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1. Aboot That Rick Santelli Meltdown « JoHNBRoDiGaNDoTCoM
2. The Obama Road to Socialism and the Enslavement of the Poor « Jim Blazsik home
3. Pimp My $800,000 Mortgage! « Frustrated with Politics
4. Bailing Out a Bus Driver with an $800,000 House | The Great Illuminator
5. MooreThoughts » Bob Corker Is Right on the Roots
6. Cheat Seeking Missiles » What Will The Losers Do With Their Bail-Out Money?
7. Tell Me How You Really Feel… « Patriot Burr
8. Minta Garcia demands Hussein Obama halt all foreclosures. She’s underwater on an $800,000 home. | Fire Andrea Mitchell!
9. Hot Air » Blog Archive » Video: Bail me out, Obama!
10. Foreclosures or not foreclosures « Garnette’s View
11. The Strata-Sphere » Hell No - Get Me Some Tea For The Tea Parties!
12. Wizbang
13. Obama wants to take from the rich and give it to….the government. « Riggword Weblog
14. Video: Bail me out, Obama! « Dirty Democrats
15. The News Factor: News, opinion, current events — a rewarding news experience » Blog Archive
16. Leaning Straight Up » CNN finds a sympathetic face for the mortgage crisis, but ignores the truth
17. Pursuing Holiness
18. Various Economic Notes « 36 Chambers - The Legendary Journeys: Execution to the max!
19. Two--Four
20. Fausta’s Blog » Blog Archive » Santelli, and the housing troubles
21. Michelle Malkin » The death of the stigma of default revisited

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Comments

1. #101
   On February 23rd, 2009 at 1:37 pm, nail49 said:

   The GUESS Who doing “American Woman”

   Fixed it myself!

2. #103
   On February 23rd, 2009 at 1:39 pm, nail49 said:

   Fixed it myself!

   Chap beat me to it!

   Drat the luck!

3. #104
   On February 23rd, 2009 at 1:41 pm, chapoutier said:

   Chap beat me to it!

   I lurk in the shadows, waiting to pounce on any typo.

4. #105
   On February 23rd, 2009 at 1:45 pm, Paul Revere said:

   She paid $800,000 for THAT!!?!? SUCKA!

5. #106
   On February 23rd, 2009 at 1:49 pm, sonofdy said:

   Why should I pay my mortgage again??? I called my mortgage company (wells fargo) and asked them that. They said to call back this wensday when they figure out what the obama bailout actualy means to them.

6. #107
   On February 23rd, 2009 at 1:49 pm, nail49 said:

   I lurk in the shadows, waiting to pounce on any typo.

   Chap: Not a typo, just an error of omission.

7. #108
   On February 23rd, 2009 at 1:49 pm, chapoutier said:

   She paid $800,000 for THAT!!?!? SUCKA!

   No. Apparently her bank did.

8. #110
   On February 23rd, 2009 at 1:51 pm, tarpon said:

   Acting President Obama wants to bail out lowlife losers.

9. #111
   On February 23rd, 2009 at 1:52 pm, nail49 said:

   No. Apparently her bank did those who pay taxes will.

   Chap: Fixed that one for you!

10. #112
    On February 23rd, 2009 at 1:54 pm, Flyoverman said:

    Based on her conduct, I can see Minta Garcia as a mother.

    “Johnny pick up your room”

    1 hour later, “Johnny pick up your room.”

    4 hours later, “Johnny pick up your room.”

    Next day, “Johnny pick up your room.”

    Next day, “Johnny pick up your room or you’ll be in BIG trouble.”

    Next Day, “Johnny pick up your room, if you know what’s good for you.”

    Next Day, “Johnny pick up your room. I am NOT going to tell you again”

    Next Day, “Johnny that is THE VERY LAST TIME that I am going to pick up your room for you.”

11. #113
    On February 23rd, 2009 at 1:56 pm, 24Klady said:

    If Ms. Garcia lives in Tarrant County, TX her property/ISD taxes alone would be in the ballpark of $20,000.00 a year. How the crap did she ever think she’d pay for the house and whatever her property tax rate where they live, utilities, clothing, autos, and food? Can’t blame a banker that made it just way too easy on those items. There is way more to this story boys and girls. Oh, and she’s a moron.

12. #114
    On February 23rd, 2009 at 1:57 pm, rambler said:

    Wow, and to think I too, could have had an $800,000 house, but was too stupid to spend beyond my means.

13. #115
    On February 23rd, 2009 at 1:58 pm, granite said:

    On February 23rd, 2009 at 1:54 pm, Flyoverman said:

    Based on her conduct, I can see Minta Garcia as a mother.

    “Johnny pick up your room”

    1 hour later, “Johnny pick up your room.”

    4 hours later, “Johnny pick up your room.”

    Next day, “Johnny pick up your room.”

    Next day, “Johnny pick up your room or you’ll be in BIG trouble.”

    Next Day, “Johnny pick up your room, if you know what’s good for you.”

    Next Day, “Johnny pick up your room. I am NOT going to tell you again”

    Next Day, “Johnny that is THE VERY LAST TIME that I am going to pick up your room for you.”

    Great post!
    Priceless!!

    Sort of the like the U.N.’s approach to dealing with the world’s dangerous barbarian savages: “You’d better stop, or I’ll say stop again!”

14. #117
    On February 23rd, 2009 at 2:02 pm, frostrt said:

    On February 23rd, 2009 at 12:56 pm, Truesoldier said:
    Yeah, it was way better because the records kept skipping when you hit a pothole or crossed the railroad tracks.
    and changing the record on the go was difficult at best.

    —————————————

    LOL

    People driving around with vinyl record-players in their cars – now THAT’S a mental picture! Thank heaven my parents were a bit too old to be part of the “stoner” generation, or they just might have tried to do that.

    We did have a record player in our HOUSE, however; two, in fact: One for them in the living room and one for me in my room. I felt so spoiled !

15. #118
    On February 23rd, 2009 at 2:03 pm, cabrerski said:

    On February 23rd, 2009 at 1:54 pm, Flyoverman said:

    Based on her conduct, I can see Minta Garcia as a mother.
    “Johnny pick up your room”
    1 hour later, “Johnny pick up your room…

    This is one reason I don’t go to WalMart. You can see this brilliant parenting style in action quite frequently and in your own neighborhood.

16. #119
    On February 23rd, 2009 at 2:03 pm, mom2jack said:

    In 2002 we were ready to buy our first house. We had a down payment, read “Home Buying for Dummies,” knew what we could afford and knew we wanted a fixed rate loan.

    Went to WAMU, told them we wanted a fixed rate loan and our max. They came back to us with an ARM and about $200K more than we wanted – and more than we ourselves knew we could manage. But because we were REALISTS and had EDUCATED ourselves on the RESPONSIBLE thing to do, we laughed at the silly WAMU man, tore up the offer and took our business elsewhere.

    If you don’t know what you can afford, you are an IDIOT who has no business buying a house in the first place.

17. #120
    On February 23rd, 2009 at 2:05 pm, mom2jack said:

    Wow, and to think I too, could have had an $800,000 house, but was too stupid smart to not spend beyond my means.

    I think that’s what you mean!

18. #121
    On February 23rd, 2009 at 2:08 pm, frostrt said:

    On February 23rd, 2009 at 2:03 pm, mom2jack said:
    In 2002 we were ready to buy our first house. We had a down payment, read “Home Buying for Dummies,” knew what we could afford and knew we wanted a fixed rate loan.

    Went to WAMU, told them we wanted a fixed rate loan and our max. They came back to us with an ARM and about $200K more than we wanted – and more than we ourselves knew we could manage. But because we were REALISTS and had EDUCATED ourselves on the RESPONSIBLE thing to do, we laughed at the silly WAMU man, tore up the offer and took our business elsewhere.

    If you don’t know what you can afford, you are an IDIOT who has no business buying a house in the first place.

    —————————————-

    And the shame of it is, responsible homeowners like you are the ones who will end up helping to bail out flakes like the one in this post under President Obama’s plan.

    “Living within your means” has been replaced by “but I want it NOW!”. We are not a nation of “cowards”; we are a nation of spoiled children (with the exception of myself and most/all of my fellow posters).

19. #122
    On February 23rd, 2009 at 2:12 pm, whoozit said:

    mom2jack:
    

    Wow, and to think I too, could have had an $800,000 house, but was too stupid smart to not spend beyond my means.

    If this woman gets what she wants from the Obama, the rest of us homeowners who worried about “responsibility” are the dumb suckers.

20. #123
    On February 23rd, 2009 at 2:16 pm, cabrerski said:

    Let’s connect the dots…

    1. The Garcia’s purchased an expensive house – maybe beyond their means at $800K.
    2. Beyond their means(?) – don’t know their income levels.
    3. Garcias sign contract obligating them to the value of the home. In essence, they agree they can afford the mortgage payments for the house.
    3. Housing market drops and the value of their house drops off by at least 15%, along with others in their neighborhood.
    4. The mortgage payments remain the same, even with the drop in value.
    5. Assuming the Garcias had no loss in income, how is it that are unable to afford the original value of which they agreed to pay?

    Just a little exercise in logic for those that need to be reminded that shedding tears and getting “screwed by the Man” are not reasons for repealing personal responsibility.

21. #124
    On February 23rd, 2009 at 2:25 pm, Jeff2161 said:

    katablog said:
    Why aren’t Appraisers getting some heat on this ? I don’t believe for one minute that, these homes were “worth” the selling prices.
    WHOA!!! You are hitting way too close to home (hubby is an appraiser). Appraisers appraise value based on other comparable home sales in the area over the last year. In the case of new homes they use square footage prices in the area being charged to build houses and then add in things like upgraded cabinets, carpet, etc. And yes, markets do tank when all of a sudden there are more houses on the market than there are buyers.

    Just this morning I told hubby that I bet there would be people out there trying to blame appraisers. Not that there aren’t any unscrupulous ones out there – but everyone is trying to find places to point fingers instead of putting the responsibility where it lies – the dumb person who bought a house they couldn’t afford.

    I understand the concept of comparable sales BUT, in a speculator’s market; What is the underlying value ? My Chrysler Cordoba example applies here. Just because there are fools ( speculators ) does not mean the value of the property is increased. Dutch Tulip craze in the 1700’s , the S&L churning in the ’80’s. Value is different than price. Banks over-lent on the basis of lazy appraisals that mirrored the size of the loan. BTW, My father was an Appraiser as well.

22. #125
    On February 23rd, 2009 at 2:26 pm, TXGator said:

    Mrs. Garcia has apparently been listening to “Free Ride” on her government subsidized 8 Track.

23. #126
    On February 23rd, 2009 at 2:27 pm, Jeff2161 said:

    On February 23rd, 2009 at 2:02 pm, frostrt said:

    I, and my brother went from vinyl, straight to cassettes. I think it was 1970; bought a cassette-recorder from J.C. Penney for $30.

24. #127
    On February 23rd, 2009 at 2:28 pm, chapoutier said:

    Banks over-lent on the basis of lazy appraisals that mirrored the size of the loan. BTW, My father was an Appraiser as well.

    And let’s not forget that ultimately, the bank was probably just wrapping this mortgage up in an MBS and selling it. It was more than likely making its money off the origination and servicing fees, not off the interest payments. The risk on these loans was wayyyy too far removed from the actual decision-making.

25. #128
    On February 23rd, 2009 at 2:29 pm, Jeff2161 said:

    TXGator said:
    Mrs. Garcia has apparently been listening to “Free Ride” on her government subsidized 8 Track.

    Now, I need a new keyboard…ROFLMAO
    

26. #129
    On February 23rd, 2009 at 2:30 pm, Jeff2161 said:

    Too true, Chapoutier

27. #131
    On February 23rd, 2009 at 2:37 pm, ArizonaNeanderthal said:

    but she says the lender made the purchase all too easy

    Well that is all too true, thank you Senator Dodd and cronies. I occasionally get credit card offers promising me the Sun and Moon at zero interest. Thank goodness for the single greatest invention of the 20th century–the crisscross shredder-oh I love that little machine.
    A bus driver with an $800,000 mortgage? A generous 5.5% interest = $4400 a year, plus taxes, insurance and principal so what is she paying $4500 a month?
    As I bailed out of the stock market at $14,000 (capital gains anyone?) perhaps I can help her. Watch this space:
    

    How about a free pencil for the lady? That way she can double check the COST SHEET she signed at closing.

    I do not wish to be mean and I am sure she and hers are in pain. But I would think she would be too embarrassed to cry publicly about it. Buck up and take the hit, don’t make the same mistake twice.
    —
    ALCOHOL, TOBACCO AND FIREARMS
    Should be a convenience store
    NOT a Government Agency

28. #132
    On February 23rd, 2009 at 2:44 pm, TXGator said:

    The plaque on Obama’s desk says:

    The Bus Stops Here, and Here, and Here….

29. #133
    On February 23rd, 2009 at 2:45 pm, cabrerski said:

    Jeff2161,

    But home prices are determined over a variety of indicators. Speculation is one and it is a supply and demand aspect. For example, local restrictions may make it more difficult to build, reducing the supply and increasing the price. There are many market forces other than this example.

    I am not naively giving the appraisers a pass, but they have a lot to consider when deciding value. While there are unscrupulous people in any profession, I cannot see how they can decide any value without comparisions in pricing. It is the appraiser’s job to determine how close the comparision to other similar properties are.

    As for price versus value, would you pay millions for a Rembrandt? You may not, but others would. The price on an open market will reflect what others perceive the value the painting has (in other words, it is subjective).

30. #134
    On February 23rd, 2009 at 2:52 pm, John Deaux said:

    On February 23rd, 2009 at 2:28 pm, chapoutier said:
    The risk on these loans was wayyyy too far removed from the actual decision-making.

    Here is the root cause of the whole problem.

31. #135
    On February 23rd, 2009 at 3:04 pm, mattm said:

    On February 23rd, 2009 at 1:54 pm, Flyoverman said:

    Based on her conduct, I can see Minta Garcia as a mother.

    “Johnny pick up your room”

    1 hour later, “Johnny pick up your room.”

    4 hours later, “Johnny pick up your room.”

    Next day, “Johnny pick up your room.”

    Next day, “Johnny pick up your room or you’ll be in BIG trouble.”

    Next Day, “Johnny pick up your room, if you know what’s good for you.”

    Next Day, “Johnny pick up your room. I am NOT going to tell you again”

    Next Day, “Johnny that is THE VERY LAST TIME that I am going to pick up your room for you.”

    Years later….

    Johnny pick up the basement, one of you kids is coming over to see his daddy this afternoon. Make sure you don’t let him known your GF is expecting again…

32. #136
    On February 23rd, 2009 at 3:14 pm, xler8bmw said:

    Off subject for a moment. Is it me or is this just to scary? I didn’t like it when the libs compared GW but, this is just weird!

    Hitler was great orator and brough the people of Germany together

    Obama is a great orator who has supposedly brought our country
    together

    Hitler’s father was abusive so was Obama’s

    Hitler’s mother died of breats cancer and blamed the jewish doctor
    Obama’s mother died of breast cancer and he blames our healthcare
    system

    Hitler nationalized everything in Germany

    Obama will eventually do the same here

    Hitler created huge infrastructure programs

    Obama is creating huge infrastructure programs

    Hitler created a Greek Temple because he admired the Spartans

    Obama’s acceptance speech done in a greek temple structure

33. #137
    On February 23rd, 2009 at 3:24 pm, bjc said:

    *The what, where, how, why, who, whatever, are all irrelevant to the situation; The lady signed a contract and said she could tote the note, so the fact that she missed the brain train when it was passing through town doesn’t absolve her of being the sole owner of the problem; I refuse to continue to fund stupidity and am ready for a nationwide tax revolt.

34. #138
    On February 23rd, 2009 at 3:32 pm, sonofdy said:

    Hey, lady, your $800,000 house is NOT my problem

    Yes it is. ‘bama said so.

35. #139
    On February 23rd, 2009 at 3:34 pm, Melvin_Udall said:

    Crack reporting Communist News Network.

    Oh the poor downtrodden minority.

    Who is her husband? What does he make?

    What are their monthly expenditures? Do they have twin BMWs in the driveway?

    She apparently bought a house at 4X the national average (from last July). How did she think she could pay for it even if the market hadn’t crashed?

    Why is she not paying for it now? The change in appraisal doesn’t change her monthly income.

    So many questions the propagandist networks won’t ask. We know all we need to know, that the poor downtrodden minority lady is sad.

36. #140
    On February 23rd, 2009 at 3:45 pm, Ed Mahmoud abu al-Kahoul said:

    Silly me. I bought a home as a place to live in. Sure, I hoped it would appreciate in value, but its main function is to keep the rain out and the AC or heat in.

    It has devalued some, probably barely worth our equity in it.

    Oh well, it still puts a roof over our heads, and since we didn’t go for a John Edwards McMansion with a $3000/month mortgage, we’re in fine shape, and in no mood to subsidize other people’s bad decisions.

37. #141
    On February 23rd, 2009 at 3:46 pm, Jeff2161 said:

    cabrerski said: (in other words, it is subjective.)

    OK, so, why is my bank demanding a subjective opinion of worth ? My car was valued using Blue Book…Not, what a lunatic overseas investor will pay. I was charged $450 for a drive-by estimate with 10 minute on-line record search. Yes, I think it outrageous to pretend there is no responsibility. Kind of like, the Lead-based paint forms on a home built in 1989. It’s all ways to separate someone from their money and then say, (shrugging shoulders); It was JUST an opinion.

38. #142
    On February 23rd, 2009 at 3:48 pm, Ed Mahmoud abu al-Kahoul said:

    Jeesh, at least Hitler’s massive make work stimulus programs built the Autobahn.

    We’ll have nothing to show for our stimulus package but lots of condoms and well appointed ACORN offices.

    But, on the bright side, Obama probably doesn’t start World War 4 by invading Canada, and if he rounds anybody up for camps, it won’t be an ethnic or religious minority, it’ll be the petit bourgeois kulaks who don’t go along with the nationalization program.

39. #143
    On February 23rd, 2009 at 3:49 pm, Jeff2161 said:

    Well said, Mahmoud…As long as your still enjoying the house that you bought to live in; The ” Value” is irrelevant. Unless, you expected a windfall from appreciation. Once the media jumped on ” Flip that House ” I knew the Real Estate market was going down hard.

40. #145
    On February 23rd, 2009 at 3:56 pm, shooter said:

    Tell you what, Mrs. Garcia. ( AND OBAMA & TEAM ACORN) We’ll help you out with your bad financial investment when you agree to help the rest of us make up for our stock portfolio losses.

    
    BINGO!!!!!

    Repeat after me: Property value-preservation is not a civil right.

    This has to be our war cry.

    No one ever guaranteed anyone equity, not from day one , not ten years in, not ever.

    Why is obamacorn doing this now? …cause they think they can, and to win elections. period.

41. #146
    On February 23rd, 2009 at 3:56 pm, xler8bmw said:

    #130 I love the Autobahn! The least he can do is make I95 just like it! LMAO!

42. #147
    On February 23rd, 2009 at 4:08 pm, cabrerski said:

    Sorry about the fee but that is one of many that do nothing but add to the costs of buying/selling a house. The fee you mentioned has nothing to do with the actual appraisal process, it is just something your bank charges because they can get away with it.

    As for your car, we are talking about a depreciating mechanical item. It has options that, depending on their working condition, can add value to the car. If you owned a 1958 Austen Healy 2+2 custom roadster that is in primo condition, then the BlueBook does not cover it. It goes to auction where supply and demand rule.

    A home, for the most part and historically, will increase in value (last 2 years not withstanding) providing the proper care is applied. Structural defects will reduce the cost as well as blight in your neighborhood. There are always exceptions.

    And I agree with you on “Flip This House”. Once people who are making money show everyone else how to do it, that way has peaked and all the Johnny-come-latelys will suffer.

43. #148
    On February 23rd, 2009 at 4:15 pm, cabrerski said:

    On February 23rd, 2009 at 3:48 pm, Ed Mahmoud abu al-Kahoul said:

    We’ll have nothing to show for our stimulus package but lots of condoms and well appointed ACORN offices.

    Bravo, Ed…just think, our government will supply the condoms. Wanna bet the quality is so poor, they will have to increase the number of abortion clinics as well.

44. #149
    On February 23rd, 2009 at 4:19 pm, Mainah said:

    and I live in a $65000 (yes, 65 thousand)dollar house and consider myself blessed to have it. Payments are $545 a month, it aint fancy but its home. Oh, and I drive an American car too. People want something for nothing.

45. #150
    On February 23rd, 2009 at 5:05 pm, Elm Creek Smith said:

    Volkswagen Kombi with an eight-track…

    Willie & Waylon, some Merle Haggard, Charlie Daniels, no KC&SSB.

    ECS

46. #151
    On February 23rd, 2009 at 7:10 pm, Bogtrotter said:

    TXGator said:
    “Mrs. Garcia has apparently been listening to “Free Ride” on her government subsidized 8 Track”

    D**n you! Are you in the keyboard sales business?

47. #152
    On February 23rd, 2009 at 7:40 pm, Random-American said:

    This completely sums up my feelings on this mortgage bailout boondoggle…

    YOUR mortgage is not MY problem

48. #153
    On February 23rd, 2009 at 8:01 pm, xplodeit said:

    Not MY Problem….so, SUCK IT UP! I am so sick and tired of mooches!

49. #154
    On February 23rd, 2009 at 8:48 pm, Stressdoc said:

    The $1,995/mo payment by Ms. Garcia corresponds to a 3% interest only loan on $800,000. She was betting on the come and it didn’t happen. When you bet more than you can afford to lose, that is bad judgment. We should not be held responsible for the bad judgment of others.

50. #157
    On February 23rd, 2009 at 9:46 pm, torabora said:

    I remember going on a 900 mile journey to
    Yellowstone in a Karman Ghia and a 350 Honda m/c . Just enough money to get there and back.
    The Ghia had an 8 track with 1 tape…that played “Band on the Run” over and over and over….It snowed on us July 4th. We froze. We had a perfectly miserable time.

51. #158
    On February 23rd, 2009 at 10:50 pm, rightisright said:

    As Ron White says “ya can’t fix stupid”…or was it predatory lenders that made “it so easy.” What does her husband do that they think they can afford a $800,000 house? Then again I assume the lender held them at gun point and forced them to sign.

52. #161
    On February 24th, 2009 at 9:41 am, nlebou said:

    Property value-preservation is not a civil right.

    Sounds like a good protest sign to me.

53. #163
    On February 24th, 2009 at 6:05 pm, fulldroolcup said:

    chap wrote:

    “And let’s not forget that ultimately, the bank was probably just wrapping this mortgage up in an MBS and selling it. It was more than likely making its money off the origination and servicing fees, not off the interest payments. The risk on these loans was wayyyy too far removed from the actual decision-making.”

    And until the CRA and Clinton admins MADE banks write mortgages for such loans, did they make them? NO they did not.
    Not fifteen years ago libtards and race-pimps were blaming banks for “red-lining for NOT making such loans.

    And after the banks learned that IF they made loans to people they otherwise wouldn’t, Freddie and Fannie would back them, and Janet Reno wouldn’t harrass them, did they make such loans, SURE.

    It’s called “moral hazard”. It happens every time some people are given other people’s money to screw around with, and think there’s no penalty for doing so. Think “government bureaucrats and leftist legislators”, and you’ll be right.

    And when Barney and Chris Dodd stiffed other regulators, congressmen and Bush people who tried to rein in Freddie and Fannie (and thus the banks), did the banks keep making bad loans, thinking they were protected from financial AND political risk?

    Or course they did. See “moral hazard”, above.

    (I bet chap was right there in front of the red0lining demos, wearing a do-rag and shaking his tiny fist against the racist banks.)

54. #166
    On February 27th, 2009 at 9:07 pm, robert537 said:

    I make close to $100K and couldn’t begin to afford a house like this (even with 20% down) – not with taxes, upkeep, &c.

    Can’t CNN come up with more sympathetic sob stories?