Originally posted by Wildbob77
One of the things that is not being pointed out is why would someone make such a silly choice.
I have a relative that lives in any area that has been hit with lots of foreclosures. He asked his Realtor how these things happen.
The answer surprised him. The Realtor said that the houses is this area rent for $2500-$3000 per month. But when all the money was flowing and you
could get ridiculous teaser rates and 100% financing the initial payments on those loans were closer to $1000 per month.
So, many immigrants (legal and illegal) took those loans because they were cheaper than paying rent. So, you'd live in a nice house for a few years.
The loan payments start adjusting up and you simply don't pay them or don't pay them in full. You can drag out a foreclosure for quite a while if
Eventually, they just walk away from the house.
But, they lived there for several years at greatly reduced rent.
So who was the real victim?
maybe they really couldn't afford the rents either!!
I know we've been in that position before.
besides, you could take the loss on all these foreclosures and add them up, and they would be overshadowed by the amount of money that our government
has thrown into the problem. heck, the total value of all the homes in this country is probably overshadowed by it...
remember, this is bush's "ownership society"??
remember him spouting that idea, because I do...
he wanted us all to own homes too!!!
well, there was one little flaw in the whole thing...
the danged taxpayer is gonna end up owning everything, but having control over nothing!
the blames goes from those stupid homebuyers who should have known better all the way through the real estate, banking industry, and all the way up
into the high levels of government.
but, as far as those stupid homebuyers out there, well, what can I say, when the government and society creates an environment that a portion of their
members have no chance of being able to live in, well.....
all the rules change!!!
heck, blame the religions, they're probably still spouting that name it claim it philosophy, ya know, where you tell God you want something bad
enough, you go and get the stupid thing, and then you have faith that god will deliver the money to ya so you can pay for it...
maybe they were all just "claiming" what God told them they could have!!
the whole economy has been arse backwards and not suitable for human living for some of the members for a long time. you all have been bailing out
many of those members month after month, year after year, with just a tad bit of griping, while telling the rest of that group how lazy and dumb they
are because they just can't find a way to live in your overinflated, overtaxed, overpriced economy! it's been allowed to be like this because hey,
some other of it's members have been able to get filthy rich with things as they are. and some of those that have been raking in the money just had
to have more and found some neat little schemes like the credit default swaps to use to trade the rake in for a bulldozer!! this was the situation
while bush was in office and all those neocons were claiming how great their economy was...ya, it was great!!! position yourself in the right place
in the flow of the taxpayer's dollars and start hauling the cash in!! check out out your own community, see just how many of your politicians own
rental property!! didn't matter how much they rented their units for, because well, they were on the other side promoting the idea of hud to
increase the taxpayers bailouts(hud vouchers) for them!
well, the whole thing seems to have collasped! would you have preferred that it kept on going, and next year, the price of the average home was
$750,000...then a million, and so on, and the price of the average rent went from that $600 - $1,000 range up to the point where you wouldn't be able
to put a roof over you head without a $20/hr job?
but ya, blame the little guys who are just struggling trying to find a way to survive in your overinflated little bubble, the ones who are walking
away neither much poorer, or much richer than when they started....
while, others collect their billions of taxpayer chips and go home, or to aruba, or whereever....
there's a fundamental flaw deep within our economic system, one of the basic tennants that society was founded on has been stripped! the baker who
was told that if he came into the city and just baked his bread he'd be paid enough to buy all those other things that he needed is now being paid
one tenth of what he needs, although society still needs his bread!
either pay him what he needs to live in your society, or live without his bread! or well, continue paying bailout after bailout, scheme after scheme,
as we try to find the elusive solution to the never ending problem....we need these people doing their jobs, but we don't want to share enough of
what we have for them to live!!
now carry on with your blame game....have fun with it!! hey, ya know, now, I am being forced to put my medical bills onto credit cards or well, they
go straight to the bill collectors....my supervisor at work must have over $100,000 on her little medkey card...drawing 5% interest...being charged
$5,000/yr in just interest on her healthcare that's she's recieved. I couldn't say for sure just how much she makes, but I bet the interest rate
charges are a quarter of her income! but, the little pregnant lady with the two kids....soon to be three, with three different daddies...oh ya,
she's on disability, her kid's will be delivered on taxpayer money, taxpayer money will be used after the baby's born for those days that she just
finds taking the kid to the doctor for whatever reason comes to mind for a note to justify her not coming to work...and all is just rosy in the
world!! till my supervisor dies....and that $100,000 dollar balance on her medkey has grown by $4000 every year because, well, there's a low monthly
payment, and she doesn't pay more than that!!....and that bill, and many others like it becomes unpayable!!! then well, we can play this bailout
game all over again!!!
THE SMART PEOPLE ARE THE ONES GAMING THE MANY DIFFERENT SYSTEMS that have been put in place to compensate for the fact that society wants the bakers
bread, but doesn't want to pay the baker crap for that bread!!