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post #11 of 78 (permalink) Old 08-26-2008, 11:57 AM
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Originally Posted by GermanStar View Post
Tell you what, I sure as hell don't want a single tax dollar going to bail out this kind of buffoonery.
ofcourse we'll bail the bank out.



in political asylum
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post #12 of 78 (permalink) Old 08-26-2008, 12:06 PM
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post #13 of 78 (permalink) Old 08-26-2008, 12:14 PM
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If a home in which you are minimally vested takes a six-figure depreciation hit, perhaps the wisest move you can make is to simply cut your losses and go. Tell you what, I sure as hell don't want a single tax dollar going to bail out this kind of buffoonery.
Here's more buffoonery for ya. WTF are Section 8 funds other than a direct handout
to landlords
and where's the deadbeat asshole ?
-----------------------------------------------------------
Tenants subsidized by federal Section 8 funds are finding themselves out of a home when the landlord defaults.
By William Heisel, Los Angeles Times Staff Writer
August 26, 2008
...
Ruth Cordoba has never owned a home, but she is feeling the effects of the mortgage meltdown acutely.

Cordoba, 28, rented a three-bedroom home in Riverside for six months with the help of so-called Section 8 funds, money provided by the federal government through local housing agencies. In June, when her landlord could no longer make the mortgage payments on the house Cordoba was renting, she and her three children had to move to a hotel.
...
Technically, landlords who receive Section 8 money are supposed to give their renters 90 days' notice of an eviction. But if they don't, there is little the housing authorities can do. It would cost them more in staffing and paperwork to try to sue the landlords than they would be likely to recover, housing officials said. And the housing agencies have no leverage with the banks that have taken over the homes.
...
She had hoped to find a new home by Labor Day but has not found a place big enough that will take Section 8 vouchers.
Foreclosures ensnare low-income renters - Los Angeles Times
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post #14 of 78 (permalink) Old 08-26-2008, 12:29 PM Thread Starter
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Everyone should read the article linked in the above post. That is completely effing outrageous.

Quote:
In Riverside County, more than 70 renters who receive Section 8 funds have asked for new homes because of the foreclosure crisis since the beginning of the year, and officials expect the number to grow.
Let's see, taxpayer money is being given (yes, GIVEN) to low-income families to rent nice houses. The money is then passed on as rent to landlords who used teaser rates to acquire the homes in the first place. Finally, the landlords default the loan, and the low-income families who were booted are requesting new homes from the government. WTFlyingF? Ultimately, it is government interference and welfare handouts that are creating this situation and causing the foreclosures in the first place. Foreclosures that additional tax dollars are bailing out.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #15 of 78 (permalink) Old 08-26-2008, 12:57 PM
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Harumph! Harumph!
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post #16 of 78 (permalink) Old 08-26-2008, 01:42 PM
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Originally Posted by GermanStar View Post
Everyone should read the article linked in the above post. That is completely effing outrageous.



Let's see, taxpayer money is being given (yes, GIVEN) to low-income families to rent nice houses. The money is then passed on as rent to landlords who used teaser rates to acquire the homes in the first place. Finally, the landlords default the loan, and the low-income families who were booted are requesting new homes from the government. WTFlyingF? Ultimately, it is government interference and welfare handouts that are creating this situation and causing the foreclosures in the first place. Foreclosures that additional tax dollars are bailing out.
What are the housing alternatives for folks with no credit and minimum wage income and kids to raise?

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post #17 of 78 (permalink) Old 08-26-2008, 01:52 PM Thread Starter
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If you're earning minimum wage income, you can't afford kids, and if you're that frickin' poor, leave California and find a nice trailer park in Alabama. If failure is not a risk, there is no reason to strive toward success.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #18 of 78 (permalink) Old 08-26-2008, 02:32 PM
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Everyone is buying Escalades in my neck of the woods.
I need to come over
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post #19 of 78 (permalink) Old 08-26-2008, 02:33 PM
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Quote:
Originally Posted by GermanStar View Post
If a home in which you are minimally vested takes a six-figure depreciation hit, perhaps the wisest move you can make is to simply cut your losses and go. Tell you what, I sure as hell don't want a single tax dollar going to bail out this kind of buffoonery.
That's true specially that they probably got it with little or no money down.
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post #20 of 78 (permalink) Old 08-26-2008, 03:10 PM Thread Starter
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^ Yes, that's the "minimally vested" part.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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