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DH and I should get our mortgage fixed....

Posted By: onlyinamerica on 2008-10-30
In Reply to: about that fixing your mortgage -- - Amanda

we have no debt but our home, have never missed a payment or been late, pay a few hundred dollars extra every month towards the principal, have never taken out a HELOC or used our equity (quite a bit) for anything and have a fantastic credit score. We should have our rate lowered below the 5% it is now for doing a great job. But no, we'll give a break to those who bought too much house, had to compete with the Jones' and who took out foolish loans to begin with.


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I'd be happy if they just reduced everybody's mortgage rate to a fixed 3%. sm
Then everyone is still responsible for the debt they took on, yet they're still getting a break. It would free up a couple hundred bucks a month for me, which I could then use elsewhere to stimulate the economy. Fewer foreclosures, banks are still getting their money.
If it is broken, why haven't they fixed it?

Updated in light of today's news that kangaroo centers, petting zoos and ice cream parlors are included in Homeland Security's list of vulnerable terrorist targets:


If Its Broken, Why Haven't They Fixed It?




Fort Knox is robbed in an unusual way. Burglars break in through an air conditioning vent and shine a laser at the video cameras to blind them. Billions are stolen.

The head of Fort Knox (let's call him the Chief) announces that no one could have foreseen this type of burglary.

The commission investigating the robbery -- stacked with the Chief's business partners and friends -- finds that the break-in was unexpected. The commission makes numerous suggestions on how to thwart similar burglaries by installing motion detectors in the air conditioning vents and main vault.

Independent researchers, however, discover that there have been many previous break-ins at repositories of valuable items where the burglars crawled in through the air conditioning vents and shined lasers at video cameras.

They also discover that the Fort's security system would normally have caught the burglars in the act and alerted the military in time to stop the burglarly, but the system was undergoing a series of safety tests that night -- including some that were similar to what actually occurred -- and so the military assumed that the alarms were part of the test.

There had been safety tests before, but never so many at the same time. The Chief personally scheduled multiple, overlapping tests for the night of the robbery, and then oversaw the operation of the tests and the Fort's reaction to those tests.

Years pass, but the Chief does not follow the commission's recommendations. He fails to install any motion detectors.

That's circumstantial evidence that the Chief was in on the heist. Why? Because if the robbery really had not been foreseeable and if he was innocent, he would have a very strong incentive to install motion detectors to prevent further robberies at the Fort. His personal reputation, the government's reputation, and its gold reserves would all depend on it. You can bet that he'd shore up the Fort's defenses.

Perks

Let's take it a step further: the Chief's personal bank account has suddenly gotten alot bigger after the heist. That helps to prove he was in on it, right? But it also shows that one of the reasons the Chief is leaving the Fort's defenses in a compromised state now is so that additional heists can occur, and he'll get more loot.

9/11

Similarly, the 9-11 Commission -- stacked with cronies of the Bush administration (like executive director Philip Zelikow, who is very close to administration hawk Condoleeza Rice, and steered the Commission away from the most important lines of inquiry) -- found that the attacks were unexpected, despite very strong evidence that they were not, and despite the fact that the government scheduled numerous, overlapping war games for 9/11 -- some involving a plane flying into a building and others involving hijackings.

And while the 9-11 Commission made numerous recommendations on how to prevent future terrorist attacks -- many of them simple and inexpensive to implement -- the Bush administration has failed to do so. Indeed, the Department of Homeland Security, instead of protecting vulnerable targets, has instead randomly made up lists which include kangaroo centers, petting zoos and
ice cream parlors
as high-priority terrorist threats.

Just like with the Chief, the current administration's failure to make the recommended and preventative changes -- many of them cheap fixes -- despite billions being spent on supposed homeland security, is strong evidence that the administration was in on it.

This is especially true because the administration has recieved so many perks from 9/11: justification for wars in Afghanistan (where a huge oil pipeline benefitting American companies was being held up by the Taliban) and Iraq (one of the world's largest oil producers), permanent military bases in the Middle East, and consolidation of power at home.

And by failing to implement the recommendations of the 9-11 Commission, the administration keeps open the possibility that another terrorist attack will occur which will whip the now-dissenting American public into line, justify the invasion of Iran, and allow for the suspension of our remaining constitutional rights.

The bottom line is that the administration's, like the Chief's, inaction to fix the alleged holes in security which allowed supposedly unforeseeable crimes to occur shows that they are guilty of the crimes, and hope to benefit from additional crimes in the future.

And if foreign terrorists really had carried out 9/11, why is the government using all of its resources spying on innocent people who obviously have never met a terrorist in their life?

sorry came out off center. Fixed version.
I decided to post this at the top since things get lost in the shuffle so quickly here.

Right now there are single, low income mothers (and fathers I would assume) who by the time they get the earned income credit and claim head of household do not owe taxes and actually get back more than they paid in to begin with. So why haven't you been carrying on about that all along? (And when people without children are contributing to this with their tax money, why isn't that considered socialism?)

I don't get all the chaos over this issue.

Fixed news strikes again...LOL (sm)

You guys really do need to bring in some credible sources.  The reality is that companies don't like unions, not because unions put them in a financial hole, but because they cut down on the profit margin (aka CEO wallets).  Again, the republican goal is to make the rich richer and the poor poorer.  This is a perfect example of that.  You guys gripe about the CEO payoffs from the 700B bailout, but support an idea (killing unions) that essentially does the same thing.


I work for MQ.  If we had had a union for MTs, then we wouldn't be in the mess we are now.


You can always watch Fixed Noise...(sm)
I hear O'Reilly plans on doing another temper tantrum tonight.  That should be good for a few laughs.
I meant fixated on her breasts not fixed
Thought I'd clarify that before people jump down my throat on that word.
and what about people on fixed incomes who don't have mortgages
What if all this triggers inflation and screws them?
Explain what you want fixed? The voter fraud
xx
No more creepy than you to be fixed on her breasts - ewww back at ya.
.
Anyone interested in being well informed watches Fixed Noise
How else can one keep up with what the myopic right-wing is up to, especially nobody else in the mainstream media with any ethical integrity will carry the bulk of their stories?
Anyone interested in being well informed watches Fixed Noise
How else can one keep up with what the myopic right-wing is up to, especially since nobody else in the mainstream media with any ethical integrity will carry the bulk of their stories?
Reality check for Fixed Noise viewers....(sm)

From Rupert Murdoch speaking about Fox dealing with economic downturn:


While it's impossible to be completely prepared for a downturn of this magnitude, we began priming ourselves for a weakening economy earlier last year. We implemented strict cost cutting measures across all our operations. We reduced head count in individual businesses where appropriate and we scaled back on capital expenditures.


Even on [finance] terms, we have never been a company that tolerates facts. 


http://seekingalpha.com/article/118935-news-corporation-f2q09-qtr-end-12-31-08-earnings-call-transcript?page=3


You can't throw money at this problem and expect it to be fixed.
Spending and spending and then more spending isn't the answer - it just creates more of the same problems. It's true that Bush never met a spending bill he didn't like and that lost him a lot of support and, as you stated, created quite a bit of the mess we're in today. But Obama's spending really isn't doing anything to jumpstart the economy - okay, maybe in the short-term, but none of the money he's spending is sustainable.

Example: Part of his stimulus money went to pay for the salaries of police officers in Columbus, Ohio. For one year. The City of Columbus is broke and Mayor Coleman says that if things don't turn around soon, jobs that are going to be cut are... guess what? Policemen and firefighters. Even if those officers make it to next year, the city can't afford to take over paying thier salaries after that. Is Obama going to pay for it next year and the year after that?

When you're in debt, the first thing you learn is that you can't spend your way out of it. You have to cut back, "trim the fat", and learn to live on a tighter budget. What burns me is that none of the politicians in DC understand that because they don't have to live it - they do the majority of what they do on our dime.

It's not about doing nothing, but it's about doing what's right and since no one in DC even reads the spending packages they keep signing, you can't say even they know what's right anymore.
You can't throw money at this problem and expect it to be fixed.
Spending and spending and then more spending isn't the answer - it just creates more of the same problems. It's true that Bush never met a spending bill he didn't like and that lost him a lot of support and, as you stated, created quite a bit of the mess we're in today. But Obama's spending really isn't doing anything to jumpstart the economy - okay, maybe in the short-term, but none of the money he's spending is sustainable.

Example: Part of his stimulus money went to pay for the salaries of police officers in Columbus, Ohio. For one year. The City of Columbus is broke and Mayor Coleman says that if things don't turn around soon, jobs that are going to be cut are... guess what? Policemen and firefighters. Even if those officers make it to next year, the city can't afford to take over paying thier salaries after that. Is Obama going to pay for it next year and the year after that?

When you're in debt, the first thing you learn is that you can't spend your way out of it. You have to cut back, "trim the fat", and learn to live on a tighter budget. What burns me is that none of the politicians in DC understand that because they don't have to live it - they do the majority of what they do on our dime.

It's not about doing nothing, but it's about doing what's right and since no one in DC even reads the spending packages they keep signing, you can't say even they know what's right anymore.
Why should we pay your mortgage?
Why on earth should the people who were smart enough not to jump on the bandwagon and buy a bigger house than they could afford give a 30% mortgage decrease to the people who went hog wild and spent above their means? I am not a homeowner, by choice, and I am totally against giving anyone a decrease on a mortgage that they agreed upon when they purchased their home. You make a mistake, you pay the consequences!
Mortgage
Somebody who cannot afford to buy a house should not buy a house, bedasue they do not want to lose out on the rent money.
There are people out there who buy a house, rent it out and expect the tenants to pay the mortgage. If something goes wrong, who pays the mortgage then?
Wrong speculations!
about that fixing your mortgage --
are they going to go back and fix everybody's mortgage that has already had their house foreclosed?
The Mortgage Failure......

Check out the mortgage failures.
Tell me which failed more, prime or subprime
Tell me what is the rate of failures under the CRA or even Bush's ADDI (which i attack alll the time)
Once again, REALITY AND THE DATA doesn't fit ya'lls claims.


Basically what happened was.. we reformed bankruptcy laws.. so that people who ran into dire straights could not restructure.



We packaged the loans into commodity derivatives. These are sorta mirror bets on the loans. Sorta..as the same loan will be sold many times in many derivative packages.. that's why the housing derivatives are worth more than all the real estate in the US. Derivatives are actually not that bad.. when a market is stable and only has to deal with natural forces. The housing market was bubbled.. partially due to low interest rates that encouraged everyone to buy, even the rich, and partially due to the CRA and the ADDI.. which did add customers to the market (helping form the bubble was the extent the CRA and the ADDI had in this mess)


All it took was a few failures to pop the bubble..and make real estate prices drop,. and mind you, it was mainly prime loans (READ not loans given to poor people and not loans under the CRA) that failed. The derivative market.,.which like I said, is really mirrors of the same loans.. cause the defaults to explode with ten times the ferocity, because one loan could effect the price of dozens of derivatives.


Really the poor and even irresponsible people .. simply did not have the economic ability to cause this mess. Pool all their money together and waste it on hookers.. it would have zero effect without help from the rich elites and their magnifying packaged derivatives.


THE CRA and ADDI both had stricter requirements than loans you got from normal banks.. both required income data.. where many prime loans did not.. they also greatly limited you on how much home you could purchase..whereas private banks did not care if you tried to buy something you could not afford.
Don't believe me?.. Look in the phone book.. call your own housing authority - you can get a loan for 106% the purchase price of a home even today.. if you're poor enough.
 


Ask to hear the red tape and hoops you must go through.. Heck, it is probably easier to just get a real job and earn real money than go through the FHA.




 

I don't think we should bail out anyone's mortgage.
Anyone who took out a mortgage and signed a contract to repay the loan and needs to do so. I don't care if they are illegal aliens, legal aliens, space aliens, or United States citizens.
That's how the mortgage cookie crumbles!
I am still against bailing out homeowners only!
the whole mortgage thing upsets me...sm
I have a subprime mortage and have had for over 3-1/2 years, but I make my payments on time every month. I can't even get a refinance to go through with almost $40,000 in equity in the house and only needing a loan for $85,500, as I put down a big down payment when I bought the house, but if I had an ARM or was in foreclosure there are programs that would put me in a new mortgage. So, here I am trying to take care of my bills, be a productive citizen, and I get no help. Makes lots of sense don't it.
McCain's mortgage plan
Did anybody understand when McCain brought up plan to buy bad mortgages and renegotiate, etc. Would that be with the $700 billion we are already shelling out or would this be an additional $300 Billion the taxpayers have to pay. If I can get my mortgage renegotiated with the government, maybe I'll just stop paying my mortgage and get something out of this after all!
Citi is my mortgage holder too. sm
They are just downright nasty when you call, can never post things on time, and then have the nerve to call and ask me when I am going to send my check when I have my bank statement in front of me saying they processed the check 3 days before they called me.

I am with you...LET THEM ALL TANK. Why should I give ANYBODY more of my hard earned money. And that includes Obama and his "redistribution of the wealth" schtick.
Disagree. Mortgage lenders FM/FM
and sub-prime mortgages did it, along with all the money certain senate leaders got for sticking up for for FM/FM. It's called GREED.
Dear Crabby, about the mortgage
Yes, American people were also greedy, but there were predatory lenders who got higher commissions for giving out those certain types of ARM mortgages. Do you know what an ARM is? Even if people qualified for conventional mortgages, the mortgage brokers didn't offer them because there was more money in it commission-wise for them if they brokered the ARM loans. We can thank Bush and the repubs because they did not want to regulate any of this.
You really should educate yourself.
Fugget about Uncle Tom's Cabin. Is that your claim to fame? aww shucks.

I have my mortgage throught CitiCorp.....
I wonder if I will see any of that largesse....NOT. Guess you have to be on the letter head. Oh well....LOL
No need to wonder...current mortgage bank crisis...
brought to you courtesy of greedy democrats on Congress and greedy Democrats at the top of Fannie Mae. The handwriting is on the wall. This one's on you. McCain saw it coming in 2005 and the dems shut him down. Well, we are reaping what they sowed. To quote Toby Keith...how do you like them now?
Rush just said the same thing....give everyone with a mortgage...sm
something like $75,000 to pay down their mortgage.




Do you agree with him also?
Yes, slimy mortgage companies who have no oversight....they don't ask anything
just selling 'em as fast they could and packed them all up into nice little derivatives to drive up the bubble and make fast money - at our expense.
You don't mind paying for an illegal mortgage?
nm
If the current mortgage securities plan prevails,
come out of it all smelling like a rose. They are proposing to refinance the mortgages based on inflated appraised values that existed BEFORE the mortgage crisis, not the current lower values. In this way, the homeowners will still end up owing more on their mortgages than their homes are actually worth....they will just be paying for it for a longer term with more accumulated interest on the loan. Those terms are the ones we need to keep our eyes on and see how it plays out, but it looks to me like it is not going to make it into the next session of Congress.
BT, I am sooo with you, we also finally paid the mortgage, the cars are ours....sm
and no more credit, bad debts and loans killed the economy and Wall Street. Just providing for our 3 kids and making ends meet is the daily challenge, but we have each other and a good extended family, I so hope that the good thing that comes out of this crisis is LESS MATERIALISM in this country, back to simpler living and being happy with less!
Yeah, but wouldn't it be great if they paid your mortgage?
Apparently, you have no problem with charity if it begins at "home."
Wrong. Democrats are responsible for the mortgage meltdown, not Bush....
McCain tried to tell them in 2005...Dems blocked the regulation he begged for for Fannie/Freddie. But the Dems were too deep in the pockets...Franklin Raines, Jamie Gorelick, James Johnson, Timothy Howard...all democrats, all walked away from fannie Mae with golden parachutes of millions...and we are left holding the bag. Fannie contributed more to Chris Dodd, Democratic head of Banking and COmmerce committe than any other senator in the past 20 years...followed closely by Barack Obama, who has only been IN the senate for 2 years...you do the math and follow the money. Democrats largely responsible for this. ANd you want to put one in the white house. Who wants to raise taxes in this financial crisis. What part of collapse of the economy don't you...and Mr. Obama...understand?
McCain has fogotten the stock market crash, mortgage/credit crisis,
unemployment rates, job losses, stagnant wages, rising prices in gas, food, health care, etc, etc, etc.