Housing Bailout???

OCBob said:
You know, I wouldn't mind moving to the deep south at all. What's the job market like?
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I have several housing contractors as customers and they are staying busy. We have the Nissan Plant and associated suppliers, they are building a Toyota plant in Northeast Mississippi, the coast is BOOMING with construction after it was destroyed by Katrina. You have to realize that Mississippi has less than 3 million total population so there are plenty of jobs, there is a shortage of good auto and truck technicians.
 
Bob for you and wifey if you are interested in the area. These are 2 local tv stations and they have job links and places to post resume's. wlbt.com and wjtv.com These might give you some Mississippi insight!
 
mopower1958 said:
Bob for you and wifey if you are interested in the area. These are 2 local tv stations and they have job links and places to post resume's. wlbt.com and wjtv.com These might give you some Mississippi insight!
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I wanna be a movie star :rock: :rock: :rock:

Seriously though, David -thanks for thinking of us out here - you old Mississippian's are sure good folks :D :rock:
 
Still have a couple of things to get done here...probably not until after the 20th, now...I let you know.
 
Prof said:
There are only two kinds of people that get taken by con artists:

Greedy and stupid.
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It sounds to me that greed and stupidity could be the cause of this whole sub-prime mortgage mess. I understand that people need honor promises to pay debts. On the other hand, it takes 2 to tango. Why lend money to someone who may not be able to pay it back? Are the lenders or brokers accountable to anyone for making bad loans? If I was an investor, I'd be a little hacked off.

I'm in the midst of a re-fi with USAA. They never sell a loan and they service them in-house.
 
USAA Rocks!

Financed three homes with them...

Let's see...three home mortgages...autos for 35 years, home owners insurance and they have 75% of my retirement funds in managed accounts.

If any of you have military connections that would allow you to access USAA they are unbeatable.
 
It just boggles my mind how within the past decade, it's become so popular for people to live so far outside of their means. My wife and I together make well over 100k / yr, but our mortgage is well below 1,000 / mo. Our house cost us 64,000. That's not a typo. Sixty four thousand.

Meanwhile, there's so many "house poor" people out there who bit off way more than they could chew, simply because they could. For a while there, anyone could get a mortgage. Sooo, you had the same types of people who max-out every credit card offer that comes in the mail, buying houses they couldn't afford. What other outcome could there have been?

I've got 2 simple rules that I live by in my life: Keep your public record clean (your criminal record), and keep your private record clean (your credit). It's as simple as that.

I may sound like a dick for saying this, but it pisses me off that I bust my ass to pay my bills and keep my credit good...for what? What does it matter when someone can get a mortgage on a house that costs 5x what mine did, just off of stated income? How the hell is that fair?

It isn't just mortgages, it's all aspects of credit. Shit I remember having to show all sorts of financial documentation just so I could finance a vehicle. The first 2 business trucks I financed took DAYS to get an answer on the loan. My credit was the same back then as it is today. NOW however, I can walk into a dealership and within a couple hours I can drive off with whatever I want. I could probably go finance a Ferrari right now..no questions asked. Doesn't mean I could afford the first payment, I almost guarantee I could get the loan. That's screwed up.

My question is this: Whatever happened to the incentive of working hard for the things you have, when anyone can finance anything they want!
 
sealalot said:
It just boggles my mind how within the past decade, it's become so popular for people to live so far outside of their means. My wife and I together make well over 100k / yr, but our mortgage is well below 1,000 / mo. Our house cost us 64,000. That's not a typo. Sixty four thousand.

Meanwhile, there's so many "house poor" people out there who bit off way more than they could chew, simply because they could. For a while there, anyone could get a mortgage. Sooo, you had the same types of people who max-out every credit card offer that comes in the mail, buying houses they couldn't afford. What other outcome could there have been?

I've got 2 simple rules that I live by in my life: Keep your public record clean (your criminal record), and keep your private record clean (your credit). It's as simple as that.

I may sound like a dick for saying this, but it pisses me off that I bust my ass to pay my bills and keep my credit good...for what? What does it matter when someone can get a mortgage on a house that costs 5x what mine did, just off of stated income? How the hell is that fair?

It isn't just mortgages, it's all aspects of credit. Shit I remember having to show all sorts of financial documentation just so I could finance a vehicle. The first 2 business trucks I financed took DAYS to get an answer on the loan. My credit was the same back then as it is today. NOW however, I can walk into a dealership and within a couple hours I can drive off with whatever I want. I could probably go finance a Ferrari right now..no questions asked. Doesn't mean I could afford the first payment, I almost guarantee I could get the loan. That's screwed up.

My question is this: Whatever happened to the incentive of working hard for the things you have, when anyone can finance anything they want!
Click to expand...

Pretty simple, pretty basic...very effective.
 
sealalot said:
It just boggles my mind how within the past decade, it's become so popular for people to live so far outside of their means. My wife and I together make well over 100k / yr, but our mortgage is well below 1,000 / mo. Our house cost us 64,000. That's not a typo. Sixty four thousand.

Meanwhile, there's so many "house poor" people out there who bit off way more than they could chew, simply because they could. For a while there, anyone could get a mortgage. Sooo, you had the same types of people who max-out every credit card offer that comes in the mail, buying houses they couldn't afford. What other outcome could there have been?

I've got 2 simple rules that I live by in my life: Keep your public record clean (your criminal record), and keep your private record clean (your credit). It's as simple as that.

I may sound like a dick for saying this, but it pisses me off that I bust my ass to pay my bills and keep my credit good...for what? What does it matter when someone can get a mortgage on a house that costs 5x what mine did, just off of stated income? How the hell is that fair?

It isn't just mortgages, it's all aspects of credit. Shit I remember having to show all sorts of financial documentation just so I could finance a vehicle. The first 2 business trucks I financed took DAYS to get an answer on the loan. My credit was the same back then as it is today. NOW however, I can walk into a dealership and within a couple hours I can drive off with whatever I want. I could probably go finance a Ferrari right now..no questions asked. Doesn't mean I could afford the first payment, I almost guarantee I could get the loan. That's screwed up.

My question is this: Whatever happened to the incentive of working hard for the things you have, when anyone can finance anything they want!
Click to expand...

Sealalot,

I don't think anything you said at all would make you seem like a dick at all. This whole thing pisses me off too. We are getting ready to bail out a lot of people that did not have the intelligence to figure out they were buying more than they could afford. I'm a serious financial conservative and never buy much on credit. Other than my 30 year mortgages I have no debt. I hate debt.

People keep on talking about predatory lending practices and blaming the lenders for all this. Where is the responsibility for the consumer:dontknow:

I understand the larger economics of this bailout, but don't like them. Like Forrest would say "Stupid is as stupid does" and my all time favorite:) "But you ain't got no legs, Lieutenant Dan." Or you don't have a brain you simple person.

-jeff
 
Probably just me getting old but I'm getting really tired of some not taking responsibility for their actions. If you borrow the money - pay it back. If the job market sucks where you are at - go to where the jobs are. If you can't afford to live where you are - move. If you can't affored the truck - sell it.

It seems like more and more, as soon as things go south, a bailout is expected. You can slice it however you want to but a bailout means that the responsible people are paying the tab and I'm sick of it.

It would really be refreshing for these 'bailout people' to offer to give away their money when they make a nice profit on their house or whatever - don't hear much about that happening.

Last, not that long ago, most people would feel ashamed about not paying their bills or taking handouts from anyone and therefore they would do everything in their power to avoid doing so. Also, a lot of these same people would re-pay debts years later (when they didn't have to) because it was the right thing to do. I would like this attitide back for our great country.
 
sealalot said:
It just boggles my mind how within the past decade, it's become so popular for people to live so far outside of their means. My wife and I together make well over 100k / yr, but our mortgage is well below 1,000 / mo. Our house cost us 64,000. That's not a typo. Sixty four thousand.

Meanwhile, there's so many "house poor" people out there who bit off way more than they could chew, simply because they could. For a while there, anyone could get a mortgage. Sooo, you had the same types of people who max-out every credit card offer that comes in the mail, buying houses they couldn't afford. What other outcome could there have been?

I've got 2 simple rules that I live by in my life: Keep your public record clean (your criminal record), and keep your private record clean (your credit). It's as simple as that.

I may sound like a dick for saying this, but it pisses me off that I bust my ass to pay my bills and keep my credit good...for what? What does it matter when someone can get a mortgage on a house that costs 5x what mine did, just off of stated income? How the hell is that fair?

It isn't just mortgages, it's all aspects of credit. Shit I remember having to show all sorts of financial documentation just so I could finance a vehicle. The first 2 business trucks I financed took DAYS to get an answer on the loan. My credit was the same back then as it is today. NOW however, I can walk into a dealership and within a couple hours I can drive off with whatever I want. I could probably go finance a Ferrari right now..no questions asked. Doesn't mean I could afford the first payment, I almost guarantee I could get the loan. That's screwed up.

My question is this: Whatever happened to the incentive of working hard for the things you have, when anyone can finance anything they want!
Click to expand...
:rock: :rock: :rock:
 
Oklahoma said:
Probably just me getting old but I'm getting really tired of some not taking responsibility for their actions. If you borrow the money - pay it back. If the job market sucks where you are at - go to where the jobs are. If you can't afford to live where you are - move. If you can't affored the truck - sell it.

It seems like more and more, as soon as things go south, a bailout is expected. You can slice it however you want to but a bailout means that the responsible people are paying the tab and I'm sick of it.

It would really be refreshing for these 'bailout people' to offer to give away their money when they make a nice profit on their house or whatever - don't hear much about that happening.

Last, not that long ago, most people would feel ashamed about not paying their bills or taking handouts from anyone and therefore they would do everything in their power to avoid doing so. Also, a lot of these same people would re-pay debts years later (when they didn't have to) because it was the right thing to do. I would like this attitide back for our great country.
Click to expand...
:rock: :rock: :rock:
 
Bail out those who have done things right, worked hard, been financially conservative by providing employment based on skills and experience. Give away programs were ended by Clinton (check it out)...Bush is now recreating welfare...and inserting government into the role of subsidizing those who have been irresponsible.
 
Prof said:
Bail out those who have done things right, worked hard, been financially conservative by providing employment based on skills and experience. Give away programs were ended by Clinton (check it out)...Bush is now recreating welfare...and inserting government into the role of subsidizing those who have been irresponsible.
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Prof, I think you and I might disagree on who gets bailed out. My list is probably much, much shorter than yours. Furthermore, I can't see the circumstances that would have me voting for Hillary!

However, I would be interested in why you made the statement that Bush is recreating welfare. I could go along that he hasn't reduced it but recreating??? Say it ain't so.
 
Probably a stretch of words on my part. It just seems that the Presidents proposals to provide amnesty to illegals, freeze interest rates for people with poor credit scores and sub-prime loans smacks of the rebirth of a welfare state, and from a Republican...

No disagreement on being very strict on who we help...just seems that if we are going to help people work is the way to go, and it should be for those that have done their best to be responsible and market conditions have put them in desperate straits.
 
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