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Author Topic: Let's welcome Michele Fry to the GOP  (Read 911 times)
Keith13
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« on: February 20, 2009, 04:38:29 PM »

http://www.foxnews.com/story/0,2933,497707,00.html

Seems she is upset she has to work so hard to keep her house while those that do nothing get rewarded with a bail out.

Read the whole story it reeks of socialism

The plan would help 8 to 9 million mortgage holders -- a fraction of the approximately 50 million mortgages outstanding, according to Patrick Newport, a housing analyst at IHS Global Insight.

"The 40 million who aren't going to benefit from this will feel some resentment, because they are current on their mortgages and made good decisions," he said.


Green says the majority of Americans can be forgiven for holding their noses when they look over Obama's plan, but they should accept it nonetheless because it will help those who are in trouble through no fault of their own

No they just bought a house they could not afford totally wasn't their fault though rolleyes

Keith
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Jerrymac
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« Reply #1 on: February 20, 2009, 04:50:33 PM »

Quote
They bought their home for $275,000 in April 2006, putting 20 percent down and getting a fixed-rate, 6.25 percent mortgage to cover the rest.

Now their condo is worth only about $175,000, putting the two-income couple among the millions of homeowners whose mortgages are now "underwater" -- meaning they owe the bank more than they can sell their house for.

Just think of the money they are saving on property tax
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kathyp
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« Reply #2 on: February 20, 2009, 06:00:23 PM »

your car is worth less than you paid for it also.  that's to bad, but that's life.  my stock market portfolio is in the tank too.  bail me out!! 

if you aren't selling, then it doesn't matter right now.  it sucks on paper, but has no immediate impact on your life.

the foreclosure we just bought, the folks took out one of those + equity loans on the thing.  then they split up and couldn't sell the house for enough to cover what they owed.  they walked away.  oh well.  poor choices.  my good luck. 

if they'd leave it alone, more people like me would buy these places and prices would eventually stabilize.  as it is now, this will drag on forever because if these people could pay in the first place, they won't be able to pay now.
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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
slaphead
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« Reply #3 on: February 20, 2009, 09:13:28 PM »

On a similar note why are we using tax payers money to bail out the banks who funded this excess in the name of short term profits.  Better to let the whole lot slide under, depositors, investors and all

SH
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kathyp
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« Reply #4 on: February 20, 2009, 10:18:20 PM »

it is true that the banks saw a chance for profit.  remember, it was congress that insisted that they lower the qualifications for mortgages so that otherwise unqualified people could own homes.  the banks protested and were reassured that they bore no risk because fannie and freddie would back the mortgages.  so...why not?  they either did what congress wanted them to do, or risked congress stepping in and forcing the matter.  in addition, they were not risking anything as long as the mortgages were guaranteed.

lots of people said it was going to blow up....another example of what happens when the government tries to "help".

yes, it would have been better to let it all go down.  a sort of re-boot.  extremely painful for a short period of time, but a faster recovery with all bubbles burst.
« Last Edit: February 20, 2009, 11:46:15 PM by kathyp » Logged

.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
Bobb
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« Reply #5 on: February 21, 2009, 03:31:27 AM »

it is true that the banks saw a chance for profit.  remember, it was congress that insisted that they lower the qualifications for mortgages so that otherwise unqualified people could own homes.  the banks protested and were reassured that they bore no risk because fannie and freddie would back the mortgages.  so...why not?  they either did what congress wanted them to do, or risked congress stepping in and forcing the matter.  in addition, they were not risking anything as long as the mortgages were guaranteed.

lots of people said it was going to blow up....another example of what happens when the government tries to "help".

yes, it would have been better to let it all go down.  a sort of re-boot.  extremely painful for a short period of time, but a faster recovery with all bubbles burst.
We can all thank Barney Frank and his roll in the hay with Freddie and Fannie.
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"Power, especially overgrown power, whets the ambition and sets all the wits to work to enlarge it. Therefore, encroachments on peoples liberties are not generally made all at once, but so gradually as hardly to be perceived by the less watchful; and all plastered over, it may be, with such plausible pretenses, that before they are aware of the snare, they are taken and can not disentangle themselves."

Samuel Webster
Massachusetts 1777
Wes Sapp
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« Reply #6 on: February 21, 2009, 09:36:35 AM »

We can all thank Barney Frank and his roll in the hay with Freddie and Fannie.
[/quote]
Barney was rolling in the hay with Freddie...he doesn't like Fannie's.
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Wes Sapp
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« Reply #7 on: February 21, 2009, 09:54:20 AM »

We can all thank Barney Frank and his roll in the hay with Freddie and Fannie.
Barney was rolling in the hay with Freddie...he doesn't like Fannie's.
[/quote] oops! Sorry. Should have said Freddie's fannie?
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"Power, especially overgrown power, whets the ambition and sets all the wits to work to enlarge it. Therefore, encroachments on peoples liberties are not generally made all at once, but so gradually as hardly to be perceived by the less watchful; and all plastered over, it may be, with such plausible pretenses, that before they are aware of the snare, they are taken and can not disentangle themselves."

Samuel Webster
Massachusetts 1777
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