Quit whinning about bail outs

[NotCranky]

I hope there is no e-balling going on around here. Whatever that is?

[hipmatt]

Multiplepropert(BTW.. what a humble login??)… said

“Watching others suffer makes you feel a bit better about your situation as a renter.”

I can assure you that those of us that rent, are suffering less than those who own, BTW, there are those that own on this board.

Many of us here(the poor renters) have our equity making steady but decent gains in CDs, gold, and other investments… Tell me how the last 18 months has done to all the equity you have in your multiple properties? Ouch.. if you do have any equity left, that is still a lot of money that can’t compound any interest..

Then you said ..

“Most (not all) of you seem to think that as soon as the market slips 20-30% you can all cash in on that dream house.”

FYI, in many areas the market has already given up 20-30% from the top…. and we still aren’t buying.. instead we will wait for the much more likely 50% off. This is just the beginning, recession or not, bull market or not, housing has a long way to fall before it can go back up.

The problem that we have with a bail out is that it is unethical, it rewards irresponsible behavior from all sides of the mortgage process, it will create a new bureaucracy, it will cause massive inflation(part of the bailout is slashing rates again), and it punishes those who were responsible with their money(saved/waited for the bubble to end/refused an interest only 100% stated income loan).

In any case, my $.02 is that the bail out won’t be much of a factor.(It may have a stronger effect in some areas, but not socal)

There is not enough money! .. not even close.. not even remotely close.
The process that decides who and why anyone gets a bail out will take so much time and become such a mess that it will get a bad rap.
The (supposed) bailout can only help keep a select few current owners in their homes by keeping their teaser rate for longer, or refinancing them into a more affordable loan. The thing is that they can’t afford the teaser part of the loan anymore anyways, and now they see that they have no equity in their home. This is the biggest factor, the negative equity. These people will still walk away from their homes, even if the payment is slightly doable because of the psychological implications of paying for something that is worth less than they owe.
If banks are required to keep borrowers in their teaser rates, they will fold. They are already on the verge of bankruptcy.

[hipmatt]

Multiplepropert(BTW.. what a humble login??)… said

“Watching others suffer makes you feel a bit better about your situation as a renter.”

I can assure you that those of us that rent, are suffering less than those who own, BTW, there are those that own on this board.

Many of us here(the poor renters) have our equity making steady but decent gains in CDs, gold, and other investments… Tell me how the last 18 months has done to all the equity you have in your multiple properties? Ouch.. if you do have any equity left, that is still a lot of money that can’t compound any interest..

Then you said ..

“Most (not all) of you seem to think that as soon as the market slips 20-30% you can all cash in on that dream house.”

FYI, in many areas the market has already given up 20-30% from the top…. and we still aren’t buying.. instead we will wait for the much more likely 50% off. This is just the beginning, recession or not, bull market or not, housing has a long way to fall before it can go back up.

The problem that we have with a bail out is that it is unethical, it rewards irresponsible behavior from all sides of the mortgage process, it will create a new bureaucracy, it will cause massive inflation(part of the bailout is slashing rates again), and it punishes those who were responsible with their money(saved/waited for the bubble to end/refused an interest only 100% stated income loan).

In any case, my $.02 is that the bail out won’t be much of a factor.(It may have a stronger effect in some areas, but not socal)

There is not enough money! .. not even close.. not even remotely close.
The process that decides who and why anyone gets a bail out will take so much time and become such a mess that it will get a bad rap.
The (supposed) bailout can only help keep a select few current owners in their homes by keeping their teaser rate for longer, or refinancing them into a more affordable loan. The thing is that they can’t afford the teaser part of the loan anymore anyways, and now they see that they have no equity in their home. This is the biggest factor, the negative equity. These people will still walk away from their homes, even if the payment is slightly doable because of the psychological implications of paying for something that is worth less than they owe.
If banks are required to keep borrowers in their teaser rates, they will fold. They are already on the verge of bankruptcy.

[hipmatt]

Multiplepropert(BTW.. what a humble login??)… said

“Watching others suffer makes you feel a bit better about your situation as a renter.”

I can assure you that those of us that rent, are suffering less than those who own, BTW, there are those that own on this board.

Many of us here(the poor renters) have our equity making steady but decent gains in CDs, gold, and other investments… Tell me how the last 18 months has done to all the equity you have in your multiple properties? Ouch.. if you do have any equity left, that is still a lot of money that can’t compound any interest..

Then you said ..

“Most (not all) of you seem to think that as soon as the market slips 20-30% you can all cash in on that dream house.”

FYI, in many areas the market has already given up 20-30% from the top…. and we still aren’t buying.. instead we will wait for the much more likely 50% off. This is just the beginning, recession or not, bull market or not, housing has a long way to fall before it can go back up.

The problem that we have with a bail out is that it is unethical, it rewards irresponsible behavior from all sides of the mortgage process, it will create a new bureaucracy, it will cause massive inflation(part of the bailout is slashing rates again), and it punishes those who were responsible with their money(saved/waited for the bubble to end/refused an interest only 100% stated income loan).

In any case, my $.02 is that the bail out won’t be much of a factor.(It may have a stronger effect in some areas, but not socal)

There is not enough money! .. not even close.. not even remotely close.
The process that decides who and why anyone gets a bail out will take so much time and become such a mess that it will get a bad rap.
The (supposed) bailout can only help keep a select few current owners in their homes by keeping their teaser rate for longer, or refinancing them into a more affordable loan. The thing is that they can’t afford the teaser part of the loan anymore anyways, and now they see that they have no equity in their home. This is the biggest factor, the negative equity. These people will still walk away from their homes, even if the payment is slightly doable because of the psychological implications of paying for something that is worth less than they owe.
If banks are required to keep borrowers in their teaser rates, they will fold. They are already on the verge of bankruptcy.

[hipmatt]

Multiplepropert(BTW.. what a humble login??)… said

“Watching others suffer makes you feel a bit better about your situation as a renter.”

I can assure you that those of us that rent, are suffering less than those who own, BTW, there are those that own on this board.

Many of us here(the poor renters) have our equity making steady but decent gains in CDs, gold, and other investments… Tell me how the last 18 months has done to all the equity you have in your multiple properties? Ouch.. if you do have any equity left, that is still a lot of money that can’t compound any interest..

Then you said ..

“Most (not all) of you seem to think that as soon as the market slips 20-30% you can all cash in on that dream house.”

FYI, in many areas the market has already given up 20-30% from the top…. and we still aren’t buying.. instead we will wait for the much more likely 50% off. This is just the beginning, recession or not, bull market or not, housing has a long way to fall before it can go back up.

The problem that we have with a bail out is that it is unethical, it rewards irresponsible behavior from all sides of the mortgage process, it will create a new bureaucracy, it will cause massive inflation(part of the bailout is slashing rates again), and it punishes those who were responsible with their money(saved/waited for the bubble to end/refused an interest only 100% stated income loan).

In any case, my $.02 is that the bail out won’t be much of a factor.(It may have a stronger effect in some areas, but not socal)

There is not enough money! .. not even close.. not even remotely close.
The process that decides who and why anyone gets a bail out will take so much time and become such a mess that it will get a bad rap.
The (supposed) bailout can only help keep a select few current owners in their homes by keeping their teaser rate for longer, or refinancing them into a more affordable loan. The thing is that they can’t afford the teaser part of the loan anymore anyways, and now they see that they have no equity in their home. This is the biggest factor, the negative equity. These people will still walk away from their homes, even if the payment is slightly doable because of the psychological implications of paying for something that is worth less than they owe.
If banks are required to keep borrowers in their teaser rates, they will fold. They are already on the verge of bankruptcy.

[hipmatt]

Multiplepropert(BTW.. what a humble login??)… said

“Watching others suffer makes you feel a bit better about your situation as a renter.”

I can assure you that those of us that rent, are suffering less than those who own, BTW, there are those that own on this board.

Many of us here(the poor renters) have our equity making steady but decent gains in CDs, gold, and other investments… Tell me how the last 18 months has done to all the equity you have in your multiple properties? Ouch.. if you do have any equity left, that is still a lot of money that can’t compound any interest..

Then you said ..

“Most (not all) of you seem to think that as soon as the market slips 20-30% you can all cash in on that dream house.”

FYI, in many areas the market has already given up 20-30% from the top…. and we still aren’t buying.. instead we will wait for the much more likely 50% off. This is just the beginning, recession or not, bull market or not, housing has a long way to fall before it can go back up.

The problem that we have with a bail out is that it is unethical, it rewards irresponsible behavior from all sides of the mortgage process, it will create a new bureaucracy, it will cause massive inflation(part of the bailout is slashing rates again), and it punishes those who were responsible with their money(saved/waited for the bubble to end/refused an interest only 100% stated income loan).

In any case, my $.02 is that the bail out won’t be much of a factor.(It may have a stronger effect in some areas, but not socal)

There is not enough money! .. not even close.. not even remotely close.
The process that decides who and why anyone gets a bail out will take so much time and become such a mess that it will get a bad rap.
The (supposed) bailout can only help keep a select few current owners in their homes by keeping their teaser rate for longer, or refinancing them into a more affordable loan. The thing is that they can’t afford the teaser part of the loan anymore anyways, and now they see that they have no equity in their home. This is the biggest factor, the negative equity. These people will still walk away from their homes, even if the payment is slightly doable because of the psychological implications of paying for something that is worth less than they owe.
If banks are required to keep borrowers in their teaser rates, they will fold. They are already on the verge of bankruptcy.

[VoZangre]

wHAT IT IS… TO ME, THAT IS.

” No matter who gets involved, or what gets involved, this housing market will eventually settle at affordability. ”

= my one and only concern/reason for being a Pigg (sic)

Do I give a rat’s ass if some folks who do no REAL work ( investors who already have $$$$ and seem to think passive income is their birthright) get fleeced for being greedy enough to buy into this CDO ponzi scheme mess?

( Channeling hank Hill’s knee-less father…)

Helllllllllll no!

( working hard on cleaning up a 4 decade old potty mouth habit)

grr grr

[VoZangre]

wHAT IT IS… TO ME, THAT IS.

” No matter who gets involved, or what gets involved, this housing market will eventually settle at affordability. ”

= my one and only concern/reason for being a Pigg (sic)

Do I give a rat’s ass if some folks who do no REAL work ( investors who already have $$$$ and seem to think passive income is their birthright) get fleeced for being greedy enough to buy into this CDO ponzi scheme mess?

( Channeling hank Hill’s knee-less father…)

Helllllllllll no!

( working hard on cleaning up a 4 decade old potty mouth habit)

grr grr

[VoZangre]

wHAT IT IS… TO ME, THAT IS.

” No matter who gets involved, or what gets involved, this housing market will eventually settle at affordability. ”

= my one and only concern/reason for being a Pigg (sic)

Do I give a rat’s ass if some folks who do no REAL work ( investors who already have $$$$ and seem to think passive income is their birthright) get fleeced for being greedy enough to buy into this CDO ponzi scheme mess?

( Channeling hank Hill’s knee-less father…)

Helllllllllll no!

( working hard on cleaning up a 4 decade old potty mouth habit)

grr grr

[VoZangre]

wHAT IT IS… TO ME, THAT IS.

” No matter who gets involved, or what gets involved, this housing market will eventually settle at affordability. ”

= my one and only concern/reason for being a Pigg (sic)

Do I give a rat’s ass if some folks who do no REAL work ( investors who already have $$$$ and seem to think passive income is their birthright) get fleeced for being greedy enough to buy into this CDO ponzi scheme mess?

( Channeling hank Hill’s knee-less father…)

Helllllllllll no!

( working hard on cleaning up a 4 decade old potty mouth habit)

grr grr

[VoZangre]

wHAT IT IS… TO ME, THAT IS.

” No matter who gets involved, or what gets involved, this housing market will eventually settle at affordability. ”

= my one and only concern/reason for being a Pigg (sic)

Do I give a rat’s ass if some folks who do no REAL work ( investors who already have $$$$ and seem to think passive income is their birthright) get fleeced for being greedy enough to buy into this CDO ponzi scheme mess?

( Channeling hank Hill’s knee-less father…)

Helllllllllll no!

( working hard on cleaning up a 4 decade old potty mouth habit)

grr grr

[VoZangre]

Maybe he was thinking of

the British…

whinging?

[VoZangre]

Maybe he was thinking of

the British…

whinging?

[VoZangre]

Maybe he was thinking of

the British…

whinging?

[VoZangre]

Maybe he was thinking of

the British…

whinging?

[Author]

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