Comments on: Bush Signs the Mortgage Relief Bill

By: Chris

Chris — Mon, 25 May 2009 22:20:23 +0000

All of you who gloat over being able to pay your mortgage.Listen to this,My salary was reduced because of the lousy economy over 20k per year.The property taxes where I live go up 3 to 600 per year.Add on the astronomical price of fuel,utilities and insurance,and a disabling back surgury and you have a recipie for disaster.
So while you all beat up these people for hoping to have a decent life like everyone else,remember this,I never thought for a minute it could have happened to me,so dont you all think for a minute it won't to you.You are all so short sighted and I know one thing and listen to this!This economy has a long way down to go and your gonna get taken with it,the only difference between any of us is when,and how long you can hold out.I hope all of you remember this message.I empathize with anyone taking a fall.And thise of you who feel good looking down your noses at them,your day is coming trust me.

By: Randy

Randy — Sun, 03 Aug 2008 01:12:43 +0000

@cp – I agree with Nathan and Kitty. You are apart of the reason we have a housing crisis. You bought a home that you cannot afford and now have to pay the consequences. I purchased a home I could afford and got a fixed 30 yr. I purchased in July 2005 and still got a good deal.

I have no tears for you or anyone like you. Things needs to come crashing down so this country feels some pain. Overindulgence is going to be our downfall.

By: Kitty

Kitty — Sat, 02 Aug 2008 18:39:23 +0000

@cp – I wanted to make the same comment as Nathan, but he beat me to it. It was your choice to go with ARM. Similarly, a lot of people in 2000s chose to invest money in start-ups or chose to buy on margin thinking they’ll quickly make money to retire or, yes, pay for their kids education. They lost, and there was no bailout. Not only that, some unfortunate people who worked for start-ups and got part of their salaries in incentive stock options gambled by not selling stock immediately after exercising options, got hit by AMT on money they no longer had as the stocks turned into worthless paper. There was no bailout for them, not even a break on their six digit debts to IRS for gains they never got. I read about a family who had to use their children college money to pay off the IRS. How are you any more deserving of a break than they? Some times gamble pays off. At other time it doesn’t.

I am ambivalent about the bailout, but simply because I think that we are going to pay either way. Foreclosures hurt everyone as do bank failures.

By: Nathan

Nathan — Sat, 02 Aug 2008 14:17:08 +0000

@cp “I am in an ARM but am completely stuck now.”
You just don’t get it do you? You gambled on an ARM and you lost.

That’s the chance you took and now you need to accept the consequences. Why should you get the benefit of the lower rate and then when rates go up get some kind of relief from that?

My family, and others, chose to take the higher fixed rate mortgage and buy a more modest house and live within our means. Why should we subsidize your losing gamble?

I’m sorry that things didn’t go your way but that’s the breaks. Next time you’ll make a more prudent and conservative choice (I hope).

By: cp

cp — Fri, 01 Aug 2008 23:13:01 +0000

Most of you don’t know what you are talking about. Unfortunately, I am in an upside down loan; I am looking at my mortgage jumping up 1000 in 10 months. I have not added on luxury suites and have used my home to finance my children’s education, the value of my home has plummeted and I’m screwed. My husband and I have good jobs, we bust our butts, but we are middle class. I don’t get nor ask for help for anything. I don’t deserve to lose my house, because this rise in my mortgage will kill us. I am in an ARM but am completely stuck now. What is this bill going to do for someone like me?

By: Wilson

Wilson — Fri, 01 Aug 2008 13:31:01 +0000

JLP: You need 2b awakened with a thunder:)

By: Anonymous

Anonymous — Fri, 01 Aug 2008 06:08:56 +0000

In Kiplinger’s this month an article in part about the housing crisis and how it will affect us and financial stocks in general. To paraphrase, Foreclosures will peak in 2009 or 2010 probably driving down home prices and consumer spending;ie the economy. not a pretty picture. Written by Whitney Tilson and John Heins.

By: John

John — Fri, 01 Aug 2008 04:14:01 +0000

Ahh, once again the responsible people who actually pay their mortgages on time get no reward and will probably be paying for this bill in the long run somehow.

By: TS

TS — Thu, 31 Jul 2008 15:49:50 +0000

the problem is….. the government doesn’t have any money to do this! Grrrr.

By: Independent George

Independent George — Thu, 31 Jul 2008 15:29:34 +0000

Maybe I should stop paying my mortgage for a few months. Then, I would be in danger of foreclosure, and maybe qualify for some free money.