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Thread: Obama administration to order lenders to cut mortgage payments for jobless

  1. #41
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by phattonez View Post
    So you're really going to tell me that people didn't know what they were getting themselves into? They didn't know the risk with adjustable rate mortgages? Come on. People are not stupid.
    It was definitely a two way problem and it seems that both sides are getting babied because they ****ed up.
    Rewarding poor behavior doesn't change that behavior.

    To many damn cry babies.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    every hamp dollar extended and not repaid is accounted vs the deficit

    ie, the taxpayer into perpetuity

    hello

    we're already out BILLIONS of HAMP, which not only "failed," but "failed miserably"

    according to ap, according to bloomberg, according to ms speier, according to tarp's inspector general

    NO MORE!

    go down this PROVEN WRONG path at your peril, president ahab

    party on, progressives

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Glinda View Post
    In 2004, I purchased my home for $194,000. Over the course of the last six years, I've invested a lot of sweat and at least $50,000 toward improvements - completely rebuilt the gutted 1/5-mile gravel road, planted an enormous lawn, fruit trees, arbor vitae, 30+ rose bushes and hundreds of bulbs and assorted other plants, built an 8 x 12' greenhouse, three raised vegetable beds, an 8 x 12' Tuffshed, added a large deck on the front of the house and a roof and enclosure for the back deck, put in new carpet, new interior paint, new water heater, new kitchen sink/fixtures and Insinkerator, ran electrical lines to the outbuildings, new septic pump, completely rewired the garage, and on and on and on.

    Two years ago, my home was assessed at $269,000 (before the roof/room was added to the back deck).

    Today, the state assessor values my place at $187,000. Imagine its current "value" had I never invested a dime.
    Did you purchase your home with the intention to live there or for it to go up in value? If your answer both.... and you wait... i am 99.9% positive it will eventually be worth more than $269k.

    If your answer was to speculate on its value... you learned a valuable lesson about asset markets.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by phattonez View Post
    So you're really going to tell me that people didn't know what they were getting themselves into? They didn't know the risk with adjustable rate mortgages? Come on. People are not stupid.


    Well, that's not entirely true... some people are stupid and will sign anything someone puts in front of them. Not so much stupid as ignorant... or.... ill informed or possibly misguided? There's a smaller group that was literally lied to as well... so while I mostly agree people are responsible/accountable for their own actions - they are ignorant/stupid/misguided sometimes too.
    “I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Ockham View Post


    Well, that's not entirely true... some people are stupid and will sign anything someone puts in front of them. Not so much stupid as ignorant... or.... ill informed or possibly misguided? There's a smaller group that was literally lied to as well... so while I mostly agree people are responsible/accountable for their own actions - they are ignorant/stupid/misguided sometimes too.
    Well then we probably shouldn't let them be in control of a lot of capital because more than likely they'll waste resources with the way they invest.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by phattonez View Post
    Well then we probably shouldn't let them be in control of a lot of capital because more than likely they'll waste resources with the way they invest.
    Don't do that, otherwise people like me wouldn't be able to make money.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by phattonez View Post
    Well then we probably shouldn't let them be in control of a lot of capital because more than likely they'll waste resources with the way they invest.
    They can waste it in any way they want... free will baby. They're free to be stupid, ignorant, or wasteful.
    “I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Ockham View Post
    They can waste it in any way they want... free will baby. They're free to be stupid, ignorant, or wasteful.
    That's what I'm saying. With free will, they won't get their hands on much capital unless the government steals it for them, which is what Glinda wants.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

  9. #49
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by phattonez View Post
    That's what I'm saying. With free will, they won't get their hands on much capital unless the government steals it for them, which is what Glinda wants.
    If you can't beat them on the political front, take it from them in the market.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Glinda View Post
    And through no fault of their own, but rather as a direct result of the greedy and unscrupulous mortgage brokers and lenders who set the foreclosure extravaganza in motion by trading hyper-inflated junk.



    Let me tell you a story...

    In 2004, I purchased my home for $194,000. Over the course of the last six years, I've invested a lot of sweat and at least $50,000 toward improvements - completely rebuilt the gutted 1/5-mile gravel road, planted an enormous lawn, fruit trees, arbor vitae, 30+ rose bushes and hundreds of bulbs and assorted other plants, built an 8 x 12' greenhouse, three raised vegetable beds, an 8 x 12' Tuffshed, added a large deck on the front of the house and a roof and enclosure for the back deck, put in new carpet, new interior paint, new water heater, new kitchen sink/fixtures and Insinkerator, ran electrical lines to the outbuildings, new septic pump, completely rewired the garage, and on and on and on.

    Two years ago, my home was assessed at $269,000 (before the roof/room was added to the back deck).

    Today, the state assessor values my place at $187,000. Imagine its current "value" had I never invested a dime.

    Now explain to me how I can possibly be faulted for the loss of value to my home. Please.

    I'm all ears.



    Pray tell, who do you suppose is going to buy it? All the unemployed people out there whose homes are being foreclosed upon?



    And when millions of jobs disappear because the economy is in a pit... Then what?



    I think it's clear you have no real understanding of how we've come to the point we have.
    Arborvitae and roses do nothing to increase the value of your home. Curb appeal, yes. Value, no.

    Many of those other improvements seem more like asthetic improvements. I would guess that the house was likely in not such attractive state when you bought it or you wouldn;t have had to do all that. If so, you likely paid a little less than FMV at the time because of the condition.

    Assessed value is not the same as fair market value. Hopefully your assessed value is well under FMV so you won't pay as much in taxes. Do you want the assessed value to be higher??

    Did you buy your house as an investment property or a place to live?

    I also built my home at the top of the market. I'm not planning on selling unless I absolutely have to, and then, rest assured, I know I'll be getting a bargain on the new property I buy.

    What people fail to realize is that a lot of foreclosures out there currently are NOT caused by someone losing their job or getting into trouble because of ARMs. Yes those happen, but a lot of people bought bigger and better homes before they sold their current one. When the former didn't sell quickly, they ended up carrying 2 mortgages. Many just defaulted on the previous one since they were already comfortable in a new and bigger house with no plans to move any time soon. In many cases, they strip the first property of all the goodies and install them in their new home. For every poor Joe down on his luck, there's an opportunistic Josephine out there taking advantage of the current situation.
    Quote Originally Posted by soccerboy22 View Post
    You guys are weird.

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