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Crap like this..

burns me. Today's article in the NYT about possible government bailouts of folks who bought more homes than they could afford, while unsurprising, really pissed me off.

Not one of the folks profiled in this article sounds like anyone who truly needs government assistance in paying their mortgage. They might be losing money on the deals they made but they are not claiming any sort of fraud in their mortgage or home loan...they just don't like the deal they got into. I see no reason why a couple making over 250k, a granny making over 100k, and a couple with 100k in savings should be coming to taxpayers for a handout. It's simply amazing how much our country has bought into the notion of the "privitization of reward but the socialization of risk". You can bet your bottom dollar if the tables were reversed and these folks and made a "killing" on their "investments" in their homes they would have bitched to high heaven about the taxes, if any, they had to pay on that "investment". Yet now that they are over extended on a deal that didn't work in their favor...woe is me. Bleh, articles like this make me ill.

The lawyer couple extensively profiled in the article are one of the true wonders of modern America. Over 250k a year in income and they can't get their financial act together? Oh wait, apparently they've breed like rabbits, gotten divorced, fleaced their cars, ran up credit card debt to all hell and, last but not least, taken a view of their finances that makes one seriously wonder if bailing them out will help at all (“I used to think,” Mr. Breakstone said, “that I would pay the piper later and enjoy life now. I’ve totally reversed that view.”) And I'm supposed to feel sorry for them?

Rant is over...

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Comments

justanothergeek
Feb. 24th, 2008 08:45 am (UTC)
Oh yeah, the other thing that drives me crazy is when the media coverage of the housing market implies that people who can no longer afford their mortgage payment are going to go homeless. Hello! Have you ever heard of renting, folks? I'm in my 30s and have rented my entire life. It's not the end of the world!

Aaaagh, the topic drives me completely bonkers...
boaltie2004
Feb. 24th, 2008 08:45 pm (UTC)
In essence many of them were renting. they got negative amortization loans, paid the minimum amount which didn't even cover their interest payments, and then when they maxed out the loan to the point that the payment went sky high, they cried foul and cried that they were "losing their home". It was never their damned home to begin with, the bank owned and and subsidized them to live in it for 2-5 years. What is truly shocking is when you look at the "payments" they were making, they are often lower than comparable rental rates. So not only did these folks not "own their home" they really didn't rent it either. And to make matters worse, once foreclosure started because the STOPPED making payments, they lived there RENT free for 3-12 months.

Somehow I have a sneaking suspicion this is why 65% of American's in polls say they don't want the government to bail these folks and the banks out of this mess.
justanothergeek
Feb. 29th, 2008 07:49 am (UTC)
Check out this site, mentioned in a NY Times article today!

http://www.youwalkaway.com/
boaltie2004
Mar. 3rd, 2008 04:29 pm (UTC)
can you believe that? i love the name too. just walk away girl...walk away.

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