mortgage bailout - let's see if i got this right....

[Heel n Toe]

Originally Posted by CurtEgerer

The people getting the mortgage bailouts .... will they be required to submit a financial statement of any kind? Will they be required to sell their vacation home? How about the boat and the 2 Escalades in the driveway? How much do they have available to them via cashing in their retirement savings? Will they be required to sell any of their assets to help themselves, before you and I help them?

No, and that's always been the problem with gubmint giveaway programs... there's no way gubmint can or will do adequate policing, so a certain percentage of people who get it could do without it and others sign up for it and get it and figure out ways to play the system and get even more... with multiple identities, by cramming multiple families in one dwelling, etc.

[Rich76_911s]

Originally Posted by Porsche-O-Phile

Yes, things are tough, but as with anything else in our history that's tough, there will be plenty of opportunity for those willing to make it for themselves.

We're confronted with a choice in these tough times - we can either (1) wallow around in self-misery, lamenting the "good old days" and obsessed with what we DON'T have or (2) try to become part of the SOLUTION rather than the problem, being grateful for that which we DO have.

Jeff I learned something really cool today that correlates to your comments and the world we live in today very well.

A quote from Up fixen der Porsche Volume 6, pg 198

"It was actually a general bank collapse which started it all. Due to economic events in the USA, the Bodenkreditanstalt, an Austrian bank and chief financial backer of the famous Steyr automobile firm where Dr.h.c Ferdinand Porsche was Design Director, declared bankruptcy in 1930. The chain of events which this initiated included the departure of Dr. Porsche who made the decision which probably best suited his temperament; he became self employed."

Had it not been for a failed bank leading to a failed corporation who knows what could have happened. Possibly we would have never seen the 356 and the Porsche marque materialize.

Just something to keep in mind as we wait for the sky to come crashing down upon us.

[Porsche-O-Phile]

Interesting little bit of history there...

[turbo6bar]

Originally Posted by turbo6bar

The numbers put forth by the government are laughable. The claim is millions will be helped by this initiative. It will be a massive failure, just like "Help Now."

Mortgage bailout declared futile

Just saw this interview about the mortgage bailout plan. This fellow echos my sentiment: this won't work. Well, it'll work, but will fall far short of intended reach.

It’s not going to help us much in Orange County. First, people have to prove they qualify for loans. You can’t fake it anymore, which means a lot of people are out. This also applies only to Fannie and Freddie loans, which doesn’t include half of the people here with home loans.
_______
Q. Is there any way the government can fix this problem?
A. The answer is people need to get their financial house in order. That means making hard choices and stop pretending you can have everything. Sell the Beemer. Get the kids out of private school. Give up the boat.

If this were a question of shelter or no shelter, I'd support government intervention. The reality is shelter is not in short supply. We have a massive oversupply of vacant housing for sale and for rent. Also, one's house isn't a piggy bank. Let us restore financial sanity and get on with our lives.