Housing Foreclosure bailout Federally Guaranteed?

I am not talking about legit investors but the sharks that either are border line in their motives or are just plain out there to steal and not make good on the promises they make the people in trouble. They are the ones that you see the signs or ads that say they can help or they look up public records and then prey upon the ones in trouble with no intention of helping them. It is like the car dealerships that say bad credit no problem ha ha ha What these car dealers know is their are many people that think there credit is bad but is not that bad and they take advantage of them. The car sharks certainly don't help people with truly bad credit. It is finding the basically orderliness people that are are honest and hard working but fell into some hard times and then these eveil sharks take what is left of them.

 

And yet, you STILL want the Gov't to take care of the problem.

Just like your issue with healthcare. You think the Gov't does an awful job citing Walter Reed and yet AGAIN, you want the Gov't to impose universal heathcare.

I bet you do not want to pay more taxes and YET, you will vote for a tax raising machine in Obama.

 

Another instance where you want the Gov't to help people out. Yet you said it before that the "Feds do not know what they are doing".

 

Redon1 can you speak for me from now on please pretty please you say what I want to say so much better.

Anyway many people could afford their homes until the rate went up to the mafia interest. The point is if the rate would of stayed at the rate many of us pay they would still be able to afford it. That is where you all are missing the point the bank and mortgage brokers took advantage of these people with extremely high fees and rates that turned into mafia interest it was all about greed. The independent brokers got huge fees up front and then packaged them with some of their normal loans and sold them to wall street. Wall street knew what they were doing also and now all these people are crying while they took advantage of people for their own exorbitant greed just like house flippers another group of sharks. The real estate business needs to be regulated so these private sharks cannot take advantage of people. There are huge loopholes in the real estate businesses and building business. Here is one I bet non of you knew. A builder in Virginia when you write him a check does not have to hold that money in escrow and can spend it as he sees fit even on a new Cadillac. The first draw in the building business has been known to be called the Cadillac draw. Now he does have a contract with you to build your home but if you read the contract I bet no where does it say how he is to spend the money you give him. A real estate agent must put that check you give them into escrow and that is the law, no so with a builder.

 

T8 is it your life's work to pick apart everything I say ha ha ha

Get with the program you know where I am going with this.

And T8 you missed another one of my parties last Wednesday evening a week ago which was for a good cause or perhaps you could not find a place close enough to park

 

Your logic is so twisted, Lee. You are just wrong--I didn't offer to help understand foreclosures, I offered to help a family, a neighbor in need. You say the government is there to help where the public can't. Two problems with that: (1) Where do you stop government from helping and intruding? Do you want the government to become a cradle-to-grave nanny state for every problem we have in our lives? I can't afford a $1.2 Million home like you have--that's not fair. Shouldn't the government help me so I can have a bigger home for my family? There is no limit to the supposed needs each family in America has. (2) In this case, family, churches and neighbors CAN help. Linux is right--you just want to complain and leave it to others rather than help yourself.

Lee, we know there are problems and people are hurting. Your idea of compassion is to send them to some government bureaucrat to have their problems fixed. My solution is to have family, friends, churches and neighbors help them out, and ultimately for people to have the dignity of taking responsibility for their lives and clawing their way through messes.

You say you care so much, Lee, but you aren't willing to provide your incredible services (you are THE expert, remember, and the first one all contractors call) to poor people in D.C. and you aren't willing to sell your $1.2 MM home and give some of the proceeds to those who are hurting. Sounds like empty talk to me. Oh, that's right, you are an egomaniac architect, comes with the territory Right, good buddy, ha ha ha ha

 

Every person is responsible for their own actions. Yes, there are predatory lenders. But there are also a lot of greedy home buyers who just had to have the $400k or $600k home they couldn't live without (and that they really couldn't afford). They knew they were taking a risk by securing an interest only loan, they know the low interest rate would give way to high interest rates later (that's how the lenders make their money back).

If people wanted the rate to stay the same, they should have locked in a guaranteed rate instead of rolling the dice. And the lenders couldn't offer such insanely low rates if they didn't make it up later. Do you want the government to set mortgage rates? Should the government set gas prices as well?

And aren't you missing the fact that a huge number of foreclosures are on investors who took a risk and lost on the roll of the dice? There is plenty of blame to go around, but let's not just demonize lenders. At the end of the day, each of us is responsible for our own actions.

 

Look, 8000 foreclosures a day, that to me means there is a bigger picture here.

As for help, yes you can contact groups to help you, but have you ever contacted a specialist to help you when you had no money.

Don't get me wrong I work at Freddie Mac (We make homes Possible) I love where I work, but they can't save everyone can they.

Lee --- you aren't very nice, but maybe that is why you are where you are. You made it to the top for the reason and that is good. Congrats and enjoy that beer.

I don't want sympathy of course I just wanted everyone to know that there are more people that are losing there homes because of things out of there control...

 

I agree with you here and they should bite the dust. and they were a big part of what led us to where we are now in the housing mess. As a matter of fact there should be a way to separate and identify the investor from the person who bought a home for flipping as opposed to the people who bought to live in the home as a home. Dog I think you see too many of the sensational stories on TV about people that over extended themselves. There are many more that are being preyed upon by the false hope from the sharks when they would be better off working with there bank and real foreclosure experts. That is what I am trying to say.

I have noticed you go into the future about what you think I am going to do as to opposed to what I really do.

So Silence since you are in the fortune telling business as well what is going to happen in the next 24 hours with me and the next week and the next year. You are also welcome for the tour so you don't have to guess about my future or exactly what I do and don't. ha ha I believe you spend a little too much time worrying about me I will be just fine. Just keep helping those that actually pay you and can afford you.

 

i am 100% agreement with personal responsibility but NOT that a regular schmoe understands the ins and outs of lender tricks and aschemes, interest only loans, how BIG of a risk it really is, especially when the glib guy says- " I can't see rates going above xxx for 10 years- you shoudn't have anything to worry about..." if that was the case Judge Judy wouldn't have a job! you figure the pros won't lie to you, you TRUST them to a degree to help you get the most you CAN afford.

yes some ppl are greedy- but if straight talk said "look- if the rate jumps to xx% which IS possible, your mortgage will go to $xxx- can you afford that?" many ppl wouldn't have made the deals they made.

We HOPE we asked the right questions, we consulted friends in the industry and had a clear idea of our limit, and as long as we can maintain our income, we can maintain our mortgage. but not everyone is fortunate enough to have a network they can trust, and they get taken for a ride.

especially seniors looking to refi- i read a story about a woman whose home was in her family for 50 years, and refinanaced to fix some problems- got a shady deal, the lender was jailed but she STILL will lose the home. SHE WAS 75 years old!!! her generation trusts young whippsersnappers to do the right thing. disgusting.

so no one side is without blame, BUT circumnstances of each case should be considered in these bail outs- greedy "i need to keep up with the joneses folks- eh." seniors being taken advantage of- someone step in and undo the harm those shady lenders NOW IN JAIL did to them.

 

Lee, honestly, I do not know where you are going. For a this particular subject you condemn the Gov't in one sentence and then in the next want them to take over. It is like saying "I think McCain is the worst politician in the US" and then saying "I am going to vote for McCain". You are literally all over the map with your thoughts and none of us here know a damn thing about your geography!!!!

As for your party, I knew nada about it, so how could I have missed it?!

 

Maybe I am not speaking for the masses, however when buying a car/etc it seems most people don't bank on everything the salesperson tells you. You do some research and make sure you know what you are getting. Granted a loan agent or realtor may be viewed as "more skilled" or "more professional" than a car salesperson but the bottom line is you don't just blindly trust someone who's only gain is if you buy and certainly not when the size of the buy is directly proportional to the salesperson's gain. I have friends and family who have done just that. They'll never trust a word out of a car/retail salesperson's mouth, but yet they'll buy/borrow exactly what their realtor/loan officer tells them is best. Personally I don't get it. It would seem the bigger the stakes, the more you'd want to research it and not just go with what the salesperson is trying to sell.

 

my point exactly- for MOST folks. a 75 year old woman who still puts cash in her mattress and tips the boy who bags her groceries a quarter may not be so savvy, which makes her the perfect target for these predators. if she has no support network to help her thru she relies on "that nice young man who helped me fix my house."

not a black and white isssue and i dont' mean RACE i mean absolute vs subjective.

 

I am all over the place because the problem is all over the place. On one hand the government is part of the problem and on the other hand they are also part of the solution. It is like how we got into Iraq the Government led the and public blindly followed. Now new leadership is about to enter the picture to correct the messes the current leadership got us into.

Same with the housing crisis.

 

And it sounds like you are ready to follow Obama, if he wins, blindly.

As someone else recommended, stick to ONE subject in your posts and re-read them before hitting "submit". your arguments/statements "may" make more sense and god forbid, make people actually believe what you say.

 

No need to wonder what you will be doing, Lee. You will tell us all the details, whether we want to hear or not. Your ego has no limits--neither does your mouth. Too bad your actions don't support your rhetoric. Sad.

 

Wow - harsh words. I guess personal attacks (even coming from moderators), is acceptable! Are there no limits? Appears the pot is calling the kettle black.