Comments on: STOP USING MY MONEY TO BAIL OUT GAMBLERS

By: salm624

salm624 — Tue, 26 Aug 2008 17:07:01 +0000

Liz, you are so right. What amazes me most is that this is the first time I have seen anything like this written anywhere. Everyday I feel I am being punished for “Doing it Right”. My wife and I bought a home far below the level we were told we could afford. When we refinanced it wasn’t to pull out equity and spend, it was to lower the interest rate and term, (30 to 15). We pay all bills on time and we have saved for college and a rainy day, (we have financially survived two layoffs in the 10 years we have owned this home). So many neighbors knew exactly what they were doing when they refinanced and spent the equity on new cars, vacations and second homes. From 2003 – 2005 I watched as young couples were led to believe that if they bought a home with an “Interest Only” 1st mortgage and used a second mortgage to help with the down-payment or to avoid PMI insurance, after 5 years they would retire on the increased value of their home. I saw many of the handouts presented to them by hungry Real Estate agents. Like an IPO investment, they all knew that this was the most risky way to get into the Real Estate game. That is what they saw it as, a get rich quick scheme, nothing more. Buy as much as you can so that the increased value will be that much greater. None of the new neighbors I met over the last 5 years had any intention of remaining in my neighborhood more than those 5 years as charted by the RE agents. It was all about the money and nothing about the home. Remember, the place where you raise a family and help the neighborhood. The majority of buyers from 2003 – 2005 were greedy speculators and most do not deserve my help or yours and yet they will be forgiven for their debts by the banks and our government. You and I will pay the bill. You and I who will never, ever have our debts forgiven. You and I who earn the money we need to purchase the items we “can” afford. When will our government ever come to us and say Thank You? Thank you for doing it right. Thank you for making sensible financial decisions and supporting our economy through hard work. When will they ever say to me, “You don’t have to pay for the rest of your mortgage because you were smart enough to do it right”? NEVER! I guess sometimes being smart is the dumbest thing you can do…..

By: Ray

Ray — Tue, 26 Aug 2008 01:01:34 +0000

Thank you, thank you, thank you!!! It’s about time someone spoke the truth. Thanks to the sub-prime lenders (Fannie, Freddie and the lot), the asking price for homes in the Northern Virginia area are still 20% more than what the house is truly worth. However, they are getting better now that foreclosures are competing with people that thought they could make a quick buck a few years ago and flip their property. It’s absolutely crazy for mortgages to be two to three times that of the average rental price for the same home. I agree that people who have lost their jobs or have fallen on hard times, that entered into a mortgage in good faith, should be helped. And those who were looking for a quick and painless buck (the flippers and sub-prime lenders) should just suck it up ‘cause I don’t pay for other people’s mistakes or gambling habits….

By: Bill Turner

Bill Turner — Mon, 25 Aug 2008 22:36:23 +0000

Liz -

You are on the right track. Much of the credit for the mortgage “armegeddon” should go to the various Federal “regulators” that to a man failed to regulate anything. Given no controls, people tend to become pigs. There was a lot of oinking going on among the builders, mortgage originators and I suspect among the Regulators as well.

Plenty of blame to go around on this matter. We should not forget that a good deal of the blame should be placed on the Administration in Washington.

By: Louise Jones

Louise Jones — Mon, 25 Aug 2008 20:38:47 +0000

You are right on!!! Keep up the good work!!! We all love you here in Texas!! Louise

By: woody

woody — Mon, 25 Aug 2008 20:25:24 +0000

I’m with you 100%. If I’m not mistaken it was the Government that was pressureing lenders to make it easier for buyers to obtain mortgage loans. But if you think about it it’s the Government that causes most of our problems anyway, just like the energy problem,you can’t drill here and you can’t drill there because of Govt. catering to environmental extremist. So now instead of doing the senseable think like drilling offshore or in ANWAR they would rather hope for some pie in the sky to pop up out of thin air.

By: ray porter

ray porter — Mon, 25 Aug 2008 20:04:42 +0000

Liz, love fox and trying to get into Fox Bus and you do great, but you just had a young lady on your show that reported on LDK and solars in general and said to the effect that you gotta take profits on these. Excuse me, isn’t she a reporter? Advice from experts is expected and we can take it for what it is worth, but extraneous comments like this are not appreciated. Yes I’m long LDK and trying to make money in a down market, but either way I’m sure not going to act on her “advice”
thanks for your great work
ray

By: BOB BETHUNE

BOB BETHUNE — Mon, 25 Aug 2008 19:55:48 +0000

AS A REALTOR,I AGREE WITH YOU THE PREDATORY LENDERS WERE FALLING OVER THEMSELVES TO FINANCE AN OVERPRICED HOUSE TO A UNDERQUALIFIED LENDER. HOWEVER REMEMBER IT WAS OUR GOVERNMENT WHO DECLARED THEY WANTED MORE HOMEOWNERSHIP,MORE PEOPLE,REGARDLESS OF THEIR INCOME TO HAVE A HOME. HUD WENT CRAZY OVER GETTING RID OF THEIR FHA BACKED FORECLOSURES. MORTGAGE LENDERS ALSO WENT OVERBOARD,CREATING 100% LOANS,80-20 LOANS,ARMS.NO,I DONT WANT MY TAX DOLLARS BAILING OUT THE MORTGAGE INDUSTRY,OR THE INCOMPETENTS IN GOVERNMENT. LET THE FORECLOSURES CONTINUE.

By: Bobby T.

Bobby T. — Mon, 25 Aug 2008 19:21:35 +0000

Amen, Amen, I couldn’t have said it much better myself. I am sickened to think that I did it right and am almost fininshed with my mortgage while people who spent more than they make will get a ‘reduced ride’ deal on my hard earned buck. The shady mortgage writers are the ones that will really walk away with the fat wallets. Man, can someone tell me where to get a “no risk brother-in-law” deal that the Government will sign for?

Frustrated for doing it right….

By: nelson pangburn

nelson pangburn — Mon, 25 Aug 2008 18:46:09 +0000

i agree that the bailout is like helping the people who go to vegas and then cry

By: Heath Buckner

Heath Buckner — Mon, 25 Aug 2008 17:38:24 +0000

I could not have said this better myself. Great job (by the way, you sound like a good fit for a supporter of Ron Paul’s new Campaign for Liberty).