Bush's Compassionately Conservative Subprime Fix

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mwpqe tvmna of AL @ Feb 21, 2008 12:36:36 PM

People need to learn to afford

This whole messrealy irks me as a responsible creditor. I moved from Houston to NJ and my mortgage more than tripled. I have to commute 1+hours to work everyday, the only way I could find a house that I could afford. While the payments are staggering (vs Houston), we now live on a tight (but realistic) budget and we cope. We just don't buy everything the kids want and we don't just eat out every day.

Not trying to take a moral highground, just indicating that even with severe changes in payments, people can make it work. People just need to mature up a bit and take some responsibility and realise that they won't be contributing to the consumer part of the GDP as significantly as they were.

Create a budget and live by it. No need to tell your kids you 'can't afford it' instead give them a choice of two cheaper options, if they don't like either, tell them to save their own money and they can buy it later. Always buy the cheapest gas - we all know where it is. Clip coupons/go to BJs/Costco - it ain't all that bad! Make sure you are not over insured. Make sure you don't have more car than you can afford. Good lord, so many places to trim cash, you just need to hunt for them - lots of websites to help.

Now if the mortgages was misrepresented and buyer were legitimately naive/confused I do have a soft spot for those guys, who knows what half those mortgage/deeds documents say these days!

Stephen of NJ @ Dec 10, 2007 23:52:07 PM

mortgage crisis

i think the government should do more to save the mortgage industry so as to avoid recession. also as part of their serious act to help the homeowners is to lower property taxes that help increased the mortgage payment every month. who can afford a double increased in property taxes if your salary only increased by 3-4 % a year? who can be happy to receive a bill from the appraiser's office while all the while the property value or the house just purchased near you significantly decreased? this adds to the burden of the homeowners already faced with lots of economic stress from high gasoline prices, basic commodities even the price of milk, meats, etc. something must be done.

armiel of FL @ Dec 10, 2007 23:39:34 PM

Yes.....

Many are, hence they got "sold" on these loans in the first place. Many others cannot get refinanced in today's mortgage environment, ie they have low credit scores and would not qualify. Still others, and this is the one that burns me up, are investors that attempted to flip properties and got stuck with one or more mortgages. Now they are trying to sell the properties in a slow market and can't afford to discount too much. It's a mess.

I think the mortgage industry ought to rethink how it refinances these and save as many "good" mortgages as they can. They are going to have enough foreclosures just from people who are in the normal crisis situations, such as lost jobs, medical, divorce, etc. But we should not simply bailout either the industry or people who cannot pay a reasonable mortgage on thier property.

I know of a bunch of people here in Orlando that purchased houses that were much more than they could afford, thinking prices would continue to rise and that they could refinance and have 20% down simply from the increase in housing prices, therefore they would get a good rate. Now their plan is imploding on them. So, here comes the Gov't to the rescue to bail them out when they simply made a really poor decision on home purchase. These are not the poor, they are middle class folks who tried to buy more than they could afford on credit they could not afford and are now upside down. I have a hard time bailing them out.

Tom of FL @ Dec 10, 2007 10:06:40 AM