| Someone buy this woman a drink.... | |
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| Tweet Topic Started: Nov 14 2008, 08:10 PM (485 Views) | |
| dumblonde | Nov 14 2008, 08:10 PM Post #1 |
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It looks like Bush & Paulsen wouldn't consider her plan, so she went public with it. Good for her- I hope she is rewarded for taking such a risk. http://www.reuters.com/article/euRegulatoryNews/idUSN1443340520081114
http://www.fdic.gov/consumers/loans/loanmod/index.html |
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| towermonkey | Nov 14 2008, 11:49 PM Post #2 |
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The idea is fine. I read about this plan a couple days ago. The problem is that people aren't just defaulting on loans because they can't make payments, they are defaulting because they realize that they owe more than the property is worth and are walking away. People need to be made to underastand that property values will come back. The current administration is barely talking. Maybe the next will do a better job. |
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| Gringa | Nov 15 2008, 07:53 AM Post #3 |
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TM - true to a certain extent.... some are walking because the values are dropping. They haven't seen it before and don't get it. I went through the huge crash in Colorado in the late 80's so I understand if you hold on, in the long run you will be ok but no one is telling people . Some are walking because they have lost their jobs and can't make the payment and can't sell because there are no buyers and they owe more than it is worth. My son just went through this. The good thing was that he had some savings and was able to find a buyer, sold the house and brought $30,000 to the closing table. How many epople can do that or will do that? Not many.... The current administration doesn't care. Never has. |
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| dumblonde | Nov 15 2008, 08:28 AM Post #4 |
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This is actually elegantly Darwinian- those with the financial responsibility necessary for successful home ownership will get the opportunity to work with their lenders for a way to rescue their mortgage and preserve their credit ratings. With proper education, and motivation for the banks it could be an educational process for many. Sadly in the US we almost totally ignore the need for a basic financial education. |
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| Mtnman | Nov 15 2008, 09:56 AM Post #5 |
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It's the American way.. buy your kids all the video games and cars they want and never never tell em how to save for their future.. Not like our grandparents did, or even some of our parents. It grows on trees and the government will always take care of you so Spend buyt that Big screen TV, and the atv's you can make it up somewhere or just walk away.. There is no respect for responsibility in this country,, hell the news people have to tell you how to care for your children, pets etc.. Common sense and resposibility and economic educatiion are non-existant... and when you find a person with brains they call them wackos.. |
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| dumblonde | Nov 15 2008, 10:04 AM Post #6 |
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It's not just families- the entire American culture has become all about credit. The government, business, every where you look you are shown that to be successful you have to leverage every last asset. It's a bad model. You should borrow for crises and special projects- and seek to pay back quickly. We've got to have a cultural revolution and learn to live within our means. Of course that will mean that we can't maintain the stratospheric growth numbers or justify multi-million dollar salaries. Can we put ourselves on a diet like that? I'm not sure. |
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| Mtnman | Nov 15 2008, 10:16 AM Post #7 |
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Of course not,, i mean just look at the "reality" shows and all the hype about the "stars" and how much they make etc,, we all gotta be just like them ya know... all the damn gang banger athletes,, I mean it's all about the credit like you said. Gotta have it now not later, and when the bills come,, to hell with it... the old addage "keep'n up with the Jones's" well never a better time than now... Edited by Mtnman, Nov 15 2008, 10:16 AM.
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| Gringa | Nov 15 2008, 10:24 AM Post #8 |
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Yep, we are a credit based society and it was set up that way. I was laughing a few months ago when they were interviewing people in Japan. When their markets crashed a number of years ago, they turned themselves around and are now a cash society. People were at ATM's. They were using what appeared to be credit cards in stores but when the interviewer talked with those people - they were using debit cards, not credit cards. So, what was funny was when some big economic analyzer came on and said that this system will fail because to stimulate economic growth you need a credit society, like the US has .... I was ROFLMOF - and further, it was only 2 weeks later that the first big announcements were coming in about the Lehman and AIG failures.... yeah, lets blame everyone on this, people buy what they want when they want on credit.... but that is changing fast. A lot of lessons being learned by a lot of people. I educated my kids, hell, they lived with me for 18 years and saw how I operated and what the hell happened? My son gets his first great job and shows up at the house in a NEW, big, dueley pickup truck that cost more that the last 2 cars I had bought put together... then he goes out a buys a huge house, bigger than the one he grew up in, on a 100% mortgage....<sigh> yep, same son who faced bad times recently. He dug himself out, fortunately. He learned. Mtnman, it is against human nature to learn from our elders. We seem to have to learn it from our own experience. If we would learn the lessons of our elders, we would be a far more advanced society. But, we don't, and we aren't. |
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| dumblonde | Nov 15 2008, 10:28 AM Post #9 |
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That's true Gringa. This is nothing new. It seems that every 75-80 years you see the same economic cycles repeat themselves. |
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| Mtnman | Nov 15 2008, 10:34 AM Post #10 |
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I learned from my grandparents alot more than from my parents. We are fortunate that we have No debt. We have a credit card but only for emergency, (whatever that would be). Yup we tried to teach our kids but the overwhelming need for all the ammenities that are offered via the media and credit come ons were,,,,,TOO much,, so they struggle to make ends meet... |
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