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Navigator's Blog

by Navigator from Florida

Last Post 57 days, 21 hours Ago


WHO'S GOING TO BAIL US OUT???
Oct 8, 2008 | 7:01 AM
Category: News
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I have heard so much about the bail outs of the sub prime market and the adjustable rate market – I want to know what the plan is for the individuals who have fixed loans, who bought homes in the last few years and now their homes are worth possibly 50,000 to 100,000 (or even more) less then they bought them.  They were well qualified to purchase THIER homes but now they have been laid off from the positions that qualified them for the homes due to the lovely economy and now are having to take starter jobs in other industries at a tremendous pay cut.  They cannot refinance because their homes are worth much less and they also cannot sell them, because their homes are worth so much less and the inventory of homes on the market.  And now that they are planning on bailing out these people who have defaulted or have adjustable rate sub prime loans through the Fannie Mae and Freddy Mac program,  – and refinancing there loans back to the new appraised value - that will bring the prices of paying people’s values of their homes and solidify it.  They will never make back a dime on their homes until all the homes that are going through this program are sold and gone – this could take years!

Why not refinance all homes sold in the last 5 years back to the appraised value as of today – to make it a fair market. 

So what if the banks loose money – it was all on paper anyway – right.  These  Senators running for office and in the house and congress had a chance to follow the SNL crisis bail out from the 80’s and roll these bad loans out to 60 to 70 year fixed rate loans, for these people in trouble, back about 2 years ago, that was when Bush kept saying how great our economy was and others kept saying we were a nation of whiners.  WE SAW IT COMING – WHY COULDN”T THEY?  This would have saved the banks – they would have gotten their money – it just wouldn’t have been today.  The people would be happy – because their payment would be lower and they still had a home.  And everyone’s home values would not have dropped so drastically – because the foreclosure rate would not have been this bad. 

 

 

Both presidential candidates were a part of it and had a chance to make a difference in this situation – I want to know why they dropped the ball – are they both so far out of touch with the real people of this nation, that they couldn’t even see it coming themselves?  We need a presidential candidate that knows the people and can relate to this situation – that has a REAL plan to get us out of this mess and restore confidence – not only in the stock market, but in buying ANYTHING in this country.  The reason the markets are and have been failing for years is because people have lost confidence in the products that they are buying.  Besides the values of their homes falling, they have to deal with cars that are built to create repair revenue later.  Toys that are made to fall apart after just a few times of use.  Electronics that are also built for repair revenue…. And so on.  PEOPLE ARE ASKING… WHAT HAPPENED TO THE AMERICAN STANDARD? 

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Member Comments Total Comments: 9
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Stand4UrRights read my blog
Oct 8, 2008 | 9:46 AM

It's not the fault of the Government - it's the fault of Greedy Individuals from all walks of life and from all parties whether its Democrat - Republican - or whatever one would want to call themselves. It all started when the Democrats wanted fair housing for everyone - even those who were renters because that's all they could ever afford - but what was started with good intentions - failed miserably because of the Greed of many people. When things go wrong - why is it we keep blaming our Government instead of taking responsibility of what we as Free Thinking - Free Moving Citizens are allowed to do? I for one am sick of this bail out because it's not fair to those who invested wisely - those who saved money - those who didn't take advantage of trying to keep up with the "Jones" - those who knew better not to take a gamble spending more than they can afford - I am sick knowing that my family and friends around me have to be responsible for bailing out these people when I am trying to make a living myself and have no extra money to waste. Why is it the Government comes in to bail out failing investment companies - companies who should be responsible for their own decisions in business - decisions whether they grow or fail - and not that of smaller companies who are impacted because of these wrong choices? If the Government bails out one company - it should bail out all. If the Government bails out our neighbor who made a bad choice so they don't loose their home - then the Government should bail out everyone! Fair is Fair in the Land of the Free!

Look back 4 yrs
Stand4UrRights read my blog
Oct 8, 2008 | 9:47 AM

Look back 4 yrs when the Republicans looked at this - why do you think the Republicans couldn't do anything at that time? It's because the Liberals used the racial card! Liberalism is the fault of this - Conservative media is ridiculous and both sides are not to blame on this one. Pandering to the minorities is what the Radical Leftist used in order to have everything put on hold in 2004 and kept the Government Parties from doing what should have been done at that time.

For the sake of all involved - we had better hope that McCain gets elected - if not the money set aside for the bail out will not be used wisely for what it was intended!
Navigator read my blog
Oct 8, 2008 | 1:21 PM

Agreed to and extent. But I still believe that a majority of the senators and house reps could have choosen NOT to follow the leader on the Fannie Mae/Freddy Mac descisions in the Clinton years... they should have seen this coming as we all did. Some people will do thier damndest to work the system to their advantage... look at welfare... what a joke. We need reform of MANY of the government programs and we need it NOW.

I feel ya on the bailout - IT IS SO UNFAIR to we who have made our payments, no matter what, and fought to keep our homes, and yet these people will get a free ride. My aunt told me the other day... hard working American... "just doesn't pay to try any more does it" ... "makes you think twice about just giving in and living off the system sometimes.... they get everything given to them... and we get the shaft... AND HAVE TO PAY FOR IT!" She is right. Soemdays I just feel like throwing in the towel... My house is worth 50,000 less then I bought it and I have a 30 year fixed loan - Had a GREAT career in one of the most stable industries (you would think). and was laid off... I have had to take a position in an industry that is foreign to me... having to learn it all over again... and have had to take a huge pay cut. I struggle monthly just to make my bills... butu I am doing it because it was MY DREAM to own this house and will be damned if I let these people's screw ups cause me to loose THAT!!!!
LiarBoy read my blog view my photos
Oct 8, 2008 | 4:34 PM

let me get this right, I buy a house for 500,000 and you buy a house next door for 500,000. Now I work everyday and make my payments on time and you go from job to job and can no longer afford the house you bought. So the Govt steps in and now lowers your loan amount to 350,000 because the value of your home has fallen (as did mine). Now you only have to pay back 350,000 because you are irresponsable and I have to pay back 500,000 because I am responsable. Yeah your right now I am pi$$ed
LEOTIMEZONE read my blog view my photos
Oct 8, 2008 | 6:23 PM

It want be the government. They help the big
folks.
Navigator read my blog
Oct 9, 2008 | 5:46 AM

Yes, it is true - it is all over the news now but this program came into effect as of 10/6/2008. It was put together "very quickly I shall add" right after the bail out of Fannie Mae and Freddy Mac. Also, CountryWide is going to be doing the same for any o thier loan holders and - get this - if they already forclosed... Countrywide will give them "relocation money" to help them get another home or place to live.... Oh yeah!! It is enough to make your stomach turn!!!!
NOBSHERE read my blog
Oct 10, 2008 | 5:57 AM

Shouldn't have over-bought, dumbazz. Hopefully your illiterate thinking hasn't rubbed off your kid...
Navigator read my blog
Oct 10, 2008 | 6:29 AM

NOBSHERE,

I didn't over-buy. I had a great job - WELLLLLL qualified for my house - I was actually approved for a 250,000 dollar home as a single mother and bought a MUCH cheaper one at 172,000. SO NO, I DID'NT over purchase you azz... I was laid off, like so many others, due to the dumb azz descisions of others. AND, I hope my kid does think like me when she is older... because, no matter what, I am a survivor... I have never lived off a system and never asked anyone for anything... but LOOK AROUND jerk... at the NUMBERS who are sucking us dry daily!!!
Navigator read my blog
Oct 10, 2008 | 6:34 AM

And, before you say it, no I do not get child support and no, I did not get half of any mans money... it was all mine baby!!! Very proud of that... and deserved and worked hard for every dime in business to business sales and marketing. I have a degree and will encourage my daughter to do the same. People like you really pizz me off.
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Navigator

Single mother that is concerned about the world today and the effect society will have on my 7 yr olds future.

Member Since: 4/12/2008


 

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