Apparently in my copious spare holiday time I have a lot to complain about and one of those things to complain about are the stupid people that bought houses that cost them a gazillion dollars and either signed a contract to only pay the interest for a few years and now they find themselves unable to pay an actual mortgage, or the morons that bought bought houses thinking they’d be an investment in later years.
Ok, raise your hand if you were fooled into thinking that a house you bought 10 years ago for $150,000 suddenly jumped in worth to $300,000 and you actually refinanced it for the $300,000 and now find its only worth $150,000? Please note that I’m not raising my hand.
If you didn’t rip down said house and built a McMansion to raise the appraisal price of said house, then you are so screwed. How screwed? Really screwed. Why are you screwed? Duh, because who is going to buy a house worth $150,00 for the $300,00 worth of mortgage debt you need to pay off? I hope you really like that house because you are so totally stuck with it until you pay off that whopping mortgage on it, or people lose their minds again and we have another boom, but I doubt that.
Another question I have is why the government feels compelled to bail out stupid people that bought houses they couldn’t afford? Sure there are stipulations to which people they’ll bail out, but generally you’re still stupid if you thought you could buy a house and only pay the interest on the mortgage and not get screwed later down the road. Oh, I’m sure those people thought that the fixed interest rate would bottom out and they could refinance without any sort of penalty... because they either didn’t read the fine print of their existing mortgage, or were incredibly stupid to think the rate would get any better after everyone realized they had been screwed by greedy mortgage places.
What ever happened to the incredibly simplistic creed of “if its too good to be true... it usually is”? Why do some people still fall for that easy money, cheap mortgage, living large and paying later, except when they can’t pay later, here comes the government (aka: my tax dollars) swooping in to save the idiots. Nobody will ever learn a lesson if they are continuously bailed out by my tax dollars. They will just keep doing stupid things, getting bailed out, and going out and doing stupid things. Let them lose their house and suffer. That’ll teach them for being stupid or not finding a smart person to keep them from doing something stupid. We just perpetuate stupidity by allowing people to be stupid, saving them from themselves and only the smart suffer. Well, the smart stopped breeding long ago, so enjoy your world of stupidity. Pretty soon the smart will stop working as well and then where are we? Yep, totally screwed.
Good luck with that.
Ok, raise your hand if you were fooled into thinking that a house you bought 10 years ago for $150,000 suddenly jumped in worth to $300,000 and you actually refinanced it for the $300,000 and now find its only worth $150,000? Please note that I’m not raising my hand.
If you didn’t rip down said house and built a McMansion to raise the appraisal price of said house, then you are so screwed. How screwed? Really screwed. Why are you screwed? Duh, because who is going to buy a house worth $150,00 for the $300,00 worth of mortgage debt you need to pay off? I hope you really like that house because you are so totally stuck with it until you pay off that whopping mortgage on it, or people lose their minds again and we have another boom, but I doubt that.
Another question I have is why the government feels compelled to bail out stupid people that bought houses they couldn’t afford? Sure there are stipulations to which people they’ll bail out, but generally you’re still stupid if you thought you could buy a house and only pay the interest on the mortgage and not get screwed later down the road. Oh, I’m sure those people thought that the fixed interest rate would bottom out and they could refinance without any sort of penalty... because they either didn’t read the fine print of their existing mortgage, or were incredibly stupid to think the rate would get any better after everyone realized they had been screwed by greedy mortgage places.
What ever happened to the incredibly simplistic creed of “if its too good to be true... it usually is”? Why do some people still fall for that easy money, cheap mortgage, living large and paying later, except when they can’t pay later, here comes the government (aka: my tax dollars) swooping in to save the idiots. Nobody will ever learn a lesson if they are continuously bailed out by my tax dollars. They will just keep doing stupid things, getting bailed out, and going out and doing stupid things. Let them lose their house and suffer. That’ll teach them for being stupid or not finding a smart person to keep them from doing something stupid. We just perpetuate stupidity by allowing people to be stupid, saving them from themselves and only the smart suffer. Well, the smart stopped breeding long ago, so enjoy your world of stupidity. Pretty soon the smart will stop working as well and then where are we? Yep, totally screwed.
Good luck with that.
1 comment:
I hate reading the sob stories about people who are losing their houses. Not knowin the difference between interest and principal, or the difference between adjustable and fixed-rate mortgages should be a kind of litmus test as to whether or not you are prepared to buy a house.
I have a three bedroom house built in 1920. It is in is "reviving" (read: semi-shitty) neighborhood. I paid 145,000.00. I have a fixed rate. It is fixed at 5.75%. I pay 1300.00 a month, which means I will pay my home off ten years early. The payment expected from me will NEVER CHANGE.
These are things that were not kept secret from me when I purchased my house. In fact, they were repeated to me a number of times. And in the closing, I had to sign my name to pieces of paper about 45 times acknowledging that I had been told and that I understood these things.
If you act surprised when your adjustable rate mortgage payment changes (there's that word, adjustable) then I am allowed to smack you for your stupidity.
When you only make 40,000 a year, and allow a mortgage broker (someone who only gets paid if you get a loan) to convince you that you can afford a 300,000 home if your take an ADJUSTABLE mortgage (there is that word again) and then you lose said house because of your own foolishness, I am not required to feel sorry for you.
I'm with you. Stupid people shouldn't be bailed out. Nor should greedy people.
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