Mortgage Mess = Breeders

http://money.cnn.com/2008/12/05/real_estate/bail_outs_fair_or_foul/index.htm?postversion=2008120510

"All these idiots who bought homes they couldn't really afford are going to be rewarded with loan modifications, but what about those of us who didn't make stupid decisions?" asked Jay Black, a CNNMoney.com reader who rents in Queens, N.Y.

"I could have purchased two years ago using an option ARM, and now the government would be paying to reduce my balance. But I didn't. What the hell do I get?"

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It always cracks me up when someone wakes up an realizes that they've been fucked by the breeders and it is only going to get worse.

Welcome to the real world, dude. That's right you don't get anything.

Breeder choices: rewarded, coddled, supported, encouraged.

No one rewarded for making the right choices. It's a hard lesson of living in the USA, but that's reality and always has been reality.


From the article:

Still, it's easy to understand how some people can feel taken advantage of. Consider the hypothetical case of one warehouse manager named John and his colleague Mary. The two make about the same salary and are both married with two young kids and stay-at-home spouses.

A few years ago both bought homes, John's a modest three bedroom, two bath. He put 20% down and financed $240,000 with a 30-year, fixed-rate loan at 7%. His payment is $1,596 a month.

Mary went for an opulent five bedroom, four bath, 3,500 square foot McMansion that cost $500,000. She put just 5% down and financed the rest with an option ARM, making the minimum monthly payments of just $1,725. But that caused her mortgage balance to balloon, and now Mary has to start paying down her loan's principal, which has reached $550,000. That means a monthly mortgage payment of $3,659, which she can't afford.

Luckily for Mary, her lender has reduced her interest rate to 3% for five years, deferred payment on $50,000 of the balance and extended the length of the loan to 40 years, all with the help of one of the new, government-backed rescue programs. That reduced her monthly mortgage bill to $1,790 - not much more than what John is paying for his more modest home.

Mary is essentially able to hang on to her palatial home with the help of some of John's tax dollars - and as important as that is for the larger economy, it's hard to argue that it's fair.

Appaulting, absoulty appauling. Breeders should pay for the shithole.

Yup. This makes my blood BOIL. I saw an article a while back that showed a photo of a couple and their THREE (fat) kyds in front of their house. It wasn't exactly a McMansion, but it was a nice, newer house. The caption whiiiiiined something along the lines of: "John and Jane Breeder bought their house during better times. Now, no one will refinance their subprime mortgage, and they owe more on the house than it is worth."

SUBPRIME. In other words, these selfish idiots had bad credit and/or insufficient income to qualify for a "normal" mortgage but just had to have the "nice house in the suburbs to raise a fambleeee." Now they are screwed, and the REST OF US get to pay.

My DH and I have only bought 2 houses in our lifetime, but both were well below what the bank/mortgage lender said we could actually afford. WHAT A CONCEPT. Be responsible, get FUCKED OVER by all the morons out there.

So many people like to blame the evil banks and mortgage companies, and for sure they shouldn't have even financed these people to begin with. But I'm huge on personal responsibility and put just as much or MORE blame on the stupid assholes who took out loans they KNEW they could not afford otherwise. They're not "victims," they're CRETINS.

The ONLY thing that they should be getting from the government is an eviction notice placed in their hands by the local county sheriff. If they default on their mortgages then they should lose their collateral, it's just that simple. When I was in the real estate appraisal business I saw this shit ALL of the time. There were people (ALWAYS breeders) who earned 50k a year between them, but somehow managed to get a subprime loan on a 250k house and live high on the hog with credit cards, until the house of cards fell, which generally didn't take very long. I have seen famblees living in upper middle class homes, driving new cars, inground pools, kyds in private school, etc......but with barely a stick of furniture in the house and borrowing from their parents every month to make ends meet.

These people don't have a DIME to properly maintain their fancy homes either and other residents, who CAN afford to live in that neighborhood, dread to see the hillbillies move in. They think they can run a lawn mower over the tallest grass in the yard and be done with it, when lawns of this magnitude need professional maintainance. Their grass ALWAYS looks like shit, has army worms, and weeds growing up between fences and onto their part of the sidewalk. They have barely moved in before they sling up a cheap aluminum swing set from walmart, while the neighbor breeders erect commercial grade playground equipment. They ALWAYS have junk filled garages, which they never close, kindercrap dotting the shitty lawn, mutt dogs that are untrained and yap constantly and chew up fences and they allow their shit to visibly pile up in the backyard too and their dog houses to fall in. They have fishmouth roof shingles, broken shutters, torn screen doors, peeling paint, missing facia board, and their place in general is an eyesore and poorly maintained, and that's just the outside. I still recall visuals of the inside of some of these breeder mansions and it makes me have a shoulder shudder.

NO ONE benefits when breeders buy beyond their means and/or class. Regardless of where they live, they don't take care of a damned thing that they come into contact with anyway, so I am not the least bit surprised that they can't (or don't) pay their mortgages. If they live like savages in an apartment then they will not suddenly become responsible, clean, and attentive to any property which they might find a way to purchase. These are the people who when they were kyds, used to destroy THEIR toy and steal the other kyd's toy after he had taken care of it properly. These people are thieves and always want what other people have, but when they get it, they just treat it like shit until it IS shit.

I hate them with a passion.

All too true Kim!

Let's be honest. When we talk about a neighbourhood 'going bad', we ought to be referring to out-of-control-breeders moving in. Even ONE unsightly plastic primary-coloured 'riding toy' in the neighbour's driveway ought to be enough to knock down the price of the house you're viewing a good few grand.

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"The death of creativity is a pram in the hallway"
- Cyril Connolly

kidlesskim Wrote:
-------------------------------------------------------
> I have seen
> famblees living in upper middle class homes,
> driving new cars, inground pools, kyds in private
> school, etc......but with barely a stick of
> furniture in the house and borrowing from their
> parents every month to make ends meet.

You're not the only one, Kim... BF used to deliver pizzas in a very affluent neighborhood. There were a couple McMansions that he could see did not even have a couch or TV. He figured they just moved in and weren't done furnishing. A month later, they'd order pizza again, and STILL no furniture...

I just learned about so-called "NINJA" loans that were handed out... stands for "No INcome, No Job, no Assets"... What kind of greedy bullshit is this? CLEARLY someone who "qualifies" for one of these NINJA loans isn't even qualified to rent! And here I am, living well within my means in a two-bedroom townhouse with a tiny concrete backyard, parking in a lot, paying my rent on time every month. How foolish I've been!

Yea, it chaps my ass to no end that these fuckwads were bailed out yet the auto industry is on it's way out.