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 Sat, 11 Feb 2012 23:51:37 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Diane Allenhttp://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#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: Jerryhttp://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#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 Loanhttp://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#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 Baronhttp://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#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: Anonymoushttp://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-49539 Anonymous Thu, 29 Mar 2007 20:36:50 +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: Shock and Awe: The Collapse of Housing and Sanity | Real Estate Investing for Real Bloghttp://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#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 [...]

]]> By: kenhttp://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-49375 ken Fri, 09 Mar 2007 02:27:29 +0000 http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-49375 "I don’t actually blame these companies as much as I blame the regulators. Like anyone else, these guys were trying to make a buck. If the government was doing its job, we’d have a more stringent set of rules on the books to regulate the industry."HUH? WHO? WHAT?If the government did step up to do something you would be screaming stop stop, big brother is at it again. I highly doubt the USA would go bankrupt in 2040. If that happened then every other country would be in the same boat. If there is any thing that will kill the USA it's the trash that is you and me inside that can't take care of ourselves. Then when things get hard we scream for big brother to help us.well I hope this doesn't get into a political rant :) The bottom line is that you have uneducated people trying to make educated decisions. Our school system is what needs revised first. “I don’t actually blame these companies as much as I blame the regulators. Like anyone else, these guys were trying to make a buck. If the government was doing its job, we’d have a more stringent set of rules on the books to regulate the industry.”

HUH? WHO? WHAT?

If the government did step up to do something you would be screaming stop stop, big brother is at it again. I highly doubt the USA would go bankrupt in 2040. If that happened then every other country would be in the same boat. If there is any thing that will kill the USA it’s the trash that is you and me inside that can’t take care of ourselves. Then when things get hard we scream for big brother to help us.

well I hope this doesn’t get into a political rant :) The bottom line is that you have uneducated people trying to make educated decisions. Our school system is what needs revised first.

]]> By: Sharon - Fastrealestatehttp://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-49367 Sharon - Fastrealestate Thu, 08 Mar 2007 00:14:01 +0000 http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-49367 I see what is happening in the US right now and look at other markets that are still running hot. The US market is a pretty good indicator of where things are heading for a few other countries like Australia for example. Try and get a rental in many areas of Australia and it is like going to "Auction" Yet the bubble has not burst yet, the AU market has slowed but it is not a disaster - I think that time might just come soon. I see what is happening in the US right now and look at other markets that are still running hot. The US market is a pretty good indicator of where things are heading for a few other countries like Australia for example. Try and get a rental in many areas of Australia and it is like going to “Auction”
Yet the bubble has not burst yet, the AU market has slowed but it is not a disaster – I think that time might just come soon.

]]> By: Teresa Boardmanhttp://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-49363 Teresa Boardman Wed, 07 Mar 2007 12:30:48 +0000 http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-49363 I am almost worn out from the calls and sad emails I get from home owners who contact me because they are going to lose their home. Most have a story that involves some kind of mortgage fraud. Often these people don't understadn the foreclosure process and call when it is too late. I have toured mnay bank owned properties with my buyers and see first hand how it affects families. We find children's toys and blankets in vacant homes that need repair. Yes this is about the economy but it is the human side of it that is getting to me. I am almost worn out from the calls and sad emails I get from home owners who contact me because they are going to lose their home. Most have a story that involves some kind of mortgage fraud. Often these people don’t understadn the foreclosure process and call when it is too late. I have toured mnay bank owned properties with my buyers and see first hand how it affects families. We find children’s toys and blankets in vacant homes that need repair. Yes this is about the economy but it is the human side of it that is getting to me.

]]> By: Drew Meyershttp://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-49356 Drew Meyers Tue, 06 Mar 2007 16:17:13 +0000 http://www.biggerpockets.com/renewsblog/2007/03/05/sub-prime-lenders-get-crushed-is-economy-set-to-implode/#comment-49356 I don't think the economy is headed in the right direction either -- don't know if you saw 60 Minutes this week, but there was a story about how our country is in danger of being bankrupt by 2040 (which isn't really that far away). Our financial future is not looking so bright. I don’t think the economy is headed in the right direction either — don’t know if you saw 60 Minutes this week, but there was a story about how our country is in danger of being bankrupt by 2040 (which isn’t really that far away). Our financial future is not looking so bright.

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