Home › Forums › Housing › “A downward spiral thats tough 2 stop; it feeds on itself. 4closures encourage new 4closures & falling prices discourage buying”
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NotCranky.
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February 6, 2009 at 7:44 PM #342843February 6, 2009 at 9:07 PM #342305
patientrenter
Participant[quote=XBoxBoy]Yikes, if this is even half true it’s scary as hell. This story reads more like an article from The Onion than anything else.
XBoxBoy[/quote]
Nothing surprises me any more. The main goal of a lot of the activity going on is to keep home prices high, and to keep as as much of that inflated value in the pockets of existing homeowners, either by supporting the prices, or repudiating the debt used to buy the homes, or both. If someone creates a process that does that, and offers even a mildly plausible argument for its reasonability, fairness, and economic value, it will be quickly accepted. 90% of the population will accept the specious arguments they are fed and, at this point, the main actors feel no embarrassment or fear before the remaining 10%. It’s all snouts into the trough now, regardless of who’s looking.
February 6, 2009 at 9:07 PM #342627Participant[quote=XBoxBoy]Yikes, if this is even half true it’s scary as hell. This story reads more like an article from The Onion than anything else.
XBoxBoy[/quote]
Nothing surprises me any more. The main goal of a lot of the activity going on is to keep home prices high, and to keep as as much of that inflated value in the pockets of existing homeowners, either by supporting the prices, or repudiating the debt used to buy the homes, or both. If someone creates a process that does that, and offers even a mildly plausible argument for its reasonability, fairness, and economic value, it will be quickly accepted. 90% of the population will accept the specious arguments they are fed and, at this point, the main actors feel no embarrassment or fear before the remaining 10%. It’s all snouts into the trough now, regardless of who’s looking.
February 6, 2009 at 9:07 PM #342733Participant[quote=XBoxBoy]Yikes, if this is even half true it’s scary as hell. This story reads more like an article from The Onion than anything else.
XBoxBoy[/quote]
Nothing surprises me any more. The main goal of a lot of the activity going on is to keep home prices high, and to keep as as much of that inflated value in the pockets of existing homeowners, either by supporting the prices, or repudiating the debt used to buy the homes, or both. If someone creates a process that does that, and offers even a mildly plausible argument for its reasonability, fairness, and economic value, it will be quickly accepted. 90% of the population will accept the specious arguments they are fed and, at this point, the main actors feel no embarrassment or fear before the remaining 10%. It’s all snouts into the trough now, regardless of who’s looking.
February 6, 2009 at 9:07 PM #342760Participant[quote=XBoxBoy]Yikes, if this is even half true it’s scary as hell. This story reads more like an article from The Onion than anything else.
XBoxBoy[/quote]
Nothing surprises me any more. The main goal of a lot of the activity going on is to keep home prices high, and to keep as as much of that inflated value in the pockets of existing homeowners, either by supporting the prices, or repudiating the debt used to buy the homes, or both. If someone creates a process that does that, and offers even a mildly plausible argument for its reasonability, fairness, and economic value, it will be quickly accepted. 90% of the population will accept the specious arguments they are fed and, at this point, the main actors feel no embarrassment or fear before the remaining 10%. It’s all snouts into the trough now, regardless of who’s looking.
February 6, 2009 at 9:07 PM #342858Participant[quote=XBoxBoy]Yikes, if this is even half true it’s scary as hell. This story reads more like an article from The Onion than anything else.
XBoxBoy[/quote]
Nothing surprises me any more. The main goal of a lot of the activity going on is to keep home prices high, and to keep as as much of that inflated value in the pockets of existing homeowners, either by supporting the prices, or repudiating the debt used to buy the homes, or both. If someone creates a process that does that, and offers even a mildly plausible argument for its reasonability, fairness, and economic value, it will be quickly accepted. 90% of the population will accept the specious arguments they are fed and, at this point, the main actors feel no embarrassment or fear before the remaining 10%. It’s all snouts into the trough now, regardless of who’s looking.
February 6, 2009 at 9:56 PM #342335SD Realtor
ParticipantWell said pr. Sad but true and very well said.
February 6, 2009 at 9:56 PM #342657ParticipantWell said pr. Sad but true and very well said.
February 6, 2009 at 9:56 PM #342763ParticipantWell said pr. Sad but true and very well said.
February 6, 2009 at 9:56 PM #342790ParticipantWell said pr. Sad but true and very well said.
February 6, 2009 at 9:56 PM #342889ParticipantWell said pr. Sad but true and very well said.
February 6, 2009 at 10:30 PM #342365socrattt
Participant[quote=patientrenter]
Nothing surprises me any more. The main goal of a lot of the activity going on is to keep home prices high, and to keep as as much of that inflated value in the pockets of existing homeowners, either by supporting the prices, or repudiating the debt used to buy the homes, or both. [/quote]
PR, while I agree with your post, I have to point out that the government is more focused on the long term effects of their bailout plan than the actual homeowners loss. Am I correct in assuming that all loan modifications have some sort of sale clause that puts a percentage back in the pockets of our government once a sale has been made on a property with an existing LM?
Let’s be honest no one that bought from 2003 forward (aka the majority of the irresponsible) has any equity anyway and I can’t assume these loan mods will actually put equity in their pockets if they are upside down. So the essential thought that we are bailing out the irresponsible is correct, but in reality this is nothing more than a ploy for our government to make its’ money back. Which sounds more like a fairy tale if you ask me!
February 6, 2009 at 10:30 PM #342687Participant[quote=patientrenter]
Nothing surprises me any more. The main goal of a lot of the activity going on is to keep home prices high, and to keep as as much of that inflated value in the pockets of existing homeowners, either by supporting the prices, or repudiating the debt used to buy the homes, or both. [/quote]
PR, while I agree with your post, I have to point out that the government is more focused on the long term effects of their bailout plan than the actual homeowners loss. Am I correct in assuming that all loan modifications have some sort of sale clause that puts a percentage back in the pockets of our government once a sale has been made on a property with an existing LM?
Let’s be honest no one that bought from 2003 forward (aka the majority of the irresponsible) has any equity anyway and I can’t assume these loan mods will actually put equity in their pockets if they are upside down. So the essential thought that we are bailing out the irresponsible is correct, but in reality this is nothing more than a ploy for our government to make its’ money back. Which sounds more like a fairy tale if you ask me!
February 6, 2009 at 10:30 PM #342793Participant[quote=patientrenter]
Nothing surprises me any more. The main goal of a lot of the activity going on is to keep home prices high, and to keep as as much of that inflated value in the pockets of existing homeowners, either by supporting the prices, or repudiating the debt used to buy the homes, or both. [/quote]
PR, while I agree with your post, I have to point out that the government is more focused on the long term effects of their bailout plan than the actual homeowners loss. Am I correct in assuming that all loan modifications have some sort of sale clause that puts a percentage back in the pockets of our government once a sale has been made on a property with an existing LM?
Let’s be honest no one that bought from 2003 forward (aka the majority of the irresponsible) has any equity anyway and I can’t assume these loan mods will actually put equity in their pockets if they are upside down. So the essential thought that we are bailing out the irresponsible is correct, but in reality this is nothing more than a ploy for our government to make its’ money back. Which sounds more like a fairy tale if you ask me!
February 6, 2009 at 10:30 PM #342821Participant[quote=patientrenter]
Nothing surprises me any more. The main goal of a lot of the activity going on is to keep home prices high, and to keep as as much of that inflated value in the pockets of existing homeowners, either by supporting the prices, or repudiating the debt used to buy the homes, or both. [/quote]
PR, while I agree with your post, I have to point out that the government is more focused on the long term effects of their bailout plan than the actual homeowners loss. Am I correct in assuming that all loan modifications have some sort of sale clause that puts a percentage back in the pockets of our government once a sale has been made on a property with an existing LM?
Let’s be honest no one that bought from 2003 forward (aka the majority of the irresponsible) has any equity anyway and I can’t assume these loan mods will actually put equity in their pockets if they are upside down. So the essential thought that we are bailing out the irresponsible is correct, but in reality this is nothing more than a ploy for our government to make its’ money back. Which sounds more like a fairy tale if you ask me!
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