News today from Bank Of America epitomizes all that is wrong with the United States. Bank Of America is forgiving the principal on mortgages by an average of $150,000. If this doesn't make you puke, then you must be one of those getting the handouts. There is zero wonder why we are turning into a fat, lazy country. Can't find a job? The government will pay you to sit at home for two years and pick your nose. Don't make enough money to buy food? The government will give you a card to buy your food, and has been issuing these "food stamps" in record numbers. The government offers little reason to get off your couch these days. Is it any wonder why the job market isn't improving?
If your neighbor is at his, haven't made a mortgage payment in two years, $450,000 home on his $4,000 couch, doing nothing but collecting his free checks and food from the government while scratching his ass and watching the NBA playoffs on the 50 inch LCD he bought with the second mortgage his bank forgave, why the heck am I going to bust my ass in this messed up country? If I didn't have kids or a family and after reading about all the free handouts everyone else is getting, I'd have a tough time staying the course. I have always worked hard, and with my family to take care of, I will always work hard. But now not only am I supporting my family I am supporting every bloodsucker out there. If I don't pay my taxes who else is going to fund the losers? I hate to put it that way, but there isn't a much softer way to put it.
The government seems hell bent on breast feeding the losers and milking the hard working winners dry. How many people planned for this day when Bank of America decided to hand out at least $150k to the most irresponsible people in this country? How many people purposely stopped paying their mortgage so they would qualify for this hand out?
I saved up my money. I made an honest downpayment. I bought a house I could afford, through thick and thin. I have never been late on a payment. I'm a winner, why do I feel like such a loser? How can someone who saves his money and does the right thing feel like a dumb schmuck? This is why we are f*&^ed as a country.
What does Bank of America, a private corporation who is deciding to forgive mortgages on their own dime, have to do with the government providing welfare assistance for those who need it? True, Bank of America did receive TARP funds from the government, but it was all paid back from what I understand. Don’t blame people who are trying to live the ‘American Dream’ through home ownership, blame the ones who allow them to have a mortgage to begin with. Regarding welfare, it’s actually more of a benefit to the government than it is to the recipients. If welfare was eliminated today, your taxes wouldn’t go down whatsoever. This whole blog post sounds very elitist in nature IMO. Oh well, people will think what they want…
BAC’s move has everything to do with the government. BAC was forced by the gov’t to reduce homeowner principal —->>>
http://www.nytimes.com/2012/03/09/business/bank-of-america-makes-deal-on-housing.html
Anyone who bought a house they knew they could afford, has paid their mortgage on time, lived within their means should feel like they are getting the shaft. This isn’t elitist its reality.
My America Dream does not include buying shit I can’t afford. That is what happened here. If you can’t afford something you should lose it, not get a $150,000+ gift.
So is your issue that people who are unable to pay on their upside down mortgage are receiving help, or is it that since you don’t need it, they shouldn’t have it either? People have different situations and I don’t really think it’s productive to paint people as ‘losers’ because they aren’t in the position that you’re in.
So tell us how you *really* feel UPB. 😉 — van
“Regarding welfare, it’s actually more of a benefit to the government than it is to the recipients.”
I see that as a pretty significant problem.
— van
P.S. UPB sounds elitist whenever he gets P.O.ed. But whether you sound elitist or sound blazing liberal…facts are still facts/truth is still truth. Maybe he could package it differently but the substance is there and remains.
Yeah, it’s BS. I bought a house, then met my wife, who also had a house. When we got married, I moved into her house and decided to sell mine. 5 years later, it was still on the market and way, way underwater. We rented it out, but it did not cover the whole mortgage payment, due in part to NY’s stick-it-to-the-homeowner’s-ass taxes. We never missed a payment so we couldn’t get a modified loan or even a short sale. We are now in contract to sell the house at a deep discount, just to get rid of it (being a landlord sucks big time). I took a max loan from my 401k and my wife got a personal loan from her boss. The tax return we’ll get from the loss will pay back my wife’s loan, then we’ll be able to really plan for our future and our children’s futures. I had to cancel my membership to the chat because funds will be short for a while, though I might be able to get back in before it actually expires. Point is, you get the handout if you’re a piece of shit. If you’re good and responsible, you’re given a piece of shit.
A couple of things
. we have been giving asshole banksters, who blew up the world economy, free money for the past 4 years only to watch turn around and by T Bills and put the billions of dollars in profit into their pockets – so why suddenly complain when Banks reduce principal for some homeowners?
this will help the overall economy much more than continuing to rain free money down to the banksters
Exactly. The government is handing out $150k to the most financially irresponsible people in this country. If I was getting $150k I’ll let em call me every name in the book. A loser with a free $150k or a winner who is footing the bill for all the irresponsible people in this country. Its not hard to see who the real loser is in this scenario and why I am so passionate about it.
That sux!! I like ur last line, that about sums it up. I hope you can make your way back and all the best to you and your family.