Resentment Grows Over Paying for Others' Foreclosure Misery - Truckers' Trucking Forum

Cybergal · **^ Top** #1 02.20.2009

Resentment Grows Over Paying for Others' Foreclosure Misery

Quote:

Michelle Fry is a suburban Atlanta homeowner who has seen the value of her modest one-family home drop by more than half in the past year. She now sees a national mortgage bailout plan that appears to reward people who bought more house than they could afford and can't pay their bills. And she has a simple question for President Obama:
"Why am I paying for them?"
"We are very frustrated and scared," said Fry, 32, a newly expectant mother who works as a creative director for a public relations firm. Her husband Sam, 38, is a truck driver for a local printing company. Their combined household income is less than $100,000.
http://www.foxnews.com/story/0,2933,497707,00.html

Mooney · **^ Top** #2 02.20.2009

panhandlepat · **^ Top** #3 02.20.2009

the banks that made those loans are partly responsible too.
they KNEW they were making questionable loans.

(although buyer beware. you should know what you are spending your money on. dont take the "salesmans"word on the quality of the product you are purchasing)

i read somewhere that loan officers,in some cases, were INSTRUCTED to artifically inflate a potential buyers income on paper.
for the couple in the article, "cut and run now"?? yea right buy high sell low, that's REAL smart.
real estate, they ain't making anymore of it, and like the stock market over the long term, will ALWAYS gain.

people anymore are so focused on the short term to look at the long term effects of decisions they make

LandShark · **^ Top** #4 02.20.2009

Quote:

Originally Posted by panhandlepat

the banks that made those loans are partly responsible too.
they KNEW they were making questionable loans.

(although buyer beware. you should know what you are spending your money on. dont take the "salesmans"word on the quality of the product you are purchasing)

i read somewhere that loan officers,in some cases, were INSTRUCTED to artifically inflate a potential buyers income on paper.
for the couple in the article, "cut and run now"?? yea right buy high sell low, that's REAL smart.
real estate, they ain't making anymore of it, and like the stock market over the long term, will ALWAYS gain.

people anymore are so focused on the short term to look at the long term effects of decisions they make

I dont really blame the banks I blame Barney Frank and Chris Dodd and Bill Clinton WHO FORCED THESE BANKS TO MAKE THESE LOANS....

panhandlepat · **^ Top** #5 02.20.2009

Quote:

Originally Posted by LandShark

I dont really blame the banks I blame Barney Frank and Chris Dodd and Bill Clinton WHO FORCED THESE BANKS TO MAKE THESE LOANS....

thanks for pointing that out shark! i realized after i posted that i forgot to include about the gov leaning heavily on banking to make these loans.

LandShark · **^ Top** #6 02.20.2009

LOL anytime....I know you well enough by now to know it was just left out which is why I put it in..

panhandlepat · **^ Top** #7 02.20.2009

Quote:

Originally Posted by LandShark

LOL anytime....I know you well enough by now to know it was just left out which is why I put it in..

10-4!! my biggest point is, there is PLENTY of blame to go around

danc694u · **^ Top** #8 02.20.2009

The very goobs interviewed in this article...are the very ones who DID NOT need a $275k loan.

They could afford it before the value fell. But not now? Even though they make the same money? WTF ????

Sour grapes, is not a reason to whine.

panhandlepat · **^ Top** #9 02.20.2009

Quote:

Originally Posted by danc694u

The very goobs interviewed in this article...are the very ones who DID NOT need a $275k loan.
They could afford it before the value fell. But not now? Even though they make the same money? WTF ????

Sour grapes, is not a reason to whine.

NO S!!! here's an idea.. dont sell your house till the value goes back up.

rocknroll nik · **^ Top** #10 02.20.2009

Quote:

Originally Posted by LandShark

I dont really blame the banks I blame Barney Frank and Chris Dodd and Bill Clinton WHO FORCED THESE BANKS TO MAKE THESE LOANS....

Let us not forget that ACORN had a huge part to play in all this along with many other "community organizatons"

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