Boo-freaking-hoo: Million-dollar home owner whines about bailout limits
Sorry, I have no tears for you, Chadi Moussa. You wanna pay my rent? How about some cheese with your whine?
Sob story fit to print in the NYT:
Chadi Moussa lives in a house valued at more than $1 million in Dublin, Calif., in the desirable East Bay area. Unfortunately, he owes nearly twice that much on his mortgage. Mr. Moussa, who runs a used luxury car dealership, is by any definition a troubled homeowner.
But when he looked at President Obama’s housing rescue plan, he saw nothing for him because his mortgage was too high.
“You give $25 billion to a bank, at least they should help people stay in their homes,” Mr. Moussa said. “But once you get to big loans, nobody’s doing anything about it.”
Administration officials say the plan, the details of which were released Wednesday, is intended to help as many homeowners as possible and could prevent three million to four million foreclosures through loan modifications and help four million to five million through low-cost refinancing.
But it does little for borrowers who have had significant jolts to their income, or who owe more than their home’s value on loans that exceed $729,750. In boom-and-bust housing markets like Florida, Las Vegas, Phoenix or California, where values have fallen 30 percent to 40 percent, the plan leaves many in homes they cannot afford — some because they borrowed recklessly, others because they were buffeted by the market swings.
About 20 percent of the country’s 50 million mortgage holders owe more than 105 percent of their house’s value, and so do not qualify for refinancing under the plan, according to J.P. Morgan.
“The refinance portion of the plan is set up so it provides the least help for the people who need it most,” said Christopher J. Mayer, a professor of real estate at the Columbia Business School. “We’re missing an opportunity to help many more Americans.”
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You rent?
Look at that, Chap. You have something in common with Michelle.
I moved about 30 miles away from Dublin because I couldn’t afford a home there. We got a great “affordable” house and I am making the mortgage, but my quality of life suffers because I have to drive 1 hour each way to work. This means less time with my famliy and more time on the road.
It’s not like anyone forced this guy to buy in Dublin. Is the Giverment going to pay me back for the loss of time with my famliy. No, I am going to get screwed for making a responsible choice.
That and the fact I will be living in MD very shortly as well. I totally expect her to invite me over for some brewskis.
San Francisco’s East Bay…
Behold, the fruits of liberal political leadership.
US representative: D
State senator: D
State assemblywoman: D
On March 5th, 2009 at 2:26 pm, chapoutier said:
I thought you were a sommelier.
Yes, Michelle mentioned a while back on another entry that she rents.
About this dude who owns a $1 million home and owes almost twice that? Too bad. You got yourself into a jumbo loan, now deal with it.
I am trying to shed my elitist reputation and become one of the pleb- I mean people.
Well, that’s going to make it WAYYY harder to stalk her if I can’t look up land records.
And yet, despite all the damage that D’s do to their districts and the country at large, morons like this will continue voting D anyway.
Boo-freakin’-hoo is damn freakin’ right, especially in cases like this.
Really? I think “any definition” means “any definition that will help the MSM/Obama/ACORN/liberal agenda”…
Chap – Michelle has mentioned many times that she rents. Kinda makes me wonder if you even read what she writes…
What say you?
you can stop there, Cosmo
More media terrorism!
Yet another example that the CA real estate market is killing the rest of the country. It sounds like this guy can no longer afford the lifestyle he’s grown accustomed to.
Hey, Michelle, when will there be a nationwide protest for us renters who made good decisions and have to bail out these creeps? Homeownership is a serious undertaking and it just irks the rest of us that it’s treated more like a lifestyle accommodation than an actual financial choice.
Where’s our bailout? Where’s our tea party?
On March 5th, 2009 at 2:30 pm, chapoutier said:
Snakes are great at shedding reputations.
I say I never picked up on that. Sadly I may be in real trouble if I finally get my chance at “Jeopardy!” and the Final Jeopardy category is “Conservative Blogger’s Homeownership Status.”
Unless of course, I am already up over double what my nearest competitor is. Then I will just bet $0, or at least an amount such that even if I were to lose, I would still be double my nearest competitor.
I think, Chaps, that Michelle no longer lives in MD. It seems that she has relocated to CO. I could be wrong.
MD is a pricey rental market just like VA. Good luck finding something reasonable.
Dear Mr. Moussa,
You must remember that I operationally defined “the rich” as having $250,000 or more in the cookie jar that I can get my mitts into. If you can’t understand that you’re rich, don’t worry. I’ll send Tim Geithner to your house to give you a detailed explanation.
Signed,
President Obamalamadingdong
*out*
emjem24: Fixed it for ya…
He owns a million dollar house and he expected the ONE to help him? Didn’t he get the memo?? HE IS THE ENEMY!!!
He is the evil rich who has wealth that must be re-allocated.
SONOFA—!
And I just signed the lease too.
Fortunately, my sister and brother an law are stationed in Fort Carson, so I can
stalkstop by when I am out to visit.Yes???
oh sorry..
We moved to SoCal in August of 2006, and the market was still hovering around the top at that time. We could have gone to a local mortgage broker, fogged a mirror in their presence, and gotten a “no money down” adjustable-rate mortgage on a grossly overpriced abode hereabouts. However, we knew we could not afford to do that, and so we *gasp* rented an apartment! And, we’re still in the apartment, since it’s anyone’s guess where/when the real estate market will bottom out. Chadi Moussa took a risk and bit off way more than he could chew. That he is choking on it now is too bad…for him.
chap, i have to admit i often enjoy your posts. it goes without saying, i find them invariably wrong, but unlike lgm and rss you seem to understand you are pulling on the wrong udder and have the ability to take pokes as well as give them. p.s. that’s bull, not cow.
btw- mr moussa what a putz you must be.
Okay Chap – I just hope they don’t have a Rush Limbaugh Sayings category.
And why aren’t you chatting it up on the Van Voorees thread? Aren’t you his neighbor? You at least belong to the same club right?
Sounds like a down right populist kind of statement.
Did I make it in before all the “OMG UR ALL SO HEARTLESS!” whines?
I paid my $815.00 rent on Monday – didnt need anybody to bail me out of my 750sqft apartment in Seattle. Poor me
I didn’t know she relocated to Colorado. How cool is that? I live in the Longmont area…15 minutes away from the People’s Republic of Boulder.
GET Out of my pocket! That said, I would be willing to help by making losses on the sale of a home deductible. I would have been able to use that one a few times myself and not felt the least bit guilty. I also think home equity loans should be taxed as income in the future (and deducted when paid off).
Mr. Moussa, if you have a $2 million mortgage then you’re apparently one of those evil rich guys the Dems pledge to screw to get elected. Since they won the white house on a promise to make rich guys like yourself pay their fair share, giving you bailout money for your mcmansion might not go over well with the commoners. And while the Dems may be masters at making double-standards seem fair and reasonable, I think this might be beyond what even they could pull off.
Gee, sucks to be you dude.
Inspired, I have spent time there for training, and you are not kidding about the People’s republic of Boulder!
Hey, chap? I live out in MD and if you want to sneak over here once in a while, I won’t say anything about it. The staff’s pretty nice and they get some good stuff in spite of the county’s asinine alcohol laws.
I don’t understand the problem. Just because the value of the house goes down doesn’t mean he can’t afford the mortgage. If his income has been affected by the economic downturn, I can see his plight. I don’t thinkt he taxpayers should bail him out, but I can understand the problem. If he overbought using a variable rate mortgage that he couldn’t afford, not my problem. When it comes to a 2 million dollar mortgage, I don’t think the predatory lender argument is valid. You signed the paper dumbass, live with it.
OMG! She’s stalking ME!
I’m fine with that. Maybe she can join nail and myself for brews on the 30th @ Rock Bottom in the Springs.
Of course, it should be noted that in the East Bay, a ‘million dollar home’ is no different than what might sell for say, $130k most other places.
No, no one forced him to buy there. . .but I’d bet his house is no mansion either.
Chadi Moussa is quoted as saying, “Yep, the value of my house went down faster than a pizza delivery girl in a blue dress”.
This is totally IRRELEVANT to the problem. Let them pay for the price they agreed to pay, what says they are guaranteed equity out of the box?
Damn them, PAY YOUR BILLS.
Drop the interest rate, extend the term, but DON’T TOUCH THE PRINCIPAL!!!
Chap, you’ll be drinking alone for probably quite a while. You’re just not exactly party conversation material.
I didn’t figure you for the rumor mill type, Emjem24.
No doubt he took an ARM, expecting to be able to refi when the time came, and now can’t get a refi because his mortgage is upside down, but also can’t afford (or claims not to be able to) the new monthly payments.
These are exactly the type of people we should be helping.
This entire “under-water in my mortgage” issue is a red herring.
A change in the value of your home has absolutely no impact on the payment. If you could afford the $5,000 payment on the million dollar loan when you bought the house, you can afford it now. All the change in value does is decrease your net worth, a balance sheet item, not related to cash flow.
So, suck it up. If you pay your damn mortgage you’ll eventually get in the black, and even have a valuable asset when you finally pay it off, even if it’s worth a couple hundred thousand less than you bought it for.
DON’T HELP HIM!
I live in the area. My wife and I bought a modest home, what we could afford on one income even though both of us work. We’ve been saving cash, waiting for the bubble to pop, so we could get a better home to raise a family.
Help him B.O., and you’ll be screwing the rest of us who have managed our money wisely.
Chap, you’re hilarious!
When you gamble, you accept the consequences. But, for my part, I’m willing to help him. I have a utility trailer and I can help him move to a smaller house.
My stock portfolio is down about 50% since this all started, is O gonna bail me out too?
As in I am a boring conversationalist or I am a boring topic of conversation at a party?
Either way…I already drink alone. Yeah. With nobody else. Yeah know when I drink alone, I prefer to be by myself.
These are exactly the type of people that we should not be helping. So his his house had lost value? Not my problem.
If that were the case, how about paying me back all the money I have lost in my 401k and IRA? I bought funds hoping that they would increase in value when I could have invested in CD’s or savings accounts or something with a much lower but gauranteed return. I wanted a greater return so opted for the stock market, not your problem, and I would never expect you to be forced to pay me my losses.
Absolutely right! Troubled homeowners? How about panicked investors!
Not even Johnny, Jack, or your good friend Bud?
I could have used you this past weekend, having had to unload a 15 foot chock-full Ryder Truck, going up a curb, three small stairs and then a 1 foot rise to get to the service elevator, pretty much by myself.
But I am not bitter.
I was joking about helping these types. I say let them flail.
If he can afford payments on ANY type of 2 million dollar mortgage, then he can afford to move to a more affordable house anywhere in the country. Hell he could probably buy a house in my area with cash. So he is exactly NOT hte type of person we should be helping. Except maybe to move.
I say let them hoe.
But what about your brothers Black & Red, as well as your dear old Grand Dad, and the others?
Mmmmm…. hubby always promised to take me out to Rock Bottom. Isn’t that the place that gives you the “stick-on” bees? Or, perhaps, I’m confusing a historic bar with another historic bar?
Anyhoo… I hope our PCS brings us back to C. Springs (we lived there about 3 years ago) ’cause I sure know that VA and it’s wasteful tax policies have worn out my patience.
I’m not partial to the local brew but if they have a good martini or wine selection, I’ll toast to your health!
Chap is just bad to the bone. The head nurse said so.
Chap:
I am thinking you will have to repeat this more than once.
Glad to hear it though. Anyone seriously suggesting “help” for million-dollar homeowners is way out in “left” field.
I’m not! I swear I’m not! Who ya been talkin’ to?
Anyhoo, I’ve seen Michelle on Cavuto with the Rocky Mountains (and I think Denver) in the background a couple of times when she was on the air so I just put two and two together (from what I know from living in C. Springs and going to Denver a couple of times) and I just thought…. that’s not the mid-Atlantic Michelle that I knew!
I could be wrong- our hostess could be in an underground bunker in an undisclosed location.
Here is a non-rumor I just found out about that is getting me kind of mad.
My reserve unit just got all the ammo funding pulled for next weekend.
AAARRGGGGGHHH no range for us.
Just trying to make sure that your shot is a little off when they come for your guns!
Fixed
Click on the “about” button on the bottom of the page. If I were her, I would at least have a bunker… I wouldn’t hide in it… yet!
So what is it then, 2 days of hip pocket training? Oh, what fun.
Not in my district. We actually have a Republican — Tom McClintock
I know…shocking.
Boo-freakin-hoo indeed. And I’ll bet business in the luxury car market has dried up, too, right? You know, there’s no shame in being a renter. I’m not, but I have no predisposition against ‘em. I’m sure at some point I may be again. I for sure would be if I were 100 percent upside down in my home, owning 2x as much as its worth. And you know what? If I could get out of that home, even if I had to rent, I wouldn’t complain!
As an army reservist, I am more likely to be doing the grabing, but I promise to be a really crappy gun grabber!!!
In fact I promise to set some sort of world record for complete failure in the field of gun grabbing if it comes to that!!!
Ha! I was right! My spidey sense is working overtime this week. I got my American Idol picks right this week and now this. My husband couldn’t believe it. When are you gonna treat me, Shooter?
3 days……
But only one day was scheduled for the range.
You are just sooo nänä maka, aloha.
heilige Scheißscheiße!!!!!
DOW down 281 more points, just under 6600
Fixed it for ya.
Note that “help” is a four letter word. Collie, I think that they’ve “helped” enough of us — would you like to respond to Professor Meyer?
My collie says:
Maybe she will- I’m not sure if everyone here realizes how mild and well-mannered you are compared to the unhinged A-holes that are on the lefty sites.
Everytime Michelle goes on FOX & Friends they say “We have Michelle Malkin Live From Denver.”
Hmmm…Wasn’t Galt’s Gulch in the Rockies in Colorado?
This guy is even worse. He needs to be pounded by someone.
Even the second guy, who took out a $325,000 mortgage on an 80K income is out of line.
WTF is wrong with these people?
O/T Dont know where else to put this:
I think I’l go just for the fun of it. I can pull out my old protest/anti-teargas clothes, mask and backpack from my days of protesting the G8 and the World Bank
OH SWEET ITS TONIGHT!!!!
You bet. And just think, if you suspended everyone’s mortgage payment – you could help even more Americans!
emjem, you’re thinking of “The Golden Bee”.
I cant miss this, its got to be entertaining.
Ah, but she was in Denver for the DNC and again a few weeks ago for when PBO signed the Swindle-us Bill. When you put two and two together, you came up with Twenty-two. Unfortunately for us Coloradans, I believe she’s still in MD.
gee chap , since you are a lawyer, the only one’s that fit your class to drink with is , used car salesmen and politicians. It’s sad when even they won’t drink with you and your forced to drink alone.
I’ll never truly drink alone so long as I have my good friends from the MM board, like you BruceB, to be there with me and share in my zombie-laden, poorly constructed, drunken posts.
Your last post was excellent chap, except you mis-used one word “Friends”
I am sorry. I didn’t know if we were at the “boyfriend/girlfriend” level yet. These things are just so awkward.
Pshaw! Chap, I always enjoy your posts, as wrong-headed as they are. I’d gladly quaff a libation or two with you, while engaging in lively discourse. You’re not a violent drunk, are you?
A few years ago I temporarily rented from a guy in Fremont and also Berkeley because I couldnt afford the housing in the East Bay/Valley and I didnt want to live out in Tracey or Stockton. The guy in Fremont lived in Redding (~250 miles) and commuted every week. We had a guy in Sacramento that commuted EVERY DAY.
That’s exactly correct. Let the loony lefties find her address in the Pentagon basement. hehe
On a more serious note;
NOPE, we gotta pay for all the union retirees ( UAW) and extravagant parties, (AFL/CIO) and future voter fraud projects (SEIU-ACORN).
We get to pay for the unions while losing our own hard fought retirement money with not much chance of leaving anything of substance for our kids.
Thx hussein.
Found in MM’s About section of the web site.
I believe in Charity. It is what I give people voluntarily to help them out. I don’t believe in extortion.
I also believe that if you want something pay for it. This is across the board. It includes heart surgery, cancer therapy and hip replacements. They are as much your responsibility as a hair transplant.
All you C. Springs folk, didn’t know we had so many from down there.
My family pioneered Manitou back at the turn of the last century. Dad was born in On-A-Ledge when grpa owned it many decades ago.
Anyone go there?
Or Browncraft?
I’m from the East Bay Area. You’d have to look REALLY hard to find a house in Dublin worth $2 million, even at the PEAK of real estate values. Danville? You bet. Alamo? He** yeah. Blackhawk?? Der. But Dublin? No way. This guy’s lyin’ while he’s cryin’.
I dont feel sorry for those who got in over their heads, but frankly you all are missing the big picture. Decent people of high net worth have lost a lot too, the figures just have more digits.
BTW – I recently heard Michelle say on talkradio here in lovely Colorado, that she has relocated to the Colorado Springs area. Welcome Michelle, I live between CS and Denver, and were are truly in God’s Country!
Well, I’ll be! Our lovely host is a neighbor of mine! I had no idea!
Rock Bottom on Powers Blvd, 30 Mar, 7pm. MM Blog posters unite!
My response
You want me to pay your rent in that high of a neighborhood? Bite me