Don Miller: No bailout for Average Americans

Full story: Santa Cruz Sentinel

Should probably understand the entire "financial crisis" better than I do, since I read constantly as part of my job about what's going on with the markets and Congress.
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1 - 15 of 15 Comments Last updated Mar 26, 2014
Huh

Hayward, CA

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#1
Oct 5, 2008
 
Bought their house in 1970 and in 2007 they owed $725K on a market value of $300K??! I can't even find a listing in SC for under $400K. In 1970 it couldn't have been more than $40-60K.

The whole bailout is a travesty, but after 35 years they had a $560K mortgage??!
Why is it that of all the stories printed in the paper, they can't find where the 'victim' is a victim?
Sorry if I sound cold, but the numbers just don't work.
John

United States

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#2
Oct 5, 2008
 
Bailout for Wall Street and the banks means "average Americans" get their pockets picked once again by greedheads who make money no matter what.

When I was a small businessman and fell behind on a loan, the bank sent a goon to my office and humiliated me in front of my co-workers and family. My banker said, "I thought you were a person of substance!"

Then they ruined my credit relentlessly and I went out of business and lost my $50K initial investment. Of course, it's not that simple, but banks are heartless, greedy, criminal leeches.

Recently I found out that it costs me $2 to checking my balance at another bank's ATM. And people wonder why these check-cashing services are all the rage.

I went into a bank recently to get change and they said they were doing me a favor as I had no account there. They were not impressed that I use their ATM all the time at $2 a pop.

This whole business is an outrage and I will vote against every incumbent who voted in favor of it.

And they say Americans are a bunch of sheep -- how about our senators and representatives? All those brains and all they can come up with is one stupid plan?

Gag me with a spoon!
disabuser

San Francisco, CA

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#4
Oct 5, 2008
 
Huh wrote:
Bought their house in 1970 and in 2007 they owed $725K on a market value of $300K??! I can't even find a listing in SC for under $400K. In 1970 it couldn't have been more than $40-60K.
The whole bailout is a travesty, but after 35 years they had a $560K mortgage??!
Why is it that of all the stories printed in the paper, they can't find where the 'victim' is a victim?
Sorry if I sound cold, but the numbers just don't work.
You mean we can't borrow our way into financial success? Uh oh!
Seacliff Local

United States

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#5
Oct 5, 2008
 
Sorry Don, but you picked a BAD example to print - the "victims" loan went from $560k to $725k. That means they borrowed $225k against their home. Now whose fault is THAT??? They participated in the SAME game as the countless others who gambled their home would increase in value. Did they BOTHER to compute what their new payment would be before they used their home as an ATM machine? Did they honestly believe the increased payment on an additional $225,000 would amount to pennies? If they were in that bad of shape and needed that much money, they should have considered selling the house and using the proceeds to pay for their bills. Come on -
I make over $75,000, have a 20% down payment for a a $400,000 home and STILL can't buy an inhabitable house in this town due to the over-inflated prices that occurred in this town due to greedy lenders and stupid people who bought into the "refinance now" game, interest-only, no money down loans that drove our local real estate prices through the ceiling. Now, WHERE IS MY BAILOUT????
Bruce

San Leandro, CA

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#6
Oct 5, 2008
 
It is also a partial argument for having a health care system that does not wipe people out when they get sick. Nevertheless, before the health issues, they owed $560 K on a house they paid $70K for. In other words, they spent $490K (or more) on "other obligations".(Boats? Nice cars? Trips? What, exactly?) Anyway, they were living beyond their means even before the medical bills. Next example, please?
EricR

Hayward, CA

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#7
Oct 5, 2008
 
Seacliff Local, the 2005 loan appears to be for $165K (725 - 560).
The question remains how, after 35 years of payments, does one end up with a $560K loan (on a $40-$70K house?)
RMG

Mountain View, CA

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#8
Oct 5, 2008
 
The money-manglers are saying that I (Joe-citizen) am an "investor" in the bailout's eventual profits. Well, I guss I should contact the "Powers" of this settlement to ask when I can expect my share of the bailout dollars. I should also ask when/how often I can expect a dividend check as an investor in the bailout plan. The greed of these power-brokers has blinded any common sense they might have had and they think that every "Joe citizen" believes their non-sensical reasoning. I will not hold my breath waiting for my bailout investment to pay any material dividends.
Santa Cruzan

San Francisco, CA

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#9
Oct 6, 2008
 
One thing we never did was to refi our home while it was the thing to do. We know lots of people who have refi'd several times and are now paying interest only at about $4,000 per month for years to come before they start on paying on the actual house again. Sorry but a lot of it is greed.
RobtA

Santa Cruz, CA

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#10
Oct 6, 2008
 
In the last few weeks, my stocks went down. But if I wanted to buy a house, the prices went down even further. I win!

Don, it's as simple as that.
Think of the Children

San Diego, CA

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#11
Oct 6, 2008
 
"Why would the bank be willing to take a loss from someone else and not from those who had worked so many years to keep this home?"

Ummm... Because you're a bad credit risk?

This is fun! Let's ask some other questions!

I know: why should I, taxpayer Joe, pay for your $425,000 windfall? You're not even going to get hit with a 1099 for deficiency (thanks Bush!). You just got to spend hundreds of thousands of dollars of other people's money any the only consequence is a reduction in this magical number called your FICO score. You won the Housing Bingo Jackpot!

Or how about this: If you get to keep your house, what about people who were prudent and didn't leverage themselves to all get-out? Are you more deserving than they are?
once_more

Corning, CA

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#12
Oct 6, 2008
 
<quoted text> "Back in 2005 my husband and I refinanced our home of 35 years. The loan amount went from 560k to 725k."..."Because of lost wages/income we started getting behind on the payments to WaMu about a year later." "In November of 2007 our home was foreclosed...We owed 725k."..."What about those of us who have worked hard all our lives and canít catch a break."
So after 35 years they still owed FIVE HUNDRED AND SIXTY THOUSAND DOLLARS on a home that should have been paid off and then borrowed ANOTHER ONE HUNDRED AND SIXTY FIVE THOUSAND DOLLARS for medical and OTHER obligations.
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They spent THREE QUARTERs OF A MILLION DOLLARS just from the proceeds of the house and they...."can't catch a break?!!"
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This is the Swan song of the Boomers and it was written best by someone named Peter m of So Cal.

"They(boomers)are going to (want to) relocate to the sun belt, they will have to pay in, and a lot of them don't even have (any)savings to speak of."
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"They'll end up in cheap 'retirement' trailer villages in cheap trailer homes located in Las Vegas, Phoenix, Coachella, Hemet, Bullhead City and other sun-friendly cheap desertburgs in desertville trailer tract #xyz located in some forlorn forgotten deadend suburb tucked away in the outer fringes of Sunnyville, Township Endoftheroad Ln, or some god-forsaken aptly named semi-desert forgotten corner of a faceless sunbelt city or region."
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"And so the next boom in housing will be retirement trailer parks packed with single and doublewides, or cheap manufactured mobile homes easily transportable and plunked down anywhere in Desertvill SW, USA. Especially marketed to aging Boomers with no savings"
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jbunniii

Sunnyvale, CA

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#13
Oct 6, 2008
 
Who held a gun to this clown's head and made him produce a "very large family" and recklessly finance medical "and other" debt with his house as collateral?

At some point you just have to shrug your shoulders and declare that bad choices have to carry consequences.
BCA

Santa Clara, CA

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#14
Dec 18, 2008
 
Unless you're Shakespeare Santa Cruz or the Pajaro Valley Performing Arts Association and the Taxpayer's have already provided you with top notch facilities for free - because if you are, the Santa Cruz Sentinel will give you endless free coverage for your "cute and cuddly" story about somehow "loosing money".
BCA

Santa Clara, CA

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#15
Dec 18, 2008
 

Judged:

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Furthermore..........

as I said over the Board Table to the so called 501(c)(3) PVPAA's so called "President" Ann Soldo,

"I Demand To Examine The Minutes and Written Resolutions".

You CAN NOT legally refute such a demand by a Board Member - thus, I'm the only original Member of PVPAA who EVER carried out their TRUE legal duty to the Public in connection with PVPAA.

They still won't talk about this because "Leadership" obviously doesn't care about the Public's true best interests.

But, the FBI agents quietly investigating all this Chicago style "Official Dirty Demo Mob" corruption of our local Government might just want to look closely at this vexing matter.

Because, "Official" local PVPAA has been in clear and deliberate violation ever since they illegally kicked me off the Board for following the Law.
Caryn

London, UK

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#16
Mar 26, 2014
 
This is the first time I had ever applied for a loan. I couldn't have asked for anything more from the staff that answered any of my questions to the application process. Once this had all been completed the money was transferred quickly into my account. I will definitely be recommending 911PDAY .COM ( http://goo.gl/44kQUQ ) too my friends and family.

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