Comments on: Revolt against the bailout bandwagon

By: Michelle Malkin » Time for responsible Americans to speak up: Say no to the $300 billion housing bailout

Fri, 09 May 2008 13:33:04 +0000

[...] is the time for you to tell President Bush what you’ve been saying here repeatedly: No, no, no to another massive mortgage [...]

By: Michelle Malkin » Another massive mortgage bailout is on the way

Michelle Malkin » Another massive mortgage bailout is on the way — Thu, 08 May 2008 14:54:10 +0000

[...] does that mean for all of us tax-paying angry renters and honorable homeowners who have paid their loans on time? We’re screwed. While I noted that President Bush [...]

By: Right Voices » Blog Archive » Stimulus Package: IN= Allowing Fannie Mae and Freddie Mac (FRE) to buy loans larger than $417,000..Out=Permanent tax cuts

Thu, 24 Jan 2008 14:05:45 +0000

[...] Via Michelle [...]

By: corona

corona — Sat, 19 Jan 2008 23:36:16 +0000

great letters – ’nuff said

By: Common Sense

Common Sense — Fri, 18 Jan 2008 19:15:31 +0000

We are struggling financially. I’ve always been our main breadwinner and I was caught up in the “dot-com bubble burst” and unemployed for 18 months a few years ago. We managed to keep our house by using savings, but that has left us with no savings. Even though I am working again, it’s for much less pay so we struggle to pay our bills from month to month. My husband also makes less than he used to. We have no credit cards or car payments, but costs in general are much higher – food, gas, utilities. Our only luxury is to try and keep our teenagers in their dance, sport, and music activities.

The mortage used to be less than 30% of our income, but isn’t any longer. Selling is not an option in the current housing market, there are a lot of houses in the neighborhood that have been for sale for a very long time.

We just live from month to month. If we can make it just 4 more years, the kids will be on their own and we should be able to breath a bit easier. They already know they will have to work or get scholarships for college. If that means community college, that’s just fine.

However, I will never look to the government to bail me out. We made our choices and have to live with them. We could allow our house to be foreclosed on, but what would that gain us? Lose our equity? Spending even more for rent? Disrupting our children’s lives? So we don’t go on vacation or have iPhones or plasma TVs, and I’m driving a 1993 Oldsmobile. And we’ve never worn designer clothes, Walmart has always been good enough for us.

We still have more than most people in the world.

By: Blind_Mule

Blind_Mule — Fri, 18 Jan 2008 17:07:02 +0000

Bait: Refund’s

Swithch: Bail Out and more entitlment’s

By: mike volpe

mike volpe — Fri, 18 Jan 2008 16:46:00 +0000

Walter, the simple answer is yes.

The problem is very layered. Folks bought homes they couldn’t afford. They perpetuated the problem by refinancing, mutliple times often, and using the new found equity, as real estate increase, to take out cash. Thus, many of these folks continued to increase their loan amounts to new increased real estate values. Now that values have dropped their loans are much larger than the price of the property.

By: jwm

jwm — Fri, 18 Jan 2008 16:41:57 +0000

I get really annoyed about the politicos talking about a bailout for people who were greedy, too lazy to do their homework before signing a loan agreement or who just want the government (which really mean taxpayers) to pay for their bad investments. I knew what I could afford when my wife and I bought our house 6 years ago and we got a 30 year mortgage with a fixed rate even though the real estate agent and the lender were telling us how much more house we could get with an adjustable loan. Now, because I used some common sense. Now, I expect my taxes to go up to bail out people who don’t have to pay for their actions. I guess law abiding middle class people will be getting screwed again. This country has evolved from the land of opportunity to the land of entitlement-si habla?

By: madchef

madchef — Fri, 18 Jan 2008 16:35:31 +0000

Alot of these people not only bought more house than they could afford, they also over extended themselves further by having to have the BMW for the wife & a Mercedes for hubby in the drive-way. Through in the Plasma T.V. and The I-phone and then scratch their heads when the bills come in.
I’ve paid off the home that I bought in 1977 many years ago and drive a 10 year old Honda that runs like a champ.
I am a happy man.

By: Eclectic

Eclectic — Fri, 18 Jan 2008 16:35:02 +0000

On January 18th, 2008 at 11:32 am, DanME said:

All I can say is, we need to flood DC with emails just like we did on the immigration issue.

Since Pres. Bush is so heavily involved, is it possible to flood the WH, too?

By: Eclectic

Eclectic — Fri, 18 Jan 2008 16:33:02 +0000

Oops, sorry – that should’ve been IMHO. I’m still new to blog abbreviations. ;0)

By: Eclectic

Eclectic — Fri, 18 Jan 2008 16:32:31 +0000

INMO, one of the very biggest problems in society today is a complete lack of responsibility. “If I make a mistake, it’s your fault and not mine, so there.” Where’s the logic??? Such a society cannot last long without severe consequences!

By: DanME

DanME — Fri, 18 Jan 2008 16:32:07 +0000

All I can say is, we need to flood DC with emails just like we did on the immigration issue. The NANNY STATE is in full view this week. PERSONAL RESPONSIBILITY has been removed from the dictionary.

Now we have to buy people’s fuel, pay their mortgage, buy their food, give them wage insurance, and on and on.

I keep chuckling about the video of that dumb congresswomen from Ohio who didn’t even know the difference between the Fed Chair and the Treasury Sec. These are the people “leading” our country.

By: Cadman

Cadman — Fri, 18 Jan 2008 16:23:49 +0000

hmmm, anyone think we could get cars covered in this bailout?? I always wanted a 69 cobra

By: walterc

walterc — Fri, 18 Jan 2008 16:20:53 +0000

I must be missing something here. Due to a failed business in 2002, 2 years ago we had to buy our house using an ARM with a higher fixed rate for 2 years with a 2 year prepayment penalty. The two years was up this past November and two weeks later I refinanced to a 30 year fixed. Knowing that the rate was going up substantially in 2 years, we spent that time getting our credit score as high as possible, and improving our financial situation to increase our refi options and to absorb the increase if necessary. The value of the hosue has increased some 50k in that two years so now, my mortgage is less than 70% of market value and my payment is less than it was before.

Have house values dropped that much that none of these people can refinance? Or have they not spent the past 2 years improving their credit scores so they can’t qualify for a fixed refi? Did they not know they were facing a major increase?

I just don’t understand the situation.

With the exception of Michigan which is dealing with some serious unemployment issues and a glut of available houses, what is the cause of the value reductions in other parts of the country?