People who bought houses tgey couldnt afford now has 100k taken out of mortgage

[StateOfMind]

http://money.cnn.com/2012/03/09/real_estate/mortgage-settlement/index.htm?iid=HP_LN

Lmao!

People who bought houses they couldn't afford, lived exorbitant lifestyles, defaulted on their outrageously expensive mortgages when things got rough, are now getting 100k shaved off their mortgages.

The reward for people who were fiscally responsible, lived within their means, bought houses they could afford, and saved accordingly? Nothing.

One step closer to socialism. Another victory for the Liberals.

 

[backbreaker]

if my neighbor is upside down on their house for regardless of the reason, better yet if 3 of my neighbors were upside down on their houses and were evicted because they can't pay the mortgage, and i have 3 houses on my street with for sale signs on them that brings the value of my very own house down even though i own the deed to my house.

it sucks but it is what it is. better that than me to lose value over my house for no reason at all.

 

[Burroughs]

Modern banking at its core is essentially smoke and mirrors..

When you have a system that creates money out of thin air, that is a recipe for problems. The banks had their books 'adjusted' now their customers must also have their loans 'adjusted'..this completing a scale balanced on nothing but fiat currency.

 

[Alle_Gory]

One step closer to socialism. Another victory for the Liberals.

One step closer to socialism for the little people. Big business was always sucking on the teat of momma government and always got special treatment.

Now little people can also benefit. Why? Because there are so many in this situation that letting them all fail would cause destabilization and bring down the big business.

It always checks out if you look at things from a corporate welfare angle. Capitalism is long dead.

 

[wait_out]

Niccolo Machiavelli always advocated being very generous with other people's money. Times haven't changed, obviously

 

[Warrior74]

I may be poor and in some debt, but my god I am so glad I didn't let my girlfriend talk me into buying a house back then. I had just met Dave Ramsey and I wanted to be debt free, save up for a massive down payment on an affordable piece of property and only have a 15 year mortgage. It was going to take us 3 years. She refused, she wouldn't save a dime or pay off a bill. Imagine if I would have went in on a house with her. She's probably still be living in it and I'd be paying for it. Thank Zeus for that one.

 

[Bible_Belt]

I am so glad I didn't let my girlfriend talk me into buying a house back then.

I've been told for the last ten years that renting is just "throwing money away" and that I need to buy a house because it was a guaranteed money-making investment. It was always obvious to everyone that real estate values would never do anything but go up.

There's a big, old, brick house in my middle of nowhere small town. It's on a busy street, across from a jr high school, and has ghetto apartments on its other side. It was for sale during the boom, offered at $990,000. My girlfriend liked it. I thought the price was insane. It was still on the market when real estate started going down, and its eventual selling price was, drum roll pleez.....$128,000. What a lost opportunity that was - the chance to owe a million bucks on a $100,000 house.

I do agree with backbreaker, though. The point of the policy is that it helps all homeowners by protecting home values. Foreclosures and vacancies hurt everyone on the block. So do renters, too, in regard to home values. When several homes on a block get rented out just to meet the high mortgage, the neighborhood always goes to sh!t.

 

[backbreaker]

I've been told for the last ten years that renting is just "throwing money away" and that I need to buy a house because it was a guaranteed money-making investment. It was always obvious to everyone that real estate values would never do anything but go up.

There's a big, old, brick house in my middle of nowhere small town. It's on a busy street, across from a jr high school, and has ghetto apartments on its other side. It was for sale during the boom, offered at $990,000. My girlfriend liked it. I thought the price was insane. It was still on the market when real estate started going down, and its eventual selling price was, drum roll pleez.....$128,000. What a lost opportunity that was - the chance to owe a million bucks on a $100,000 house.

I do agree with backbreaker, though. The point of the policy is that it helps all homeowners by protecting home values. Foreclosures and vacancies hurt everyone on the block. So do renters, too, in regard to home values. When several homes on a block get rented out just to meet the high mortgage, the neighborhood always goes to sh!t.

we have this friend, well not friend but we know a guy. you know the type. the type that has read one too many Robert K books

as i alluded to earlier I b ought my house outright when i moved here. I am extremely old school when it comes to stuff like that. I went through enough in life where knowing i can't be kicked out my house means something to me.

anyway, this guy comes over our house like 2 years ago, no it was longer than that we just bought it, or i just bought it she just followed me lol, and the dude basically told me how stupid i was for buying the house like i did and that with my credit rating (at the time about 730) i could basically get free money with the interest rate i could get on the house and that i could use the cash for something else, maybe a rental property. and he had a point. but my point was you know.. i like knowing i own my house. AS a gambling entrepreneur lol there i something to be said for knowing i can't ever get behind on my mortgage. nor aI going to use my house as collateral for antyhing. if i am every out of my house it's because i sold it and moved and bought another house.

dude now is living with his mom after filed BK about 5 months ago. had some rental properties that went belly up and they came for his place. My mom had to file BK because she had mortgages some apartments and tried to fix them up and it went horribly wrong.

alot of the real estate bubble was not so much IMHO the bad mortgages but people trying to play flip this house a little bit too much.


some common sense will go a long way with our society.

 

[Marvin Gaye]

It's good for bankers who do loan modifacations, and can cash big on this..

 

[horaholic]

I may be poor and in some debt, but my god I am so glad I didn't let my girlfriend talk me into buying a house back then. I had just met Dave Ramsey and I wanted to be debt free, save up for a massive down payment on an affordable piece of property and only have a 15 year mortgage. It was going to take us 3 years. She refused, she wouldn't save a dime or pay off a bill. Imagine if I would have went in on a house with her. She's probably still be living in it and I'd be paying for it. Thank Zeus for that one.

Dave Ramsey's prgrams are the shyt! If anyone on here wants to know the TRUTH about buying insurance, banking, credit, and how to budget and save money and invest wisely, check out his courses. A little forewarning though: The first step is to cancel your credit cards.

 

[backbreaker]

Dave Ramsey's prgrams are the shyt! If anyone on here wants to know the TRUTH about buying insurance, banking, credit, and how to budget and save money and invest wisely, check out his courses. A little forewarning though: The first step is to cancel your credit cards.

i like Ramsey's stuff but I think he is a tad bit too militant.

I never was one to tear up my credit cards. Too valuable. I pay them down and keep utliazation between 5-10%, but we use them too much (rewards, cash back programs, pay down at the end of the month, profit). plus you just never fvcking know.


but i have never in my life bought a car that i did not pay cash for or a house for that matter. i don't believe in good debt or acceptable debt. I don't like debt. I like for stuff to be paid off. If I don't have the money for something I don't need it. funny enough the more you don't use credit the more credit they give you.

part of America's problem is that people are leasing lifes they can't afford. the avg person gets a new ipod/ipad every year and don't think twice about slapping it on a CC when they don't have the money for it.

 

[OzyBoy]

I've been told for the last ten years that renting is just "throwing money away" and that I need to buy a house because it was a guaranteed money-making investment. It was always obvious to everyone that real estate values would never do anything but go up.

There's a big, old, brick house in my middle of nowhere small town. It's on a busy street, across from a jr high school, and has ghetto apartments on its other side. It was for sale during the boom, offered at $990,000. My girlfriend liked it. I thought the price was insane. It was still on the market when real estate started going down, and its eventual selling price was, drum roll pleez.....$128,000. What a lost opportunity that was - the chance to owe a million bucks on a $100,000 house.

I do agree with backbreaker, though. The point of the policy is that it helps all homeowners by protecting home values. Foreclosures and vacancies hurt everyone on the block. So do renters, too, in regard to home values. When several homes on a block get rented out just to meet the high mortgage, the neighborhood always goes to sh!t.

Gee i hope prices drop like that here too. I doubt it though.