupid realestate people, I really don't know how the government will take the stupid out of it.
Sunny, how hub and I figure it is that if he looses his job, we can both work at McD's, along with our kids! That's the advantage of buying on one income. You and I are in the safest possible position for the long run, except those that paid cash, of course. --So don't worry. I figure about 2 more years is all that it'll take for 'our' hard times. The govt is rushing to bail, and what's funny is this is just the first wave of the tsunami... at least 2 more waves to come before the end of 2011. Now that they're throwing the kitchen sink at this first wave, wonder what 'umph' they'll have left for the next ones... lol
Honestly, don't worry, if you've been on these boards long enough, you know a lot of tricks to making the budget work that other's don't. That's a heck of a lot of personal power!
I believe so many mortgages were packed up in bundles that the banks cannot take the losses on them so they hold out the foreclosure proceedings as long as possible hoping for the homeowner to BAILOUT the bank by reworking the full balance on a property nowhere near value .
The con is that folks think they OWN the house . That is the bottom line.
And this latest bailout by the fed means NOTHING. The banks thru the hope program ALREADY had the power to rewrite the interest rate and extend the mortgage. The banks already had their own as well, its called a FORBEARANCE agreement.
Unless the gov either buys the mortgage or the bank decides to write it down, nothing has changed in the slightest.
I went to the hardware store and bought 5 gal sealable paint cans. They have good rubber gaskets on them. They hold 25 lbs of flour, and 40 lbs of sugar and rice. Not bad for $5 each. :-)
I'm nervous, too. --But I have faith that I did the right thing for the family. It's a blind faith in God that when we do it right, things will be fine in the end. :-) It's like this one day... our jeep broke down driving to camping. No clutch. We fixed it. It broke down 1/4 mile up the road. We fixed it again. Turned around and drove home. Only hit 1 stop light out of maybe 15. That in itself was a miracle! lol When you're doing it right, it works out (and you don't hit tons of stop lights with no clutch). That's the example I tell my kids. They'll never forget it! lol
You should have gone to E bay. They had a special on assault rifles and ammo. I stocked up.
Sir Allen, with what?, toy guns? Ebay doesn't allow guns and ammo.
I was in Sportsmans warehouse the other day and the lines were unreal, guns, ammo, components...flying out the door. Kind of nuts really. I suppose you can make a case that BO will probably raise the exsise taxes and force the price up, and probably ban semi auto's of anykind at some point, so if one intends to have one, now would be a good time. If they fear that BO would take their guns away, I can only ask who will do that deed? If you are concerned about general chaos, I don't know. I used to think that this country was above that, but after what I saw in New Orleans, I'm not so sure it is. Depressions can get pretty ugly and with the masses that are unable to do for themselves anymore, I would definetly be prepared to survive.
22's? OMG, I would never use such a little calaber. 38 hollow point is about the smallest I'll go. I prefer a 45. Honestly, if I ever have to use it, I FULLY expect that with one shot the person attacking me can't move one single step more towards me. Lots of people have survived 22's. Plus, I want to save the other 5 shots for anyone else coming towards me. Lastly, I prefer revolvers for me, and shotguns for above the doors. Ok, so I'm down right mean when it comes to protection. --But if ya gotta do it, ya better do a darn good job!
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Making the Bailouts Work for YOU
DebtsNMesses
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Since July 2009
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Ok, since our taxes are going to bailout everyone and their uncle (not to mention the dog!), the people it's going to hurt are the people NOT in trouble. The people that did it right, and are not upside down or with a high backend ratio will pay more. The people that are in trouble, and have a high backend ratio will benefit MORE IF they qualify for a handout. Quite unfair I agree.
--But if YOU qualify, TAKE IT. I know it sounds bad, and a lot here will disagree, but if your taxes are going to pay for it no matter what you do, you should NOT feel bad by OFFSETTING those high taxes you (and probably your kids and grandkids) are going to wind up paying.
(Again, pls realize I do disagree with all these handouts and I've spoken against what Congress is doing time and again, but I will not be mean to anyone who takes them, because we must ALL survive this mess and now is not the time to have pride. I am watching family after family hurting, suffering, and getting much deeper into debt while not taking a single handout. This hurts me to the core.)
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