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Tornado of Ignorance Sweeps Homes Away?
Posted On:Mar 06, 2008
I must have missed that paragraph in the Constitution.
On the state side, we have the Governor and the Senate approving legislation giving homeowners another 30 days beyond what normally be foreclosure point, during which they can pray for a miracle.
(http://www.tricities.com/tristate/tri/news/education.apx.-content-articles-TRI-2008-03-03-0022.html_
On the national side, we have Federal Reserve Chairman Bernanke actually encouraging banks to bite the big one and “forgive” (translate “cancel”) large portions of these homeowners’ mortgages. In other words, just forget about the money the banks are legally and rightfully owed.
http://www.ft.com/cms/s/0/361d85a6-ea58-11dc-b3c9-0000779fd2ac.html
Posted by Jody Lee Back to the blog »
Reader Reactions
Posted by ( LisaD ) on March 06, 2008 at 10:40 am
Don’t say Tornado of ignorance and compare difference. Those people over there in Va. don’t need such a title even of your differences. You should have used another title it WAS of BAD TASTE!Go help someone who is in dire need or lend help to somone who has lost their job and their husband is on Dialysis. MAYBE YOU don’t know everyones’ position.Everything looks the same to somepeople who look through rose colored glasses.
NOTE FROM JODY:
Lisa, as near as I can figure, you are upset that I did not acknowledge that some of the people who are looking at foreclosure because they are unable to meet the terms of the their contract are not at fault, but instead are simply the victims of bad luck/circumstances beyond their control.
Indeed, you are correct. I was speaking of the majority of these new home owners, not the few, but I did not specifically point that out. I just assumed it went without saying. So please consider it said now.
Thanks,
Jody
Posted by ( Robert W. ) on March 06, 2008 at 8:53 pm
honestly i can’t offer you any help.but it ticks me off, that the governments want to take the taxpayers money, and help out these finincially ignorant people. if you couldn’t afford it,don’t try to buy it.it goes along the same lines as,,,if you can’t afford the diapers don’t have the baby!!
NOTE FROM JODY:
Unfortunately, Robert, our society - business, government, our peers, EVERYBODY - has long encouraged us either directly or indirectly to live beyond our means. And most of us bought into it, silly little non-thinking sheep that we are (and yes, I unfortunately include myself in that number. Common sense sadly came late to me.)
I fear it will take nothing less than a financial catastrophe for most people to learn their lesson. I was hoping it would simply be individual personal financial catastrophes, but it appears as though it may turn out to be one big national one.
Jody
Posted by ( skeeter ) on March 06, 2008 at 9:59 pm
I feel that the banks and mortage companies should shoulder a lot of the blame for this mess. They were willing to approve almost anyone that could walk into their office a mortage. Little or no downpayment was required. They even made second mortages for the downpayment. This seems to me to be poor buisness practice. Why did the acceptance rules get so lax? Many of the people with suspect finances just took advantage of the situation, figuring that it would be the only way they could ever buy a house. It just turned and snake bit them.
NOTE FROM JODY:
You are right, Skeeter, that the banks and mortgage companies were way too lax in granting inappropriate or ill-advised loans. However the bottom line is that we must take responsibility for our own actions. We cannot and should not expect anyone or any entity to have our best interests at heart when it comes to business.
Jody
Posted by ( Lyn B ) on March 06, 2008 at 10:35 pm
Jodi Lee,
It was your use of the words “tornado...sweeps homes away” that was in very bad taste after the region lost so many homes and faced so much devestation after a tornado Tuesday afternoon.
I will not listen to another radio station, read another newspaper, or watch another TV station that airs or broadcasts you in any way until you unequivocally apologize for your ignorance and poor choice of words.
You should be ashamed.
NOTE FROM JODY:
It was truly an oversight on my part. Tuesday’s tornado was not even in my scope when I was searching for analogy to use for a title for this blog entry. I apologize wholeheartedly for the albeit unintended offense.
Please understand that I am not ashamed. I would be, had I intentionally poked fun at people who had lost their homes to a tornado. I did not, and would not under any circumstances.
Sincerely,
Jody
Posted by ( J. H. ) on March 07, 2008 at 5:28 pm
I wonder why they don’t ask the gas companies to “bite the big one” and stop making so much profit off of everyone else...Maybe they could lower the price of gas if they would be willing to just be rich, instead of filthy rich....just a thought!
Posted by ( comingclean ) on May 09, 2008 at 12:59 pm
sheeple watch & see what’s ahead
Posted by ( Jim Bisnett ) on May 14, 2008 at 9:39 am
As with any market frenzy, such as the mortgage and refinance boom from 2003 to 2007, greed always plays a role. The lenders were counting on a continued upswing in home market values and when that ended, the whole house of cards collapsed.
Government intervention aside, I think a good thing did come out of this sub-prime mess. Lenders are now underwriting mortgages based on realistic home value, credit rating and debt ratio standards. This should help to avoid future hardship for individuals buying or refinancing a home.
Jim Bisnett
Refinance Tool Box
Posted by ( Alvin B Pruett ) on May 31, 2008 at 4:15 pm
Could you please explain me the meaning of ‘KEY’
Posted by ( organic nappies ) on June 02, 2008 at 12:28 am
I don;t agree to not having babies if one can’t afford to buy diapers. What about the parents of 3rd world countries? Lot of them can;t aford the cost of diapers, so they are not gonna have any babies?