Responsible homeowner uprising? I'm game.

[AZhitman]

http://www.usatoday.com/news/opinion/le ... titialskip

My house is worth 20% less than what I paid. My immediate neighbors' houses are worth HALF what they paid (I bought later, knowing I was getting a "bargain").

My payment can be made from an unemployment check if necessary. Theirs can't. Mine can be made from a disability check if necessary. Theirs can't. I could pay mine off 100% tomorrow if necessary. They can't.

These were ALL criteria that HAD to be in place before I'd agree to the deal.

So, why am I paying the tab for the morons who didn't apply such criteria?

When do we storm the gates?

[dusred]

So, why am I paying the tab for the morons who didn't apply such criteria?

omg you just hate the poor! your have money and I don't so you should give it to me and if you don't you're just a greedy rich power hungry white racist with no feelings.
/sarcasm

But seriously. I 100% agree with you. My dad taught me this core principle: "If it ain't workin do somethin else". Maybe if more parents drilled that into their children it wouldn't be a problem. If it aint workin to have that big of a house payment go rent a trailer house for $250 a month until you can get a better job/life.

[AZhitman]

I've heard all the arguments, and NONE make sense.

"The mortgage company lied to us."

Ummm, no they didn't. That would be illegal, and they'd be liable. Read your contract, stupid.

"The value was supposed to go up!"

Ummm, yeah. Try telling your stokbroker that when a stock plummets.

What REALLY happened was this: The Left cultivated a culture of entitlement that culminated in a belief that everyone has a right to home ownership, and that anyone standing in the way of that right was either classist, racist, or a one-eyed ogre. Banks went deregulated by greedy Republicans, and in the meantime, the Left employed attorneys and lobbyists to make it "uncomfortable" for banks to deny loans to certain groups.... resulting in a free-for-all of easy credit. Hell, I qualified for nearly a million dollars in mortgage (and chose to spend less than a quarter of that).

Granted, you can't get $ from a turnip, and if someone's $200K upside down and walks away, there's not much the rest of us can do... but as far as I'm concerned, those people should thereafter be ineligible from further public assistance, and should have to pay back the defaulted amount before EVER purchasing another home.

/rant.

[heliochrome85]

http://www.usatoday.com/money/perfi/hou ... -fha_x.htm
http://www.nytimes.com/2008/12/21/busin ... 53088.html
"We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to encourage folks to own their own home."

- President George W. Bush, Oct. 15, 2002
http://www.allbusiness.com/personal-fin ... 746-1.html
http://www.msnbc.msn.com/id/4568925/


thats a good place to start storming if you so desire.

[stebo0728]

how about a government thats supposed to be defending out borders and keeping our roads clean, but instead buys mortgages from fail banks and lets them tank? Is that a decent place to start as well?

[AZhitman]

thats a good place to start storming if you so desire.

Nah, I prefer to begin nearer the source. Who won the presidency promising to help as many Americans as possible buy a home? The ol' stroker-n-smoker himself, Billy Clinton.

http://www.businessweek.com/the_thread/ ... drive.html

http://articles.latimes.com/1999/may/31/news/mn-42807

http://www.presidency.ucsb.edu/ws/index.php?pid=51448

http://www.nytimes.com/1999/09/30/busin ... nding.html

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people

http://www.huduser.org/publications/txt/hdbrf2.txt

At the request of President Clinton, the U.S. Department of Housing
and Urban Development (HUD) is working with dozens of national
leaders in government and the housing industry to implement the
National Homeownership Strategy, an unprecedented public-private
partnership to increase homeownership to a record-high level over the
next 6 years. The ideal of homeownership is so integral a part of the
American Dream that its value for individuals, for families, for
communities, and for society is scarcely questioned. This paper
provides a brief survey of research into the nature and significance of
homeownership's presumed benefits, particularly for lower income
households and other underserved populations.

[heliochrome85]

how about a government thats supposed to be defending out borders and keeping our roads clean, but instead buys mortgages from fail banks and lets them tank? Is that a decent place to start as well?

1.) roads are majorly a responsibility of YOUR STATE.
2.)HOW IS THE FEDERAL GOVERNMENT NOT SECURING THE BORDERS?
3.) The Bailouts began under BUSH.

[heliochrome85]

thats a good place to start storming if you so desire.

Nah, I prefer to begin nearer the source. Who won the presidency promising to help as many Americans as possible buy a home? The ol' stroker-n-smoker himself, Billy Clinton.

http://www.businessweek.com/the_thread/ ... drive.html

http://articles.latimes.com/1999/may/31/news/mn-42807

http://www.presidency.ucsb.edu/ws/index.php?pid=51448

http://www.nytimes.com/1999/09/30/busin ... nding.html

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people

http://www.huduser.org/publications/txt/hdbrf2.txt

At the request of President Clinton, the U.S. Department of Housing
and Urban Development (HUD) is working with dozens of national
leaders in government and the housing industry to implement the
National Homeownership Strategy, an unprecedented public-private
partnership to increase homeownership to a record-high level over the
next 6 years. The ideal of homeownership is so integral a part of the
American Dream that its value for individuals, for families, for
communities, and for society is scarcely questioned. This paper
provides a brief survey of research into the nature and significance of
homeownership's presumed benefits, particularly for lower income
households and other underserved populations.

nice finds. i stand corrected.

[stebo0728]

how about a government thats supposed to be defending out borders and keeping our roads clean, but instead buys mortgages from fail banks and lets them tank? Is that a decent place to start as well?

1.) roads are majorly a responsibility of YOUR STATE.
2.)HOW IS THE FEDERAL GOVERNMENT NOT SECURING THE BORDERS?
3.) The Bailouts began under BUSH.

1) True, I was ranting.

2) Not starting that up again, im too mentally exhausted atm.

3) True, but bailouts were not the start of the problem.

[heliochrome85]

if the bailouts arent the source of your ire (buys mortgages from fail banks and lets them tank?) then what is?

[Eikon]

what is this "mortgage" word that you speak of?

[AZhitman]

nice finds. i stand corrected.

Not corrections, as that would imply that you were "wrong". There's enough blame to go around.

[IBCoupe]

Renters ftw!

[audtatious]

1.) roads are majorly a responsibility of YOUR STATE.
2.)HOW IS THE FEDERAL GOVERNMENT NOT SECURING THE BORDERS?
3.) The Bailouts began under BUSH.

1. Correct, but there is usually some federal "subsidies" to states for road projects. May just be for highway improvements vs. RR's, not sure.
2. Is that a trick question?
3. Correct, and I believe most of those have been paid back to the Gov already.