You Are going to “help” your neighbor(s).
And I don’t mean with the haying, shoveling the walk, or carrying in the groceries. Nope! You’re gonna help ‘em pay Their mortgage. Grin an’ bear it, this ain’t candid camera!
Heard the latest from the new administration on “getting the economy back on track”? Involves another $75 billion of your tax-dollars (who’s counting anymore?). Gonna help “stabilize” the housing market (stop the foreclosures).
I’m not sure if this is part of the last “stimulus package”, or a new one? Generally I keep up pretty well, but I’m afraid I just don’t care anymore?
Maybe this latest intervention (interference) makes sense to those (smart?) folks engineering it. Does it to you? Doesn’t to me. Perhaps you could clarify it for me? Drop by the Independents website, gimme a call, send an e-mail (or pull up a stool) and explain it for me.
Meanwhile, here’s my humble (?) thoughts.
First, I confess I was a mortgage banker (Never confuse that with “mortgage broker”!) and a designated real estate appraiser. Also spent some early years in home construction. I was (am) fully versed in real estate lending, appraisal, construction and yes, foreclosures.
Given all that, I fervently hope (pray) our guv’mint comes to it’s senses! Finally quits coming up with new ways to “save the homes” of Americans.
I expect you’re cognizant whatever “programs” the government utilizes is gonna come directly out of your pocket. The things they’re dreaming up these days are going to come out of the pockets of tax payers not even conceived yet! (not even a gleam in ole dads eye)
Yet we hear it daily; Stop the Foreclosures! Stabilize home values! Revive the housing market, get credit flowing. That’ll get the ecomomy growing again!
Poppycock! What we’re (the guv’mint) surely gonna do, is add to the mountain of deb textant. Shoot! They’ll be adding another entire “mountain range” of debt! Folks who won’t reach my age before this time next century, will still be scaling it (gettin’ crushed by mortgage payment landslides).
And for what?!
So people stupid enough, gullible enough (or crooked enough) can keep homes they never had a prayer of affording in the first place.
This includes lots of folks who also had in mind that the house would somehow “pay for itself” (!) through ever increasing value? Then they could “withdraw equity” (borrow More against it) every few years to pay for it! (there’s a reason it’s called borrowing “against” it).
Only a generation or so ago, people actually borrowed as little as possible to buy a home, or farm (or any real estate). Refinacing (withdrawing equity) on a paid off (or nearly paid off) property was anathema! (even banks didn’t encourage it).
In times past, (not that long ago) there was a quaint practice referred to as holding a "mortgage burning” party. This signified that ma and pa “Finally” owned their place “free and clear”! (notwithstanding that taxes, insurance and maintenance costs stay forever).
Their property was finally (gleefully) thought of as being “owned”. No longer mortgaged, pledged, or beholding to anyone. Apparently no one even believes in that anymore, do they?
It’s a whole new ballgame!
Around the small towns in most parts of the country folks weren’t even aware there was a game going on. Suddenly it’s down to the 9th inning and the “home” team is trailing (by 37 runs) or maybe it’s 4th quarter, thirty seconds on the clock and 99 yards to go.
This game was being played out of town, in big housing developement fields. Plays called from on high, up the big bank skyboxes. The people officiatin’ and playin' the game have traded all their relief players..., And now they need You!!
Not to play in the game.
They’d like you to resurface the ballfield, re-build stadium, install new lights on the off-ramp from the freeway. Then patch the potholes in the interstate that leads to the field from both directions.
Then step back..., and let them continue to play!
This is called bailing out the big banks, who lent all that money like drunk sailors. And bailing out all the drunks they served. All those poor people who borrowed that money to purchase (over-priced) houses. Ones they couldn’t have afforded at half the price!
If you’ll just be neighborly and pay their bar tab (mortgage, all or part) things will improve!
You can’t walk outside and identify which neighbors mortgage you’re gonna pay for the next 30 years? Not to worry, it’ll be direct deposit from your paycheck.
I Don’t Know About You..., I always figured payin’ my own way was enough? Somebody call, “Time Out!”
Cal Teeple, sole member of the Observational Cogitation Consortium may still be found three stools down. And at: wayneindependent.com/cal Or At: calteeple@g-mail.com.
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You Are going to “help” your neighbor(s).
And I don’t mean with the haying, shoveling the walk, or carrying in the groceries. Nope! You’re gonna help ‘em pay Their mortgage. Grin an’ bear it, this ain’t candid camera!
Heard the latest from the new administration on “getting the economy back on track”? Involves another $75 billion of your tax-dollars (who’s counting anymore?). Gonna help “stabilize” the housing market (stop the foreclosures).
I’m not sure if this is part of the last “stimulus package”, or a new one? Generally I keep up pretty well, but I’m afraid I just don’t care anymore?
Maybe this latest intervention (interference) makes sense to those (smart?) folks engineering it. Does it to you? Doesn’t to me. Perhaps you could clarify it for me? Drop by the Independents website, gimme a call, send an e-mail (or pull up a stool) and explain it for me.
Meanwhile, here’s my humble (?) thoughts.
First, I confess I was a mortgage banker (Never confuse that with “mortgage broker”!) and a designated real estate appraiser. Also spent some early years in home construction. I was (am) fully versed in real estate lending, appraisal, construction and yes, foreclosures.
Given all that, I fervently hope (pray) our guv’mint comes to it’s senses! Finally quits coming up with new ways to “save the homes” of Americans.
I expect you’re cognizant whatever “programs” the government utilizes is gonna come directly out of your pocket. The things they’re dreaming up these days are going to come out of the pockets of tax payers not even conceived yet! (not even a gleam in ole dads eye)
Yet we hear it daily; Stop the Foreclosures! Stabilize home values! Revive the housing market, get credit flowing. That’ll get the ecomomy growing again!
Poppycock! What we’re (the guv’mint) surely gonna do, is add to the mountain of deb textant. Shoot! They’ll be adding another entire “mountain range” of debt! Folks who won’t reach my age before this time next century, will still be scaling it (gettin’ crushed by mortgage payment landslides).
And for what?!
So people stupid enough, gullible enough (or crooked enough) can keep homes they never had a prayer of affording in the first place.
This includes lots of folks who also had in mind that the house would somehow “pay for itself” (!) through ever increasing value? Then they could “withdraw equity” (borrow More against it) every few years to pay for it! (there’s a reason it’s called borrowing “against” it).
Only a generation or so ago, people actually borrowed as little as possible to buy a home, or farm (or any real estate). Refinacing (withdrawing equity) on a paid off (or nearly paid off) property was anathema! (even banks didn’t encourage it).
In times past, (not that long ago) there was a quaint practice referred to as holding a "mortgage burning” party. This signified that ma and pa “Finally” owned their place “free and clear”! (notwithstanding that taxes, insurance and maintenance costs stay forever).
Their property was finally (gleefully) thought of as being “owned”. No longer mortgaged, pledged, or beholding to anyone. Apparently no one even believes in that anymore, do they?
It’s a whole new ballgame!
Around the small towns in most parts of the country folks weren’t even aware there was a game going on. Suddenly it’s down to the 9th inning and the “home” team is trailing (by 37 runs) or maybe it’s 4th quarter, thirty seconds on the clock and 99 yards to go.
This game was being played out of town, in big housing developement fields. Plays called from on high, up the big bank skyboxes. The people officiatin’ and playin' the game have traded all their relief players..., And now they need You!!
Not to play in the game.
They’d like you to resurface the ballfield, re-build stadium, install new lights on the off-ramp from the freeway. Then patch the potholes in the interstate that leads to the field from both directions.
Then step back..., and let them continue to play!
This is called bailing out the big banks, who lent all that money like drunk sailors. And bailing out all the drunks they served. All those poor people who borrowed that money to purchase (over-priced) houses. Ones they couldn’t have afforded at half the price!
If you’ll just be neighborly and pay their bar tab (mortgage, all or part) things will improve!
You can’t walk outside and identify which neighbors mortgage you’re gonna pay for the next 30 years? Not to worry, it’ll be direct deposit from your paycheck.
I Don’t Know About You..., I always figured payin’ my own way was enough? Somebody call, “Time Out!”
Cal Teeple, sole member of the Observational Cogitation Consortium may still be found three stools down. And at: wayneindependent.com/cal Or At: calteeple@g-mail.com.
