What is Digg?267 Comments
- edstate, on 04/21/2008, -14/+202No! NO taxpayers money! The idiot banks and the idiot homeowners who caused this... take THEIR money to cover it. I dont' care how many homes are foreclosed. How "bad" it looks, or how much it temporarily depresses other homes value. If you're not moving for a few years, it won't matter. Homes' values are still way overblown, anyway. Plus, it'll probably lower your property taxes. More importantly, anyone with half a ***** brain saw this coming from a MILE away, and didn't act like an idiot. Those who decided to jump in this hot tub of farts... YOU made your bed, now lie in it. I dont' care how much it affects the rest of the economy. We'll deal with it. ***** you. And suckit.
- inactive, on 04/21/2008, -1/+72"Homes' values are still way overblown"
Yes. This is so true.
I'm seeing homes around my neighborhood going for 1/2 a million dollars, and there's no way it's worth that much. People I know that make less them me are getting into homes worth twice what mine is.
Rent/Mortgage should be about 30% of your income, but in a lot of cases I'm seeing it as high as 60%. People need to accept and be satisfied with less. - chan0429, on 04/21/2008, -4/+59Amen. I hear the sob stories of people losing their dream homes... and then here I am in my modest tiny townhome that I calculated that within reason my family could AFFORD. How is bailing people out so they can keep their homes fair to the rest of us who decided to spend within their means?
- SkateItsGreat, on 04/21/2008, -0/+46Who's idea was it to give loans to people that can't pay them? Companies should be responsible for their own failures. People should be smart enough not to get in debt like a sucker.
- inactive, on 04/21/2008, -4/+37Although I don't quite agree with edstates's verbose presentation, I do agree with the sentiment. I'm sorry, but if you thought you could afford a 500K house on 2000 / mo with zero down, then you were two things:
1. A deluded idiot who shouldn't be trusted with money.
2. A mortgage company's wet dream.
As Gordon Gecko once stated, "A fool and his money are lucky enough to get together in the first place..." And PT Barnum said "There's a sucker born every minute." Were the mortgage companies to blame, some were, but ultimately it's your signature on the paper. If you didn't understand it, you shouldn't have signed it. If you "trusted" your agent, congratulations, you learned a valuable lesson. Now, as usual, those who took their time and made smart decisions will now, once again, have to pick up the pieces and pay the tab for the stupid yutzes of the world who believe that happiness is a right, when in reality it's the pursuit of happiness that is the right. - drmangrum, on 04/21/2008, -2/+31You need to learn more about economics. It's the bailouts that will devalue the dollar. Where do you think that money comes from? It's conjured out of thin air. People NEED to lose their homes. They are in the wrong homes to begin with. If your family income is only 90k a year, you SHOULDN'T be in a 3k sq ft home worth $600k. This is what's called a natural rebalancing of the market. You can't grossly overvalue a commodity and not expect backlash. The economy will tank for a couple years, but in the end it will be healthier for it.
All these bailouts and such do nothing than delay the inevitable and perhaps even make it worse. A lot of people ***** up. They rolled the dice and they lost. That's capitalism. Sometimes you lose. - poidh, on 04/21/2008, -0/+28Tax payers' money? Well I'm not from the US, but I want to object on their behalf.
- ramong, on 04/21/2008, -0/+27So, if I get involved in high risk lending and a flop, does the goverment bail ME out? no! then why most we pay in order to diversify these big guy`s risks?
- whereiseljefe, on 04/21/2008, -4/+30Though it may sound sarcastic, possibly spiteful, but your cookie is in the mail, sir. Enjoy.
- froma, on 04/21/2008, -4/+29dugg for $420 billion... a day late though
- rmxz, on 04/21/2008, -0/+22And before people were so very concerned about "affordable housing"
Seems like an easy way to get "affordable housing" would be to let the foreclosures happen, and prices will come down to where normal people can afford a house. - david76, on 04/21/2008, -0/+22The Sub-Prime Primer: http://docs.google.com/TeamPresent?docid=ddp4zq7n_ ...
A beautiful explanation of how we got to where we are. - eric513, on 04/21/2008, -0/+21Soooooo.... since I decided to wait to purchase a home until I could afford one (and still haven't purchased yet), I now have to help foot the bill to bail out all the morons who took out shady mortgages? Sounds about fair.
- olenick, on 04/21/2008, -0/+21We DON'T need to cover the banks: if they made lousy gambles, let them fail. If the banks were forced between bankruptcy and renegotiating mortgages to ensure ongoing payments they'd start to negotiate with homeowners in good faith and the market would work everything out. Insulating banks from the downside risk of their own bad judgments just makes the pain deeper and more prolonged.
- tunapez, on 04/21/2008, -0/+20Hear, hear. The greedy allowed the "liar loans", the lazy took the ARM's and this so called loss is abundantly comprised of "wealth" "created" out of thin air as home values skyrocketed without merit. So, how much did the economy gain by 200% run-ups of property valuations in previous years? And now the skid is on, values are STILL 50%+ higher than 5 years ago. Go to your county assessor's website and see for yourself.
- aspec, on 04/21/2008, -1/+20I laugh because this mortgage crisis is directly related to the laws that they lobbied to get passed to make it harder to declare bankruptcy. You can't run away from credit card debt anymore, but you can just walk away from your house.
- DraconWolf, on 04/21/2008, -9/+27*Sigh* The American people should be used to getting screwed by taxes being spent on ridiculous things...The Iraq War is at $500 billion currently of OUR tax money, another great use of cash...
- gametavern, on 04/21/2008, -3/+21Does this mean I get a free house that someone else is going to pay for?
- inactive, on 04/21/2008, -6/+24Buy a house or the terrorists will win.
/Fox News - jsams81, on 06/26/2009, -1/+19this bears repeating:
privatize the profits, socialize the loss
privatize the profits, socialize the loss
privatize the profits, socialize the loss - joerod, on 04/21/2008, -0/+17I wish I would get this kind of bail out when I over spend or spend on things that I know are bad.
- meruru, on 04/21/2008, -2/+17"This dwarfs how much it cost to help banks during the savings and loan crisis of the late 1980's and early 1990's. That cost taxpayers about $250 billion in today's dollars."
- laserblazer, on 04/21/2008, -1/+16Nope - this isn't about you - it's about people that lost much more money who are a lot better connected. The government will never bail out the poor.
- insanebrain, on 04/21/2008, -4/+19I pay a price I can afford for my bed. Let them sleep on the street.
- lnxfi, on 04/21/2008, -3/+18I wish I bought a huge home instead of being sensible and living within my means.
- ancalagon73, on 04/21/2008, -2/+16I can't believe how stupid I was.
I was looking to buy a house a few years ago, and every lender I went to was throwing these mortgages at me. No matter how much I said I couldn't afford it they kept trying to convince me that I could. Well I decided to keep renting and walked away from it. I knew what I could afford, and those mortgages would have broken me. Had I only know that big brother would help bail me out I would have went with it. Now, along with all the other tax payers, my tax dollars have to go to help the other idiots.
I can't believe how stupid I was. - inactive, on 04/21/2008, -0/+14I know I have been reading these sob storries of families loosing 635,000 homes in the Bay Area and they are making like 5 thousand a month before taxes and bought the house with zero down.
Hello???
Why would anyone think they could afford a payment over 3200$ a month? People are retarded. - dreicher, on 04/21/2008, -0/+13Third paragraph in the article... "This dwarfs how much it cost to help banks during the savings and loan crisis of the late 1980's and early 1990's. That cost taxpayers about $250 billion in today's dollars."
Obligatory: RTFA. - DeFex, on 04/21/2008, -1/+14will they bail out guido the loan shark if he accidentally kills too many of his customers?
- gthrank, on 04/21/2008, -1/+13***** that. I stayed away from buying a house for years because I saw a bubble inflating. If the govt now bails out those people, that would be so grossly unfair. Where were they when people got stuck in speculative tech stock buying in 1999? If you bale out people from one bubble, you've got to do it for everyone. It's TAXPAYER money.
- drmangrum, on 04/21/2008, -1/+13Don't know why you're being dugg down, you're right.
- pintomp3, on 04/21/2008, -1/+12you think the iraq war cost us a lot? we have given israel $1.6 trillion since 1973.
- inactive, on 04/21/2008, -1/+12I'm not going to excuse the crooked mortgage lenders out there, but at some point there's this little thing I like to call "personal responsibility" that needs to come into play. One of the biggest problems we have in this country is that we've made it far too easy in our society to blame someone, or something, else for our failures. No one forced anyone to sign anything, oh sure there's the high pressure sales hype, but you are always in control. If you can't walk away from it, then you shouldn't be there in the first place.
- SpaceMonkeyZero, on 04/21/2008, -0/+11replace "worth" with "that sold for"
- Nougat, on 04/21/2008, -0/+11Thank you for funneling cash from Europe into the US economy.
- nirav72, on 04/21/2008, -0/+11Well I agree the shady lenders are responsible - but the blame should also go to the people who actually bought the homes. A home is a big purchase and a debt that most people will carry for 15-30 years of their life. Shouldn't they make sure that they understand all the terms before signing anything?
If they can't understand the terms, they have no business buying a home. - krli, on 04/21/2008, -1/+11Yes, everybody including the government saw this coming. But the loan sharks knew the gov would bail them out and the gov needed a bubble economy to float on until someone else got in office. The gov will bail them out, just as they have airlines and savings and loans in the past, and just as in the past, it's the little man who gets screwed. This country needs a revolution!
- wrxpert, on 04/21/2008, -0/+10There are so many people living in these huge 5000 sq ft. homes around here. These are homes they should not have been able to afford. If they would have built homes there that were smaller people could have afforded them more readily and more people could live there. I don't understand this need for so much of this new construction to be so large.
- EdwardsNH, on 04/21/2008, -0/+930%... Hell 25% has always been the historical norm.
sold my townhouse after it tripled in value... interest made on the profit is paying the rent... will buy again when housing market regains its sanity - DiggCommando, on 04/21/2008, -0/+9We have built layer upon layer of this moral hazard over decades, the crash is necessary but will not be allowed to happen in the way it must.
- inactive, on 04/21/2008, -3/+11So when you want something for nothing and get ripped off we're supposed to feel sorry for you?
At what point do we stop treating adults like children?
Or are you senile? - mcquitty, on 04/21/2008, -2/+10Actually, it is. Someone bet they could afford a house they couldn't.
It's the entitlement mentality. I deserve this. I need that.
Well, you don't. Save your money and buy a house within your means. I bought my house for less than two year's gross salary. Something I could afford. I qualified for a house much, much more expensive. I chose my house based upon my needs, not because I felt entitled to it. - inactive, on 04/21/2008, -2/+10People are quick to criticize the money that's been spent on the war in Iraq and knee-jerk themselves towards whatever candidate claims they can withdraw the United States from the region (even though all the candidates know we're there to stay), but I get the impression that a lot of voters aren't really stopping to consider how much a bailout of this fiasco could cost. And there's absolutely no upside to bailing out the subprime mess unless you're a heavily-leveraged banker. If the people elect a candidate who promises to bail out this mess it will be an American tragedy.
- Tantrum, on 04/21/2008, -0/+8Why should we as tax payers bail the banks and whoever else was associated with the mortgage gold rush? If you make a huge financial blunder does anyone bail you out? NO ! YOU have to pick up the pieces of your mess, learn from your mistakes and rebuild. Why should we bail these guys being uber fueled with greed and chasing the pot of gold at the end of the rainbow ? They made huge financial risks making up these nonsense mortgage packages to allow people who could only afford a 200k house get into a 600k house. And the people who bought into this with the intension of 'flipping' their home before the interest rate got locked in to chase their own pot of gold also don't deserve a bail out. You guys gambled huge, well beyond your means and you we as tax payers don't know you a damn thing. YOU loose! Eat it! Banks further shouldn't be bailed out because they are causing foreclosures by not accepting offers at asking price during the short sale period. They leave good offers on the table unresponded to leaving possible buyers hanging and they just loose interest, get tired of waiting and pull their offer. The whole thing is a rediculous mess.
- SpaceMonkeyZero, on 04/21/2008, -0/+8Depends on the state. Some states do yearly appraisals of your property and base your property and school taxes on some dollar amount per $1000 value. Of course they always over estimate your property's value.
- inactive, on 04/21/2008, -0/+7this is a drop in the bucket compared to derivatives; a sleight of hand to keep us distracted from the real greed that has very little to nothing to do with normal people and is therefore much easier to condemn.
- MWeather, on 04/21/2008, -0/+7Everything is worth what it's buyer will pay for it.
- dreicher, on 04/21/2008, -0/+7We wouldn't be in this mess, if...
Alan Greenspan hadn't basically zero'd out the Fed rate and kept it there for so long.
Sheep hadn't flocked to buy homes they couldn't afford even at artificially low interest rates.
Credit agencies had rated CDO and MBS's with some sanity.
Realtors had properly advised their clients that, in fact, real estate doesn't always go up.
The lenders hadn't preyed upon an ever-dwindling pool of suckers to get to sign.
The underwriters had done some investigation to minimize fraud and abuse.
Cities across America hadn't turned a blind eye enamored by all the potential new tax dollars.
There is plenty of blame to go around... - eggsovereasy, on 04/21/2008, -0/+7I just want housing prices to plummet so I can afford to buy a house.
I really don't understand. I alone make more than the median household income in my city, but I couldn't comfortably own a house (without eating anything but rice) here even if I got a roommate. How the hell do these people do it? - inactive, on 04/21/2008, -0/+7a.k.a. "our problem" no no no no
don't enable an alcoholic no matter how bad the situation and no matter how "bad" the crash will be.
If you do otherwise, there will be no end ... and the next time will only be worse -
Show 51 - 100 of 263 discussions
© Digg Inc. 2009
— Content created and posted by Digg users is