Mortgage "crisis" USA TODAY OPINION

[Highwayman]

Originally Posted by Army_of_One

Right....The media (read...Left wing agenda) are the one's putting this stuff out to scare people. Making the tax cuts permanent would do nothing but good things for our country but the Dems want to repeal them with the quickness. I don't understand that.

No, they don’t want to repeal them. Just let them expire and claim it’s not a tax increase because it was just a temporary cut.

Here’s why it’s important for housing to keep the cuts. Right now values are down because there is a surplus of houses on the market. This hurts all of us because we have less equity to leverage with. It’s OK if you plan on staying put for awhile but not if you need to relocate for some reason or want to borrow against the equity for a new addition or remodel. We need to turn the market around and get values back up. That will help some of the families in trouble because they will have more of an asset to refinance a better loan. That makes fewer folks needing a bail out.

How to move the excess inventory of houses? Prices are down and interest is low so they should be flying of the shelves. They’re not because folks are scared to buy. Individuals worry about their jobs with all the recession talk and they worry that the market will continue to fall leaving them stuck with more loan than house. Investors worry about the market too. The long term guys that plan to rent the place and hold it until values are up can do OK. The short term guys doing fix-and-flips are at high risk with a depressed market. It’s hard enough to bargain for a property at a price that allows you to go in, fix it and turn it for a profit. Jacking up the taxes cuts into the profit margin and can make it not worth doing. So more properties set vacant depressing the market and most folks won’t buy a trashed out house. We need low taxes to encourage people to repair the distressed properties.

[Highwayman]

While I was out I was recalling a house that I did a walk through 3 years ago. It was a single family home under construction and going into foreclosure. Should we bail the poor guy out that is losing his dream? I say Hell no. Here’s why.

The house had walls and roof with exterior stone work unfinished. The inside was framed with some rough-in of plumbing and electrical. No drywall, no flooring, no finish work of any kind started. I was in with a contractor (not the one that started it) to see if it could be turned around for a potential investor to pick up and finish. The structure was crap. Steel support posts in the great room were out of plumb and had crap welds. The subfloors were soaked with pigeon droppings and would have to be ripped out because you could never get the smell out. The ceiling high fountain water feature in the foyer was roughed in and crap. (Did I mention this was a single family home?) Yeah, we had a Mike Holmes moment of tear it all down! Over a MILLION DOLLARS in leans and it was junk! One expensive pigeon coop. I don’t know what became of it.

I guess I should feel sorry for the poor lawyer that got taken by a crooked builder but I figured he could sue the builder to eternity.

Pardon me if I can’t support blindly bailing out everyone that is losing their home.

[TexKan]

Ya'll do realize that many many folks work 2 or 3 part time jobs just to make ends meet. Also many employers aren't hiring full time cause it's cheaper to hire part time - no bennies. Honestly it must be so nice to be so set that you never really worry about anyone but YOU.

Ya know I'm glad I don't have an overabundance. I would hate to be so greedy that I don't feel obligated to help someone else out that isn't doing as well as I am. I don't make much but I always manage to give something to someone every month. It makes me feel like I'm part of something rather than sitting on the sideline just making comments about how the players of the game suck.


I would much rather be strapped and helping than content and selfish.

BTW - it's not hype................ time ARE tough on the majority of just plain folks - wake up!

[TexKan]

I want to add to the spineless bad repper........... my "nothing" to you is "everything" to me. Of course your "something" to you is "bullshit" to me. Next time sign your name or STFU - and if you want to whine................ whine in public.

[Made in the USA]

Tried to give ya some luvin to make up for the "spineless" Texie, but it says I gotta spread some around first! Been a long day and I don't know whether the snake is home yet?

[Bubba]

Originally Posted by TexKan

...Next time sign your name or STFU - and if you want to whine................ whine in public.

ps. I gave ya some good rep!

[TexKan]

i'm not lookin for rep.............. I'm lookin for a man with balls. Oddly enough the wording is very familiar so I know who it is.......... just wonder why he hasn't got the balls to speak up in public. It's so immature to bad rep someone just cause you can't bring them around to your point of view. I don't make comments pointed at him - he's just on a 2 man mission to piss me off. This once a week bad rep just cause I'm not on the "right" side anymore is ............. well just typical of the "right".

[Highwayman]

Originally Posted by TexKan

i'm not lookin for rep.............. I'm lookin for a man with balls. Oddly enough the wording is very familiar so I know who it is.......... just wonder why he hasn't got the balls to speak up in public. It's so immature to bad rep someone just cause you can't bring them around to your point of view. I don't make comments pointed at him - he's just on a 2 man mission to piss me off. This once a week bad rep just cause I'm not on the "right" side anymore is ............. well just typical of the "right".

I’m glad to know that you figured out who the bad rep was from. I’d hate to be accused because I haven’t done a bad rep in about two years. I’m not too impressed by the typical of the right comment. I just checked and my balls are still were they belong, thank you.

When I hear comments that we can’t sort out the folks that are working 2 or 3 jobs and got sold a crap mortgage from the rest of the Toms, Dickheads and scum bags so we’ll just have to bail everyone out I’m going to object.

If I don’t think we should bail out some guy that WOULDN’T work, paid the house payment with the credit cards until the cards were maxed out and walked away, then I’m selfish.

If I don’t think we should bail out some fat cat building a luxury home that didn’t do his do diligence and got stuck in a bad deal, then I’m selfish.

If I don’t think we should bail out someone that took out a second to 125% of the value and walked with the cash, then I’m selfish.

There are folks out there struggling with 2 or more jobs and paying their taxes. If I don’t think we should be using their tax dollars to bail out folks that have made more money and tried to screw the system, then I’m selfish.

I want to find the truly deserving folks and attempt to help them work through it by working something out with the lenders. I want the lenders that sold these crap mortgages to come up with funds to help with this bailout. I want to trace the crap loans back to the realtors and brokers that got these folks in trouble and if I find one that pushed a lot of the crap loans for their own profit, let’s pull their license. And finally I want the greedy politicians to stop trying to take a fat chuck out of every successful transaction so this market can turn around and folks will have their equity secure again.

I don’t want to just throw money at the problem without fixing the problem.

Meanwhile, I may be selfish but I’m not content.

[Army_of_One]

Originally Posted by TexKan

........... I'm lookin for a man with balls.

Don't they have those in Texas? LOL

[Army_of_One]

Instead of bad rep/good rep or any rep it's just easier to hit the ignore button then you don't ever have to see a post from that poster again.