Now that it's apparent the federal government will bail out the housing industry, are there other folks?
out there in the heart land disappointed they were responsible and lived within their means? Are they disgusted they didn't spend beyond their financial capabilities and purchase a 5,000 sq. ft. home and have the government step in and adjust it's value in half and drop the interest rate to 4 percent? Is this reward for bad behavior similar to the wal street bailout? Does this send a message to us hard working citizens that we should begin ducking responsibility and begin to play the system? Then can we blame it on someone else like Washington blamed China for lending us the money in the first place?
- Anonymous1 decade agoFavorite Answer
Me and my wife have tried to live very responsibly, even so the last few years have been hard on us. She was making almost twice as much as I do, but the company she worked for went out of business last year. However, before that I was in a car wreck and shattered my left arm, and then she fell on some black ice and broke her ankle and miscarried. We accumulated quite a few medical bills. I admit I’m not as good with credit cards as she is or as I should be. I’m behind in more than one card, but my priorities have always been the house and the cars first so despite hard times we are not behind in them. Its going to take some time and some sacrifice on our part but the credit cards will get paid and we will not need a bail out to do it. I came from that ever dwindling group that was taught to take responsibility for your decisions.
I see everyone with their hand out looking for the government to make it all better and I wonder what happened to the America I grew up in, and the spirit of the people that made this county the best place country on earth. The spirit of individualism, of fending for your self. There was a time in this country that accepting charity even when needed was embarrassing and taken reluctantly. Now it seams everyone that gets a little behind has their hand out and is looking for the government to bail them out. I’m seeing freedom die and the youth embracing it lost. I’m not mad, I’m sad and a bit scared because even though I am fighting against it I’m seeing my freedom being lost, nay stolen away from me in the name of the good for all.
People do not choose to get terminally ill, and I would never begrudge a child a last wish. But those that are in debt chose to be in debt. They chose to use their credit cards, or get a loan for a house or a car. Foreclosures do not just happen; choices were made that brought it about. I can sympathize I can even empathize after all I’m in debt myself and having a ruff time. But I do not expect or desire to have others pay for my bad decisions. I made those decisions and I will face the consequences of those decisions. I have enough trouble of my own so why should I be forced to pay for someone else’s bad decisions. That’s what the bail outs are. Forcing tax payers to pay for some one else’s bad decisions. And the amount of money the government is spending now will be paid for not just by us but also our kids, and their kids. The only way government has money is if they take it from us first. Those that have their hands out are stealing from our and their children, and they aren’t even embarrassed about it.
- peppershamLv 71 decade ago
NO. I don't need a pat on the back for doing the right thing,neither do I feel the need to gloat over those less fortunate.If you will look pass the media lie that has been put out there you will see,its not at all the homeowners fault,at least not every case.Do you honestly believe that 150,000,000 people ALL made the same mistake? No,that is simply not possible.Case in point,a family married 22 years,working the same job for 17 years no outstanding credit cards,has 2 years left on mortgage,a free and clear home in only 2 years payment under $500 dollars a month(you can barely rent for that) now are facing foreclosure.WHY????? Even my brain can not wrap around that but I promise it is TRUE. ANd you have no Symphony for this?? See that is what happens when we judge and judge wrongly.I feel these people need saving don't you?
- WitchyLv 71 decade ago
Yes. We bought our home 3 years ago. We decided to only finance the amount that we would be able to afford if one of us lost our jobs. We also left room in our budget to save for a rainy day. All of this meant that we couldn't buy a newer home with a large yard. We chose a 90 year old bungalow on a small lot.
The worst has happened. Our home value has dropped 53% in three years. I was the main wage-earner but my company closed. However, because of our frugal decisions, we won't have to worry about losing our home. My co-workers who earned the same salary as I did who chose to buy homes for three times as much will benefit under Obama. My taxes will fund their decisions. There is yet another benefit for them. Since their property values have went down, the government will allow them to lower the principle that they borrowed. For example, if they paid $150k and their value has dropped to $100k, their loan will be reduced (at the expense of tax payers). Then if the value goes up, they will enjoy the profits.
Meanwhile, I will still be here in my little bungalow being frugal and living below our means while funding their poor decisions.
- The WiseLv 41 decade ago
Don't be so self-centered. That's that since little Johnny with terminal cancer got to meet a celebrity through the "Make a Wish Foundation," then all healthy children shouldn't be disappointed that they are healthy and don't get to use the "Make a Wish Foundation."
The housing market is at the heart of the economic crisis and it needs to be addressed in some way. If this means doing something about the massive foreclosures, so be it. These people who can't pay their bills are going through FAR more stress and problems then people who were responsible and mature from the beginning; that should be reward enough for you.
But hey, if that's not enough, just drop making mortgage payments, ruin your credit history and credit score, cause all the interest rates on your credit cards to skyrocket, watch your credit limits shrink, your FICO score fall, your insurance premiums rise...shall I continue? These are all the things people who weren't responsible are suffering and you are not. You should be grateful you haven't been laid off or lost your health insurance, or both.
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- 1 decade ago
The people I know who are losing their houses are not irresponsible people who bought mansions. They are people who were making their way through life like everyone else when their adjustable rates doubled just as their home values dropped, precluding a refinance, or their jobs were downsized, or they had medical bills that overwhelmed them. I doubt if very many of them think they really pulled one over on the rest of us because they "got away with it" nor do they think we are suckers because we paid our bills and managed not to get laid off. If you are jealous of them, then by all means, stop paying your bills so you can enjoy their rewards. If you want to place blame, place it on the lenders who caused it in the first place with their unusual "products" and who are now refusing to lend money to anyone without a 780 credit score, or the appraisers who filled in the blank for any overpriced home 3 years ago and now are so afraid for their jobs now that they are being watched that they undervalue everything making sales or refis impossible.