No tears for these foreclosure “victims”
My column this week expands on my debunking of ACORN’s sob story foreclosure “victims.” In the latest developments on the Baltimore ACORN break-in, ACORN activist Donna Hanks was arrested and criminally charged. Just one more on top of her other brushes with the law (which the Washington Post and others have yet to report). The column also reports on the shady background of ACORN Baltimore leader Louis Beverly, who was arrested earlier this week for burglary after the break-in (and has also racked up quite a criminal history). Much more to come.
I joke that the jobless, welfare-dependent Octomom may soon be enlisted to serve as a new ACORN sob story victim. Here’s a screenshot of the photo accompanying the story about her impending foreclosure:
The caption reads: “Nadya Suleman, the mother of newborn octuplets, takes one of her fourteen children shopping for video games in Whittier, California. Andy Johnstone/infphoto.com.”
***
These foreclosure “victims” deserve no sympathy
by Michelle Malkin
Creators Syndicate
Copyright 2008
It shouldn’t be long before ACORN recruits “Octomom” Nadya Suleman to serve as the radical, left-wing group’s new foreclosure poster child. The jobless, unmarried mother of 14 faces eviction from her family home in two weeks. Suleman’s mother, who owns the residence, hasn’t sent mortgage checks in 10 months and owes $23,000 in back payments. Nonetheless, the plastic surgery-enhanced, welfare-dependent Octomom was photographed this week at a video store splurging on games for her brood.
With her warped financial priorities, Suleman fits right in with the militant moochers at the Association of Community Organizations for Reform Now. As I reported last week, ACORN launched a lawless “civil disobedience” campaign across the country to demand their housing entitlement rights. With this well-oiled propaganda campaign buoying his efforts, President Obama used his State of the Union address last night to advance his push for a massive government home foreclosure plan that will help “responsible homeowners avoid foreclosure.”
But a closer look at ACORN’s sob stories shows that the prototypical foreclosure “victims” by the Left don’t deserve an ounce of sympathy – or a cent of our money.
Earlier this week, ACORN activists broke into a foreclosed home in Baltimore. With a mob cheering and camera crew taping, ACORN leader Louis Beverly busted a padlock and jimmied the door open at 315 South Ellwood Ave. The home once belonged to restaurant worker Donna Hanks, who assailed her evil bank for raising her mortgage by $300 and leaving her on the street. “This is our house now,” Beverly declared with Hanks by his side at the break-in.
What ACORN didn’t tell you: Hanks’ house was sold in June 2008 for $192,000. She bought the two-story home in the summer of 2001 for $87,000. At some point during the next five years, she re-financed the original home loan for $270,000. Where did all that money go? (Hint: Think house-sized ATM.)
The property initially went into foreclosure proceedings in the spring of 2006. Hanks soon filed for bankruptcy and agreed to a Chapter 13 plan to pay back her bank and other creditors. In September 2006, the bankruptcy court ordered Hanks’ employer to deduct $340/month from her salary to pay down the debt. Hanks did not comply with the legally binding plan. In December 2007, the loan servicer issued a notice of default on nearly $7,000 past due.
While she was reneging on her mortgage IOUS, she somehow managed to collect rent on her basement (for which she was taken to court) and rack up a criminal record on charges of theft and second-degree assault. The house was sold seven months ago after two years of court-negotiated attempts to allow Hanks to dig herself out of her debt hole.
Baltimore ACORN leader Louis Beverly, who also claims to be a foreclosure victim himself, was charged with burglary for the break-in and released. He is literally a housing thug – having been charged with separate second-degree assault and property destruction charges earlier this year and battery, assault, handgun possession and possession of a deadly weapon with intent to injure in 1992; and slapped with a peace order issued against him in 2006.
The Washington Post spotlighted Beverly and Hanks’ activism without ever following up on their criminal records and financial negligence. The paper also shilled for ubiquitous ACORN foreclosure “victim” Veronica Peterson of Columbia, Md., recycling uncritically her accusation that she had been tricked into buying a $545,000 home by a broker who inflated her income and misrepresented her assets. “These loans were weapons of mass destruction,” the single mom of three and home daycare provider who couldn’t keep up with her mortgage bills told the Post reporter. “They destroyed our credit, our lives, and they blew up in our face.’”
But a look at court and real estate records exposed the truth. Edward Ericcson, Jr., a reporter for the independent Baltimore City Paper discovered that the “victim” — who took out a full mortgage with no down payment on a house she couldn’t afford — looks more like a predatory borrower. And amazingly, Peterson lived in the home more than year without paying rent or mortgage.
“The online court and land records show that Peterson closed on the house on Nov. 3, 2006, with two loans from Washington Mutual. The main mortgage, for $436,000, had a starting interest rate of 8.5 percent, adjusting in December…The second loan, often called a “piggyback,” totaled $109,000 with an interest rate of 11.25 percent…Those two payments together would have totaled $3,386.17 per month.
That’s before property taxes, upkeep, utilities, etc. Peterson would have to earn at least $50,000 per year just to make her house payments.”
The foreclosure was filed in July 2007. “The balance on the main note then was $435,735.86,” Ericcson reporters, plus unpaid interest and late fees – suggesting she made at most one payment on the house. “Had she made all of her payments, Peterson would have spent about $64,335 so far. Had she rented a similar place, she would have been charged around $2,500 per month–a total of $47,500 — since January 2007. Instead, she apparently paid nothing.”
Who are the real suckers? Who are the true victims? If only the reporters swallowing their stories were half as diligent about background checks of ACORN racketeers as they were with Joe the Plumber.
See what others have said
Note from Michelle: This section is for comments from michellemalkin.com's community of registered readers. Please don't assume that I agree with or endorse any particular comment just because I let it stand. A reminder: Anyone who fails to comply with my terms of use may lose his or her posting privilege.
Comments
You must be logged in to post a comment.
 |
Obama’s new campaign candy: More mortgage aid, homeowner “bill of rights”
February 1, 2012 11:39 AM by Michelle Malkin
88 Comments
One cheer for the belated SEC lawuit against Fannie/Freddie execs
December 16, 2011 11:53 AM by Michelle Malkin
45 CommentsBailing out the world
November 30, 2011 09:35 AM by Michelle Malkin
131 CommentsBreaking: Barney Frank will not seek re-election
November 28, 2011 09:54 AM by Michelle Malkin
168 CommentsSnortalicious: Chicago corruptocrat/Fannie fat cat William Daley wears Occupier costume
October 17, 2011 01:56 PM by Michelle Malkin
20 Comments
Here are your 1 percent-ers: Obama’s bundlers
October 17, 2011 03:13 AM by Michelle Malkin
79 CommentsJohn McCain Understands the Frustrations of ‘Occupy Wall Street’
October 12, 2011 09:07 PM by Doug Powers
122 CommentsA new Chicago-based minority voter outreach program: What could go wrong?
September 26, 2011 03:34 AM by Michelle Malkin
60 Comments
Categories: ACORN Watch,Subprime crisis
Pundit & Pundette
» Bishop Jenky, Nicki Minaj, and the "98%"Sister Toldjah
» Obama’s new budget is a bad jokeJustOneMinute
» We Hear From The Department Of Good Ideas And False Choices
MM….please keep up the great work. BTW, my workplace filters out “social networking” type websites. Can you post the arrest info differently, so us poor working saps can read it?
I almost did not read your fantastic column, Michelle–the photo of that horrific woman (‘octomom’) nearly put me off me biscuits.
Unfortunately, this woman is a perfect example of the American lifestyle as we know it and people wonder why our kids are screwed up! Granted, she’s taken things to the max, but still represents what is important to many Americans. Gimme, Gimme, Gimme…me..me..me…me
more…more…more..more…
My wife and I did invetro. We had to go through mental evals, physicals, etc etc and the doctor flat out refused to implant more than 2 embryos. (BTW I have one left if anyone knows someone who needs it, free) The octo mom and her doctor both are complete idiots to have implanted SIX.
And…crap like this is why my husband and I can’t get a home loan that won’t cost us an arm and a leg, even though we have spectacular credit.
It makes my blood boil.
I listened to Obupkus speak last night. It was the dullest, most predictable load of what we have come to expect from him. In all, what he said was, “socialism will take care of you.” I laughed when he made mention of helping people “who were responsible” in borrowing & home ownership. Of course, he used the usual boilerplate about the military. The highlight of the evening is when he said that every member of Congress cared about America. That had to be a smoke screen for Americans who buy into his tripe. No doubt members of Congress are still getting a laugh out of it.
Don’t worry, the ONE will bless you…
/sarc off
Michelle Malkin, I am serious, if there are wounded vets out there who can no longer have children but want them, they can have my last little embryo. You have more contacts than me and you have my email address. I would hate to see it go to waste.
Now back to the real topic.
I’m afraid UHbama won’t help us – we work hard!
Maybe they were prescient. The end of welfare reform means that she can go back to collecting welfare by the kid. She may find herself up against the 250k limit.
Apparently so did the stock market. It’s already in the tank.
Re the Peterson story of woe. I make more than her $50k/yr and don’t take home enough pay to make her payments….
Today’s hated Sacramento Bee features Oprah focusing on a local woman who once “had a Lincoln Navigator” and a “nice house” who is now homeless.
I’m crying too. I can’t even make the payments on a top of the line truck or SUV (and you wonder why Detroit is broke). My car is 25 years old and paid for. I bought what I could afford used and work on it myself. That’s so I can afford a house payment.
duh
I never understand why people refinance there homes to pay debt. That is always the excuse you hear about why they took out massive loans on there houses. Why oh Why would you put your house at risk for what was originally unsecured debt. These people deserve no sympathy.
I did that once and regretted it ever since.
It was a good idea till the bill came due.
The selling points are that (1) it’s secured debt, and has a much lower interest rate over a longer term, and (2) the interest is tax deductible. Of course you have to actually pay the interest to take the deduction legally. The catch is that once they’ve refinanced, they inevitably blow the cash on toys, and then start running up the credit card bills again.
Back in the day, down and out meant someone who lost it all through layoff, drugs or even circumstances beyond their control. Now it’s people who are forced to give up stuff they had no business buying in the first place. America’s chickens are coming home to roost.
BUT BUT BUT WHY can’t I buy a new ATV this year???
WWWWAAAA WWAAAAA
ITS BUSHES FAULT!!!!
/picture a huge hissy fit ala a 2 year old.
The Left’s greatest strength lies in their being abetted by their cohorts in the MSM. No wonder it takes ten-fold the effort of Democrats, for Republicans to get their true POV’s out to the public, uncorrupted by the supposed protectors of the public’s right to know – the liberal reporters and editors of the media.
Cold, heartless Rethuglican conservatives!
This lady has fourteen kids and what are we supposed to do? Throw her out on the street? Call the good folks at Extreme Home “move that bus” Makeover.
/sarc
MM: “…and here are the facts on which I base my conclusions…”
MSM: “Facts? We don’t need no stinkin’ facts!”
The Main Stream Media in its current form should be overthrown by Conservatives. We need to start spending money on our own networks, & grooming young Conservatives to work in them. Those who hold the information, hold the power to control the masses through manipulation & deception. Obviously the media of today is corrupt beyond all measure.. It needs to change. I’m thankful for Michelle.. I never read any MSM story without coming here to get her take on it when possible. Sort of like a litmus test..
That Suleman woman is deranged.
Borrowing against your home to pay debt can be a good idea. The interest rate on a mortgage is usually only 1/4 of what most credit cards charge and the interest is tax deductable. And since a credit card balance is usually just a fraction of your home’s value you can make relatively small payments.
What gets these knuckleheads into trouble is they borrow against their home, pay off the credit cards, and then run the cards right back up. It doesn’t take a math whiz to realize that by doing that you’re not eliminating your debt, you’re doubling it.
That part you got exactly right.
I am so sick of hearing about this idiot (octoidiot)
Me too twiggman, me too!
Agreed.
The ones who deserve sympathy are the poor kids – souls – that this fool helped to create and bring into this world.
From what I know of this situation so far, it appears that, instead of being taken away from her and put up for adoption, they are doomed to stay with her.
Correct me if I am wrong.
Again, poor little souls…we must pray for them.
For the women out there, 4 words that will probably send you screaming, BREAST FEEDING 8 KIDS.
My wife is worried about 2…
WE ARE! The government is looking for every opportunity to pay these people off. They’ll sneak it in under some “humanitarianly-named” ruse such as The Family Domicile Rescue Plan” or some such bullsh!t and remind us the “it’s for the children”. If they were honest, they’d just take a leaf out of a Seinfeld script, and call it “The Human Fund – Money for People”!
Michelle…if only we had even HALF of the MSM doing your kind of investigative work, this country wouldn’t be in this mess!! I am just floored that the people in the MSM are so corrupt and incompetent! Keep it up, Michelle! This country desparately needs people like you!
Torabora…you can’t be serious! What kind of car is it that is still running after 25 years?
N
And may I say, it would have darn good genes!
These dopes are not activists, they are professional criminals and need to be treated as such.
Okay, i trolled Huffington Post and found this interesting point/comment:
+++++++++++++++++++++++++++++++
From publicy policy set forth from the IRS concerning 501 3 c’s:
Where a policy is articulated in a statute making certain conduct a criminal offense, then ?, a trust is illegal if its performance involves such criminal conduct, or if it tends to encourage such conduct.” IV Scott on Trusts Section 377 (3d ed. 1967). Thus, all charitable trusts (and by implication all charitable organizations, regardless of their form) are subject to the requirement that their purpose may not be illegal or contrary to public policy?
(4) Planning Illegal Acts
Not only is the actual conduct of illegal activities inconsistent with exemption, but the planning and sponsoring of such activities are also incompatible with charity and social welfare?
Time for the IRS to revoke Acorns 501 3(c) status.
+++++++++++++++++++++++++
Also, what is the status with Donna Hanks’ arrest???? My work blocks access to links above….this woman is the gift that just keeps on giving….also…gotta love the posters on Huffington Post responding to “Acorns” account of this…here:
http://www.huffingtonpost.com/bertha-lewis/we-are-willing-to-go-to-a_b_168742.html
ACORN and their antics is taking the place of Fascist President FDR’s unions.
Michelle,
Not sure where you are getting your numbers. My wife and I make over 100,000 a year. When you add up the income taxes it comes to over 50% of what we earn. (We don’t have kids so we don’t get a
earned income creditredistribution check. Add property taxes, sales taxes, sewer, water, power and up-keep we could not afford 3400 a month in mortgage payments.Off topic…Obama is right this minute announcing Gary Locke for Commerce Secretary! Michelle, dig out your dirt. Here we go.
Great article, Michelle…you have again showed what the Democrats are as a rule. Many of their leaders are criminals and even more of their supporters are even worse criminals…….
It is getting so a “badge of honor” for Democrats and supporters of the One is to have past charges or charges pending…..yep, they are good for the country….Not!!!
Per KFI Vivid Entertainment has offered Octo-Mom $1 million to do one ‘movie’.
Octomom is being saved for the next round of S-CHIP. How’s a single mom going to send 14 kids to the doctor? Oh yeah, it’s everybody else’s problem, sorry.
Hey Michelle. You are seriously making me loose respect for you. For a so-called “Christian” woman to say no tears for those who loose their homes because of the bankrupt practices of banks prove once the again the LORD is right about those like you. You love God only with your mouth and hate Him with your deeds!!!
We entered the realm of the absurd some time ago. How in the world do you “borrow” 200K against a property valued at 87K? And what do you spend it on? How much of this ended up in Obama’s campaign coffers?
Is this how ACORN finances its operations? Is anybody really looking at this organization? Can somebody call the Attorney General and ask him to launch an investigation when he is done call us all coward?
The Tea Parties are going strong,
here is a list of links to find one near you!
Mine is a 1994 Ford Mustang.
Did you forget that, as a lawyer and an upstart Community Organizer in Chicago, Obama was hired to train them? Now you know the rest of the story….
Long night in the warehouse last night. I hope to wake up in 10 years!
There is a think called predatory lending. There are reports that there was lots of it before the crash. There are victims of predatory lending. It’s a form of fraud.
Nope, lgm–I’m pretty sure you made it all up.
It’s called Social Security.
Did you forget that, as a lawyer and an upstart Community Organizer in Chicago, Obama was hired to train them? Now you know the rest of the story….
There are also things callled stupidity and greed. There are reports that there was lots of it before the crash. These are victims of stupidity and greed.
Now, liberals have always wanted to help out the stupid. Are they going to start making helping the greedy part of their agenda?
oooops, screwed up the quotee thingy.
b-cat, Torabora and happyscrapper: Mine, a ’59 ‘Vette!
lgm, there are reports your sane with stable emotions…see, there are reports all over the place, now which report one believes is another story.
Predatory lending my butt, I want to know which lending institutions held a gun to the borrowers head and made ‘em sign or refused to allow them to have a (gulp) lawyer review their contract before signing.
Kallifonia should provide a house for Mother Octuple, the nut house, my apologizes to the nuts reading this. The woman has some serious mental problems.
I just started working collections for a mortgage bank (rhymes with fiti, as in 50cent) and I can’t describe to you how disgusted I get to see how people have bought homes 2-5 years ago and then got an EQUITY loan, both of which they are now NOT PAYING thanks to the moratorium, and how many give the excuse of “overextended”. As with most, my hubby and I rented hoping to save up a down payment. Now we get to pay the bill for these deadbeats with our tax dollars.
HELP HELP THE EVIL BANKS COERCED ME INTO SIGNING FOR A LOAN I COULDNT AFFORD – IT’S NOT MY FAULT, DAMNIT!!
I applaud the thrift and care you exhibit in keeping a car that long. However, your carbon footprint is not acceptable! (kidding)
And which party created the conditions that encouraged this monster to propagate throughout our financial system? The Democrats, with their unsound plans for urban renewal, and pressure to increase low-income home ownership through artificial government supports and the corruption of Fannie and Freddie.
Good lord, this is so forced. Dont try so hard, you phony pony.
A strange man in a trenchcoat just offered me low low omg-so-low interest rates if I refinance my mortgage now! I tried to refuse, but he was just so compelling – and I don’t even own a home.
IT’S NOT MY FAULT I SIGNED ON THE DOTTED LINE!
Why is it that the people that are victims of predatory lenders are always Democrats? I thought Dems were so much smarter than the rest of us. Yet they can’t understand the most basic of concepts like adjustable rate or interest only? Maybe they were drugged by the loan officers. Or just drugged out.
Ask me if I care!
I will drive it until a) either it falls apart or I do (the first is not likely, given the way I care for it and the second is more likely, for the same reason) or b) the government shoots me to bring down the carbon in the global environment.
If it comes to b) I won’t be here to see a government official driving it to demonstrate to the massses what they should NOT drive!
LGM, I did this crazy thing before signing my mortgage. I READ it. I made sure my payments would not be more than my income. Stop excusing stupidity.
OK, I’ve had enough of this tough talk against those whose homes have been foreclosed. Where is your compassion? Where is your sensitivity? Sure, some people have made mistakes, and others are gaming the system, but you people seem to have forgotten that these victims are real people with real families. Where are they supposed to go? Not everyone has friends and family that will take them in. Not everyone has financial reserves that will help them get through this crisis.
Folks, I don’t think I should have to pay for all these people’s houses either, but MM and some of you other people are coming across as evil and heartless!
Bruce, you first. Pony up some cash for these “victims” to show that your heart is golden, your word is your bond, and your intentions are legitimate.
If you can’t do that much, then you have no grounds to lecture the rest of us.
There isn’t anything Christian or charitable about becoming a burden on your neighbor. Which, if your response is any indication is something you favor.
Right on! In fact, I have a van and a truck, both pretty needy. The more carbon footprint, the better, I say!
“Are there no prisons?”
In case you didn’t catch it, my prison comment was a quote from Scrooge. But, I do think these people need to be placed somewhere…perhaps “affordable” housing projects or small apartments so they aren’t homeless. But paying their mortgage for them is nuts!
Bruce: I have just purchased a new Lexus 430, a 5 bedroom, 6 bath home with a pool and a three car garage. I plan to refinance the home shortly and put a new Lincoln Navigator and a Mercedes (model TBD) in the other two stalls of the garage. We are taking a three-week cruise to Europe this summer. I make $75K/year and my wife makes $30K.
When my first mortgage payment comes due, I’ll just send it to you. OK?
/sarc off
Using your terms, “I’m a real person with a real family,” working hard to keep my head above water.
My wife doesn’t work, the only debt we have is our home (3 bedroom, 2 bath) and her car. We mostly travel to visit family in neighboring states and every other year we go to a reunion of the guys I served with in Vietnam.
Do you think it is fair for me to sacrifice and play by the rules and then have to pay for someone else’s bad decisions? I give to charity (more than 10% before taxes each year, more last year because of a ‘windfall’) to help those in need, must I give more?
Charity begins at home and you need to take care of your own family before you start taking care of others. I am already helping my family (kids and grandkids) get by in today’s economy, which is how it should be.
I have made some bad choices with consequences, but have overcome those to get to where I am today. I didn’t ask for a government bailout, although my parents did help (and were paid back, in full) when I did need help.
When do I and those like me get a break?
Very well put! Your anger mirrors the anger of 50 million homeowners who have been responsible for their own lives. Thanks for starting the class war, Obama!
I dare say that if it were you, MM, or you, happyscrapper, or any other of you callous individuals, being cast out into the street, you would be very relieved to get any assistance possible.
As for the business about being Christian, I think ammonrae has a valid point. If the “Christian” community was Christian indeed rather than in word only, the majority of problems in our society would have been avoided without the need for government intervention.
We could do well without “Christians” that are greedy, selfish, unsympathetic, and unwilling to act…. of course that would rule out about 95% of them.
C’mon! Real Christians are concerned about the welfare of those who are poor, imprisoned, homeless, and destitute, so why aren’t you?
The issue certainly isn’t with all of those who have lost their homes due to foreclosure. Michelle was very specific about the supposed “victims” of foreclosure. If you haven’t read about the bus driver who admitted to buying more house than she and her husband could afford – I highly recommend it.
To whom should we direct our compassion toward? Michelle has provided ample investigative material for us to sort through and make up our minds. None of them are deserving of our compassion. Not a one.
I’m saving mine up for those who deserve it. You can’t help someone who won’t help themselves.
From a purely logical point of view your compassion and sensitivity won’t add up to much at the end of the day. We cannot prevent bad things from happening to good people anymore than we can prevent people who make stupid decisions from having to deal with the repercussions of those bad decisions.
That would be for them to decide.
So what’s the answer, Bruce? It’s our fault that people don’t save or don’t have family members who will take them in? My mother had to move in with my uncle because she couldn’t afford the house she was renting. It wasn’t anything fanciful and it certainly wasn’t in the greatest of neighborhoods but year after year my mother kept getting behind in her monthly payments. I cannot recall how many times she received notices that the landlord was resuming the eviction process if she didn’t pay x amount of money. The family stepped up and bailed her out each time. Until finally she listened to me and moved out of that house and into my uncle’s house so she could pay down her debt and save money. How much money do you think my mom has saved toward buying her own home? Zilch. Nada. Do you know why? Because she continues to treat her money the same as she did before she moved in with my uncle. Which brings me back to my previous point. You can’t help people if they won’t help themselves. I love my mother dearly but managing her finances isn’t her strong suit. My husband and I have shown her how much money she has coming in versus what is going out and she hasn’t curbed he spending nor has she followed through with our suggestion that she create a budget and stick to it. Everybody has a sob story but that doesn’t mean that we need to rush in and shower sensitivty and compassion on them. I can emphatize with their situations but that’s it.
People are fed up! Their retirement accounts are drying up, their property values have dropped and their taxes are increasing. And all we hear each and every day is more. The government needs more money to right the ship. I can’t really blame people but I don’t agree that people are heartless. That’s taking it a bit far in my estimation.
As the saying goes their is a sucker born every minute…and the Democrats count on their votes!
They are the same ones that try to take the easy way out in life.
Whether they go to a payday loan place, or shop at convenience stores (paying double for stale food.
Being irresponsible automatically enrolls one into victim category # HR45,
and you will have people (like some here) defending the right to be perpetually irresponsible, make stupid decisions, and than expect the rest of us to pay!
In the old days those were the ones put into the stocks- for “reeducation purposes”, but the ACLU wasn’t around to help all Marxist principles prevail in that society!
Hmmm…
I have lurked long enough I think.
I sympathize very strongly with sentiment’s like nail49′s.
Afterall, where is my handout? Am I doomed to live a life where I only get the luxuries I can afford on my salary? *sigh* Actually, it’s perfectly fair, and to be honest, I can get quite a few nice things with my salary.
However, I can understand points like this from LGM:
True, and while I find it hard to really sympathize with greedy people that make poor and hasty decisions; I can have some sympathy for truly ignorant or mentally deficient, yet well-intentioned and decent people.
Perhaps there is room for lawsuits in the case of actually predatory lending. However, as it’s been said, it’s very hard to find sympathy for people who make substantially less then I do that live well beyond anything that I would even consider rational.
Finally, Bruce:
There is recourse for these poor individuals that “lost it all” It’s called bankruptcy and it works perfectly well. I am real sorry if Mr. $800,000 house has to suffer a blow to his ego, ruin his credit, and rent for a little while. It’s a shame. However, the idea that these people are wandering the streets in rags and eating out of restaurant waste bins is just false.
I found this article recently,from the NYT archives:
Fannie Mae Eases Credit To Aid Mortgage Lending
http://query.nytimes.com/gst/fullpage.html?res=9c0de7db153ef933a0575ac0a96f958260&sec=&spon=&&scp=1&sq=fanny%20mae%20eases%20credit%20to%20aid%20mortgage%20lending&st=cse
In part:
“In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.
And…
”If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.”
And…
“In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.”
“The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.”
Obviously, some saw the future problems this change in lending policy would cause, and it went unheeded by the know-it-all Barney Frank, and others who are up to their necks in this debacle.
Bruce: Wow! Way to control your anger there!
Yes, I would be concerned if I were being cast out in the street. Problem is, many (I have seen figures as high as 60%) of those who get “bailed out” have failed to make payments on the restructured loan.
My conscience 1) won’t let me default in the first place which 2) wouldn’t set me up to default in the second place.
Einstein said,
So, when do we stop throwing good money (the taxpayer’s $$$) after bad (even more taxpayer’s $$$)?
Finally, do me a favor and compare giving by liberals vs giving by conservatives — it ain’t even close. I posit liberals come by their name honestly, they are liberal with other people’s money.
These are the same wilfully blind folks who artificially drove up the housing market making your basic single family home that wasn’t a McMansion unaffordable. They cheated many Americans out of the “American Dream” (whatever that is).
I think this is a convenient bit of projecton. Being that I’m not overly religious, it would seem that you expect the real “Christians” (whatever that is in your eyes) to be naive saps who bail out everybody whether or not they were “victims.” It’s interesting that those who either a)are Christians in a liberal guise, b) tear down Christians, or c) decide who’s a “Christian” and who isn’t based on their common sense principles continue to use the whole guilt trip motif as a defense for what some of these people did not only to themselves but to the very housing market they felt entitled to exploit.
Who are the vitims? If you think that we aren’t already paying for these scaflaws (both corrupt lenders and homeowners) then check the mortgage bailout bill. Your view of Christian “charity” is being forced on the rest of us who saved, were responsible, and gave to those who were truly destitute.
PS. Bruce:
Let’s leave the whole religion thing out of it. (You don’t want to go there with me reading this thread, trust me *wink*)
Compassion is a human quality and there are examples from people of all faiths (or lack of faith) that have or do not have much in the way of compassion.
You aren’t going to get much traction here by trying to play some religious guilt card (with the religious or non-religious)
Yes. My sentiments exactly. Very laconic. I, on the other hand am afraid I was a wee bit too wordy there.
It’s one thing to rebuke…but Christians do not rebuke the weak!!! It’s one thing to be against bailing out those foreclosed, it’s another to spew HATRED against the foreclosed!!
Take it easy ammonrae, no one is espousing a Hitleresque “final solution.”
The general sentiment here is basically, “Hey! Why does Mr. $800,000 house get a handout and I still have to pay my mortgage?”
Not a wee bit to wordy at all…you go 30…
Even if there are no laws in the world, there is still a such thing as righteousness.
First of all, that probably isn’t going to happen to most of us because we are sensible with our money and generally have a plan B. As for being a Christian, I give a very large sum to my church, which in turn, helps a lot of people who need it. But to FORCIBLY take money from one group of people to bail out another group is SOCIALISM. What part of that escapes you? Or is the truth that you want this country to be socialist? I believe I have just figured you out.
My oldest is a ’72 Datsun 510
No smog checks, makes me happy
Also have 3 Fords
ammonrae: OK, maybe we do have a mote in our eye, but the beam of greed in the eyes of those who are taking out mortgages they can’t afford ($800K on a busdriver’s salary — COME ON!!!) seems to be stuck in your field of view.
Hey zero, ammonrae brought up the whole “Christian” thing, not me. I just happened to comment on that. As far as trying to dictate what is or is not permissible in this discussion, you have no right.
Again, the people who should be the most caring and sympathetic towards the disadvantage are the ones railing against them. So you refuse to help those in need? That’s your business, but your desire to keep them from getting help through other sources reveals the truly desperate condition of your heart.
Lay off the hyperbole, please … You presume that everyone posting here are Christians, they are not. Secondly, even if we all were Christians what gives right, nay, who gives you the authority to chastise the host of this blog? You see hatred where I see frustration. And if people can’t vent their frustrations what do you propose they do? Many here, Christians or not domate their time and money to those in need.
Lastly, the premise that those who have bitten off more than they can chew are weak is laughable. Again, I can emphatize with their situation but they have to deal with the consequences. Period.
ammonrae:
Indeed. In a righteous world, Mr. $800,000 files bankruptcy and then goes and rents an apartment. Meanwhile, Mr. ZeroAngel continues to pay for his mortgage, his property taxes don’t go up, and his home doesn’t devalue.
thanks, twiggman!
Well said, HS.
Even God cannot force us to love Him, let alone our fellow man.
He can encourage, teach, admonish, reason, etc.
But, love cannot be forced.
Extortion at the point of a gun is not love.
Bruce:
Fair enough.
Actually, I can say whatever I want. Either way, it was merely a suggestion, I wasn’t dictating. I was just trying to point out that compasion doesn’t have to be a solely Christian trait, nor does being a Christian imply one always has to be “compassionate.”
Anyhow, as for the rest of your post, I think you didn’t read what I posted.
He beat me to it, 30.
My sentiments exactly.
Oh, another lie.
righteous
1: acting in accord with divine or moral law : free from guilt or sin
2 a: morally right or justifiable
b: arising from an outraged sense of justice or morality
3 slang : genuine , excellent
Islamo-facists believe their homicidal actions are also righteous…and NOT in the “Bill and Ted” interpretation, you know, “Most excellent!”
You’re probably right. I stayed worried until our house was paid off. But we didn’t build above what we could actually afford, and we didn’t abuse our equity. We never touched it.
I feel bad for these people, Bruce, and can think of nothing more catastrophic than losing a home, but where is the fairness in having people who made do and did w/o to become homeowners, like my family, double-back and begin paying for the overpriced, over-sized houses of their neighbors?
And why all the government focus on people losing money on their “investments” by owing for their overpriced houses in a down-market, when the people who paid for their homes and own them outright are also losing value? They/we are seldom mentioned in the media, and the Obama plan has no rewards for them/us, whatsoever.
And too, many of these people being evicted still have their incomes and will not be living on the streets; they just do not have the types of incomes needed to maintain the payments on these out-of-income-range houses they bought.
Perhaps the lack of compassion you perceive us as having would more aptly be described as a case of not misplacing our sympathies with people who saw their houses as “investments,” not homes; as cash machines and potentially lucrative flips, not as places to raise families and build futures. Perhaps we reserve our compassion for people who are truly in need: those losing their modest houses because they have lost their incomes. That is where my compassion lies.
‘righteousness’?! In the mouth of the unrighteous?
‘no laws’? There is always G-d’s law. Always has been, always will be.
Thank you. You’re a really good commenter. I may not agree with your take on abortion but your comment goes to the heart of the discussion. The foreclosure “crisis” isn’t about religion or who or who isn’t the “better” Christian, it’s about mortgage brokers who loaned irresponsibly and homeowners who either “gamed” the system, weren’t educated enough to buy a home but did anyway, or knowingly bought a house they couldn’t afford in this lifetime.
You need to stop lurking. C’mon…. have little fun and join the fiesta.
I appreciate your presence on the blog. I, too, have been “lurking” (I know Chaps will be shocked) because I feel I can’t do a damn right now except live my life and try to survive. I see this and it all feels hopeless because apparently real work, honesty, and sacrifice don’t count in today’s society. That’s not what the “cool” kids are doing.
ammonrae:
said…
You first, show me your righteousness.
Me, I would rather not show my filthy rags.