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Thread: Upside down mortgages

  1. #1
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    Upside down mortgages

    [url]http://www.yahoo.com/s/819425[/url]

    What a mess. Moody's estimates 9 million homeowners are upside down right now, and Goldman Sachs 30% of mortgages will be upside down by end of year :eek:

    Included video because the women crying at the end, while sad, said "I want somebody from the government, state, somebody, please help us people who can't afford their homes" It's as if she doesn't realize that by saying government, she's really asking taxpayers, which is beyond frustrating.

    The whole thing stinks, from the homeowners who sucked the equity out of their homes or bought houses they couldn't afford, to the mortgage brokers who sold no doc or neg am loans, the lenders that knowingly took risky credit to package as secured funds, the fed and the government for their policies that created this environment. Everybody once again trading today for tomorrow, and once again they now have their hands out when the inevitable happens. I wish we could just say f'them all and let them all go under or start nailing everyone involved with big time tax hikes to help pay for this..

    But alas, I guess for the good of the overall economy, we are going to have to pay, or better expressed, our children are going to have to pay for this train wreck..

  2. #2
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    This whole situation is really getting to me. No down payment home puchases, ridiculously low short term arm rates, no doc loans, 2nd mortgages to cover down payment/avoid PMI, etc. The financial institutions and the consumers who bought more than they could afford are royally f'n it up for everybody else.

  3. #3
    God I love being a renter....

  4. #4
    [quote=RutgersJetFan;2393075]God I love giving my money to someone else instead of investing it in my future....[/quote]


    fixed

  5. #5
    I do not want any of my tax money used to bail out either the bank or the home owner. You needed no help to F up your financial life now cowboy up and get your self out.

  6. #6
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    My mortgage is upside down right now. Not because I refi'd or bought an adjustable, only because I bought in April of '06, at the height of the bubble. No worries though - racking up close to 30K in interest deductions/year and I don't plan on moving anytime soon. And I didn't get a loan I can't afford so I'm comfortable with my payments.

  7. #7
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    [QUOTE=Bergen Jet;2393070]This whole situation is really getting to me. No down payment home puchases, ridiculously low short term arm rates, no doc loans, 2nd mortgages to cover down payment/avoid PMI, etc. The financial institutions and the consumers who bought more than they could afford are royally f'n it up for everybody else.[/QUOTE]

    Yup. My brother-in-law's been doing it for about 6 years and I've hung out with him and his mortgage broker buddies. Used to fight with them religiously when I saw all the slimy stuff they were doing to get loans through. The sad thing is that most in the industry that I spoke to had deluded themselves into thinking that home prices would never fall. That's what the whole thing hinged on and the ones I argued with bought it hook line and sinker. The worst case scenario any of them would ever admit is that prices would slow or maybe even temporarily go flat. In their mind this meant that the worst case scenario was the buyer sells the home for small or no profit, and basically paid interest as rent for the duration - of course with the added benefit of the tax breaks.

    What's odd to me though, is that nobody learned anything from the dot com bubble. What goes up so fast almost always comes down..

  8. #8
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    [QUOTE=Buzzsaw;2393087]My mortgage is upside down right now. Not because I refi'd or bought an adjustable, only because I bought in April of '06, at the height of the bubble. No worries though - racking up close to 30K in interest deductions/year and I don't plan on moving anytime soon. And I didn't get a loan I can't afford so I'm comfortable with my payments.[/QUOTE]

    Well, that is a bit different. The ones getting screwed are those that got into houses they couldn't afford with low rate introductory arms, interest only or even worse neg am loans..

  9. #9
    This is the 1 issue I have with the Democrats, they seem to want to do something about it, at least Hillary does, I hope Obama just pretends to care, at least that is the vibe I get from him


    If you bought a house when you couldnt afford one, whos ****ING problem is it, mine or yours? I thought about buying a condo a few years ago but I realized prices were to expensive

    Get out of your house, go to something cheaper or ****ing RENT, whos ****ing problem is it, because I am smart enough not to buy something I can't afford, I have to pay for it?


    I really hope no one does anything about it, I hope I see more and more people lose their homes(and Condo's) and the price of real estate continue to go down, what a joke this country is

  10. #10
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    Anybody else remember the S&L scandal of the 1980s? Too bad nobody in charge of regulating banks did, either.

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    [QUOTE=JetsWI;2393145]I really hope no one does anything about it, [B]I hope I see more and more people lose their homes[/B](and Condo's) and the price of real estate continue to go down, what a joke this country is[/QUOTE]

    I don't know what is the best approach to dealing with this situation, but hoping people lose their homes is pretty messed up.

  12. #12
    [QUOTE=beemer;2393150]I don't know what is the best approach to dealing with this situation, but hoping people lose their homes is pretty messed up.[/QUOTE]


    lets just say I hope there is no government assitance to ****ing home buyers, and I hope if people bought a home when they couldnt afford one, learn from their mistake

  13. #13
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    [QUOTE=JetsWI;2393159]lets just say I hope there is no government assitance to ****ing home buyers, and I hope if people bought a home when they couldnt afford one, learn from their mistake[/QUOTE]

    psst..

    You know, this can easily be spun to put 100% of the blame on the wealthy bankers and thereby the evil republicans..

  14. #14
    [QUOTE=neckdemon;2393079]fixed[/QUOTE]

    this maybe so, but at least renters have brains, or that they cant afford to buy property

    This is just another case of the rich (and stupid) getting richer

  15. #15
    [QUOTE=CTM;2393167]psst..

    You know, this can easily be spun to put 100% of the blame on the wealthy bankers and thereby the evil republicans..[/QUOTE]

    you may be right, but now I am just looking at the Issue and that is people who bought homes when they couldnt afford it are looking for some type of assitance

  16. #16
    I want four things out of this mess:

    1. I want foolish speculative home buyers to lose their shirts.

    2. I want the foolish banks and investment brokers to EQUALLY lose their shirts.

    3. I want the folks who criminally preyed on the weak here to go to Federal Pound you in the A** prison.

    4. I want sensible re-regulation of the mortgage and student loan and banking industries.


    5. (I guess I wanted five things) I want a Spacious two bedroom with a nice view in Williamsburg to cost $300K again.

  17. #17
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    [quote=JetsWI;2393189]you may be right, but now I am just looking at the Issue and that is people who bought homes when they couldnt afford it are looking for some type of assitance[/quote]listen, the politicians that jiggle around with the money in the pockets of those lenders are more than happy to spend our money bailing them out if it works out for them at the polls.

  18. #18
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    [QUOTE=isired;2393275]listen, the politicians that jiggle around with the money in the pockets of those lenders are more than happy to spend our money bailing them out if it works out for them at the polls.[/QUOTE]

    That pretty much sums it up in a nutshell. :steamin:

  19. #19
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    [QUOTE=CTM;2393046][url]http://www.yahoo.com/s/819425[/url]

    What a mess. Moody's estimates 9 million homeowners are upside down right now, and Goldman Sachs 30% of mortgages will be upside down by end of year :eek:

    Included video because the women crying at the end, while sad, said "I want somebody from the government, state, somebody, please help us people who can't afford their homes" It's as if she doesn't realize that by saying government, she's really asking taxpayers, which is beyond frustrating.

    The whole thing stinks, from the homeowners who sucked the equity out of their homes or bought houses they couldn't afford, to the mortgage brokers who sold no doc or neg am loans, the lenders that knowingly took risky credit to package as secured funds, the fed and the government for their policies that created this environment. Everybody once again trading today for tomorrow, and once again they now have their hands out when the inevitable happens. I wish we could just say f'them all and let them all go under or start nailing everyone involved with big time tax hikes to help pay for this..

    But alas, I guess for the good of the overall economy, we are going to have to pay, or better expressed, our children are going to have to pay for this train wreck..[/QUOTE]

    Couldn't agree more. All these idiots whining about "losing their homes" should STFU. Earth to stupid guy...when you don't own a dime of equity in the property it was never yours to begin with. The right thing to happen here is for the borrowers defaulting on their loans to have their credit ruined, and the bad lenders to go under. It's called capitalism and the free market. Unfortunately the US, as evidenced by the pro0posed bailout, is not a capitalist country.

  20. #20
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    [QUOTE=fukushimajin;2393196]I want four things out of this mess:

    1. I want foolish speculative home buyers to lose their shirts.

    2. I want the foolish banks and investment brokers to EQUALLY lose their shirts.

    3. I want the folks who criminally preyed on the weak here to go to Federal Pound you in the A** prison.

    4. I want sensible re-regulation of the mortgage and student loan and banking industries.


    5. (I guess I wanted five things) I want a Spacious two bedroom with a nice view in Williamsburg to cost $300K again.[/QUOTE]

    Wall Street will get bailed out; individual homeowners won't.

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