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Is it wrong of me to hope all these housing bailout bills fail?
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GTaudiophile
Lifer
QFT
FallenHero
Diamond Member
You should not have bought a house on shaky credit in the first place. I rent, but built up my credit through car loans/student loans/credit cards to show that I have a good spending habit. You wanted a shortcut, reap the rewards my friend.
How much did you purchase a house for since you lost 100k on it?
You are looking at this from a really bad POV. There is no "deserved punishment" here. This sort of thing effects us all whether we are responsible or not. That's just the way the economy works. If you believe that just ignoring it and doing nothing means only those who are irresponsible will get screwed then you are mistaken.
NO, I bought a house I could afford and have been since I bought it. Interest only let me pay off other things and improve my credit. I did not buy a McMansion or buy expecting to get rich quick by flipping it. I simply bought a nice little place for myself. Unfortunately, other people not making their payments like I have has ended up costing people tons of money.
Capt Caveman
Lifer
I concur. Too many people don't realize that actual impact this has on everyone and the whole economy.
Please correct me if I'm missing something.
As more and more people purchased houses based on loans these loans, the value of houses went up. Cheap property didn't sit on the market long and thus people could raise the selling price of their houses.
Now the loans these people got had all sorts of perks... like the rate of the loan would start out low then raise to compensate for the lower start rate a few years in or so... These people would go to refinance in hopes to get a different loan with a different rate right when the rate would increase. Long story short, they have a mortgage payment they can't afford now, and if they just sell the house they'll lose lots of money... they bought the houses at an escalated price and because of the crisis people aren't looking to buy as much. It did a total flip-flop. Value was up because people wanted to buy, and now value is down because people can't buy.
With all of this BS going on, the banks have the option of cutting people a break or foreclosing the houses... if they foreclose they now have a house that isn't worth as much as they loaned money out for... so they want the government to eat the cost rather than taking responsibility or trying to work something out with the buyer and have both parties reduce their losses.
It's like digging a hole deeper and deeper because the more the banks get bitten, the less likely they are to loan out money and the less people can afford a house. The less people there are buying houses, the lower the value of homes goes and the less likely homeowners facing foreclosure are to recover as much money as possible.
Cliffs: Imagine buying a home 5 years ago for 200k and having a 1500/mo payment on it that you could barely afford. Then imagine 5 years later the value of your house is higher and your interest rate increases so you're now paying 2000/mo on it that you sure as hell can't afford. They didn't plan on this happening.
GTaudiophile
Lifer
It's just so sad that no one in Washington listens...
But I feel better that I am not the only person who believes that people should take responsibility for their actions.
But I feel better that I am not the only person who believes that people should take responsibility for their actions.
FallenHero
Diamond Member
Agreed.
Interest only...like I said, you should not have bought a house on such shaky credit.
You realize the difference between a standard mortgage and interest only is about a few hundred bucks right? He did say he was using that extra money to pay off other stuff to improve his credit which means he did have the money. No one should have to fear that the combination of their mortgage, taxes, and insurance will rise so much so fast that their total payment doubles. This country was not always like that and there is a reason why it is a problem now. That problem needs to get fixed so we can go back to the way it used to be when you didn't have to have ridiculously perfect credit and spend hours and hours and hours researching every little detail about mortgages and questioning nearly everything the experts tell you just to make sure you don't get screwed. That is not how it is supposed to work. It is complete bullshit.
You took a risk that you could get a better rate eventually. You lost on that risk but you are fortunate that you can still make your payments.
Why should WE be punished by forking over tax dollars to help the people can't afford it when we didn't have any say in who took these risks?
I'm not trying to give you crap but you can't play the "oh poor me!" game when you did exactly what the people who are having trouble did.
It's like if someone threw a party, the cops came and broke it up, you and some of your friends got away and some got arrested... and you're pissed that you forgot your beer.
waggy
No Lifer
here is a idea. don't put yourself in the situation to begin with. YOu took a interest only ARM. now bitching because you have to pay it and yoru house value went down? BOOO FUCKING HOO.
my house value went down also (though not stupid enough to get such a loan) guess what? i still have to pay for the house.
only person who should be punished is you. not me on this.
Because these people should not have been convinced by the experts that the loan they were getting was perfectly fine and he could always refinance. You are not being punished. You are being saved. If we do not do something to fix this then your life is going to be "punished" far worse due to how our economy will change and impact you. One thing to consider is that the level of responsibility that people have has not really changed since the days that this housing crisis was not a problem, but something else most certainly has changed now hasn't it? So, if people's responsibility levels have not changed but a new big problem has shown its ugly face then doesn't that suggest that it is not the people who are responsible for that problem?
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