Obama in the Bunker? Can You Say "No Confidence"?

[Mistermj]

<tt><tt>VIDEO: 'The government is promoting bad behavior... do we really want to subsidize the losers' mortgages... This is America! How many of you people want to pay for your neighbor's mortgage? President Obama are you listening? How about we all stop paying our mortgage! It's a moral hazard'... MORE...

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TRADERS REVOLT: CNBC HOST CALLS FOR NEW 'TEA PARTY'; CHICAGO FLOOR MOCKS OBAMA PLAN [/SIZE] [/FONT]</tt></tt></center> <center> <tt><tt>[FONT=ARIAL,VERDANA,HELVETICA] [/FONT]</tt></tt></center>

 

[tiznow]

santelli only guy on CNBS worth listening too

great rant!!

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[tocco05]

My parents took out a 30 year mortagage, they paid it off in 20 years. They were never late on a payment, even in bad times, they always found a way to make their payment. So now that they finally paid of their house, they are gonna have to subsidize some fucking guy who decided to buy too much house, someone who didn't plan for the future. Now how the fuck is that fair? I ask ayone to tell me how the fuck is that fair?

 

[rolltide]

no doubt. my dad had a 30-year 13% mortgage on a house he bought in 1981. when the rates came down he refinanced into a 15-year mortgage and paid it off in about 17 years total.

socialism is not about fairness tocco, though they believe it is

 

[Mistermj]

Obama and the Dems are finding out in a big hurry....this country isn't Socialist.

This is epic among political blunders of all time...

Hang on people...this is going to be a rough ride with the "O".

Pelosi rolled Obama big time on the stimulus...now another misstep with the mortgage bail out.

What a rocky start...this is becoming comical if it wasn't so damn serious.

hno:

 

[tocco05]

I want someone to come in an tell me how this is fair? How the fuck can anyone argue for this shit??

 

[tocco05]

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[easy_money]

I voted for Obama cause he's black.

 

[3peet]

Tocc Roll and MJ just curious. How are you guys fairing with your mortgages?

 

[tocco05]

no doubt. my dad had a 30-year 13% mortgage on a house he bought in 1981. when the rates came down he refinanced into a 15-year mortgage and paid it off in about 17 years total.

socialism is not about fairness tocco, though they believe it is

Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery. Winston Churchill

 

[tiznow]

Tocc Roll and MJ just curious. How are you guys fairing with your mortgages?

renting kicks ass

no prop taxes, no upkeep costs and headaches and things to fix, and no housing price fluctuations

@)

although i must say buying a home will likely be looking like a quality option in a few years or so to tiz

the big problem i have with homes is doing monontous tasks mowing the lawn, trimming the hedges, raking leaves, fixing the faucet, painting the walls all that nonsense seems like a waste of time to tiz....plus all the money that goes into doing all those things too....

no way tiz woulda ever even considered buying a home during the boom days which was easy to see from an outsider perspective with any sanity was gonna end badly for everybody

saw a graph that said home ownership had been flat around 62% of the population since like the 60s and recently it spiked up to 69% with this everybody should own a home mentality that got created....

likely heading back to the historical average of 62%

some people just need to get kicked outta their homes and rent

 

[tocco05]

Tocc Roll and MJ just curious. How are you guys fairing with your mortgages?

I rent also.(<)<

 

[ProPokerPlayer]

the creed of ignorance

Smart Man

 

[tiznow]

the whole home ownership crap that has been beaten into society is just nonsense to some extent....

people tend to think if you rent than you aren't "successful" or a lower class of people or whatever

renting is economic freedom you aren't in debt to anybody other than just having to pay next months rent

with a house you are a slave to the banksfor 30 years or till whenever you pay it off or find somebody else to take it

and as we are seeing now when the economy goes south that house than becomes a huge burden especially for those who decided to use their homes as an ATM during the boom days

 

[Mistermj]

Tocc Roll and MJ just curious. How are you guys fairing with your mortgages?

I live in an apartment building that I own. Renters pay the mortgage.

Why?

 

[rolltide]

Tocc Roll and MJ just curious. How are you guys fairing with your mortgages?

no problem at all because i live below my means...learned it from my dad. I have a 3 br, 2 bath house and a 5.75% 30 year mortgage after renting with the wife for 6-7 years. I've owned the house going on 5 years and probably should refinance for something around 4.75% but can't stomach the disgusting closing costs.

I understood that the "american dream" wasn't a dream if you were in debt all your life. Never owned a new car before...bought a 1 year old car in 2001 and still driving it. My wife bought a new car 3 years ago and will drive it until the wheels fall off.

several of my friends have 300-500k houses and 2 brand new cars (I mean like bought within last 6 months)...no idea how they do it having payments like that every month. just insanity to me, but i'm certainly more frugal than most...or just smarter not sure

But I own a small business and realize I can be out of a paycheck any day so that also plays into my spending habits.

 

[tiznow]

\

I understood that the "american dream" wasn't a dream if you were in debt all your life.

<><>

unfortunately the US government is forcing us into debt unwillingly though right now

i think in the next 5-10 years if something doesn't drastically change....you will see a huge exodus of fiscal conservatives from the US

and they'll let all the commufascists fend for themselves

 

[3peet]

the whole home ownership crap that has been beaten into society is just nonsense to some extent....

Disagree there Tiz. IMO Real estate or home ownership will ALWAYS be a good investment in the long run. Over the long haul, (and you should know this) real estate is a positive investment. Just because things are shit right now and in the near term don't mean it isn't wise or benificial for home ownership. It's how and always will be a way to create wealth. Sure some of us are taking beatings on paper. But to me I see it as a "dip" in the bigger picture. I'll never see real estate or home ownership as nonsense. Not by any means.

As a matter of fact, now is the best time to get into this market as far as i'm concernced. Opportunity is all around us.

MJ, hows the rentroll treating you lately?
Roll, great to hear your in a good situation mortgage wise. Btw 5.75 is fine. That's what I have as well although mines on 10yr ARM. Dropping to the mid 4's only makes sense if (1) its a significant payment reduction (2) if you can recoup your closing costs based on your savings within a few years. ...but you may already know that.

 

[tiznow]

Disagree there Tiz. IMO Real estate or home ownership will ALWAYS be a good investment in the long run. Over the long haul, (and you should know this) real estate is a positive investment. Just because things are shit right now and in the near term don't mean it isn't wise or benificial for home ownership. It's how and always will be a way to create wealth. Sure some of us are taking beatings on paper. But to me I see it as a "dip" in the bigger picture. I'll never see real estate as nonsense. Not by any means.

As a matter of fact, now is the best time to get into this market as far as i'm concernced. Opportunity is all around us.

MJ, hows the rentroll treating you lately?
Roll, great to hear your in a good situation mortgage wise.

i'd rather own a good value stock (business) over the long haul rather than a home

plus as i explained home ownership involves work and other costs/factors

over time repairs go up in price etc....

beyond just the buying and selling

my grandma got her home back in 1950s for probably 20k and sold out (at the peak of the boom for 300k they tore it down to build a mcmansion) the house itself had a crack in the foundation, cracks in the walls, and shit like that she'd be lucky to get 200k for it today....

i'm guessing over the years my grandparents pumped at least 30-40k or more into upkeep costs (plus all the prop taxes over the years)

S&P and dow have outperformed housing over the long haul even with this recent depressionary plundge

dow was like 200 back in the 50s

 

[tiznow]

also when i said the home ownership crap i wasn't really saying home ownership is bad in general....

plus in some ways its a luxury people like the privacy, they like the extra space, no neighbor is blasting their music at 3 in the morning, or loud in the hallway etc.....obviously home ownership from a practical sense has some positives....especially for a family with kids......

i just think that this everybody is entitled to a home and should own a home type shit that has sifted into our way of thinking is very bad and part of the reason we in this mess

some people just can't afford a home or don't have a stable enough economic situation and should be renters