Millions of Homeowners Are in Desperation Mode -- Help Them, or This Crisis Gets a Lot Worse

[NickD 203]

Can anyone play the violin with my story, with six brothers and sisters at the ripe old age of 12, one night, my old man decides on to come home. Mom had a mortgage on the home plus my new born baby brother, no help, and she couldn't find a job. After a year of struggling, sheriff came over with eviction papers, I know the feeling. Fortunately we found a tiny house for rent a half a block away, and the neighbors helped us move. Eviction is a very emotional experience, especially for young kids. Us older kids got paper routes, shoveled driveways, mowed lawns, anything to make a half a buck. All that money went to my mom to pay the bills, we got buy. One job I didn't like was walking to the nearest gas station a mile away with a five gallon can for fuel oil during the winter months, suckered weighed 50 pounds coming back, but what the heck, was good exercise. But this experience led me to work and study hard, would never want to put my kids through this.

First two homes were fixer uppers, was working full time as an engineer, but didn't take long to realize contractors were making more bucks per hour than I was. So spent my nights and weekends fixing these homes up buying lots of tools in the process. Sold each at darn good profit, designed and built my own dream home only contracting out the digging, concrete walls, and the rough construction, and was there to help and watch. Did borrow some money, but paid that off in two years. Yes I shopped around for the best rates, and fully read and reread the contract, a bit paranoid, because when you have a lot of equity in your home, bank would love to foreclose and take it all away from you, works both ways. But was nice not having a mortgage payment each month. Also a nice tax loophole as your home expense is post tax dollars, so if you pay to have everything done, have to earn that money and get creamed with high taxes to boot. If you do it yourself, you don't need that extra income, don't pay taxes on it and just that further amount ahead. Don't have to be a genius to figure this out.

Can only ask what is George going to pull next with this current crisis, only has about three months left, still time to start WW III, wouldn't put that past this SOB. When he first came on the news, he stammered and stuttered so bad, felt for the first time he may even have a conscious! If you can believe that, must have practiced for hours and get drugged up for his second speech on this subject. When I first seen Paulsen on the news, my hand automatically covered my pocket with my wallet on it, felt he was going to take it, but later learned he was dumb enough to get screwed buying seven bad mortgages himself. Can we just bail him out? Where does George find these crooks, idiots, or whatever you want to call them? Oh, you can put your violin down now.

What the real experts say is that we currently have 11 trillion in mortgage homes, and none of them believe Paulsen with his 700 billion, may give him 300 billion at the most. Why don't they believe this guy? Just because he has always made a darn good living being a parasite over others is no reason not to trust him.

But this only leaves about 2.7% of the so called subprime mortgages being in default and when the top 200 economists in this country claim this bail out isn't necessary, who does one believe?

Stock market is also crazy, never exact value, but supply and demand, and when the confidence starts to fall with people that don't know #### about running a company, but only how to play with supply and demand, that supply certainly skyrockets causing this panic of selling. Told my wife not to look at our 401K plan, we have to ride this out, but we put real hard earned money into that plan. She wanted me to pull it out or at least stop payments to it, said no way, if we do either, will get hit with a huge tax burden, one way or the other, our government will screw us, let's just pray and ride it out.

But ironic that our economic situation is so fragile, that a couple of crooks can topple it over, hopefully just looking at this as being a goodbye present from our most beloved administration that already manage to really screw us good in the last eight years. Can only guess what he has next up his sleeve, perhaps WW III, wouldn't put it past the #######. And we are letting him get away with it!!!!! So who are really the suckers?

[Imua 0]

If the market were more conducive to building affordable rentals for average workers and there wasn't such an overall social bias against renting rather than buying, maybe this mess would have never happened.

[SpiritAlight 1]

It sure feels like we are Chicken Little and the sky is truly falling...for real this time.

sigh...

Perhaps this planned out affair by the people that truly run this planet (anyone out there X-Files fans from the old days?), will either take hold and we will have less power than we do already as "the people" (not that we have much now), or things will truly melt down and we can start with a clean slate creating the world in a way that actually works for the majority not for the point 1 percent that are billionaires, etc. whatever that stat is.

I am greatly intrigued by these times.

Greatly.

We will. I think the loudest voices in this country have had enough power, time and opportunity to show the American people that their ideas don't work and now it's time for them to tone down their rhetoric, own up to their failed ideas and start listening to other ideas.

I got a new set of bootleg DVD and am on season 6, cause i ave nothign better to do, lately. good stuff for the dinner hour, and the gov't conspiracy angle is partly based in fact.

if the loudest voices are talking too loud to hear the sound of a vote, maybe it's time to vote from the rooftops.

Hahaha!

Although I didn't say/write that last paragraph, I love your response Justashooter!!!