Hey, lady, your $800,000 house is NOT my problem
Repeat after me: Property value-preservation is not a civil right.
Craig Meister at the Examiner.com points me to this typical CNN sob story clip of a bus driver named Minta Garcia who is demanding that President Obama halt all foreclosures. She’s underwater on an $800,000 home.
From the transcript:
ACOSTA: Like countless other Americans, Garcia admits she and her husband bought more house than they could afford, but she says the lender made the purchase all too easy. Now her mortgage is worth more than her house.
(on camera): How much was the house when you bought it?
GARCIA: Eight hundred.
ACOSTA: Eight hundred thousand dollars?. And how much is the house worth?
GARCIA: Right now, it’s like $675,000 on the market.
Tell you what, Mrs. Garcia. 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.
Cry me a river.
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No, no, no, no, NO. This is not the truth–do NOT let them tell you that it is ‘countless’ others!
The truth is 92% of us are paying our sh*t on time & properly!
Liars & thieves.
Stupid people, stupid banks and stupid government, God help us from these stupid people.
Unfrigginbelievable. A bus driver buys an 800,000 dollar house and then wonders why she can’t pay for it?
ARGH!!! I swear it is all coming unglued. We need a major shift of priorities in this country. Starting with making sure that the Constitution is taught and understood in schools.
Typical liberal deal blame someone else for your bad decsion.
Boo Hoo Hoo Beyatch.
Gosh, what seems to be the problem; isn’t all this government money free?
Too bad dumb ass but your irresponsibility is not my problem, so get out of my wallet.
Why aren’t Appraisers getting some heat on this ? I don’t believe for one minute that, these homes were “worth” the selling prices. Just because I find a moron willing to pay $100,000 for a rusty Chrysler Cordoba does NOT mean it is worth $100,000.
Jeff2161, I know in California there was an artificail inflation of prices due to bidding wars going on over properties (alot of foreign investors buying up rental properties driving the prices up).
Never ever think of your house as an investment.
Hey, my house is paid off. It was worth $400,000. Now it’s worth $300,000. Obama, please send me a check for the difference. Regards, BobK
Chrysler Cordoba! Lets move that decimal point a little shall we? How about:
Just because I find a moron willing to pay $100 for a rusty Chrysler Cordoba does NOT mean it is worth $100.
That’s about right! Ha!
Idiot. Let her drown. She signed the mortgage, she reaps the whirlwind.
According to CNNMoney (http://cgi.money.cnn.com/tools/houseafford/houseafford.html), to afford that much house, on a 5% note, this bus driver would need an income of about $200,000 a year.
What kind of bus is she driving?
Is she throwing the rest of us under it?
stupid SHOULD be expensive.
Here’s a plan, pay off your debt(that you gave your word on). them ask YOUR president for a rebate.
ACOSTA: Like countless other Americans, Garcia admits she and her husband bought more house than they could afford, but she says the lender made the purchase all too easy. Now her mortgage is worth more than her house.
————————————–
I signed on for a mortgage I knew I couldn’t pay off because the lender let me . . . I got fat and sick because McDonald’s was there . . .
GROW. UP. PEOPLE.
Looks like one of the McMansions they were building all over a couple years ago. What I can’t understand is why anybody would even want one of these POS at any price. They look like warehouses with windows and have the most insane floor plans with huge amounts of wasted space. Paying $800,000 qualifies her for Darwinian elimination of the most stupid.
But, you forget about the fine Corinthian leather! Surely, it is worth more, no? (spoken in my best Ricardo Montalban accent)
True, for a mortgage using the asset as collateral though; assuming no money down. A safe bet here; IMO the bank failed to protect itself. In my earlier example, good luck getting a car loan on that $100,000 imputed value.
Don’t forget the valuable 8-track player !
That’s more like it.
On February 23rd, 2009 at 12:02 pm, Jeff2161 said:
Don’t forget the valuable 8-track player !
—————————————
I seriously remember a time when my folks had an 8-track player and 8-track tapes in their car!
Those were the days . . .
Your right, that is a sweet piece of equipment!
That building is a WWII barracks minus window. $800,000 ???
Had one in my first car.
Probbaly had 5 illegal families living in it.
I had my home in the SF Bay Area appraised on several occasions over the past 15 years. We paid $176,000 for it (a price I consider to be worthy), but it reappraised in 2001 for $275,000 and in 2006 for $380,000. A $200,000 increase. What was the difference? Did we make improvements? No. Did we add on? No. The only difference is that the selling prices of similar houses in the neighborhood skyrocketed. When the appraisers did their calculations on my house, they used the comps on nearby homes as a basis for their valuations.
Probbaly = Probably
Typing too fast. Too much coffee.
Hey, Minta Garcia…..
I could’ve bought this guitar for $3,200.00:
http://www.gordonlasalle.com/servlet/the-1893/Paul-Reed-Smith-Custom/Detail
…..or this one for $380.00 :
http://www.rondomusic.com/ps924amb.html
Guess which on I chose?
Hint: I’m a homeowner…..I pay all bills promptly….my car is now paid for….mortgage payments are always on time….I don’t spend money foolishly…
Ms. Garcia…..?
“Life is tough; it’s tougher when your stupid.” John Wayne
Did anyone notice the nice marble countertops in the kitchen? My husband and I replaced our laminate with laminate to save money.
On February 23rd, 2009 at 12:09 pm, nlebou said:
I seriously remember a time when my folks had an 8-track player and 8-track tapes in their car!
Those were the days . . .
Had one in my first car.
—————————————
the “cutting edge” of music technology at the time . . . even groovier than vinyl records, man!
Yeah man, it was really far out!
WOW…looked at the pics again. Must have been 10 illegal families living there.
My college roomate had an 8-track Recorder in HIS stereo… Awesome…Or, maybe it was the smoke….Ah well…
frostrt….. I remember when I HAD an eight track player IN MY CAR… man those were the days…
I wouldn’t mind being a bus-driver for that kind of money, either.
That settles that–I’m as old as frostrt‘s ‘folks’.
Mine was a Mercury Marquis Brougham. It had 2 doors–each nearly as long as the car.
I’ve lost between $45k and $100k on the value of my home purchased in 2006.
Guess what, I’m still paying the mortgage.
BTW, my house isn’t even close to the size of the mansion in that video.
I bet you had KC and the Sunshine band too, admit it… It’s ok, your among friends…We’re here to help you.
So why wasn’t a provision put in this bailout sellout bill that required these bailout takers to later repay the rest of us by paying an additional tax a few years down the road? One that responsible, on-time mortgage paying citizens aren’t subject to?
Mrs. Garcia and others who actually get bailed out can fork our something like an extra 5% of their income in every paycheck. If they average about $3k per year in extra taxes, and there’s 2 million of these people, that would pay back about $6 billion a year.
Seems fair to me. We’re forking over our cash to help their sorry asses now.
i was a renter for the last 20+ years and then i had the oppurtunity to buy my home . Its not huge I choose an area where p[rices were cheaper and i get more house for my dollar. I paid it off out right . I paid off all my debt finally and i sure in the hell didnt ask for the gov to bail me out. So new plan you pay your debt ill pay mine .
If the value of the home doubled and she sold for $1.6 million, would she offer the excess to the Treasury?
How about a lien on their home equal to their assistance ? It would be paid-back when they sell.
And a bus driver bought an $800,000 home?
She better run for Congress so she can make some REAL money like Reid and Pelosi.
John and Jeff…
Good points.
Too bad our gov’t is run by Entitlement Czars or that might actually happen.
Not fair. If you had an 8-track, it came with a KC&SSB 8-track (not that I would know or anything).
I need to quit working and start driving a bus.
Jeff2161 No KC but there was some J Giles and Rockin Robert Seger
“Fat, drunk, and stupid is no way to go through life, son.” Dean Wormer
Sure she will. That is like every time I hear a liberal complain about Bush’s debt.
Soap: Did you cash both checks or send them back?
Liberal: Why would I send them back?
Soap: To reduce the debt you are so worried about.
Liberal: Incoherent rage….
Mine was installed in my 1971 Ford Maverick, Canary Yellow, black vinyl top, bucket seats, and in the tape caddy (it could only hold 3 or 4 tapes), was Pink Floyd’s Dark Side of the Moon, Ten Years After’s A Space in Time, and Led Zeppelin III. Sweet ride until I missed that turn on my way home from working grave yard at Hill AFB. Snowing, icy road, Ten Years After blasting away in the 8 track with quad speakers, S curve, mail box made out of an old milk can filled with concrete. . . .
Hmmm, good times.
Jeff2161
nah–no KC, but I did have the Commodores and Supertramp!
How much does it cost to ride her bus?
AMEN!! I don’t even look at my statements anymore. DH and I were hoping that we could continue to save (while living in a modest home) and retire a few years early. We still have plenty of time until retirement, thank goodness, but we are no longer planning that far ahead. I’m sick and tired of people complaining about the drop in their home values when our entire portfolio is tanking. Someone explain the difference to me — please!! Grrrr!!
.
Makes me wonder if the bank was stuck with the Barney Frank shake down rule.
Cause the government already sees that these people wont pay their bills.
BobK, what are you – some kind of subversive? ACORN and Countrywide are on their way over to force you into a re-fi.
No such thing!
I had an 8-track in my ’64 Belair. Foreigner, Billy Joel, Kansas…
This sentence makes me shiver…
Could you hear the corn growing on the hot August nights?
makes me shiver too…..like a dog crapping peach pits….
No, but, though my mind could think I still was a mad man.
Is this woman married? If so, what does her husband do?
Why did 8-tracks always break in the middle of the two best songs ? Conspiracy…AAAhhhhh…
He rides shotgun on her bus…
Maybe he collected the fares.
Ah, he’s just pimpin’ her ride…
‘
Yeah, my Dad owned some OldsmoBuick in the 70s and had an 8-track player too. I remember him playing Bread and a few others I can’t remember for the life of me. How far we’ve come…
Minta Garcia, where is your dignity? A property owner begging for public assistances on television… have you no shame? Grow up and pay your own bills, like the rest of us!
Yeah, it was way better because the records kept skipping when you hit a pothole or crossed the railroad tracks.
And just in time, too. Now you and me and all the other people that no longer have a mortgage are about to receive the privilege of paying off the mortgages of all the deadbeats and illegal aliens — thanks to the policies of your President and his government.
My collie says:
and changing the record on the go was difficult at best.
CyberCipher – you have one smart Collie!
I am wondering if the employers of this woman ever consider that, with her marginal intelligence, she may be risking the lives of her passengers everytime she takes to the streets…
curiouser and curiouser…
A reminder of how the left thinks…
On November 20th, 2008 at 10:45 am,
eaglehaslanded said:
If he had Bread, he probably had The Righteous Brothers and the Hollies, too.
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.
Didn’t you read the bus driver saying “the banks just made it too easy so it’s not my fault that we overbought?
Why is it the lenders’ fault for making a loan no hassle (well unless they didn’t verify income).
We all can afford different things because we all make choices about how we spend our money.
Dow is down another 120 pts. At this rate will be trading in the 700-800 range within another month or two. which, coincidently it what it was in the era of 8-tracks. Maybe this is Obama’s idea of taking us back to a better, simpler time. Plus think of all the computer memory that will be saved with lower stock numbers, not to mention portfolios.
This just in Obama has announced he is bringing back the 8-track to help stimulate the economy!!!
I’m guessing The Carpenters, a little Three Dog Night and The Greatest Hits of 1968 from K-Tel Records. And possibly a Joan Baez or Joni Mitchell for Sunday afternoon. I say this from my recollection of what was next to my 8 track stereo. Oh, and my ex-wife’s Donny Osmond and Partridge Family collection.
Back on topic, what kind of bus is she driving to make that kind of money?
I’m not clear on what her husband does…so maybe it’s not completely far out. But still, she’s got way more house than me, and I do 150K a year and live in the middle of nowhere. She’s living large.
But here’s my beef…just because she’s lost paper value in the house doesn’t cause foreclosure…not paying the bill does. Looks to me like she is abandoning a bad investment, but now is looking for a federal parachute to hang on to it without penalty. And guess what folks…if she hangs on to it (with federal help), and the value goes way up again,,,guess who gets all the equity?
AlohaGuy said:
“BobK, what are you – some kind of subversive? ACORN and Countrywide are on their way over to force you into a re-fi.”
LOL. I am from the old school. My dad lived through the depression and taught me well. Hard work, never borrow more than you can afford.
Maybe ACORN and Countrywide will want me to re-fi for $600,000 on my $300,000 house.
I dont know, but perhaps Obama could hire her to drive his bus. After all it is kind of hard to drive and throw people under at the same time.
Aha! I think you hit on it! She must be driving the Partridge Family bus for tourists!
My car makes it so easy to do well over the 65 MPH speed limit, so should I send my speeding tickets and insurance surcharges to the car manufacturer? I bet Ms. Garcia would say yes, I however say I am responsible for how fast I drive my car regardless of how easy it is to go really really fast just as she is responsible for taking out a mortgage that she can pay regardless of how easy it would be for her to qualify for more.
Heck I was qualified for 30K more than the house I bought with no money down. I said thanks but no thanks I have 20% to put down and will be spending less than what you will give me. I was laughed at when I said I had 20% down and I wouldn’t be maxing out what was “available” to me. I wish I could laugh now, but I am hardly able to chuckle…yes it was crazy expensive when I bought I knew it and played by the rules. Why couldn’t everyone else?
Well, geez.
18 months ago, houses in my neighborhood were selling around $400k.
Now, they’re selling for $275-300k.
Where’s my $100k, Obama?
I’d like it in small bills in a paper bag, please.
Ah, yes when the Dems had complete control of Cogress, The BIG three networks had virtual control of TV news, AM radio was mostly infused with inane talk shows, sports and pop music, and there was no internet for alternative news sources with the Fairness Doctrine in full effect.
Yes, the Dems would be in hog heaven, the porkers that they are, dreaming of reliving the ’70s:)
Bought a home in October. Application for loan asked our race and whether or not we were Mexican American. We asked loan officer about this and were told that when ever that bank denies a home loan (based on whether or not you can pay), a higher-up in the bank has to approve the denial and that is when race and ethnicity matters. And that section of the application sites a Federal rule and states it’s not mandatory to answer the questions but if the loan application is made in person, the loan officer has to make a visual assessment of race and ethnicity.
Big deal she lost 15% of its value. Many people have lost twice that–just pay your darn payments and stay put. Shes got young kids by the time they move out her house value will be what she paid–provided everything else doesn;t go to hell!
She just got a warning letter so probably 30 days late. Anyone want to take bets that she DIDN’T pay her last payment so she could qualify for the “foreclosure” benefits??? Pardon my suspicions but is she in this country legally????
He already has an entire fleet of buses at the rate he’s going.
Ahh, part of his job creation program.
The driver of the bus goes “Wahh, Wahh, Wahh!”
I know, I know, “The baby on the bus, goes Wahh, Wahh, Wahh!” but in this case the driver is a baby!
BTW, I had an 8-track in my first car, a ’71 GTO with a 455 ingine — I got 8 MPG on the highway, but gas was only 19.9 cents a gallon and I could fill up for less than $5.00!
My favorite was The Who doing “American Woman” which I would blast as loud as I could while cruisin’.
Unfortunately, 8-tracks couldn’t be rewound to replay a favorite song and you had to wait for it to come back around on the loop.
That was the Guess Who. Not The Who.
Dude, where’s my bailout?
When we bought our home in Cent. Florida 12 years ago, I was making 65K and took a chance that I might one day afford a home worth $300k. Luckily I was right and was able to pay off my mortgage in about 6 years. About two years ago, I could have sold it for K550 and bought up into the K800 range with a pool and a deck, or re-financed and bought a new car, instead of driving a 6-year old Buick. Instead, we invested like we were supposed to do….now we have no debt but every time the market drops 500 points, my retirement gets postponed another year (I am up to about 90 now, should I live so long).
Now, with my savings decimated, the Big O wants to raise my taxes to pay for moochers like this one.
Dude, where’s my bailout?
I can sympathize with this lady because my $855k home lost $150k in the last two years. But, that is where our similarities end. For me, if I lose the house its on me…not everyone else. I took the risk, I signed the loan. No one was pointing a gun to my head. I hope we can weather this and wait 5 to 10 years to appreciate the value back. What goes down, does go back up eventually.
Fixed it myself!
Chap beat me to it!
Drat the luck!
I lurk in the shadows, waiting to pounce on any typo.
She paid $800,000 for THAT!!?!? SUCKA!
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.
Chap: Not a typo, just an error of omission.
No. Apparently her bank did.