02/09/2012 10:57:05 PM EST

Underwater or at a Loss

posted by sisco66

Cenk's inablity to think beyond the national media talking points on important issues is beyond maddening. He rushed through the talking points and bogus stats, provided one outlier story and moved onto politics. Completely devoid of any critical thinking on the issue.  

There is a lot more to the story here.What about the people who lost their lifes savings in the home but are not upside down? How about if someone is upside down in the mortgage becaus they took out home equity loans at the top and pissed the money away on vacations, cars and toys. Fuck'em. Those are not the people we should be worried about. But those have been the people who have been making out so far.

Seeing most of this first hand, I can tell you that this focus on people that are simply underwater is nuts.

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Why should someone who did a 80/20 loan get 20k in free money while his neighbor who paid the same amount for the house but put 20% down and actually lost more money on his/her home get nothing?

Why not simply let everyone who bought during the bubble refi at percentage rate that is proportinate to the loss taken on the house. For example. If the current market rate is 4% and the home value is 3/4's of the note, let them refi at 3%.

How fucking hard is that? Want to create some jobs in the process and drive down long term utility costs, freeing up cash flow, include energy upgrades in the refi.

< The Young Turks Show February 9, 2012 | I am complaining again, sorry >
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Underwater or at a Loss | 2 comments (2 topical, 0 hidden)
As a renter, I want my cut too! (none / 0)
As I wrote in another post, your plan doesn't address the fact that the rent was too damn high because of the bubble as well. It just services the people who bought into the home ownership society scam in the first place. Everyone laughed at Jimmy McMillan, but, as of yet, nobody has taken his point seriously.

by unbill on 02/10/2012 10:37:49 AM EST

No need to (none / 0)
The rent ain't high anymore, and you did not loose anything by renting. Unless you put down a 100k for a deposite. Again a complete lack of understanding of the issue.

But you do raise another point to add to the wall, even if you missed it. The rent being high forced more people into bad loans.

by sisco66 on 02/10/2012 05:07:08 PM EST

[ Parent ]
Underwater or at a Loss | 2 comments (2 topical, 0 hidden)
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