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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Is anyone watching Dateline NBC right now about the housing crisis?
They just showed a young family with a 1 1/2 yr. old and 2 mo. old baby who were evicted from their house. When the father started crying my heart broke 
Ugghh..this whole housing crisis it just a hard situation all around. Your damned if you do, damned if you don't. Noone wins!
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Posted 12/19/08 9:12 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
I turned it on a few minutes ago.
This father with his family is heartbreaking
10,000 evictions in Michigan by the end of this year alone
Being homeless is one of my biggest fears in life.
Message edited 12/19/2008 9:19:13 PM.
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| Posted 12/19/08 9:15 PM |
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Sweets13
Bella Bambini
Member since 5/05 9300 total posts
Name:
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
I had to change the channel...it was too depressing to watch. I started crying when I saw the family with the newborn being evicted and then sleepin on the floor at a friends house/ So sad and SCARY!
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| Posted 12/19/08 9:17 PM |
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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
I did not see it but, I can imagine how sad this was to watch..
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| Posted 12/19/08 10:04 PM |
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Phyl
R.I.P. Sweet Mia ♥
Member since 5/06 28918 total posts
Name:
The Mystical Azzhorse! ™
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
My Niece and her 3&4 y/o lost their home in Utah. They ended up moving to RI to live with one of her cousins.
My sister, her Mom, wouldn't take them in so she could get on her feet and she has plenty of space .
Message edited 12/19/2008 10:09:01 PM.
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| Posted 12/19/08 10:07 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
Posted by Phyl
My Niece and her 3&4 y/o lost their home in Utah. They ended up moving to RI to live with one of her cousins.
My sister, her Mom, wouldn't take them in so she could get on her feet and she has plenty of space .
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| Posted 12/19/08 10:11 PM |
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Phyl
R.I.P. Sweet Mia ♥
Member since 5/06 28918 total posts
Name:
The Mystical Azzhorse! ™
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
Posted by SweetestOfPeas
Posted by Phyl
My Niece and her 3&4 y/o lost their home in Utah. They ended up moving to RI to live with one of her cousins.
My sister, her Mom, wouldn't take them in so she could get on her feet and she has plenty of space .
I'm so sad because those kids love their Aunt Phylla.
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| Posted 12/19/08 10:12 PM |
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EmmaNick
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Member since 12/06 16001 total posts
Name:
*
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
I watched and it was sad. My sister and her husband lost the home they built from the ground up last year. It was pretty hard on her and their kids
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| Posted 12/19/08 10:14 PM |
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BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
I didn't catch the show, but as a homeowner, it's one of my biggest fears.
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| Posted 12/19/08 11:21 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
yeah, I saw it.
it's so terrible
and it really makes me angry that the people who built this house of cards get to keep the ridiculous bonuses they earned on the backs of these people who are now out of luck.
I really think moving forward that they should build it into their employment contracts that they need to give the bonus money back should their profits be shown to come from shady sources.
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| Posted 12/20/08 10:09 AM |
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
Posted by Mssissy
I turned it on a few minutes ago.
This father with his family is heartbreaking
10,000 evictions in Michigan by the end of this year alone
Being homeless is one of my biggest fears in life.
We are getting hit hard here in MI.....unemployment is at 9.6%. My dad's about to be let go from Dow after 28yrs. He can get early retirement, but still it's not what he was expecting from his retirement in 5yrs. He'll have to get a part time job.
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| Posted 12/20/08 10:24 AM |
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BigB
C & J are 10!
Member since 6/05 5914 total posts
Name:
Stacey
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
I feel for people in this situation, I really do. But there is a small part of me that says, "How did you realy think you were going to afford a 300,000 mortgage on a 35,000 or even 50,000 salary?"
Even though the bank (JERKS) made it possible with fancy math, you need to have responsibility for yourself. You need to know what your numbers are. It is so important to be real about your finances.
I got into so much financial trouble, but was able to work an extra job and dig myself out of it! It took two years, but I am debt free!
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| Posted 12/20/08 10:32 AM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
Posted by Sassyz75
yeah, I saw it.
it's so terrible
and it really makes me angry that the people who built this house of cards get to keep the ridiculous bonuses they earned on the backs of these people who are now out of luck.
I really think moving forward that they should build it into their employment contracts that they need to give the bonus money back should their profits be shown to come from shady sources.
Dina & Rach I could not agree more.
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| Posted 12/20/08 3:38 PM |
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familyof4
LIF Infant
Member since 1/07 74 total posts
Name:
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
Posted by BigB
I feel for people in this situation, I really do. But there is a small part of me that says, "How did you realy think you were going to afford a 300,000 mortgage on a 35,000 or even 50,000 salary?"
Even though the bank (JERKS) made it possible with fancy math, you need to have responsibility for yourself. You need to know what your numbers are. It is so important to be real about your finances.
I got into so much financial trouble, but was able to work an extra job and dig myself out of it! It took two years, but I am debt free!
I do and do not agree with this. . because, yes, I do agree that people bought homes they could not afford. . but I look at it this way. . if my husband and I lost our jobs. .we' lose our home. Our mortgage is only $200k and we both make combined close to $200k. . but without our combined income it's impossible.
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| Posted 12/21/08 8:36 AM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
Posted by BigB
I feel for people in this situation, I really do. But there is a small part of me that says, "How did you realy think you were going to afford a 300,000 mortgage on a 35,000 or even 50,000 salary?"
Even though the bank (JERKS) made it possible with fancy math, you need to have responsibility for yourself. You need to know what your numbers are. It is so important to be real about your finances.
I got into so much financial trouble, but was able to work an extra job and dig myself out of it! It took two years, but I am debt free!
how about this: You're buying a home. You have a mortgage broker-maybe someone that is recommended to you. S/he says, "don't worry- we're going to get you in the house and you'll be able to afford it- I'll go over all the numbers, it's my job."
You get approved for a mortgage- and MAYBE for a brief second you think "maybe it's too much money".. but then the broker says- "hey, don't worry, it all works out".. and then you look around and see EVERYONE else doing it too! Because lets be honest with ourselves- this wasn't something that a small percentage of the population did. A lot of people bought above their means.
So the broker says to you, you can afford the payment, it will be X. Maybe the broker doesn't tell you it's an ARM. Or- maybe he says, don't worry- by the time the ARM adjusts, you'll refinance- that is what EVERYONE is doing.. so you figure why not. The mortgage guy takes his pay day, and you're left holding the bag.
Does that mean you are without blame? No.. but... the way I see it is, people hired mortgage guys- thought they were working for THEM... thought that what the mortgage guys said was true. Thought the rules of mortgages had eve changed.... but at the end of the day.. the mortgage guys, the bankers... they all worked for themselves. they wanted their big bonuses and their BMWs... and you know what? They GOT them... and what does the regular guy get?
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| Posted 12/21/08 9:46 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
My mortgage banker at Chase told me a story about a guy who made $35K and wanted to buy a 3 family home in Queens for $800K. He sent them walking..told them he could not get them a mortgage. He didn't write any interest only loans on first mortgages. He only did full doc mortgages as well.
I can't believe people could actually think they dcold afford that. We can afford our mortgage and while we were in contract and going to closing I was still up a night thinking about how much money it was.
So sorry to hear about these people. I fear homelessness too. We purchased a property in AZ for my parents for this reason. I never wanted them to fear they would have no home.
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| Posted 12/21/08 9:53 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
Posted by Sassyz75
how about this: You're buying a home. You have a mortgage broker-maybe someone that is recommended to you. S/he says, "don't worry- we're going to get you in the house and you'll be able to afford it- I'll go over all the numbers, it's my job."
You get approved for a mortgage- and MAYBE for a brief second you think "maybe it's too much money".. but then the broker says- "hey, don't worry, it all works out".. and then you look around and see EVERYONE else doing it too! Because lets be honest with ourselves- this wasn't something that a small percentage of the population did. A lot of people bought above their means.
So the broker says to you, you can afford the payment, it will be X. Maybe the broker doesn't tell you it's an ARM. Or- maybe he says, don't worry- by the time the ARM adjusts, you'll refinance- that is what EVERYONE is doing.. so you figure why not. The mortgage guy takes his pay day, and you're left holding the bag.
Does that mean you are without blame? No.. but... the way I see it is, people hired mortgage guys- thought they were working for THEM... thought that what the mortgage guys said was true. Thought the rules of mortgages had eve changed.... but at the end of the day.. the mortgage guys, the bankers... they all worked for themselves. they wanted their big bonuses and their BMWs... and you know what? They GOT them... and what does the regular guy get?
ok first- mortgage brokers are sales people
mortgage brokers don't approve people for loans- banks do- with out the crazy programs that were available - pay option arms, interest onlys etc - banks made those up
in most cases by the time the borrower got the broker- they already had the house and were trying to find a way to afford it - most were re-fis- my DH did MAYBE 5 purchases in 7 years- they took 3 months- a re-fi took 3 weeks-
it's not as easy as saying it was creative math on the brokers part - they take the application- plain and simple- they don't have anything to do with approval on the loan
a good amount of people in trouble now- are not first time home buyers- but people that re-fied
and I have not come across 1 person in my line of work that has blamed their broker, real estate agent etc., or didn't have a real hardship that effected there ability to pay
I have a client who has been in there home for 7 years- and her and her husband had their hours cut at work- 7 years on on time payments- until 3 months ago when their salary got cut in half
whose fault is that?
not the broker
but the BANK now plans on raising the rate b/c they are behind- to 9.375% on Jan 1
not everyone in the mortgage business has the ethics that we (my company, me personaly and my DH) have- I admitt that
I know a few places that they made their own docs for people- that is fraud and illegal but not everyone was like that - I have yet to come across a person for a modifcation that should not have been able to afford their home
I don't have any clients -nor have I spoken to anyone that makes $35K and lives in an $800K house- I think these are myths and stories blown out of proportion to make a news story
99% of the people who are struggling are struggling b/c they had something happen to them - illness, job loss, the value of the home drop - real hardships
ETA- if you were unsure or lied to about the terms of the loan- that would have been in the paper work at the closing- and your attorney should have reviewed that with you- the attorney is there to look out for your best interest- and for the record- they have the most expensive cars in the business
Message edited 12/21/2008 10:21:36 AM.
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| Posted 12/21/08 10:13 AM |
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familyof4
LIF Infant
Member since 1/07 74 total posts
Name:
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
i also had a ex-friend who worked for WAMU and he said (exact words) "i go to the worst neighborhoods and give mortgages to people who would never get mortgages otherwise"
GEE THNX. . maybe he can pat himself on the back now for the economy being a disaster.
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| Posted 12/21/08 10:57 AM |
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Phyl
R.I.P. Sweet Mia ♥
Member since 5/06 28918 total posts
Name:
The Mystical Azzhorse! ™
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
Posted by BigB
I feel for people in this situation, I really do. But there is a small part of me that says, "How did you realy think you were going to afford a 300,000 mortgage on a 35,000 or even 50,000 salary?"
Even though the bank (JERKS) made it possible with fancy math, you need to have responsibility for yourself. You need to know what your numbers are. It is so important to be real about your finances.
I got into so much financial trouble, but was able to work an extra job and dig myself out of it! It took two years, but I am debt free!
This is the conversation I had with my niece yesterday. She says she should have made a smarter decision. It still hurts though.
At the time her Xh and her had a small business and both worked 2 extra jobs.
They lost all those also during that time.
Message edited 12/21/2008 11:18:01 AM.
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| Posted 12/21/08 11:10 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
while I'm sure that many are struggling for other reasons, this particular person who made $35K and wanted the 3 family home was banking on the rental income paying his mortgage and my banker wouldn't do it. There are reputable bankers out there that didn't write these loans, but there is data out there to support this that people bought well above their means through interest only and no doc loans.
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| Posted 12/21/08 1:42 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Is anyone watching Dateline NBC right now about the housing crisis?
As someone who works in lending, I would have to say there is fault on both sides.
However, if Fannie Mae didn't decide to buy all these craptastic loans, the brokers/banks wouldn't have made them.
I work at a bank that did NOT do subprime - we did offer ARMs/lo-doc loans (NO no-doc loans) - so we have nothing to do with the craziness, yet we are hurting from it because our industry as a whole is collapsing. hows that for unfair!
People need to take responsibility for their actions, but if they didnt have sleazy brokers (and not all brokers are sleazy!) telling them they could afford it, they wouldnt have done it. there is no right/wrong answer here, both parties need to take responsibiltiy!
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| Posted 12/21/08 3:26 PM |
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