California Receives $700 Million in Federal Housing Aid

[CA renter]

[quote=Russell][quote=CA renter]With every one of these new programs, they are sending a clear message:

Those who are prudent will be forced to pay for the least responsible people in our country. If you make a huge financial mistake (like gambling on housing prices), you will be bailed out as long as everyone else makes the same stupid mistake.

Every time they discuss principal reductions (at taxpayers’ expense), I can’t help but think we should all go out and buy $1MM homes, then demand that they reduce our balances to whatever we decide we should pay.

They are treading on thin ice here, and I wonder if they are thinking about the probable consequences of these actions.[/quote]

There is no thin ice. Who is going to run out in the streets exposing people who are working the sytem, blowing the whistle on their neighbors,clients and the rest? What is going to happen if they do? Nothing good, and maybe they get themselves hurt one way or another. Nothing is going to happen. People who wouldn’t cheat before won’t cheat anymore now. Some are going to collect some trophies by what you or I consider cheating and life will go on.[/quote]

We’ll have to agree to disagree on that one. I know a number of people who are very decent, law-abiding types who are growing angrier and angrier by the day as the govt bails out all the reckless idiots at the expense of those who try to do things the right way.

If they begin reducing principal balances, for instance, expect nearly every mortgage debtor to stop paying their mortgage so they can demand a cramdown. It’s what the govt is conditioning people to do, and if playing by the rules gets you in trouble while the scammers are making out like bandits, expect everyone to become bandits. It’s just human nature.

[desmond]

And Eugene said “Homeowners are usually more educated than renters”

[desmond]

And Eugene said “Homeowners are usually more educated than renters”

[desmond]

And Eugene said “Homeowners are usually more educated than renters”

[desmond]

And Eugene said “Homeowners are usually more educated than renters”

[desmond]

And Eugene said “Homeowners are usually more educated than renters”

[NotCranky]

Yes of course, we are welcome to agree to disagree.

There will be plenty of disincentive for your friends thinking about scamming or letting their anger out publicly.You also simply can’t get the leverage someone who is sitting in a house worth 50% of what it was before has and at this point in the “crisis” it isn’t worth ruining your credit. You couldn’t demand a cramdown on a house you bought today anymore than that infamous woman who chained herself to her porch in Mira Mesa could. Timing is everything and we don’t set the clock. This will all be behind us about the time the get out of jail free cards are played to the lucky and crafty.
Yeah, some of us will want to be mad but we might as well nip that in the bud. It isn’t going to get anyone anywhere.

I also think these rescues will be distributed politically. A good portion to the better to do and connected, who really never missed a beat, but know how to work the system and some tokens to the poor.

[NotCranky]

Yes of course, we are welcome to agree to disagree.

There will be plenty of disincentive for your friends thinking about scamming or letting their anger out publicly.You also simply can’t get the leverage someone who is sitting in a house worth 50% of what it was before has and at this point in the “crisis” it isn’t worth ruining your credit. You couldn’t demand a cramdown on a house you bought today anymore than that infamous woman who chained herself to her porch in Mira Mesa could. Timing is everything and we don’t set the clock. This will all be behind us about the time the get out of jail free cards are played to the lucky and crafty.
Yeah, some of us will want to be mad but we might as well nip that in the bud. It isn’t going to get anyone anywhere.

I also think these rescues will be distributed politically. A good portion to the better to do and connected, who really never missed a beat, but know how to work the system and some tokens to the poor.

[NotCranky]

Yes of course, we are welcome to agree to disagree.

There will be plenty of disincentive for your friends thinking about scamming or letting their anger out publicly.You also simply can’t get the leverage someone who is sitting in a house worth 50% of what it was before has and at this point in the “crisis” it isn’t worth ruining your credit. You couldn’t demand a cramdown on a house you bought today anymore than that infamous woman who chained herself to her porch in Mira Mesa could. Timing is everything and we don’t set the clock. This will all be behind us about the time the get out of jail free cards are played to the lucky and crafty.
Yeah, some of us will want to be mad but we might as well nip that in the bud. It isn’t going to get anyone anywhere.

I also think these rescues will be distributed politically. A good portion to the better to do and connected, who really never missed a beat, but know how to work the system and some tokens to the poor.

[NotCranky]

Yes of course, we are welcome to agree to disagree.

There will be plenty of disincentive for your friends thinking about scamming or letting their anger out publicly.You also simply can’t get the leverage someone who is sitting in a house worth 50% of what it was before has and at this point in the “crisis” it isn’t worth ruining your credit. You couldn’t demand a cramdown on a house you bought today anymore than that infamous woman who chained herself to her porch in Mira Mesa could. Timing is everything and we don’t set the clock. This will all be behind us about the time the get out of jail free cards are played to the lucky and crafty.
Yeah, some of us will want to be mad but we might as well nip that in the bud. It isn’t going to get anyone anywhere.

I also think these rescues will be distributed politically. A good portion to the better to do and connected, who really never missed a beat, but know how to work the system and some tokens to the poor.

[NotCranky]

Yes of course, we are welcome to agree to disagree.

There will be plenty of disincentive for your friends thinking about scamming or letting their anger out publicly.You also simply can’t get the leverage someone who is sitting in a house worth 50% of what it was before has and at this point in the “crisis” it isn’t worth ruining your credit. You couldn’t demand a cramdown on a house you bought today anymore than that infamous woman who chained herself to her porch in Mira Mesa could. Timing is everything and we don’t set the clock. This will all be behind us about the time the get out of jail free cards are played to the lucky and crafty.
Yeah, some of us will want to be mad but we might as well nip that in the bud. It isn’t going to get anyone anywhere.

I also think these rescues will be distributed politically. A good portion to the better to do and connected, who really never missed a beat, but know how to work the system and some tokens to the poor.

[Anonymous]

ca renter- how do you know that some of the people caught up in all this mess weren’t prudent? I know people who put thier savings into a home thinking that they would be priced out of the market. They just weren’t as savvy as those in the know.

They still pay taxes, they work, they are good honest people- However not only is thier house underwater but, they are also footing the bill to bailout whom ever the govt wants to bailout and its not them.

If principle reductions were going to happen they should have already done it- BEFORE the banks got bailed-Too late now.

They aren’t walking, they like where they live, it just irks me when I hear people act like they are single handedly footing the bailout.

[Anonymous]

ca renter- how do you know that some of the people caught up in all this mess weren’t prudent? I know people who put thier savings into a home thinking that they would be priced out of the market. They just weren’t as savvy as those in the know.

They still pay taxes, they work, they are good honest people- However not only is thier house underwater but, they are also footing the bill to bailout whom ever the govt wants to bailout and its not them.

If principle reductions were going to happen they should have already done it- BEFORE the banks got bailed-Too late now.

They aren’t walking, they like where they live, it just irks me when I hear people act like they are single handedly footing the bailout.

[Anonymous]

ca renter- how do you know that some of the people caught up in all this mess weren’t prudent? I know people who put thier savings into a home thinking that they would be priced out of the market. They just weren’t as savvy as those in the know.

They still pay taxes, they work, they are good honest people- However not only is thier house underwater but, they are also footing the bill to bailout whom ever the govt wants to bailout and its not them.

If principle reductions were going to happen they should have already done it- BEFORE the banks got bailed-Too late now.

They aren’t walking, they like where they live, it just irks me when I hear people act like they are single handedly footing the bailout.

[Anonymous]

ca renter- how do you know that some of the people caught up in all this mess weren’t prudent? I know people who put thier savings into a home thinking that they would be priced out of the market. They just weren’t as savvy as those in the know.

They still pay taxes, they work, they are good honest people- However not only is thier house underwater but, they are also footing the bill to bailout whom ever the govt wants to bailout and its not them.

If principle reductions were going to happen they should have already done it- BEFORE the banks got bailed-Too late now.

They aren’t walking, they like where they live, it just irks me when I hear people act like they are single handedly footing the bailout.

[Author]

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