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.
