George W. Bush has today recommended the inconceivable. He is proposing new legislation to bail out the financially inept Americans who, when buying the home of their dreams or investment property utilizing the riskiest of finance methods, viewed the reading, understanding and questioning of contactual fine print of the most massive financial obligation they'll ever make in their lives as "meh, that's not important".Don't show me that! Show me my new freaking house!
Well, apparently guns were put to the heads of these individuals as they signed off on "no down payment", "sub-prime", "adjustable rate and/or interest-only loans". Did they care about long-term affordability? Fuck no. They just wanted into the club, slamming down their cash on to the proverbial Las Vegas roulette table, because interest rates will go down in the future. They MUST go down in the future!
And besides, my Realtor told me "you can always refinance in the future".
This move to legislate away the collossal financial fuck-ups of these morons sends the wrong signal. To everybody.
Now it's OK to throw reason to the wind. You don't have to pay back your mortgage!
Instead of renting a single family home, I should go out there and load up on a $650,000 single family, 3 bedroom, 2 bath piece-of-shit cement box house in Orange County, sign up to a two deed of trust, adjustable-rate mortgage and make it all mine! And if interest rates go up in the future, the loan adjusts and my house payments go from $1,999.99/mo to $4500.00/mo, then fuck it! I'll just call up California Senator's Barbara Boxer or Dianne Feinstein. They and 350 million American taxpayers will surely "pick up the tab", help me keep my house, and bail me out, because I'M A FUCKING ARROGANT MORON!
Hell, why not just go to my bank, withdrawal all of my money, spend it all on lottery tickets and hookers, then put in for a tax-payer bail out?!
Meanwhile lending standards are tightened across the nation, the cost of borrowing for all sorts of loans in America goes up for everyone, and uncertainty rages in the financial and currency markets.
AND - hey, I thought I'd save the best for last, Rancid Truth readers - your federal and income tax bill goes through the freaking roof, courtesy of that financially inept neighbor just down the street!
And you thought they had such a nice flower garden!
The Senators, Congressmen and President want some sort of "pat on the back" for sticking it to the American taxpayer.
Do Americans seriously wonder why this country is going to hell in such a gaudy handbasket?
Write you senators now and implore them to stop this insanity and reject any such legislation proposed by Bush, Shumer, Shelby, Dodd or Clinton.
Look, it's not because America is without compassion. But let's agree to establish a new rule. Let compassion and bail-outs be reserved for those who really need it - the poor, the uneducated, the sick, the elderly, those that cannot defend themselves.
Ms. Pat Vreedevogd-Combs of the NARProudly cheerleading Americans into Homedebtorship, Foreclosure and Taxpayer Bail-Out
It is morally wrong to bail out "housing gamblers" (a.k.a anyone who believed the words of Realtors or mortgage lenders the last 7 years) with the money of hardworking taxpayers and voters who, instead of believing the National Association of Realtors (nice commendation, Ms. Combs) , chose to live within their financial means.
I would advise readers of Rancid Truth to write the malinformed President of the United States, but he has the unfortunate impairment of being unable to read, and unable to change his mind once he fucks something up so badly and beyond all recognition. But if you voted for George W. Bush and you believe he will listen to you, then don't let me stop you.
Hell, we should try everything at this point, and that includes anyone who chose to slap a "W in 2004" bumper sticker on their SUV.
6 comments:
Your an Idiot for not ginning up to the bar and ordering the drinks! It's our god given right to have a 50 inch Plasma, Hummer and to park in our McMansion driveway! All your doing is spinning your wheels with this stupid "I told you" housing sham site... Quit whining and conform!
I got mine... get yours.
debt zombies getting tossed out in the streets
Hey Marcus -
Where have you been lately?
Right On!
I find it fascinating that someone with obviously little expertise on the topic could watch a presidential speech announcing the FHA Secure Plan and within hours of hearing it go to the web and post a blog to the world about it costing taxpayers money blah blah blah and bailing out housing gamblers blah blah blah. That is sticking your neck out man. I couldn't do that!
I understand the sentiment. And much of what you "express" I can identify with. But maybe if you had waited to bounce that theory of a few poeple first or do a little research you would have written a different response.
Nearly three quarters of the foreclosures and short sales are investors (including fraudulent investors who claimed they were going to occupy on their loan applications in order to get 100% financing).
Bush's FHA Secure Plan has nothing to do with them. It is for owner occupied borrowers who have experienced a payment increase. It requires full income qualifying. It requires a responsible credit history and no late mortgage payments up until the payment increase. AND it is simply a refinance. A bank funds the loan and HUD simply insures a portion of it. That insurance is funded in an insurance premium that the buyer funds.
How does that cost taxpayers?
If FHA defaults end up increasing as a result I guess you could make that argument but FHA over time has proven to be a self funded viable program. The only change bush made to the already proven program is that if they experienced a payment increase and missed a payment or two as a result, it would not disqualify the refinance. This likely will not effect taxpayers at all or insignificantly. It is designed to help the people that should be helped, those owner occupant homeowners who have experienced a payment increase that they are struggling with and have limited refinance options (due to the fraudsters and speculators).
But as long as your offering up your ATM account...
What a Prime Example of the damage done with the help of industry Insiders to those that had no idea what was going on.
http://www.pe.com/reports/2007/wealth/
Victims’ Website:
http://www.coreclient.110mb.com/
The perpetrators of this crime are still operating…are still writing loans and stealing money from victims. Check out the named businesses carefully.
Have you heard of any of these guys or done business with any of them??
What is concerning to me after spending much time researching now what I should have done then….is that these people CONTINUE to manage to operate…they still have plenty of connections in the industry to open the doors for the thievery of the goods.
This story broke almost a year ago…and yet there is no telling how many more people they have roped into refi’ing their properties to feed the PONZI scheme.
I just wanted some of the pros here to get a look at the names/alias’/and businesses to see if anyone has ever come into contact with these people.
The one that we know is still operating is named Cindi Kelly out of Ocean Ridge Equity in the San Diego area. The head mastermind, James Duncan, opened this facility for her AFTER she and her entire crew were canned from Nationstar for her insider funny business.
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