Now he's after your home.

[AVGWarhawk]

Originally Posted by mookiemookie

I agree on this point. But those who thought he would do such a thing had completely unrealistic expectations. There are those of us who saw him as merely a smart guy who could do a better job of it than the other guy. He was not my first choice (still a Kucinich fan) but he's doing an okay job. Not great, but probably the best he can do given the mountain of problems we have.

Sadly Mookie, the US is full of people who think he is a rock star and do not see the expectations as unrealistic. As far as a better job? I saw a guy who could talk a better sale then the other guy.

However, those that did not screw up and kept up with the mortgage are seeing diminishing returns.

By diminishing returns do you mean their houses are not worth what they expected them to be worth due to the decline in house prices?

[SteamWake]

Originally Posted by Tribesman

By diminishing returns do you mean their houses are not worth what they expected them to be worth due to the decline in house prices?

Exactly, Its kind of dissapointing, you go through your entire life learning that real estate is probably the most secure and almost assuredly a positive return on your investment.

So you take out a loan for 150,000.00 and make payments for many years. Halfway through the term the interest rate goes way up even though they property is now valued at 80,000.00 you still owe the full 150. Not to mention that even though your property apprasil is now less that what you payed for the property taxes continue to go upwards as does homeowners insurance.

Exactly, Its kind of dissapointing

So why not think about this issue .
If the banks/government bailed banks follow the policy of eviction what does the resulting flood of siezed properties onto the market do to your already devalued asset ?
Does it by any chance make it devalue further

you go through your entire life learning that real estate is probably the most secure and almost assuredly a positive return on your investment.

You need to relearn your lifes lessons.
Property is never really secure, if you want a fairly reasonable guarantee of a positive return then you don't buy on a mortgage and you don't buy when property is on the up.

[UnderseaLcpl]

Originally Posted by mookiemookie

I agree on this point. But those who thought he would do such a thing had completely unrealistic expectations. There are those of us who saw him as merely a smart guy who could do a better job of it than the other guy. He was not my first choice (still a Kucinich fan) but he's doing an okay job. Not great, but probably the best he can do given the mountain of problems we have.

Kucinich, huh? I'll admit that I have a degree of admiration for the man. He's the Democratic version of Ron Paul, imo.
Nonetheless, he is no Ron Paul. For a person who claims to be against the unfair promotion of big business and harmful government, he sure does a lot to help them. Frankly, I find a lot of his positions hopelessly naive.

That said, I would also prefer him to Obama. The congressman has demonstrated a respect for individual rights and non-interventionist policy that is clearly lacking in the current administration. Kucinich would not be my first pick for any kind of political position, but he would be my first pick amongst liberals.

[SteamWake]

Originally Posted by Tribesman

So why not think about this issue .
If the banks/government bailed banks follow the policy of eviction what does the resulting flood of siezed properties onto the market do to your already devalued asset ?
Does it by any chance make it devalue further


You need to relearn your lifes lessons.
Property is never really secure, if you want a fairly reasonable guarantee of a positive return then you don't buy on a mortgage and you don't buy when property is on the up.

Property is never really secure? Maybe where your from but in the past it was the securist investment one could make. This cannot be argued.

Lets look at the whole picture and how we ended up in this debacle in the first place. The answer is simple, pepole were given loans whom could not afford them. When they defaulted on the loans the houses went back on the market starting the whole cycle again untill you get what we have now.

I bought my property on what appeard to be a 'down' I got a good deal all it needed was a little sweat equity. So far Ive lost neary 50,000.00 on the investment. Never before has the real estate industry been a 'bad' investment. I had never even heard of Obama or his policys.

I dont think anyone whom 'invested wisely' foresaw the out of control spending intervention and outright wrecklessness of the currrent administration.

Stimulus not working as planned? Im beginning to wonder if it may be working exactly as planned after all whom do the "victums" turn to first?

[mookiemookie]

Originally Posted by SteamWake

Never before has the real estate industry been a 'bad' investment.

Except for the times when it has. Late 70's early 80s, et. al. Contrary to what your Realtor or mortgage broker may have told you, real estate does not always go up.

I dont think anyone whom 'invested wisely' foresaw the out of control spending intervention and outright wrecklessness of the currrent administration.

Obama caused the financial crisis? You have a real short memory.

[SteamWake]

Originally Posted by mookiemookie

Obama caused the financial crisis? You have a real short memory.

Never said that in fact I pointed clearly at previous adminstrations its just that actions being taken now will reverse the trend in fact it makes it worse.

But Im beginning to believe that is exactly what is planned.

[AVGWarhawk]

Originally Posted by Tribesman

By diminishing returns do you mean their houses are not worth what they expected them to be worth due to the decline in house prices?

In part, yes. Home sales keep the economy going are at the very least a large part of a strong economy. Diminishing returns meaning stimulus money for bailing out banks that inturn bail out those who are in foreclosure. My tax dollars. Me, being on time with my mortgage get to continue to pay my mortgage and now pay for someone elses. I get nothing in return. I do not want to hear about long term you will see captial gains in my house when sold nonsense. That is not assured at this time. The only thing assured right now is, a lot of people are getting away with living beyond their means and a lot who don't are paying for it. They get nothing in return. It is not an investment for me. It is purely taking my money and paying for others mistakes. It is a royal screwing. There is no other way to look at it. Now throw in healthcare and a possible second stimulus. Excellent. Does anyone need anything else I might have?

Property is never really secure? Maybe where your from but in the past it was the securist investment one could make. This cannot be argued.

When I said ...."You need to relearn your lifes lessons"....I was spot on.
You are so wide of the mark its unbelievable.

My tax dollars. Me, being on time with my mortgage get to continue to pay my mortgage and now pay for someone elses.

Which you do anyway and always have done

[Aramike]

I actually like this plan. Right now the banks are practically innundated with foreclosed properties. These houses often become blighted and are bringing down the property values of entire neighborhoods. Unlike what a lot of super-hardcore right-wingers would like everyone to believe, a lot of people who've fallen behind on their mortgage have done so due to the general downturn in the economy. I'm quite sure that there are plenty of people on this very board that have mortgages they would struggle with should they lose their jobs.

There are two types of "victims" here:

1 - The responsible borrower who has fallen prey to our domino-effect economy.

2 - The irresponsible borrower who originally borrowed way more than they could afford.

Now, considering that the government has been, in my opinion, instrumental in prolonging and worsening this recession, the 1st type of victim finds themselves in an artificially deep hole. By the government assisting this person in staying in their residence but NOT OWNING IT, that will help property values stabilize as well as provide the banks REAL "Troubled Asset Relief".

[SteamWake]

Originally Posted by Tribesman

When I said ...."You need to relearn your lifes lessons"....I was spot on.
You are so wide of the mark its unbelievable.

I should have put all my money into Pets.com I guess.

Perhaps in the land of Ire owning land is a laughable pursuit.

In America real estate has been the the safest investment since before the great depression.

But I know your ways and rather than looking a fool Ill end the argument here.

Perhaps in the land of Ire owning land is a laughable pursuit.

It has become a laughable pursuit in the past few years with idiots thinking they were actually making real money on their homes and others falling for crazy property investment schemes.
Personally I don't intend to buy any more land or property until 2011 as it should have completely bottomed by then, though I was very tempted when a big old house in Waterside came up for auction last month.

In America real estate has been the the safest investment since before the great depression.

Real estate is always a gamble no matter what country it is in or what government you live with.

[AVGWarhawk]

Originally Posted by Tribesman

When I said ...."You need to relearn your lifes lessons"....I was spot on.
You are so wide of the mark its unbelievable.




Which you do anyway and always have done

Please enlighten me to how I have been paying my neighbors mortgage

Please enlighten me to how I have been paying my neighbors mortgage

Sorry that wasn't very clear.
You don't pay the actual mortgage , just as you wouldn't under the proposed scheme .
What you do pay for is the cost of rehousing them once they are homeless and since homeless also often means jobless you pay for their welfare upkeep too.
Right thats the tax side of things done.
Now onto your own mortgage. How much money does the bank take off you , how much of those direct and indirect fees related to your mortgage cover the banks arse for all the bad loans it makes?
Now onto the insurance . Do you have private insurance on your loan or have you taken the one that comes with the bank? Either way you are paying for other peoples defaulted loans.