Queens Homeowner Pleads:"i Need Your Help....

[FirefightnRick]

http://www.nydailynews.com/news/politics/2..._your_help.html

The insanity is just getting started.

Rick

Edited February 19, 2009 by FirefightnRick

[yyz28]

Well, we have been told by the Attourney General we're a Nation of Cowards today, so I guess we should just be thankful that Obama the Merciful is here to take care of all of us.

...I'm going to go stop paying my mortgage now.

[GreenMachine]

only makes $80K year and took out a $555K mortgage. Thats the problem in a nutshell.

[UNT90]

$70K in credit card debt? Really? Kids in private school? Really?

I bet this over-indulgent a-- has never clipped a coupon in his life! Time to sell the house for a loss, move to a very cheap rental property, put your kids in public school, and PAY YOUR BILLS.

It's not our (the american taxpayer) problem that you are financially retarded.

[UNTflyer]

Take out a mortgage that is 51% of your income, then beg the government for help.

"How about we all stop paying our mortgages? It's a moral hazard."

[UNTLifer]

I love the comments below the article. One of them mentions that the article in the print addition has a picture of him and he didn't even cover up his Rolex.

[KRAM1]

The whole idea of taxpayers bailing out folks who made STUPID financial decisions sickens me! Sort of like the idea of giving billions of dollars to faling car companies. Here's an idea...if the problem is that folks are not buying cars, then give folks a tax credit for buying a car...any brand/any make. Don't pour billions of dollars on the "top" of a comapny that has failed to deliver and expect them to do anthing with it other than to lose that money too and come back asking for more. Put the money into the hands of the citizens and they will quickly decided if GM/Chrysler/Ford should survive! Giving billions of dollars to the auto company leadership to figure out how to use is like giving a firefighter lighter fluid and telling him to use it to put out a fire raging fire!

Welcome to Obomanomics 101...hold on to your wallets or Obomanomics will give your hard earned dollars to folks who think spending every penny they get is the way to prepare for the future.

[oldguystudent]

It appears to benefit me to stop making my mortgage payments. Can I stop paying tuition too?

[KingDL1]

It appears to benefit me to stop making my mortgage payments. Can I stop paying tuition too?

It would seem to be the best way to get Obama's support.

What a trainwreck.

I was also thinking we should all max out all our credit cards, and let Uncle Obama pay them off.

Edited February 19, 2009 by KingDL1

[forevereagle]

Maybe I missed something, but where did it say that Obama is helping the guy out? Where did it say that this joker will actually qualify for aid? I am not completely familiar with the plan, but I don't think that everyone who is having trouble paying is going to get aid. It looks like this guy didn't get a predatory mortgage (see variable interest rate), he is just an idiot.

[KRAM1]

variable interest rate structures are not, in themselves, predatory. many people, myself included, have had variable interest rate structures from time to time that have worked out very well. One needs to know how to read and to understand what they are signing. That is as much the responsibility of the person borrowing the money as it is the lender's. A variable interest rate structure in no way, in itelf, indicates predatory lending practices.

[UNTflyer]

Maybe I missed something, but where did it say that Obama is helping the guy out? Where did it say that this joker will actually qualify for aid? I am not completely familiar with the plan, but I don't think that everyone who is having trouble paying is going to get aid. It looks like this guy didn't get a predatory mortgage (see variable interest rate), he is just an idiot.

The problem here is that Obama has promised the moon to the voters in order to get in office, and now they are demanding he deliver on his promises. And variable interest mortgages have been around a long time, it is not predatory. More likely is that he got one of those mortgages with low qualifying standards. Most mortgage companies won't loan you money if your payments are more than 25% of your income. Someone decided it would be a swell idea to push his mortgage debt-to-income ratio to over 50%, and he agreed it was a great idea. That's the problem with this mess. The mortgage company needs to eat the loss, and he needs to face the reality that he got in over his head.

The kicker is that he is increasing his debt just to hold on to a mortgage he can't afford. He's piling it on and now expects the government to help him out of his piss poor decisions.

[UNT_playmaker]

Okay Docuhe-bag Dead-beat.....

You owe $70,000 in credit card bills and have a healthy credit rating.... mmmmmmm

Bought a $555,000 home for no money down..... WTF?

Makes $80,000 a year and has all of this debt, nothing saved up, what if you lose your job, which he probably will because of how ignorant he is with his money.

People like this deserve to not only lose their house but also their shirts, WHAT IDIOTS......

ALSO THINGS ARE ONLY GOING TO GET WORST BEFORE THEY GET BETTER, THIS IS JUST THE TIP OF THE ICEBERG.

Watch out for major major layoffs throughout 2009.

[Quoner]

Okay Docuhe-bag Dead-beat.....

You owe $70,000 in credit card bills and have a healthy credit rating.... mmmmmmm

Bought a $555,000 home for no money down..... WTF?

Makes $80,000 a year and has all of this debt, nothing saved up, what if you lose your job, which he probably will because of how ignorant he is with his money.

People like this deserve to not only lose their house but also their shirts, WHAT IDIOTS......

ALSO THINGS ARE ONLY GOING TO GET WORST BEFORE THEY GET BETTER, THIS IS JUST THE TIP OF THE ICEBERG.

Watch out for major major layoffs throughout 2009.

That's quite a limb you're going out on there.

[SilverEagle]

I clearly heard this in his speech yesterday....

But, he said, it will do nothing to help "the unscrupulous or irresponsible." He cited so-called speculators who took out risky loans on multiple properties to make money by selling them during the housing boom, lenders who took advantage of naive buyers by glossing over the fine print, and people who willingly bought homes that were way beyond their means.

"This plan will not save every home," Obama said.

So what is the purpose of posting the story about this idiot who took out a housing loan that he had (even under ideal circumstances) no hope of paying off?

Edited February 19, 2009 by SilverEagle

[Censored by Laurie]

So what is the purpose of posting the story about this idiot who took out a housing loan that he had (even under ideal circumstances) no hope of paying off?

Surely the New York Daily News...with their long standing history of responsible journalism...wouldn't have purposely chosen to do a story on a possible foreclosure on a guy who makes 80K and present him as the norm, rather than a single mother who makes 30K to push an agenda and get a certain segment of society to look at them and say "gee...look at this douche...this guy is like all the other people who are struggling to make their inflated payments or who have already had their homes foreclosed upon...and Obama wants to help this douche? What a socialist!"

I've expanded the "simpleton or savant" pole on the VVIP board to include every poster on here...if you have access please go vote and join in the conversation.

[UNTflyer]

...lenders who took advantage of naive buyers by glossing over the fine print...

Sorry. I have no sympathy for these folks. They signed a contract, and no matter how exotic the loan nobody held a gun to their heads and forced them to sign their life away.

[UNT_playmaker]

Sorry. I have no sympathy for these folks. They signed a contract, and no matter how exotic the loan nobody held a gun to their heads and forced them to sign their life away.

Seriously that how I feel about it.

Especially the idiots buying all of those McMansions in Frisco, which is now called Frisclosure

[UNT_playmaker]

That's quite a limb you're going out on there.

I am a CNBC junkie and I follow the markets very closely, even the commentators dont know how do to advise or what to predict because they have never seen it this bad in their lifetimes...

The Dow was at 13,500 a year or so ago.... Today it stands at 7.400 range.... It will dip lower in the coming weeks.

To give you an idea, I believe they said the dow has gone down 19% since the year started.

[NT03]

Makes me want to go " off paper "

[eulessismore]

Sorry. I have no sympathy for these folks. They signed a contract, and no matter how exotic the loan nobody held a gun to their heads and forced them to sign their life away.

Why is it necessary to be presented with so much paperwork at a closing? It seems like so much of it is just pro forma, cover their ass disclaimers, that those could just be given to the buyer in advance of the closing as homework; with the closing only consisting of plain enough, pertinent enough, straight written enough, that nobody could ever feel like saying, "too much fine print", whatever. No, I have nothing against an honest businessperson; but, no I have no patience for the banking CEO's "We never do anything wrong, just leave us alone and we'll...do what it was that got us to this point..oh, please, taxpayers, bail us out, will ya?

I found all that conservative philosophy fine when I was a conservative Republican. When reality intervenes, something gives, and you realize political ideology can go under the bus quite nicely. Adam Smith was just another guy selling books and trying to be popular with the monied crowd. Wasn't it he who said words to the effect that "slavery will continue to exist because it's popular"? The creditors aren't really trying to finance purchases anymore and get them paid off; they're just trying to keep debtors paying whether or not there's any real chance they'll pay off anything.

[SilverEagle]

Sorry. I have no sympathy for these folks. They signed a contract, and no matter how exotic the loan nobody held a gun to their heads and forced them to sign their life away.

Please tell me that you are not talking about that poor widow in California that was featured on 60 minutes Sunday. If you're including her in your "no sympathy" list............

Edited February 20, 2009 by SilverEagle

[UNTflyer]

Yeah, the paperwork is enough to choke a horse. When I went to close on my loan, they told me it would take just an hour to sign everything. What they were not prepared for was me sitting down at the table and reading every single word of everything I signed. It ended up taking almost 6 hours.

Most of it is necessary, and a lot of it is mandated by the federal government.

[oldguystudent]

Especially the idiots buying all of those McMansions in Frisco, which is now called Frisclosure

I live in what I believe to be the only single story house in Frisco. Sometimes I think I'm the only resident left here. There were multiple for sale signs on every street through the fall.

[eulesseagle]

excellent article by Thomas Sowell on mortages.

http://townhall.com/columnists/ThomasSowel..._down_economics