39 Republicans Join Democrats As Mortgage Bill Passes House - Page 2

Parker · #11 05-11-2008, 05:15 AM

Quote:

Originally Posted by VTXDave

Doesn't the final responsibility lie in the hand(s) of the buyer(s)? Anybody, IMO, with any sense would first look at their budget to determine if the house they're buying is beyond their financial capability, yes? Nobody held a gun to their head and made them sign the loan docs. I am fully aware that there are unscrupulous lenders offering "less than ideal" loans, but the onus lies on the buyer as to whether they want to enter into one of these loans or not.

Wow, common sense. It's nice to see it.

I wanted to put 5 percent down. One jackass tried to sell me on 2 loans. 1 was for 20 percent of the house value and it was a 10 year loan, the other was 75 percent of the value for 30 years. "Most people do it this way." Needless to say that skeeve didn't get my business. I checked with 3 other different lenders after that, all were within $10-20 bucks on the monthly payment. Doing homework has it's benefits.

The people who lost their houses because of wages driven down by the influx of illegals because of the governments failure to protect it's citizens are the ones I feel for. Losing $2 an hour on a forty hour work week equals ~$4,000 a year before taxes.
People who lost money because they invested in a second house for profit get little sympathy for me.

medicineman · #12 05-12-2008, 10:42 AM

It's pretty much a moot point since the "Bush" has said he'd veto any bill that actually helped homeowners. Ya know, he wouldn't actually want to help us poor folk. I'm surprised he didn't OK a speculator only bill, well actually he did, as he bailed out those savings and loans, and that my friends is pure speculation.

VTXDave · #13 05-12-2008, 02:16 PM

Quote:

Originally Posted by medicineman

It's pretty much a moot point since the "Bush" has said he'd veto any bill that actually helped homeowners. Ya know, he wouldn't actually want to help us poor folk. I'm surprised he didn't OK a speculator only bill, well actually he did, as he bailed out those savings and loans, and that my friends is pure speculation.

Many of the foreclosures out this way aren't from borrowers who are poor. For example, I personally know a contractor who is sitting on 3 homes that he built that he cannot sell now since he owes more than what he can sell them for. A lot of the homes on the Sacramento area that are in foreclosure, or close to, are 3000 sq ft plus homes where borrowers "bit off more than they could chew". Hardly poor IMO. They simply wanted a bigger, nicer home and were willing to get 0% down loans with no income qualifying in order to get into those homes. There are also some who've purchased 2nd homes to "flip"...They can no longer sell them and are stuck w/ 2-3 mortgages now.

I will concede that as commodity prices rise, more people are edging closer to that "edge" so to speak. For example, we have a new (3 years old) home that is 2600sq ft on acreage. It's beautiful, in a nice area, yet the home is now worth less than what the mortgage is. However, we're OK as we do not intend on selling for at least 10-15 years. We bought the house as our primary residence and it's comfortable. I am the only one currently working, and yes, we've had to do some "belt tightening"...But we're managing to pay the mortgage every month, pay the bills, and put food on the table. Our loan is fixed and we won't have any balloon payments coming due nor will we get a hike due to an interest rate hike.

We bought smartly...Many of the borrowers who are in foreclosure did not and overextended themselves due to their own greed...IMHO of course.

heywhatsthatsmell · #14 05-12-2008, 02:32 PM

the government has to do something about the housing market and forclosures. its along with the war is why our countries in the shitter. Once people can make there payments there going to have more disposable income to spend. So it helps just like our stimulus checks. Also once the banks stop closing on everything interest will go down and people will buy houses. And then construction workers wont be in slump and they have money to spend.... Once we fix this were gonna be on the right track...well maybe next century after our 100 year war!

ViRedd · #15 05-13-2008, 08:35 AM

Quote:

Originally Posted by heywhatsthatsmell

the government has to do something about the housing market and forclosures. its along with the war is why our countries in the shitter. Once people can make there payments there going to have more disposable income to spend. So it helps just like our stimulus checks. Also once the banks stop closing on everything interest will go down and people will buy houses. And then construction workers wont be in slump and they have money to spend.... Once we fix this were gonna be on the right track...well maybe next century after our 100 year war!

1. We are in "the shitter" because the Federal Reserve continued lowering interest rates to the point that the country was flooded with dollars, thereby lowering interest rates to an artificially low level.

2. The stimulus checks are nothing more than a pre-election carrot on a stick. The money is being borrowed, probably from China. When the checks arrive, Americans can go out and buy more Chinese made goods. Whose economy is being helped by the stimulus checks? ~lol~

Vi

medicineman · #16 05-13-2008, 09:30 AM

Quote:

Originally Posted by ViRedd

1. We are in "the shitter" because the Federal Reserve continued lowering interest rates to the point that the country was flooded with dollars, thereby lowering interest rates to an artificially low level.

2. The stimulus checks are nothing more than a pre-election carrot on a stick. The money is being borrowed, probably from China. When the checks arrive, Americans can go out and buy more Chinese made goods. Whose economy is being helped by the stimulus checks? ~lol~

Vi

Pre election stimulus checks, benefiting who, John McCain? Pretty sneaky if ya ask me. Our grandkids will be paying for this for years to come. Dave, I hope you don't lose your job old buddy. There are more than one family one paycheck away from disaster. I remember when I was a young man, I worked two jobs, went to college at night on the GI bill, Bought my first house for 15,000, my wife stayed at home and raised my two babies, and We got along fine. there wasn't a lot of extra money for toys and stuff, but we lived OK. Now it takes two incomes and sometimes three just to get by, well unless there is that silver spoon thingy. A new home is still 150K and up, mostly up. The American dream is a nightmare for most of Americans at present, hopefully, with a change in government it will get better, I did say hopefully. I've noticed that it has gotten progressively worse over the years for people to come from nowhere and make it.

ViRedd · #17 05-13-2008, 05:22 PM

It takes two to earn a living. One to put food on the table and pay the expenses, and the other to pay for the huge, over-bloated government that the so-called "Progressives" have given us. And, before you go bananas, Progressives are in both parties.

Vi