Comments on: Sub-Prime Lenders Get Crushed. Is Economy Set to Implode? http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/ Learn, Network, Invest Mon, 23 Nov 2009 20:08:59 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Diane Allen http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/comment-page-1/#comment-55365 Diane Allen Tue, 18 Mar 2008 00:36:49 +0000 http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-55365 The innocent suffer with the guilty. I am not looking for sympathy. I just don't want my tax dollars to go to a bail-out of the greedy and the stupid, both individuals and corporations. Here's my situation: In 2005 I bought a house. The mortgage lenders tried to push me into an interest-only or subprime so that I could 'buy more house'; I bought what I could afford for 10% down with a 30-year fixed mortgage at 6.35%. Now I can't refinance for the lower 5.25% rates because MY HOUSE IS WORTH LESS THAN WHAT I PAID FOR IT! I've had to relocate to another state for work. My company isn't covering my mortgage. No one's buying. After 1 year I have a renter for 2/3's of my mortgage payment. I can't refinance. No one's bailing me out! Don't bail-out the greedy idiots who bought more than they can afford with my tax money! Don't bail out Wall Street [Bear-Stearns] with my tax money! Don't bail-out the banks and mortgage companies with my tax money! Don't use my tax money to bail-out the stupid and the greedy! The federal government isn't Santa Claus for individuals (like the Democrats believe) or for the corporations (like the Republican's believe). Why won't any of our leaders stand up for hard-working, honest, middle-class American's like me? The innocent suffer with the guilty. I am not looking for sympathy. I just don’t want my tax dollars to go to a bail-out of the greedy and the stupid, both individuals and corporations.
Here’s my situation:
In 2005 I bought a house. The mortgage lenders tried to push me into an interest-only or subprime so that I could ‘buy more house’; I bought what I could afford for 10% down with a 30-year fixed mortgage at 6.35%. Now I can’t refinance for the lower 5.25% rates because MY HOUSE IS WORTH LESS THAN WHAT I PAID FOR IT!
I’ve had to relocate to another state for work. My company isn’t covering my mortgage. No one’s buying. After 1 year I have a renter for 2/3’s of my mortgage payment. I can’t refinance.
No one’s bailing me out!
Don’t bail-out the greedy idiots who bought more than they can afford with my tax money!
Don’t bail out Wall Street [Bear-Stearns] with my tax money!
Don’t bail-out the banks and mortgage companies with my tax money!
Don’t use my tax money to bail-out the stupid and the greedy!
The federal government isn’t Santa Claus for individuals (like the Democrats believe) or for the corporations (like the Republican’s believe).
Why won’t any of our leaders stand up for hard-working, honest, middle-class American’s like me?

]]> By: Jerry http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/comment-page-1/#comment-51720 Jerry Wed, 17 Oct 2007 00:10:53 +0000 http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-51720 I'm not in the US but from what I've read I can't see it being that bad. House prices haven't dropped by much and historically speaking, they'll pick back up abeit at a slower price. People just need to realign their expectations and stop thinking that they can flip their houses within a year and make 20 - 30%. Houses are long term investments. As for Australia, the property market is in overdrive at the moment and with the strong aussie dollar and keen international interest, I don't see this fading anytime soon. It's all buy buy buy here. :) -- Jerry <a href="http://www.wefinanceloans.com" rel="nofollow">We Finance Loans</a> I’m not in the US but from what I’ve read I can’t see it being that bad. House prices haven’t dropped by much and historically speaking, they’ll pick back up abeit at a slower price. People just need to realign their expectations and stop thinking that they can flip their houses within a year and make 20 – 30%. Houses are long term investments.

As for Australia, the property market is in overdrive at the moment and with the strong aussie dollar and keen international interest, I don’t see this fading anytime soon. It’s all buy buy buy here. :)

–
Jerry
We Finance Loans

]]> By: FHA Loan http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/comment-page-1/#comment-51540 FHA Loan Mon, 08 Oct 2007 18:21:47 +0000 http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-51540 I think the FHA loans will help the US Economy I think the FHA loans will help the US Economy

]]> By: Michael Baron http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/comment-page-1/#comment-50559 Michael Baron Sun, 29 Jul 2007 20:06:19 +0000 http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-50559 This is why the housing market is so bad right now, I can't belive nothing is done to correct it. I hope they wake up soon. This is why the housing market is so bad right now, I can’t belive nothing is done to correct it. I hope they wake up soon.

]]> By: UK Home Mortgages http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/comment-page-1/#comment-49539 UK Home Mortgages Thu, 29 Mar 2007 22:36:50 +0000 http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-49539 I think a home mortgage mposion is a ways off...we will ride this one out. I think a home mortgage mposion is a ways off…we will ride this one out.

]]> By: EstateFlips.Com Realty Flipping Guide and Blog » Shock and Awe: The Collapse of Housing and Sanity http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/comment-page-1/#comment-49413 EstateFlips.Com Realty Flipping Guide and Blog » Shock and Awe: The Collapse of Housing and Sanity Fri, 16 Mar 2007 12:07:35 +0000 http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-49413 [...] of you are wondering where is Josh when the shit hits the fan. I have been well aware of the whole sub-prime crisis, and have already told you all how I feel about it. I think the picture below best [...] [...] of you are wondering where is Josh when the shit hits the fan. I have been well aware of the whole sub-prime crisis, and have already told you all how I feel about it. I think the picture below best [...]

]]> By: Shock and Awe: The Collapse of Housing and Sanity | Real Estate Investing for Real Blog http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/comment-page-1/#comment-49411 Shock and Awe: The Collapse of Housing and Sanity | Real Estate Investing for Real Blog Fri, 16 Mar 2007 05:00:42 +0000 http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-49411 [...] of you are wondering where is Josh when the shit hits the fan. I have been well aware of the whole sub-prime crisis, and have already told you all how I feel about it. I think the picture below best [...] [...] of you are wondering where is Josh when the shit hits the fan. I have been well aware of the whole sub-prime crisis, and have already told you all how I feel about it. I think the picture below best [...]

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