Saturday, April 12, 2008

Just Say "No"...

... to mortgage bailouts. That's what the Heritage Foundation is saying.
And who pays for this bailout? Not ‘‘the government.’’ It’s all the responsible homeowners and renters who resisted the temptations of the housing boom, refused taking out a home equity loan to fund a vacation or new car, declined to buy a home with no down payment, ignored the low teaser rates dangled by shyster brokers. Meanwhile, the homeowners who yielded to temptation are offered an escape hatch. Who pays? In short, you pay - unless you’re getting a bailout.

Where does the bailout business stop? Simple. It stops at the beginning - by saying no to bailouts, subsidies and slush funds.
I am one of those responsible people; you probably are too. I absolutely do not want to pay bail out money to those people and organization who could not act responsibly; I doubt you do either. The thought of such bail outs is utterly infuriating, outrageous.

Please visit this site dedicated to stopping the mortgage bail outs.


Blogger Lisa said...

A lovely story in the Marin IJ about foreclosures....up 145% versus a year ago. And San Anselmo had a lot given how small this town is, and I'm guessing that's not the Subprime crowd.....AltA may be beginning to crack.

As infuriating as the bailout talk is, I don't think it will do much to prop up current prices. Raising the GSE limits was supposed to help with that. And it's not. Big mortgages are still "hard to get" (down payments, documentable income, cash reserves, high FICO).

Apr 13, 2008, 10:16:00 AM  
Blogger marinite2 said...

Here's a snippet from the IJ article:

The Marin Independent Journal. “Marin’s foreclosure rate has more than doubled over the past year, according to an agency that tracks troubled properties statewide. A snapshot of Marin’s foreclosure picture…indicated 581 properties have notices of default, are likely to head to auction or have been taken back by banks within the last 120 days.”

“Out of the 581 properties, 379 are in a pre-foreclosure state, 93 are in auction and 109 are owned by the bank. Novato and San Rafael posted the most properties in various states of foreclosure trouble, with 280 and 161 respectively, over the past 120 days.”

“Mark Lachtman, president of First Capital Group in San Rafael, blamed the economy and bad loans as culprits.”

“‘People bought property when it was much easier to get a loan with little or no documentation,’ he said. ‘Now that the economy is slowing and real estate prices tend to be soft and underwriting standards continue to tighten as we speak, we don’t have appreciation and you cannot refinance to get lower rates anymore.’”

We are past much of subprime now. Like the IJ once said (or some RE hack they quoted), we 'dodged that bullet'. (Nevermind that that bullet was never really aimed at us.)

So I wonder what all the Marin RE bull blowhards are saying now?

Apr 14, 2008, 9:50:00 AM  
Blogger Lisa said...

We dodged the Subprime bullet, but are about to get AltA/Option ARM mack truck.

And I think the numbers are accelerating versus the last foreclosure article the IJ ran.

Apr 14, 2008, 12:37:00 PM  
Blogger marinite2 said...

And I think the numbers are accelerating versus the last foreclosure article the IJ ran.

Recall that this time last year foreclosures were way up. So the curent rise is on top of a previous rise. Compounding.

Apr 14, 2008, 2:00:00 PM  
Blogger bob said...

The bailout B.S. is one of those subjects I try not to think about because it absolutely angers the hell out of me. It does so because the government and politicians seem to unquestionably pass every piece of bailout legislation shoved under them. Good lord, we have to SAVE the homeowners.

It bothers me because at some point, people need to accept financial responsibility.

Apr 14, 2008, 2:36:00 PM  
Blogger Lisa said...

With gas and groceries wildly expensive, it's just going to stress local budgets that much more. The stations near the freeway in Greenbrae are $3.99 for regular. For all those who work in SF and who can't or won't take GG Transit, that has got to hurt.

By the time it's said and done, I think this problem will be too big for a bailout. It's an election year, so we'll hear a lot of talk. But so far, nothing seems to be making a dent.

Apr 14, 2008, 4:50:00 PM  
Blogger W.C. Varones said...

Would you like a side of hypocrisy with that bailout?

Apr 15, 2008, 8:08:00 PM  
Blogger bob said...

Have any of you seen the site? I saw an ad for it on Ben's blog yesterday. You can sign the petition and make comments. Looks like more than just a few people-including many homeowners- are totally opposed to any bailout. There must have been 1,000 signups from just a few days.

Apr 16, 2008, 8:54:00 AM  
Blogger Lisa said...

My, my did everyone read the article in today's Marin IJ? SFH median price down 11%, or around $100K. Sales down almost 50% versus a year ago. Ouch. And foreclosures were 7% of sold homes. Hmmm....wonder what happens as the AltA and Option ARMS begin to reset in large numbers later this year?

And what happened to "Marin is God's Country" and it will never happen here?

Apr 18, 2008, 4:55:00 PM  
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Blogger E said...

Pepe must be behind on his mortgage... spamming for pennies.

May 11, 2008, 5:34:00 PM  

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