Housing Rescue with YOUR money!

**RobertRogers** · 06-25-2008, 07:00 PM

A high percentage of these people bought more home than they could afford in the belief they could make a killing by selling it in a little while.

Got caught in bad investments. Why should my tax dollars have to bail them out.

Also, their speculation drove up home and rental costs for the rest of us, so that we are paying through the nose for housing. Thanks a bunch. Now they want me to pay to help save them.

Once again, our politicians are the back pocket of realty firms.

**Chris** · 06-25-2008, 07:01 PM

Originally Posted by Teotwawki

Gotta tell ya'll about a family of four adults that lives near us.

Everyone of them is on SS disability but only one of them is legit (MD or something). The other three are healthier than I am. All three work in the gray/black market - tax free cash only. The elder male is a stone mason.

They live an upper middle class lifestyle mostly on "our" nickel. Very nice house, pool, lots of land, manicured lawn, designer furniture and clothing, late model cars.

I believe that sometimes people do need a safety net - but NOT a big comfy recliner.

I believe SS has a hotline for fraud. I would call them, it is OUR nickle and all that.

**Rick** · 06-25-2008, 07:38 PM

Any increase in GNP would facilitate an increase in taxes.

**Sam Reeves** · 06-25-2008, 11:08 PM

Originally Posted by Rick

Any increase in GNP would facilitate an increase in taxes.

*sighs*

Not necessarily, Rick. When you were giving all those lectures concerning Keynesian economics did you factor in a huge group of people with the ability to live as six people for the price of one and send most of their money back home to a foreign country? Probably not since this large group of people was deported during the depression and again during the 1950s.

This relates directly to the topic. When you have a huge number of immigrants living under the radar that will work for peanuts you can suddenly build houses cheap and lots of them. Now you have more houses than you have qualified buyers. The banks loaned somebody a bunch of money to build these house so instead of biting the bullet there they relaxed their standards on who buy a home and it has snow balled to the point that we are now.
Unfortunately the greedy money lenders are about as responsible as the spoiled rotten brats that are borrowing all the money. In a globalist economy we live by the Golden Rule: Those that have the gold make the rules. It's going to be interesting to see where it goes from here.

**Teotwawki** · 06-26-2008, 08:53 AM

Originally Posted by Chris

I believe SS has a hotline for fraud. I would call them, it is OUR nickle and all that.

Turning them in has occurred to me...

**91g-dub** · 06-26-2008, 12:43 PM

Originally Posted by FVR

Most of the people that I know of and who have heard of, who are, or who have had foreclosures, ARE STUPID BASTARDS WHO SHOULD NOT EVEN HAVE A BANK ACCOUNT. They can't afford their mortgages but have ipods, blue tooths, exp. SUV's, 5 or 6 tv's, major cell phones that do the internet thing.

They just prioritize for their wants, and expect everyone to feel sorry for them. And, the US political parties do and will again, take money from the hard working Americans who are trying to succeed and doing the right thing.

I disagree just a bit on this, they are not stupid. They knew that they couldn't afford the homes, knew they couldn't make the payments once the interest went up. They figured they'd get a no-money down loan, pay what they could for as long as they could then just walk away from it when the heat gets turned up.

A co-worker of mine is in exactly this situation. Divorced mother of 3, mortgaged over her eyeballs, driving a 3 year old very nice SUV, cell phones for her and the kids, cable tv with all the extras, I-pods & digital cameras all around etc etc etc. Pays over $1000/month just for electricity.
She makes less than $40,000/year. Lives in a $350,000 house that isn't worth $200,000. Upside down on the mortgage big time.

The heat is being turned up on her by creditors, her solution...walk away. That's right, she will just pack all of her things before the sheriff padlocks the place and walk away leaving somebody else (guess who?) to clean up the mess.

**Rick** · 06-26-2008, 03:42 PM

You bet, dub. Walk aways are becoming more and more prevalent. I think I posted some place a few months ago an article that talked about the mind set of if it doesn't work out, oh well. But I've also said in the midst of chaos is usually an oasis to make money. Here's another example albeit a bit on the dubious side from my perspective:

http://www.npr.org/templates/story/s...oryId=19346659