Housing Foreclosure bailout Federally Guaranteed?

http://www.nytimes.com/2008/06/25/washington/25housing.html?_r=1&th&emc=th&oref=slogin

IMHO - I think the lenders need a good swift kick you know where and not to diminish responsibility of the homeowners who got in over their heads (some knowingly and some benignly not knowing). My gosh! 8000 foreclosures daily?

 

It's funny how there always has to be an enemy or some evil force behind something--Big Oil, predatory lenders, evil hospitals. The lenders are already reaping the consequences of their stupidity--losing millions and millions of dollars.

Why does Congress have to get involved in this? This is a good thing that is happening--housing prices are becoming more affordable and families are learning the hard way not to get in over their heads. The most compassionate thing we can do is let people lose their homes and rebuild their lives--and we as individuals can help them out as their neighbors.

But why a sanctimonious Congress (whose policies actually played a part in this mess to begin with) wants to bail out irresponsible lenders and homeowners with other people's money is beyond me.

 

For the same reason Congress has to conduct an investigation into Major League Baseball and Video Games - to get their faces on TV!

 

The reason why, if you own a home, your value is going to keep decreasing until this mess is over. And this is far deeper then the savings and loan crisis with no end in sight. The end is not in sight. Many of these loans are years out before they will adjust. Not to save the speculators or the banks, but to help people and be compassionate. We are only seeing a small seasonal blip in the real estate market. By the end of the summer things will get as bad as ever especially out here with no relief in sight for gas prices and roads and the ever increasing shortage of money for the school system. The BOS cannot increase taxes next year as the last increase has already hurt attracting new business.

And Silence with you high mighty attitude and your social work, I find it hard to believe you don't collect some money for your services from government sources directly or indirectly.

 

Lee, I hope you have a helmet so you don't get hurt too bad since your sky is always falling! What did I say that was "high mighty"? I simply made the point that the government confiscating money from one person to give to another is not compassionate.

Compassion is when individuals and neighbors who care pitch in and help those in need. I don't expect the government to care for people--that is my job and your job.

And sometimes compassion is letting people suffer the natural consequences of their actions--just like it is sometimes best to let our children get hurt rather than always bail them out, because in the end it teaches them a valuable lesson and makes them a stronger person.

99% of our revenue is generated through serving individuals--perhaps 1% may come very indirectly through a government source. Why is that even relevant? If I provide a service that the government legitimately needs, that is far different than politicians arbitrarily deciding to subsidize/bail out a company or family.

 

I don't think anyone is to judge another human under any circumstances...alot of things are easier said when it isn't you! I am a harder worker, I have a beautiful daughter and I have owned my home for five years. I am in foreclosure and my house will be up for sale on July 15th that leaves me 15 days to find a home and a roof over my childs head. Was I in over my head, no I just could see into the future and know all of the up hill battles my family was faced with. My husband who is in telecommunications was laid off a few times, back surgery, and the stress brought us to a seperation from eachother. Now back together both employed, his back is healing but we still lose our house...I wouldn't consider that over my head. Feel very thankful that you haven't been here and please don't judge, as I do not judge and still smile everyday for my daughter and still not able to predict the future.

 

Hi Kilian, I am sorry you are in this situation and know that it seems insurmountable. I am not "judging" you in any way at all. I am just saying that it isn't the government's job or responsibility to care for people. That's what family and churches are for.

I have been in a similar situation. A few years ago, we were almost $100,000 in debt. But I can tell you looking back--after many years of working multiple jobs, living very frugally and paying down debt--that I am grateful for the experience. It made us stronger as a family and we learned so many life lessons. Although I know this is a time of great stress, I believe your family will emerge stronger from this experience. Best of luck to you all.

 

Kilian he is a link to Leesburg Today article about foreclosure help and don't give up.

I totally disagree with Dog you are the prime example why government should intervene. There are also too many sharks and there should be laws to put them out of business and possibly in jail. They pretend to help but all there want to do is steal your home and again why government should intervene. Don't get me started here but home flippers and investors that got themselves into trouble are far different then the good people like you Kilian and many of them actually helped cause the problem the housing industry faces today.

Maybe the people below can help.

http://www.leesburg2day.com/articles/2008/06/26/news/fp486vforclose062508.txt

The jist of the article

""""""""""""The Loudoun Cooperative Extension is a joint program of Virginia Tech, Virginia State University, the U.S. Department of Agriculture, and state and local governments. The task force was created by Governor Tim Kaine to develop strategies to help address Virginia's growing foreclosure rate.

"Our goal is to help people who find themselves facing foreclosures to know there are options," Johnson said.

Johnson can be reached at Loudoun Cooperative Extension at 703-777-0373. """"""""""

 

Linux how about a beer with me and Steve and Dog and the new one Chalas??????????? I will buy a couple of rounds, perhaps we can try to get along then. You guys just pick the place.

 

This is exactly my point, Lee. There is NO need for government to be involved. There is already a Loudoun Volunteer Financial Council established to help with these issues. Why does it take 5 (yes, FIVE!) different entities (Virginia Tech, Virginia State University, the U.S. Department of Agriculture, and state and local governments, including the Virginia Foreclosure Prevention Task Force and the Virginia Housing Development Authority) to provide this help?

Please tell me WHY the U.S. Dept of Agriculture is involved in this?! How much time, coordination, paperwork and money did this take between all five entities to provide this sole counselor who was already available through non-profit organizations?

 

So here we are discussing people losing their homes, including our neighbor Kilian, and you want to get together to drink beer? That's my point. You don't want to do anything to help--you want someone else to do it, you want the government to waste its time confiscating money from other people to somehow fix the problem.

Linux is right--you brag about the "castle" home you built, about your $1.2 Million home, but you aren't willing to dig in and help.

I will meet with you, but ONLY to see if we could save Kilian's home--I am willing to donate money, talk to local churches, see if we could sell off some assets, talk to lenders, etc. to see if we could help Kilian and her family. Heck, Lee, you know all the high rollers around here, I am sure you have some connections and could provide some help.

If Kilian is open to it and if there is time to save her home, I think it would be a great project for us to work on together.

 

It takes five organizations because we are not organized or realize the depth of this crisis and no one including the feds have taken any lead on this. As a matter of fact looks like some in Congress are up to their eyeballs in getting sweetheart loans. No wonder they did not get involved at first afraid to be exposed.

Anyway Silence I like your idea idea to help if possible Kilian.

Further there is ample opportunity in Sterling park and a bit in Leesburg and other parts of the DC area for organizations such as Habitat to go in and rescue a bunch of these homes in foreclosure for many that are deserving. I know Habitat has done that in other parts of the country. The BOS has said they also would like to go in and rescue a bunch of these homes for the teachers and other workers in the county, but I am afraid the wheels of government move too slow compared to private organizations such as Habitat to save these homes from the sharks that will eventually buy them up wholesale. Hopefully there will not be a mis opportunity here.

 

Sharks?? Why are they sharks?

 

there were many realtors who passed fake loans, lied to first time home buyers about what they were getting into- and overall took advantage of ppl who were ignorant of the way home buying works, and played on their excitement about a housing market that would finally allow them to buy a home, acc. to the liar who sold them a home.

i wish i knew were the article was that i read about a team of 8 realtors/brokers who have been arrested for bilking folks of over $4M with false information and out and out lies. now THOSE folks are losing their homes regardless of the false pretenses under which they bought.

there's a certain amount of TRUST that goes into buying a home especially your first one. you can't possibley read and understand ALL of the fine print- they do that intentionally so we have to pay others to walk us thru the process.

i don't know who's responsibility it is to bail out ppl who were lied to but they should be put into home they coudl actually afford and the thieves whould be forced to pay back the money they STOLE to cover the moving costs of these folks.

 

I thought Lee was speaking about investors who are buying foreclosed properties.

 

Linux in your haste looking for non existent evil things you think I say you might want to reread my post because I am ready and willing anytime. You keep looking for ghost that don't exist.

Anyway Softball Chick we call people that go in and pretend they will try to save you from foreclosure but their real motive is just to steal your home for their own private gain. The feds just arrested a bunch of them. Their are different degrees of sharks some border line legit. But they get in their before it goes to auction or the bank puts it up for sale because they can scam the people in trouble far easier then the bank which they can't. They make all kinds of claims they wuill ave your credit etc etc. Most of these sharks act like your best friend and they will save you, but of course that was never their intention. Believe it or not the bank does not want your home and most banks will go out of their way to help you if you don't hide from them. But legit foreclosure consulars which are backed by legit governmental or private agencies can many times do wonders because they know the ropes and the right way to go about talking to your bank and how to get the right peoples attention. ANd it just adds another voice to help you. Silence Dog as well meaning as he is is no foreclosure expert and that is why I posted the real people that can give legitimate help. The gang of three here now the Dog, Steve and Linux are just spouting a lot of hot air at me ha ha ha and why then continue is beyond me there is the ignore button on these boards

What scares me is I pointed these people to the right agency and Silence wants to jump in there like superman into something he does not have a clue about. That is why we have government to help where the public can't. IF Everybody and their kids lived a perfect life like the gang of three here then we would not need the police or the military or public agencies, now would we?????? It seems the gang of three just wants the people left in Loudoun nto live the fairytale life and the reast must go somewhere else and leave them alone. If you don't know there is a problem and what it is then you can't solve it.