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Old 02-23-2009, 08:16 PM   #1
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Holy cow, just heard this on National Public Radio (NPR)

The Obama plan includes a requirement that if you lose your job...you can suspend mortgage payments for 3 years with no interest and no penalties and no foreclosure.

Sounds like time to rent out the house and go cruising, huh?
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Old 02-24-2009, 08:26 PM   #2
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It is all SO SO wrong!
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Old 02-24-2009, 08:40 PM   #3
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WHo covers the cost of the mortgage whilst you are out sailing the ocean blue or doing whatever it is you do during the three years? IS Obama going to pay for that?
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Old 02-24-2009, 09:03 PM   #4
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I believe "Hope & Change" will cover the tab

I knew I should have bought that $5,000,000.00 home with my tax refund!
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Old 02-24-2009, 10:02 PM   #5
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I believe "Hope & Change" will cover the tab

I knew I should have bought that $5,000,000.00 home with my tax refund!
If we give you Kevin Rudd's home phone number (Oz PM in case you're wondering - well he was last time I looked ) could you please give him a bit of a heads-up about that mortgage package?... see there's a few new toys that till now have been out of reach of our cruising kitty....
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Old 02-24-2009, 10:29 PM   #6
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It is all SO SO wrong!
Yes, I'm beating my head against the wall when I think of the fact that we're really talking about also bailing out people who were using their houses as investments and...duh...the bubble burst. Every bubble does burst at some point and someone is always left holding the bag--why is this time any different?
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Old 02-25-2009, 12:19 AM   #7
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What really really pisses me off are all the people that refinanced, paid-off credit cards, bought new SUVs and Jags and were living like miiilionairs here in Orange County while I was living on a boat, walking to the shower in the morning, driving my 7 year old jeep to a job that I know was paying me more than most of these clowns.

And now they want my tax money to cover their arses for 3 years...the hell with that, we are outa here!
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Old 02-25-2009, 01:10 AM   #8
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What really really pisses me off are all the people that refinanced, paid-off credit cards, bought new SUVs and Jags and were living like miiilionairs here in Orange County while I was living on a boat, walking to the shower in the morning, driving my 7 year old jeep to a job that I know was paying me more than most of these clowns.

And now they want my tax money to cover their arses for 3 years...the hell with that, we are outa here!
It really doesn't bother me that folks lived beyond their means--I just don't want to pay for them doing so. I know what you mean, we've been pinching pennies for years due to a combination of bootstrapping our own business and saving our entire married life for taking off cruising. I haven't had a NEW car since 1985. Kept that one 'till it was totaled when I was rear-ended in 2001. Bought an $800 car (model yr 1987) to replace it. Still driving that one. Yep, I know how you feel. Living beyond our means hasn't ever been our style

Having said that, this week, I am writing a letter to my Congressional Representative, Senator, and the President regarding this whole "bail out" for a bubble thing. I don't have problems with the government doing what it needs to do to keep the credit markets moving--I don't want our economy going down the drain but I just have NO desire to pay for anyone's house but my own. And, I must admit, having sold our house in 2006 (seeing this bubble for what it was!) I really don't want to "support the prices" so that everyone else's house doesn't lose value either--I really don't care. Either a house is a home that one keeps for decades and doesn't really care about ups and downs in its value OR it is an investment that should be treated as such--when you see a bubble, you sell, rent a place and wait for things to settle down before getting back into the market at a lower and more reasonable price.

I suggest you and any one you know who feels the way we do--write your representatives. That is the only way that they will know how you feel about it. If enough people cry "foul" it can make a difference.

Take care
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Old 02-25-2009, 01:21 AM   #9
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It does tend to rub you up the wrong way. Here in Australia our government is handing out cash to all and sundry and calling it a "stimulus package". It's supposed to mean that the recipients of said money will spend it, therefore keeping businesses afloat. It does appear to be helping a little, but the thing I have a problem with is this: Those that are recieving unemployment benefits, many long term, and contribute nothing to the government via taxes, get the most cash. Those that earn a good wage, (yes, me included) and pay the most taxes, get nothing at all, yet it is mostly our money that will have to pay this back over coming years. The older I get, the less incentive there seems to be to work for a living. Don't get me wrong, I have no intention of leeching off the government for the rest of my days, it just irritates me when I see how easy some have it on welfare and have no intention of working at all.

The way it stands at the moment, I could easily sell everything I own, buy a 30 or 40 foot yacht and cruise around Australia for the rest of my days living on welfare. Wouldn't sit right with me, and doesn't sit right that the government keeps encouraging this mentality.

Thats my rant for the day,

Cheers,

Dave.
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Old 02-25-2009, 03:58 PM   #10
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A $800 replacement car...I love it!

I'm in the automotive business, and I don't like spending money on cars either...absolutely terrible use of money. Almost as bad as boats
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Old 02-25-2009, 08:40 PM   #11
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The best car deal I ever made was selling my last car and not buying a new one. I walk to work (much healthier) and rent a car whenever I need one (not so often) and I have saved a lot of money. Maybe saved is the wrong terminology as it has been spent on other things (mainly the boats) but you get the point.

As I have diplomatic status, I can buy a new car every two years without paying a cent in tax which means any car I buy new would cost 1/3 less than the normal on-the-road price. I still think I am saving by not having a car. I wonder then how the maths works out for those who buy the new or "better" used car and drive to work on a daily basis?

Aye // Stephen
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Old 02-25-2009, 09:37 PM   #12
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The best car deal I ever made was selling my last car and not buying a new one. I walk to work (much healthier) and rent a car whenever I need one (not so often) and I have saved a lot of money. Maybe saved is the wrong terminology as it has been spent on other things (mainly the boats) but you get the point.

As I have diplomatic status, I can buy a new car every two years without paying a cent in tax which means any car I buy new would cost 1/3 less than the normal on-the-road price. I still think I am saving by not having a car. I wonder then how the maths works out for those who buy the new or "better" used car and drive to work on a daily basis?

Aye // Stephen
Lucky you that you don't live in California--where everything is "car distance" apart on highways and its frequently impossible to ride a bike to the desired location because of the way the highways cut off the little roads

We lived in Washington, DC for 13 wonderful years--the metro bus and metro rail and bike-friendly environment was really great. During that time, our cars were used exclusively on the weekends to haul things from the home store (as we were fixing up a large house...hum...has something in common with fixing up a boat...suckers aren't we ) and for driving trips to see my elderly father who lived in WV about a 5 hour drive from DC. Sometimes we'd rent a plane to go see Dad as there was a good airport in a small town near him and my husband needed to maintain his flying quals. But, there's very little way of getting around much of the USA without a car.

My "best deal" on a car is a 1976 Saab 99EMS I bought for $200 in 2000/2001...wanted its transmission to put in another car, a 1974 Saab 99LE... ended up fixing up the $200 car a bit with some new paint...a friend drove it for 2 years as a daily driver, then I drove it as my "main car" for a couple years and we still have it. Its pretty much indestructable. The friend who drove it for 2 years offers to store it in his barn at his vacation home in KY for us while we're cruising. So, suppose the $800 car will be sold and we'll keep the $200 car indefinitely

Bikes are a great way of getting around--in general with exception of California IMHO--we've got a folding bike for the boat and a regular road bike that we'll take apart to stowe on the boat as wel.
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Old 02-26-2009, 05:35 AM   #13
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Holy cow, just heard this on National Public Radio (NPR)

The Obama plan includes a requirement that if you lose your job...you can suspend mortgage payments for 3 years with no interest and no penalties and no foreclosure.

Sounds like time to rent out the house and go cruising, huh?
I don't believe this statement. Do you have any link to provide?

Who caused this problem? The people living beyond their means or the fools willing to loan them more money. Or was it the mentally challenged leaders of our country who removed all oversight of banks and promoted serious greed for all.
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Old 02-26-2009, 07:07 AM   #14
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I don't believe this statement. Do you have any link to provide?

Who caused this problem? The people living beyond their means or the fools willing to loan them more money. Or was it the mentally challenged leaders of our country who removed all oversight of banks and promoted serious greed for all.
First, I don't make a habit of lying about what I hear on the radio--I have better things to do. Since this was not an internet story--No link--I heard it on National Public Radio on Monday Feb 23 in San Diego, CA..KPBS 89.5 FM. You're welcome to call or email them though it was likely a national radio show I was listening to. From the time I posted the topic, I suspect that I heard it earlier that morning.

I just now googled and didn't see it though I saw a couple other similar things--mostly deferring interest if unemployed--The thing I recalled being said was "suspend payments, defer interest and w/o penalties for up to 3 years if unemployed" which I thought was totally crazy.

Who caused the problem--your question was rhetorical and you suggested a couple things...responses below:

Well, the USA has a really weird relationship with the concept of home ownership. I'd suggest its our preoccupation with home ownership and even the way that many home owners treat renters like second-class citizens that drive people to purchase a house even when it is a stretch for them financially. It seems to me that you, yourself, even stated on one of our forums that you didn't appreciate non-homeowners having their kids in schools that homeowner taxes paid for--I've heard that statement many times from other people besides you as its a common statement that homeowners make--however, how does that make the non-homeowner feel? There are many little slights that renters experience in this country.

Family and friends as well as strangers all push, push, push for people to buy a house. They're told its the only way for them to "get ahead" by all these folks. If they want to fit in, they feel like buying a house...however they can do so and whether or not they can afford it. There are huge social pressures to be a home owner in the USA. Since folks are stretching to buy those houses, they (and the realtors and everyone in the real estate value chain) "talk up" their decision of home ownership as a good investment and push even more people into buying their homes rather than renting. After all, people are often spending everything they have on their home with little left over for real investing in anything else. It had darn well better be a good investment! The mentality in the USA is to buy homes rather than rent--even when it doesn't make good fiscal sense.

The leadership of our country work to push things in the direction that the people who elected them want; there is a see-saw of regulation and de-regulation going on all the time. It is a delicate balancing act that all politicians and the regulators must deal with--enough regulation but not too much. America prides itself on having a market driven economy and sufficient regulation but not too much. There's nothing mentally challenged about our leadership. They have a difficult job and do their best to do the will of the people. If we, the people, don't like what is going on, we have a responsibility to tell our elected officials what it is that we DO want. Write your representatives at local, state, and national levels and the President if you don't like the way things are going. Believe it or not, it does make a difference.
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