Report: Wyandanch hardest hit by housing crisis -- Newsday

Full story: Newsday

As the housing crisis continues to ripple across Long Island, it is hitting certain communities far harder than others, according to a report released Friday by the Empire Justice Center, a nonprofit advocacy ...
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1 - 20 of 104 Comments Last updated Apr 1, 2008
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mlk

AOL

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#1
Mar 28, 2008
 
For 20 years the government has been telling banks to make it easier for minorities to get mortgages. Now the taxpayers will have to subsidize this mess. 20 years ago you needed 20% down payment to get a mortgage. They should have never changed that requirement.
cjd

Elmont, NY

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#4
Mar 28, 2008
 
"The other Long Island communities that are among the hardest hit include Farmingville, Mastic, Shirley and Freeport."

I wonder why....
Paul

Brooklyn, NY

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#5
Mar 28, 2008
 
mlk wrote:
For 20 years the government has been telling banks to make it easier for minorities to get mortgages. Now the taxpayers will have to subsidize this mess. 20 years ago you needed 20% down payment to get a mortgage. They should have never changed that requirement.
Couldnt agree more. I'm 28, been saving for my first home for years and passed on many a ARM mortage while friends were off buying houses they knew they couldnt afford.

Now, the Govt, thinks they can take my hard earned money to give to others?
F that..

It's no diffrent then me buying a benz, defaulting and showing up at Billaries house "demanding" they pay for my mistake..

Live and learn.

often failures in life drive the best lessons..

Deal with it...
Jeff Foxworthy

Patchogue, NY

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#6
Mar 28, 2008
 
LIer wrote:
Well, at least we're first in something besides illegals, taxes and gap problems.
Not true about the gap problems, the south has that worse than us. Except their gap problems have to do with teeth and not trains.
Bobby R

Middle Island, NY

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#7
Mar 28, 2008
 
It's not the fixed rate mortgages that are killing people.... it's the high taxes. Since I've moved to Suffolk 7 years ago, my taxes have gone up 7 straight years. I have a fixed rate mortgage and I went from 1500 a month to over 1800 a month. That's an extra $3600 per year. Where can anyone come up with an extra $300 each month to pay the bills. So it doesn't matter if you have a fixed rate or adjustable, your payments are going up no matter what. My property value has gone down but my taxes keep going up. Someone needs to do SOMETHING!!!!!!!
BETTER FOR ME

United States

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#8
Mar 28, 2008
 
Keep em coming, more houses available for me by the end of the year.
Curious

West Babylon, NY

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#10
Mar 28, 2008
 
Here's a fact that summs it up though. It was not sub-prime mortgages that got us into the mess we're in, it was subprime borrowers. I may be the exception and not the rule but I chose an ARM when I bought my home 3 years ago. I refinanced before it reset and improved the home substantially with other borrowed money. Now I have a home that is worth 30% more than what I owe and I'm now at a fixed rate %. I was responsible, made enough money to do this, and worked it through. People who have no intention of paying for a house to begin with are the ones who end up defaulting (not referring to anyone ill, out of work etc.) just people who don't care either way. So it's not the mortgages, it's the sub-prime borrowers. And by the way, so what if you have 20% to put down, that doesn't qualify you for any more or less or mean you are any more or less of a risk. I put zero down, paid closing costs only with cash I saved. I see nothing wrong with how I did this, do you?
Curious

West Babylon, NY

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#11
Mar 28, 2008
 
I have no idea why there are ***** in my last post, it was the abbrev. etc) that turned into *****
Resident

Melville, NY

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#12
Mar 28, 2008
 
mlk wrote:
For 20 years the government has been telling banks to make it easier for minorities to get mortgages. Now the taxpayers will have to subsidize this mess. 20 years ago you needed 20% down payment to get a mortgage. They should have never changed that requirement.
Agree totally
mister hard driver

New Hyde Park, NY

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#13
Mar 28, 2008
 
Paul wrote:
<quoted text>
Couldnt agree more. I'm 28, been saving for my first home for years and passed on many a ARM mortage while friends were off buying houses they knew they couldnt afford.
Now, the Govt, thinks they can take my hard earned money to give to others?
F that..
It's no diffrent then me buying a benz, defaulting and showing up at Billaries house "demanding" they pay for my mistake..
Live and learn.
often failures in life drive the best lessons..
Deal with it...
you did the right thing, so to teach you a lesson the govt is going to punish you. but the money the govt is giving out will not go to the people who defaulted, but to the lending institutions that acted like pigs at the trough and got the situation into this mess. the govt could care less if you're homeless, they just cant see the banks and mortgage companies taking the hit.
it should have been stopped 3-4 years ago when these sleazy mortgage brokers started their policy of "anyone can borrow money".
Guylander

Patchogue, NY

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#14
Mar 28, 2008
 

Judged:

1

mlk wrote:
For 20 years the government has been telling banks to make it easier for minorities to get mortgages. Now the taxpayers will have to subsidize this mess. 20 years ago you needed 20% down payment to get a mortgage. They should have never changed that requirement.
The low end house on Long Island goes for at least $250K. That would be a $50K down payment. After closing costs your looking at $70K. Again, that is for a low end house that will need work. For many Long Islanders 20% down is impossible.

I hate to say it but I'm glad that it has come to this! Prices have been inflated for way too long which has pushed the younger generation off the island. Why pay $250K for a dump here when $250K can buy you a nice place in the Carolinas? Hopefully as prices continue to fall more young people will decide to stay.
Frankie M

Hampton Bays, NY

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#15
Mar 28, 2008
 
What a surprise!!?? It only costs an arm and a leg to live here with the over priced homes and excessive taxes.
jackie

Jericho, NY

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#16
Mar 28, 2008
 
Bobby R wrote:
It's not the fixed rate mortgages that are killing people.... it's the high taxes. Since I've moved to Suffolk 7 years ago, my taxes have gone up 7 straight years. I have a fixed rate mortgage and I went from 1500 a month to over 1800 a month. That's an extra $3600 per year. Where can anyone come up with an extra $300 each month to pay the bills. So it doesn't matter if you have a fixed rate or adjustable, your payments are going up no matter what. My property value has gone down but my taxes keep going up. Someone needs to do SOMETHING!!!!!!!
I agree. LI life is just getting harder and harder to survive. Cost of living is going up rapidly YET the employers do not want to pay more.

Since: Jan 08

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#22
Mar 28, 2008
 
Lets have the responsible people that live within thier means or, better yet, they young people saving for years to buy their own house, pay for the mistakes and greed of others. Great idea. ...an Hillary and Barack both think the bail out doesn't go FAR enough. Only McCain is opposed.

Since: Jan 08

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#23
Mar 28, 2008
 
their
zira

Bronx, NY

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#24
Mar 28, 2008
 
it's not the sub-prime mortgages that isthe problem. It's the sub-primates who are given and then default on their loan.
Observer

New York, NY

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#25
Mar 28, 2008
 
Hey, curious, you are right about the sub-prime borrowers, but I think there's another dimension to the problem. So much of the whole mortgage process is too confusing for people to understand, and the consequences were never properly explained to these borrowers because the brokers and banks wanted to make the money. They are also to blame.

Since: Jan 08

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#26
Mar 28, 2008
 
Observer wrote:
Hey, curious, you are right about the sub-prime borrowers, but I think there's another dimension to the problem. So much of the whole mortgage process is too confusing for people to understand, and the consequences were never properly explained to these borrowers because the brokers and banks wanted to make the money. They are also to blame.
I think that most people understand the concept of default and foreclosure, so I am going to have to disagree with you on that one. Furthermore, most sub-prime purchasers likely had counsel that explained the mortgage documents. The banks and brokers were greedy, yes, but lets not bail them out either.
Concerned on LI

Center Moriches, NY

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#28
Mar 28, 2008
 
ABSOLUTELY, I completely agree. I have lived on Long Island my entire life, I was as single parent and have since remarried. Thankfully we can afford to have a beautiful home and because the taxes keep going up and up we may not be able to afford it and both my husband and myself have good full time jobs. Something needs to be done about the constant increasing of property and school taxes. Especially when your district has bonds that are being recanted.
Bobby R wrote:
It's not the fixed rate mortgages that are killing people.... it's the high taxes. Since I've moved to Suffolk 7 years ago, my taxes have gone up 7 straight years. I have a fixed rate mortgage and I went from 1500 a month to over 1800 a month. That's an extra $3600 per year. Where can anyone come up with an extra $300 each month to pay the bills. So it doesn't matter if you have a fixed rate or adjustable, your payments are going up no matter what. My property value has gone down but my taxes keep going up. Someone needs to do SOMETHING!!!!!!!
Eliot Spitzer

Staten Island, NY

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#29
Mar 28, 2008
 
The banks were greedy, the mortgage brokers were greedy and so were the buyers. Many bought homes they knew they couldn't afford because they thought they could struggle for a couple of years and then sell for a huge profit. Many were investment homes purchased by people who already owned a home. When something seams too good to be true, it is. Its just like Ebay, if you bid way too high on something and drive the price up for everyone else, then you deserve to have it.

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