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Date: 18 Feb 2009 21:29:56
From: Arlo-Payne
Subject: One example of 100% insane
Below is text from a lady in a story about the bailout.

Begin
But for her, the plan seems too late. The single mother of three can't pay
her adjustable-rate mortgage, whose monthly payments have jumped from
$3,700 in 2005 to more than $4,000 today. She works two jobs to try to
make enough money to get by, but she's behind in house payments and has
gotten a foreclosure letter saying her home will be up for auction Friday.
End

It is clear she never need a house in that price range to begin with. I
would bet she felt by buying the most she could she would make a huge
profit in 5 or so years. Well to flipping bad.
She should have purchased a smaller home for say 200K at a monthly price
she could afford. Clue anyone that did an adjustable in 2005 bought over
their head.

Hell the house we live in is a small house fully paid for and it suits us
just fine. We never felt the need to have 4 k a month payments.
The lady broke the main rule. She purchased a house as an investment
instead of a home.
I say screw her and to the street she should go. Now if the house was say
a 150K place I would say help her all we can but lets get real. Those
that wanted to live the high life on average income need to wake the flip
up.
I do not feel sorry for her at all but you can bet I feel for the family
trying to hang on to there small home yes I said home!

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Date: 19 Feb 2009 17:57:26
From: Susan
Subject: Re: One example of 100% insane

"Arlo-Payne" <arlo_payne@hotmail.com > wrote in message
news:kb7v66xk8n.ln2@recgroups.com...
> Below is text from a lady in a story about the bailout.
>
> Begin
> But for her, the plan seems too late. The single mother of three can't pay
> her adjustable-rate mortgage, whose monthly payments have jumped from
> $3,700 in 2005 to more than $4,000 today. She works two jobs to try to
> make enough money to get by, but she's behind in house payments and has
> gotten a foreclosure letter saying her home will be up for auction Friday.
> End
>
> It is clear she never need a house in that price range to begin with. I
> would bet she felt by buying the most she could she would make a huge
> profit in 5 or so years. Well to flipping bad.
> She should have purchased a smaller home for say 200K at a monthly price
> she could afford. Clue anyone that did an adjustable in 2005 bought over
> their head.
>
> Hell the house we live in is a small house fully paid for and it suits us
> just fine. We never felt the need to have 4 k a month payments.
> The lady broke the main rule. She purchased a house as an investment
> instead of a home.
> I say screw her and to the street she should go. Now if the house was say
> a 150K place I would say help her all we can but lets get real. Those
> that wanted to live the high life on average income need to wake the flip
> up.
> I do not feel sorry for her at all but you can bet I feel for the family
> trying to hang on to there small home yes I said home!


http://www.youtube.com/watch?v=bEZB4taSEoA




 
Date: 19 Feb 2009 14:15:44
From: Tad Perry
Subject: Re: One example of 100% insane
"Arlo-Payne" <arlo_payne@hotmail.com > wrote in message
news:kb7v66xk8n.ln2@recgroups.com...
> Below is text from a lady in a story about the bailout.
>
> Begin
> But for her, the plan seems too late. The single mother of three can't pay
> her adjustable-rate mortgage, whose monthly payments have jumped from
> $3,700 in 2005 to more than $4,000 today. She works two jobs to try to
> make enough money to get by, but she's behind in house payments and has
> gotten a foreclosure letter saying her home will be up for auction Friday.
> End
>
> It is clear she never need a house in that price range to begin with. I
> would bet she felt by buying the most she could she would make a huge
> profit in 5 or so years. Well to flipping bad.
> She should have purchased a smaller home for say 200K at a monthly price
> she could afford. Clue anyone that did an adjustable in 2005 bought over
> their head.
>
> Hell the house we live in is a small house fully paid for and it suits us
> just fine. We never felt the need to have 4 k a month payments.
> The lady broke the main rule. She purchased a house as an investment
> instead of a home.
> I say screw her and to the street she should go. Now if the house was say
> a 150K place I would say help her all we can but lets get real. Those
> that wanted to live the high life on average income need to wake the flip
> up.
> I do not feel sorry for her at all but you can bet I feel for the family
> trying to hang on to there small home yes I said home!

It sounds almost exactly like my ex-wife's situation. I rarely find myself
in the position of defending her, but the instant she went to even look at
houses on the market five years ago she was sunk. A predatory lender got
ahold of her and there was *no* way, and I mean that it became impossible,
for her to say "no" to the biggest deal they could find for her. It just
wasn't in her. Throw in the fact that she's totally naive and from another
country and I don't know what we're supposed to do.

tvp




  
Date: 19 Feb 2009 14:38:41
From: Wayne Vinson
Subject: Re: One example of 100% insane
> It sounds almost exactly like my ex-wife's situation. I rarely find myself
> in the position of defending her, but the instant she went to even look at
> houses on the market five years ago she was sunk. A predatory lender got
> ahold of her and there was *no* way, and I mean that it became impossible,
> for her to say "no" to the biggest deal they could find for her. It just
> wasn't in her. Throw in the fact that she's totally naive and from another
> country and I don't know what we're supposed to do.
>
> tvp

What we're supposed to do is make sure that the cost of bad loans falls
squarely on the company writing the paper and the person signing it. Even
if the people signing it are ignorant, such a system should prevent very
bad paper from being written in the first place.

Of course, by bailing out everyone involved, we've just made it very
advantageous to write bad paper and to sign it. I'm rather kicking myself
that I don't have a mortgage to default on. About 30 days before the
inauguration I figured it was the perfect time to stop making payments and
minimize your aparent income to align yourself for the inevitable Obama
plan. I was spot on timing-wise, but alas didn't have the mortgaged house
needed to take advantage of the prediction.

Wayne Vinson
http://cardsharp.org/
Wayne (dot) Vinson (at) gmail (dot) com

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Date: 20 Feb 2009 06:16:50
From: FangBanger
Subject: Re: One example of 100% insane
On Feb 19 2009 4:38 PM, Wayne Vinson wrote:

> > It sounds almost exactly like my ex-wife's situation. I rarely find myself
> > in the position of defending her, but the instant she went to even look at
> > houses on the market five years ago she was sunk. A predatory lender got
> > ahold of her and there was *no* way, and I mean that it became impossible,
> > for her to say "no" to the biggest deal they could find for her. It just
> > wasn't in her. Throw in the fact that she's totally naive and from another
> > country and I don't know what we're supposed to do.
> >
> > tvp
>
> What we're supposed to do is make sure that the cost of bad loans falls
> squarely on the company writing the paper and the person signing it. Even
> if the people signing it are ignorant, such a system should prevent very
> bad paper from being written in the first place.
>
> Of course, by bailing out everyone involved, we've just made it very
> advantageous to write bad paper and to sign it. I'm rather kicking myself
> that I don't have a mortgage to default on. About 30 days before the
> inauguration I figured it was the perfect time to stop making payments and
> minimize your aparent income to align yourself for the inevitable Obama
> plan. I was spot on timing-wise, but alas didn't have the mortgaged house
> needed to take advantage of the prediction.

That would have required mone and a credit rating ...OOPS .. actually , it
didnt . So what you are saying is that when every "deadbeat" in the world
was buying a house , you couldnt qualify ? You dont even qualify as a
"deadbeat"?

And 30 days before the election , they werent discussing any 'specific"
plans for a bailout .. so that line is a lie !
>
> Wayne Vinson
> http://cardsharp.org/
> Wayne (dot) Vinson (at) gmail (dot) com


Jason,you,
sir, are much, much stupider than FangBanger.

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Date: 19 Feb 2009 14:49:08
From: BillB
Subject: Re: One example of 100% insane


"Wayne Vinson" <a7a88fc@webnntp.invalid > wrote in message
news:hk3176x59u.ln2@recgroups.com...

> Of course, by bailing out everyone involved, we've just made it very
> advantageous to write bad paper and to sign it. I'm rather kicking myself
> that I don't have a mortgage to default on. About 30 days before the
> inauguration I figured it was the perfect time to stop making payments and
> minimize your aparent income to align yourself for the inevitable Obama
> plan. I was spot on timing-wise, but alas didn't have the mortgaged house
> needed to take advantage of the prediction.
>
> Wayne Vinson
> http://cardsharp.org/
> Wayne (dot) Vinson (at) gmail (dot) com

Yes, ruin your credit rating on the hope you'll grab a few thousand bucks
for free. Stick to poker strategy, k?



    
Date: 19 Feb 2009 19:10:29
From: FL Turbo
Subject: Re: One example of 100% insane
On Thu, 19 Feb 2009 14:49:08 -0800, "BillB" <bogus@shaw1.ca > wrote:

>
>
>"Wayne Vinson" <a7a88fc@webnntp.invalid> wrote in message
>news:hk3176x59u.ln2@recgroups.com...
>
>> Of course, by bailing out everyone involved, we've just made it very
>> advantageous to write bad paper and to sign it. I'm rather kicking myself
>> that I don't have a mortgage to default on. About 30 days before the
>> inauguration I figured it was the perfect time to stop making payments and
>> minimize your aparent income to align yourself for the inevitable Obama
>> plan. I was spot on timing-wise, but alas didn't have the mortgaged house
>> needed to take advantage of the prediction.
>>
>> Wayne Vinson
>> http://cardsharp.org/
>> Wayne (dot) Vinson (at) gmail (dot) com
>
>Yes, ruin your credit rating on the hope you'll grab a few thousand bucks
>for free. Stick to poker strategy, k?

I have a semi-serious question here.

My wife and I bought this house in 1994 with a 30 year, fixed rate
motrgage.

We (I) have been making the payments ever since.

So now.
If I quit making the payments starting right now.

How many months or years would it take for me to be able to latch on
to the special programs that are being considered?

Anyone?

Buehler?


     
Date: 19 Feb 2009 21:38:26
From: Wayne Vinson
Subject: Re: One example of 100% insane
On Feb 19 2009 7:10 PM, FL Turbo wrote:

> On Thu, 19 Feb 2009 14:49:08 -0800, "BillB" <bogus@shaw1.ca> wrote:
>
> >
> >
> >"Wayne Vinson" <a7a88fc@webnntp.invalid> wrote in message
> >news:hk3176x59u.ln2@recgroups.com...
> >
> >> Of course, by bailing out everyone involved, we've just made it very
> >> advantageous to write bad paper and to sign it. I'm rather kicking myself
> >> that I don't have a mortgage to default on. About 30 days before the
> >> inauguration I figured it was the perfect time to stop making payments and
> >> minimize your aparent income to align yourself for the inevitable Obama
> >> plan. I was spot on timing-wise, but alas didn't have the mortgaged house
> >> needed to take advantage of the prediction.
> >>
> >> Wayne Vinson
> >> http://cardsharp.org/
> >> Wayne (dot) Vinson (at) gmail (dot) com
> >
> >Yes, ruin your credit rating on the hope you'll grab a few thousand bucks
> >for free. Stick to poker strategy, k?
>
> I have a semi-serious question here.
>
> My wife and I bought this house in 1994 with a 30 year, fixed rate
> motrgage.
>
> We (I) have been making the payments ever since.
>
> So now.
> If I quit making the payments starting right now.
>
> How many months or years would it take for me to be able to latch on
> to the special programs that are being considered?
>
> Anyone?

My guess is your income's too high, your mortgage isn't ugly enough, and
you'd be starting too late. Remember, this bailout only helps the
incredibly irresponsible and those who can plausibly fake it.

Wayne Vinson
http://cardsharp.org/
Wayne (dot) Vinson (at) gmail (dot) com

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Date: 19 Feb 2009 15:21:52
From: Wayne Vinson
Subject: Re: One example of 100% insane
> Yes, ruin your credit rating on the hope you'll grab a few thousand bucks
> for free. Stick to poker strategy, k?

Few thousand bucks my ass. The way the Obama plan works you could easily
net out 300,000 in equity in a few months without lifting a finger. All
you have to do is be able to claim an income low enough and get a loan
ridiculous enough.

Give me 300,000 right now and I'll gladly promise not to borrow another
cent in my life. Other than brokerage margin accounts (which don't depend
on credit rating) I haven't borrowed a cent in the last 10 years, so it
wouldn't exactly be a hardship.

Plus being 1-2 months behind on your house for a few months (you won't be
foreclosed on in the time frame involved) won't even particularly hurt
your credit score a few years down the road.

Point being, the Obama plan is ludicrous.

Wayne Vinson
http://cardsharp.org/
Wayne (dot) Vinson (at) gmail (dot) com

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Date: 20 Feb 2009 06:19:36
From: FangBanger
Subject: Re: One example of 100% insane
On Feb 19 2009 5:21 PM, Wayne Vinson wrote:

> > Yes, ruin your credit rating on the hope you'll grab a few thousand bucks
> > for free. Stick to poker strategy, k?
>
> Few thousand bucks my ass. The way the Obama plan works you could easily
> net out 300,000 in equity in a few months without lifting a finger. All
> you have to do is be able to claim an income low enough and get a loan
> ridiculous enough.

and that nets you 300k ...HOW?....moron ? You think that if you miss 5
payments , they just give you the house ?

You know less about this than you do about poker .
>
> Give me 300,000 right now and I'll gladly promise not to borrow another
> cent in my life. Other than brokerage margin accounts (which don't depend
> on credit rating) I haven't borrowed a cent in the last 10 years, so it
> wouldn't exactly be a hardship.
>
> Plus being 1-2 months behind on your house for a few months (you won't be
> foreclosed on in the time frame involved) won't even particularly hurt
> your credit score a few years down the road.
>
> Point being, the Obama plan is ludicrous.
>
> Wayne Vinson
> http://cardsharp.org/
> Wayne (dot) Vinson (at) gmail (dot) com


Jason,you,
sir, are much, much stupider than FangBanger.

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Date: 19 Feb 2009 09:41:43
From: John_Brian_K
Subject: Re: One example of 100% insane
> It is clear she never need a house in that price range to begin with. I
> would bet she felt by buying the most she could she would make a huge
> profit in 5 or so years. Well to flipping bad.
> She should have purchased a smaller home for say 200K at a monthly price
> she could afford. Clue anyone that did an adjustable in 2005 bought over
> their head.

This site: http://cgi.money.cnn.com/tools/houseafford/houseafford.html

Says I can afford a house for 360,000.00. There is NOWAY in fucking hell
I would buy a house for that amount of money. I live in a modest
100,000.00 house and when we 'upgrade' it will be to a 200,000 house,
TOPS. They say I can 'afford' almost twice what I am comfortable paying.

==========================================
You must not think me necessarily foolish because I am facetious,
nor will I consider you necessarily wise because you are grave.
==============================
47.5% of all statistics are made up on the spot.
JBK

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Date: 19 Feb 2009 13:23:21
From: charrison100
Subject: Re: One example of 100% insane
On Feb 19 2009 12:41 PM, John_Brian_K wrote:

> > It is clear she never need a house in that price range to begin with. I
> > would bet she felt by buying the most she could she would make a huge
> > profit in 5 or so years. Well to flipping bad.
> > She should have purchased a smaller home for say 200K at a monthly price
> > she could afford. Clue anyone that did an adjustable in 2005 bought over
> > their head.
>
> This site: http://cgi.money.cnn.com/tools/houseafford/houseafford.html
>
> Says I can afford a house for 360,000.00. There is NOWAY in fucking hell
> I would buy a house for that amount of money. I live in a modest
> 100,000.00 house and when we 'upgrade' it will be to a 200,000 house,
> TOPS. They say I can 'afford' almost twice what I am comfortable paying.
>
> ==========================================
> You must not think me necessarily foolish because I am facetious,
> nor will I consider you necessarily wise because you are grave.
> ==============================
> 47.5% of all statistics are made up on the spot.
> JBK

650,000 conservative, 770,000 aggerssive.

Not a chance in fucking hell could or should I carry that.

I am happy in my $350,000

psst, JBK prices are realative. $100,000 in Danville is VERY different
then $100,000 in Detroit.

Chris

"NO! I want this shit to STOP! Right NOW! Nobody takes me serious
anymore." - Paul
Popinjay, 01/16/2009

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Date: 19 Feb 2009 13:44:07
From: John_Brian_K
Subject: Re: One example of 100% insane
> psst, JBK prices are realative. $100,000 in Danville is VERY different
> then $100,000 in Detroit.

I agree, but I do not live in Detroit.
If I lived here: http://www.twp.west-bloomfield.mi.us/info/info.cfm

Note:
http://www.creditwritedowns.com/2008/08/twenty-wealthiest-towns-in-america.html

I would STILL say I lived in Detroit when talking to people from out of
state. Bloomfield is about 5 minutes from where I work and just about as
close to the city of DETROIT (downtown that is) as I am.

I am sure my house would be considered a hole to a lot of people here, but
everything is relative:

http://img95.imageshack.us/img95/2488/myhousezs8.jpg

==========================================
You must not think me necessarily foolish because I am facetious,
nor will I consider you necessarily wise because you are grave.
==============================
47.5% of all statistics are made up on the spot.
JBK

_____________________________________________________________________ 
: the next generation of web-newsreaders : http://www.recgroups.com



    
Date: 19 Feb 2009 18:38:45
From: da pickle
Subject: Re: One example of 100% insane
"John_Brian_K"

> I am sure my house would be considered a hole to a lot of people here, but
> everything is relative:
>
> http://img95.imageshack.us/img95/2488/myhousezs8.jpg

You have a nice home, JBK.

Keep up the good work.




     
Date: 20 Feb 2009 07:13:27
From: John_Brian_K
Subject: Re: One example of 100% insane
> You have a nice home, JBK.

Thanks Pickle.

> Keep up the good work.


==========================================
You must not think me necessarily foolish because I am facetious,
nor will I consider you necessarily wise because you are grave.
==============================
47.5% of all statistics are made up on the spot.
JBK

----- 
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Date: 19 Feb 2009 15:56:33
From: FangBanger
Subject: Re: One example of 100% insane
On Feb 19 2009 3:44 PM, John_Brian_K wrote:

> > psst, JBK prices are realative. $100,000 in Danville is VERY different
> > then $100,000 in Detroit.
>
> I agree, but I do not live in Detroit.
> If I lived here: http://www.twp.west-bloomfield.mi.us/info/info.cfm
>
> Note:
>
http://www.creditwritedowns.com/2008/08/twenty-wealthiest-towns-in-america.html
>
> I would STILL say I lived in Detroit when talking to people from out of
> state. Bloomfield is about 5 minutes from where I work and just about as
> close to the city of DETROIT (downtown that is) as I am.
>
> I am sure my house would be considered a hole to a lot of people here, but
> everything is relative:

Sounds like you consider it a "hole" !!
>
> http://img95.imageshack.us/img95/2488/myhousezs8.jpg
>
> ==========================================
> You must not think me necessarily foolish because I am facetious,
> nor will I consider you necessarily wise because you are grave.
> ==============================
> 47.5% of all statistics are made up on the spot.
> JBK


Jason,you,
sir, are much, much stupider than FangBanger.

_______________________________________________________________________ 
RecGroups : the community-oriented newsreader : www.recgroups.com




     
Date: 20 Feb 2009 07:12:13
From: John_Brian_K
Subject: Re: One example of 100% insane
> Sounds like you consider it a "hole" !!

It is all relative doggy. I think it is ok. I do not consider it a hole
by any stretch of the imagination, but some might.

==========================================
You must not think me necessarily foolish because I am facetious,
nor will I consider you necessarily wise because you are grave.
==============================
47.5% of all statistics are made up on the spot.
JBK

______________________________________________________________________ 
RecGroups : the community-oriented newsreader : www.recgroups.com




 
Date: 18 Feb 2009 22:36:22
From: risky biz
Subject: Re: One example of 100% insane
On Feb 18 2009 10:29 PM, Arlo-Payne wrote:

> Below is text from a lady in a story about the bailout.
>
> Begin
> But for her, the plan seems too late. The single mother of three can't pay
> her adjustable-rate mortgage, whose monthly payments have jumped from
> $3,700 in 2005 to more than $4,000 today. She works two jobs to try to
> make enough money to get by, but she's behind in house payments and has
> gotten a foreclosure letter saying her home will be up for auction Friday.
> End
>
> It is clear she never need a house in that price range to begin with. I
> would bet she felt by buying the most she could she would make a huge
> profit in 5 or so years. Well to flipping bad.
> She should have purchased a smaller home for say 200K at a monthly price
> she could afford. Clue anyone that did an adjustable in 2005 bought over
> their head.
>
> Hell the house we live in is a small house fully paid for and it suits us
> just fine.

6,000 sq. ft.?

> We never felt the need to have 4 k a month payments.
> The lady broke the main rule. She purchased a house as an investment
> instead of a home.
> I say screw her and to the street she should go. Now if the house was say
> a 150K place I would say help her all we can but lets get real. Those
> that wanted to live the high life on average income need to wake the flip
> up.
> I do not feel sorry for her at all but you can bet I feel for the family
> trying to hang on to there small home yes I said home!

______________________________________________________________________ 
: the next generation of web-newsreaders : http://www.recgroups.com



 
Date: 18 Feb 2009 22:29:45
From: FangBanger
Subject: Re: One example of 100% insane
Those that play AA in a 3 way pot when they are 3 buy-ins ahead ?

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