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Affordable homes is a great idea

Affordable homes is a great idea

takemetoyourleader David1
March 20, 2013
Greed is the domain of people of power. Affordable homes is a great idea, but it was executed by people who found how to play the game and take advantage if it. This is a plan that should have been locally executed, by banks that would retain ownership and management of the resulting mortgages....no problem. Affordable turned in to "inflated" when demand and lack of regulation/enforcement allowed banks to make bad loans and not suffer the consequences. This great idea...to enlist poorer people into the capitalistic game, became distorted when the lending brokers. the appraisers, the banks, and the wall street fund managers, were all greedily motivated to make some big money by manipulating the system...damn the results. 6 Reply

David takemetoyourleader1
March 20, 2013
The borrowers were just as greedy. They wanted to get in on the scheme too. The banks can`t lend to someone who doesn`t apply. Borrowers knew (or maybe they were too stupid) that when their ARM interest rates adjusted that they would be paying through the teeth. They SIGNED anyway with the assumption that they would make money and sell if they had to. THEY were just as responsible for manipulating the system. The small to mid sized banks as well as a few stupid large ones that were greedy and weren`t diversified FAILED like they should have over the affair. Lots of innocent people lost their jobs because of it. The banks that contributed to the politicians got bailed out. If we could have avoided the major crisis by letting them fail too, we should have...... 7 Reply

nononsense123 David1
March 19, 2013
There is a certain glossing in your descriptions. Borrowers are "they"; banks aren`t - banks are generally corporations. When you say the corporation was "bailed out" it is true, but bank managements lost their jobs and bank shareholders were wiped out. (Who DIDN`T get wiped out is depositors and bondholders.) 1 Reply

rickcain2320 David1
March 20, 2013
Wrong, it was Gramm-Leach-Bliley 1999 senate bill that deregulated the industry, it was written by 3 Republican Senators and voted into law by a GOP dominated Senate. 13 4 Reply

David rickcain23201
March 20, 2013
Bill Clinton enthusiastically signed with great pomp and circumstance, the GLB Act of 1999. It passed with bipartisan support in the senate (90-8). Clinton publicly stated his opinion that without it, things would have been worse. The GLB had little or nothing to do with the crisis. 8 Reply

dakotaeric David1
March 20, 2013
There is no single factor - one thing is for sure, beginning in 1980 the regulations that had stood since the great depression began to disappear as fat cats from Goldman were "resigning" to take jobs infiltrating the agencies/positions where all history was thrown out the window, at the advise of the bankers themselves. 7 Reply

David dakotaeric1
March 20, 2013
Can`t really argue with that. I do believe that deregulation was the right path and led to the expansion over the next decade (good with the bad). However, the required honesty, integrity and responsibility that was required to make deregulation work as planned, quickly succumbed to irresponsibility, dishonesty and greed. I think Reagan was an idealist and a bit naive..... 5 Reply

basedonfact David1
March 19, 2013
If it was a clinton policy and the republicans didn`t like it why didn`t they put it back into effect when they controlled all 3 branches for 8 years? They actually deregulated even more and accelerated the process 2 Reply

phillyboyz David1
March 20, 2013
Most of these FORCLOSURES had mortgages and/or home equity loans that were ORIGINATED during the era of DEBT BASED PROSPERITY. You`re WRONG. 1 Reply

David phillyboyz1
March 20, 2013
That`s correct. The run in home prices began in the late 1990`s and accelerated as all the banks and borrowers jumped on the housing boom bandwagon. It was like a pyramid scheme for the borrowers - the last ones in (2004-2007) lost their shirts. But so did a lot of banks who bet their entire portfolios on these loans. Those borrowers who never jumped on the bandwagon suffered too as the meltdown took their jobs and their life savings. But there are too many "it`s not my fault it`s their fault" people out there who just won`t take responsibility for their own actions or mistakes.....and I mean bankers too. 4 Reply

phillyboyz1
March 20, 2013
FORECLOSURES 0 Reply

HiDest1
March 20, 2013
Bring buckets of money...I had too...Banks generally don`t like to lend on foreclosures, usually stripped, so you will need to be a cash buyer and look to spend just about as much to reconstruct the house...Foreclosures are not great deals they would like you to believe...BEWARE... 12 1 Reply

shexbends HiDest1
March 20, 2013
My credit score was good and my employment record long so the 80% mortgage amount was mine...but...I had to ``sneak`` into the house and make some bank-required repairs before the closing. I made a 225,000 capital gain on that property in 2.75 years. 2 Reply

cogsboy shexbends1
March 20, 2013
When people brag how much money they made on a house, there`s usually a backstory that`s not revealed. Your situation is not typical so don`t gloat. 5 Reply

HiDest cogsboy1
March 20, 2013
More typical that you think...you must be a realtor... 1 Reply

HiDest shexbends1
March 20, 2013
I had a friend who had to do the very same thing...the realtor let them in and he (realtor) turn his back as the repairs were made...we had to start from the floors up...literally everything..went in stupid not knowing....NEVER AGAIN.... 4 Reply

cogsboy shexbends1
March 20, 2013
That`s not really sneaking in. Sounds like they knew the deficiencies were "magically" repaired. 2 Reply

Sy D`Vooh1
March 20, 2013
Both banks and mortgage companies, such as Fanny Mae, seem to be holding foreclosed properties off of the market. Obviously to not flood the market, and tank the price of real estate again, but there seems to be political pressure on them to not evict the former home owners whose property has been foreclosed on. 5 Reply

are122 Sy D`Vooh1
March 20, 2013
I don`t think it`s political pressure as much as what might happen to the house if vacant. 1 Reply

Sy D`Vooh are1221
March 20, 2013
As though someone who lost their home to foreclosure is going to take care of it? They are waiting to be evicted, and they aren`t even cutting the grass. Many are selling appliances and even stripping out copper tubing and wires before they leave. 1 Reply

JJPSarasota1
March 20, 2013
So why haven`t we seen some of the Bankers and Lenders that caused this whole thing going to jail instead of paying fines? 8 2 Reply

moderation12 JJPSarasota1
March 20, 2013
Jailing them costs money. Fining them makes money. Uncle Sam needs $$$. 9 Reply

porky63 JJPSarasota1
March 20, 2013
WHERE do you think the Demons and Rubes get the most CAMPAIGN LOOT from? It`s neither Santa, nor the Tooth Fairy! 5 Reply

Perv Lil JJPSarasota1
March 20, 2013
because they sponsor both parties, Chucky Shumer is the biggest recipient 4 Reply

Perv Lil1
March 20, 2013
Keep in mind when buying property that the Statists will be knocking on your door regarding higher property taxes. Property taxes are only going up, up. That great "deal" you think you are getting might be a lifetime of pain. 5 2 Reply

Ryan Vigus Perv Lil1
March 20, 2013
I`m wondering if you even understand the purpose of a property tax. It is designed to ensure the property is being used in a productive manner instead of being held merely for the value of the land to the exclusion of others. If the property tax increases it makes the holder reevaluate whether continuing to hold the property makes financial sense as opposed to employing it in a useful manner or selling. 2 3 Reply

Perv Lil Ryan Vigus1
March 20, 2013
Ryan, go to NJ and tell me $ 900 a month in property taxes for a modest home worth 300K is smart -- it certainly is not productive to raise a family in NJ unless you make well into 6 figures. Do you hear yourself? Primary homes are used to live in. Ah that`s right, in your neo-liberal pea-brain the State always knows best. 7 Reply

Ryan Vigus Perv Lil1
March 20, 2013
I understand, but without a property tax, why not just buy up as much land as you can afford and hold it assuming it will gain in value in the future, to the exclusion of individuals that would like to use that land to live on, for example? There would be no reason not to do so. Property tax encourages individuals to use the property productively, like to live on, instead of merely buying and holding it for no use. 1 2 Reply

Jim Brown Ryan Vigus1
March 20, 2013
That concept holds truth except that when the property is paid in full, and the homeowner has proven they have used it productively for 30 years or more it then becomes a tax burden that is no longer necessary, especially on the fixed income or poor. I have asked our state reps and congressman to investigate doing away with property tax for individuals who have paid their mortgages off...making the property 100% tax exempt until such time it changes hands - but only if by estate (both signers pass away) or by sale. Once it`s sold it can go right back on the tax rolls again. I think it is not only fair but keeps the buyer motivated to stay and pay it off, becoming debt-free, which in and of itself lends more disposable income to spend, thus growing the local economy further. In theory...haha. 4 Reply

Ryan Vigus Jim Brown1
March 20, 2013
What`s the difference between having a mortgage and buying the property outright with cash? Someone with a mortgage still owns the property just like someone buying with cash, they just have a longer time to pay for the property. I can still hold a mortgage and not use the property. But I`ll bite. Let`s say I hold a mortgage and then pay it off, removing my property tax burden. What prevents me from then no longer living at the property but continuing to own it at the exclusion of others? 1 Reply

David Ryan Vigus1
March 20, 2013
I`ve never heard of that definition for property tax. It`s merely a tax like any other tax. The "taxer" doesn`t care what you`re using it for or how many pieces of property you have....the "taxer" just wants to get the tax so he can use it like he uses all other taxes and, of course, to figure out how he can get you to pay even more tax. It`s really quite simple..... 4 Reply

Ryan Vigus David1
March 20, 2013
It`s not a definition of property tax, but a justification for why real property should be taxed. Real property is much different than other goods, as most goods are fairly unlimited in supply. Land is not. Also most "other" good taxes are applied at the time of sale, and not on an annual basis. Property tax is not like "any other tax". 0 1 Reply

basedonfact Ryan Vigus1
March 19, 2013
There are costs the local government occurs due to the existance of the property that are not one time costs herefore a one time tax is not appropriate 0 Reply

basedonfact David1
March 19, 2013
Taxes are always used to control behavior. 0 Reply

Yen Whit1
March 20, 2013
In Detroit you can buy a house cheaper than you can buy a new car. 2 Reply

1776USA2012 Yen Whit1
March 20, 2013
You just have to haul out the dead bodies first. Most of these are dumping grounds for criminals. . 5 Reply

Lawrence Lugar Yen Whit1
March 20, 2013
That just sounds insane...being able to buy a home for less than a new car...second thought, if it`s so cheap...what are they still doing in the market? 0 Reply

OldJoe Lawrence Lugar1
March 20, 2013
What are you going to do with it, Lawrence? 1 Reply

BoundGodsFan1
March 20, 2013
Oh, we`re suppose to be helping the banks out of their mess by buying their houses? Support your local economy and the good guy, the individual! The banks haven`t suffered enough yet. 4 2 Reply

cogsboy BoundGodsFan1
March 20, 2013
If you have a mortgage, regardless of the circumstance of the home purchase, you`re helping the banks. Actually, you`re helping them more by buying a house at assessed value and/or asking price than you would with a short sale or foreclosed house. 2 Reply

Adikia1
March 20, 2013
I would think that the best place to buy a foreclosure.....after all the good economic news today.......would be in a republican neighborhood. HaHaHaHaHaHa 5 4 Reply

Adikia1
March 20, 2013
Confucius say: "`Foreclosure` is.......`Republican` spelled backwards." 5 Reply

Perv Lil Adikia1
March 20, 2013
I am sure Confucius was not a partisan i mbecile. 7 1 Reply

Adikia Perv Lil1
March 20, 2013
Don`t get them mixed up. Confusion is the republican. 3 1 Reply

Dan Mohr1
March 20, 2013
The bottom line is greed on both sides. The banks for trying to make a quick buck and counting on a bailout, the average american consumer that thinks its a good idea to borrow all of their homes equity to buy a car, go on vacation, or send their kid to a 100k college to get a $30k a year job. You can`t have it all, use your head and you will be fine. If you are still young the market will go up a few more times, and it will crash a few more times. For you kids that post on here did you know interest was 15-20% for a house in the 70`s, did u know that the stock market crashed in 1987 worse than any day in 2008. Greed is cyclical and will continue to happen, if you want to take the one asset you need to have (a home) and leverage it to have cars/clothes/vacations feel free to continue to blame the banks for your greed it will happen to you again. 1 Reply

Mike Russell1
March 20, 2013
Have you been to Dayton, OH?................Dayton, OH could suck a basketball thru a tennis racket. 1 Reply

Footnote Mike Russell1
March 20, 2013
lol....If you die there you surely gonna be in a better place. 0 Reply

are1221
March 20, 2013
Nothing like profiting off the misery of someone else. It seems the more the misery the better the profits. 1 Reply

mpouxesas are1221
March 20, 2013
− the american, capitalist way...aaah, the money keeps rolling in...






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