Bus driver Minta Garcia admits that she and her husband bought more house than they could afford, but she said "the lender made the purchase all too easy." Now the home that she purchased for $800K is worth $675K and she wants Obama to "Stop the foreclosures".
I'll defer commentary...
No no...don't defer the commentary! She no doubt voted for Obama for this very reason! To stop her home's foreclosure. I'm seriously thinking about not paying my mortgage anymore too, since Obama seems like he wants to us to pay for our neighbor's homes when they can't afford the home they bought.
ReplyDeleteWhat the hell happened to personal responsibility in America. CNBC's Rick Santelli crucified Obama's Mortgage Foreclosure Plan.
Here's to Captain Obama.
And it's very obvious what your deferred commentary is nearly every single time!
ReplyDeleteThis is outrageous, and infuriating. Yet what's the solution to the overall foreclosure problem, the domino effect chain reaction that could have the banking system collapse? I am not saying I have the answer - just wanted to get some other opinions. BTW, I have 10 yrs left on a 15 year fixed at 5.25%, pay 650/month. I just include that so you don't think I want a bailout. I look at a house as shelter, not as much an investment sure to appreciate. --Pete
ReplyDeleteI've got at least a partial solution... These individuals had no ability from the get-go to afford an $800K home. The solution is to save them (and others like them) from foreclosure... but they MUST vacate that property and move into one of the many, many, many other REO's that they consistent with their 'proven' income. In this case, maybe something in the $150K price range.
ReplyDeleteAnyone that got away with stating income that far exceeded what is reasonable (in the real world) should be subject to this kind of correction - - NO EXCEPTIONS!