The coming homelessness crisis

s carton wrote:

<quoted text>RIGHT NOW, It is cheaper to rent a home on long island than to buy one. Do some research, you idiot. Thats why the housing bubble occured, The rent/buy ratio. Owning a home is not an entitlement. These foreclosures are going to be demolished? No, people will buy them at a lower price and rent them. This isn't a homelessness crisis, its a credit crisis. People received credit without documentation, without sufficient income and now banks are reluctant to give loans. Demand isn't there, supply goes up and house prices drop. Whats so hard to understand?

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Okay, okay - I get your point, now. You don't have to get NASTY about it - sheesh!

But I still have no faith in the benevolence of landlords, and think that - no matter HOW cheaply they manage to obtain their real estate - they'll charge whatever market will bear for rental. Here (Long Island, NY) the market will bear a LOT.

I know it's about the stupid people who allowed these mortgage companies to lie and trick them. I know they were fools to go along with it...
This is a material world.
The vice and sin of the material has attracted people who think that they are supposed to be living above and beyond their means.
Credit card debt in America is beyond out of control. People don't pay their bills up each month, they live off of the credit cards they receive and then they fall victim all over again. It's evil and stupid and it's the fault of the Clintons for lulling people into thinking that two incomes and the Mom out of the home and letting the village raise the kids was the way to go.
While everyone else bought into that crazy ideal..I did not.
I stayed home and raised my kids and I did without. My bills get paid every month..no debt...my credit cards are paid in full every month. We don't take lavish vacations, we don't live above our means...
We don't renovate our home and buy new stuff just because the neighbors house looks great...
We don't have new cars but we own our cars outright.
We don't have anything outside a mortgage which we have practically paid off.
Sure we have friends who all live pay check to pay check and they get into trouble living above and beyond their means.
They refinance their homes to the max, they do take lavish family vacations but don't pay them off, they just turn over the credit cards getting more of them and pay the monthly minimum due, the finance charges they rack up are unreal..they don't care...this is how they live...these are the people who have homes now in foreclosure and they can't get out of the debt.
Long gone are the days of taking two vacations or more a year, having every new type of clothing and new home furnishings and new this and new that...they can't rub together two nickels...they don't have it...
I blame the Clintons...they gave the country the wrong advice and a false sense of security...
Today we are seeing the disastrous effects of those poorly advised people...they suffer...
All we have is our prayers for them and hope and generosity now.

I think we need to go out to help the homeless, especially with the down turn in the economy. I understand the situation full well because I was homeless in the 1970's after I had finish serving durning the Vietnam conflict. I lived on the streets of Hempstead for a time. But due to the kindness of an immigrant from Nigeria who provided me with a room until I got back on my feet. His named was Cyril, and who I will always be eternally grateful for his kindness

sad wrote:

I know it's about the stupid people who allowed these mortgage companies to lie and trick them. I know they were fools to go along with it...
This is a material world.
The vice and sin of the material has attracted people who think that they are supposed to be living above and beyond their means.
Credit card debt in America is beyond out of control. People don't pay their bills up each month, they live off of the credit cards they receive and then they fall victim all over again. It's evil and stupid and it's the fault of the Clintons for lulling people into thinking that two incomes and the Mom out of the home and letting the village raise the kids was the way to go.
While everyone else bought into that crazy ideal..I did not.
I stayed home and raised my kids and I did without. My bills get paid every month..no debt...my credit cards are paid in full every month. We don't take lavish vacations, we don't live above our means...
We don't renovate our home and buy new stuff just because the neighbors house looks great...
We don't have new cars but we own our cars outright.
We don't have anything outside a mortgage which we have practically paid off.
Sure we have friends who all live pay check to pay check and they get into trouble living above and beyond their means.
They refinance their homes to the max, they do take lavish family vacations but don't pay them off, they just turn over the credit cards getting more of them and pay the monthly minimum due, the finance charges they rack up are unreal..they don't care...this is how they live...these are the people who have homes now in foreclosure and they can't get out of the debt.
Long gone are the days of taking two vacations or more a year, having every new type of clothing and new home furnishings and new this and new that...they can't rub together two nickels...they don't have it...
I blame the Clintons...they gave the country the wrong advice and a false sense of security...
Today we are seeing the disastrous effects of those poorly advised people...they suffer...
All we have is our prayers for them and hope and generosity now.

I agree, my philosophy is "if you don't have it, don't spend it". My sister and I were renting in Long Beach 6 years ago, and when they raised the rent from $1550 to $1745...we said to ourselves, time to buy a house...Could we afford the really nice house near the water? NOOOOO, so we settled for a handyman special, that took us 5 years to fix up, and it looks great now, and we own it...Even though both of us work and make great money, do we take fancy vacations every year?NOOOOOOO, we pay our mtg. and all of our bills, all the credit cards are paid off and once in a while we through another mortage payment at the Mtg. company...our goal is to be debt free, and live within our means and try not to pay too much interest on anything....it's worked for us....The last thing we want to do is get taxed more for people who are too stupid and live way above their means, and cry when they get in trouble and then look for the taxpayer to bail them out....

Am I going crazy, or did someone post something earlier about Steve Levy having a meeting on the homeless? And if so, do you know where it will be? and what time on Tues...also, can anyone attend? Thanks!!!

The homebuyers who find themselves in a bind took a risk. Most thought home values would continue to rise and easy credit would remain. What you didn't count on happening just happened. No one of these creditors were going to give the banks or the goverment more than what was due by their loan agreement. Just because the chips fell where you didn't think they would fall, you expect the banks and the goverment to bail you out. Take your losses and move on, the public isn't your partner.

Good Advice; Get out and leave !!! Let all those filthy rich people who scoff at the middle class and poor flip the tax bills for the system they corrupt. Just imagine the property tax rates in dix hills if wyandanch, brentwood,deer park and huntington sta are not thier to pay. The only way to create this is to have every five homes in forclosure. All you renters, leave ! NC, VA, PA are all nice affordable places with work. Destroy thier system so it crumbles and maybe later,when things change because they have to you can move back.

bread winner wrote:

The homebuyers who find themselves in a bind took a risk. Most thought home values would continue to rise and easy credit would remain. What you didn't count on happening just happened. No one of these creditors were going to give the banks or the goverment more than what was due by their loan agreement. Just because the chips fell where you didn't think they would fall, you expect the banks and the goverment to bail you out. Take your losses and move on, the public isn't your partner.

And what about those that had equity AND were always told to ADD equity by improvign.. especially if they bought modest fixer upper..only to find what they put into their investment is GONE in the current market AND locked out of refi..not all that have issues bought with a hybrid subprme..but some of us self employed took ARMS that we planned on refi out of as our score improved AND equity built over two years of paying down payments AND improvements. What if the appraiser OVER appraised our home initially .. mine potentially was.. I had not only had an over 10% built in equity BUT I made improvements adn STIL find myself NOW having a high LTV or owning MORE on the home than it could sell for despite putting money down, improving and paying principle.. I seemingly did hte right thing only to get screwed in the end.

The Ridiculous wrote:

<quoted text>
And what about those that had equity AND were always told to ADD equity by improvign.. especially if they bought modest fixer upper..only to find what they put into their investment is GONE in the current market AND locked out of refi..not all that have issues bought with a hybrid subprme..but some of us self employed took ARMS that we planned on refi out of as our score improved AND equity built over two years of paying down payments AND improvements. What if the appraiser OVER appraised our home initially .. mine potentially was.. I had not only had an over 10% built in equity BUT I made improvements adn STIL find myself NOW having a high LTV or owning MORE on the home than it could sell for despite putting money down, improving and paying principle.. I seemingly did hte right thing only to get screwed in the end.

You may have done everything legal, but you still took a risk. The old saying is "don't bet the house" You did. You lost. Don't look to the tax payer to fund your bad decision.

ex new yorker wrote:

just keeping asking the taxpayer who is doing the right thing, getting educated and employed to keep bailing everyone else out.
BULL

I have a 4 yr degree and have been working for almost 20yrs till the co. I worked for went out of business and it took me 10 months to find a new job.Live in NY for a month and you will be out on the streets and DSS unless you fight you get nothing. its very scary how things are run. Once I get my act together I would like to get involved and try to help others.Prehaps you should do the same

Upper Echelon Michael wrote:

To the renters: Keep renting losers; landlords love you !!!! I can never understand the logic of someone who pays more in rent than what a mortgage costs. Rents will keep going up; a fixed rate mortgage won't.

You are somewhat right but where is there affordable thousing? tell me I will go on LI

bread winner wrote:

<quoted text>
You may have done everything legal, but you still took a risk. The old saying is "don't bet the house" You did. You lost. Don't look to the tax payer to fund your bad decision.

Hmm.. are YOU going to pay my mortgage.. NO.. am I going to pay my mortgage.. YES if given the chance.

Only thing I'm askign for is for the mortgage company to fix the terms of my mortgage and keep collecting thier principal plus interest.. heck ..extend the maturity rate so they can collect the interest for longer.. Nowhere in there is the government giving me money!!!! BUT.. you can blame the BANKS for what will happen next. You Bet I will be trying to get help from a government entity if I can't from the greedy mortgage company! Oh.. btw..THEY are telling the public they are working with their "borrowers" and they are certainly NOT.. I've tried..(and my note is with Wells Fargo..who is SUPPOSED to be participating in project lifeline!!).. AND STILL taking money from the government at the same time.. The BANKS are getting the bail out my friend.. AND their borrowers homes.... in the meantime foreclosures are popping up destroying the value of YOUR home..etc.

The Ridiculous wrote:

<quoted text>
Hmm.. are YOU going to pay my mortgage.. NO.. am I going to pay my mortgage.. YES if given the chance.
Only thing I'm askign for is for the mortgage company to fix the terms of my mortgage and keep collecting thier principal plus interest.. heck ..extend the maturity rate so they can collect the interest for longer.. Nowhere in there is the government giving me money!!!! BUT.. you can blame the BANKS for what will happen next. You Bet I will be trying to get help from a government entity if I can't from the greedy mortgage company! Oh.. btw..THEY are telling the public they are working with their "borrowers" and they are certainly NOT.. I've tried..(and my note is with Wells Fargo..who is SUPPOSED to be participating in project lifeline!!).. AND STILL taking money from the government at the same time.. The BANKS are getting the bail out my friend.. AND their borrowers homes.... in the meantime foreclosures are popping up destroying the value of YOUR home..etc.

So if you can't get your bank to change your terms, you will look to the government. How is that not asking me and my fellow taxpayers to bail you out?

Renters may believe that they have avoided the chaos of the subprime loan crisis and the mortgage meltdown simply by renting and not buying, but they may not be as insulated as they think. homes/buildings with tenants are going into foreclosure as well.

Mau wrote:

Renters may believe that they have avoided the chaos of the subprime loan crisis and the mortgage meltdown simply by renting and not buying, but they may not be as insulated as they think. homes/buildings with tenants are going into foreclosure as well.

Excellent point to bring to the attention of all. The person who is renting out the property could be collecting your rent up until the property completes foreclosure. You would then be faced with eviction even if you paid whatever rent that you were due to pay.
Keep a check on suspicious mail sent to the property. The mail may be a good indicator that you should be prepared and have funds for finding new residence.

bread winner wrote:

<quoted text>
So if you can't get your bank to change your terms, you will look to the government. How is that not asking me and my fellow taxpayers to bail you out?

You can NOT say that if you were in MY situation you would do all you can to protect you, yourself and your family in your home!!! And if you say you wouldn't you're lying.. plain and simple. Yup..I will turn and hope for ANY program that the government does offer.. why should I get turned out of my home while the BIG CORPORATE banks and ..well other corporations get tax dollars.. WHICH I ALSO CONTRIBUTE TO BY THE WAY. You want to belly ache about bail outs.. complain about all the money going to big corporations and namely the BANKS. We've become a corporate welfare country..one that is also stiffling the middle class of America. So yes, I WILL turn to the government and their programs after EXHAUSTING all efforts to work with the greedy banks with no results!!(while they make the public believe they are helping their borrowers..yeah right!) Hey .. I pay taxes too.. maybe it's time I actually get something for it since it's now my time of need!! I'll feel NO GUILT whatsoever for protecting my family and my home. Besides.. anything I DO get from the government will be inthe form of something that will be getting paid back WITH interest anyway!! It's not like my house will suddenly be free!

The Ridiculous wrote:

<quoted text>
You can NOT say that if you were in MY situation you would do all you can to protect you, yourself and your family in your home!!! And if you say you wouldn't you're lying.. plain and simple. Yup..I will turn and hope for ANY program that the government does offer.. why should I get turned out of my home while the BIG CORPORATE banks and ..well other corporations get tax dollars.. WHICH I ALSO CONTRIBUTE TO BY THE WAY. You want to belly ache about bail outs.. complain about all the money going to big corporations and namely the BANKS. We've become a corporate welfare country..one that is also stiffling the middle class of America. So yes, I WILL turn to the government and their programs after EXHAUSTING all efforts to work with the greedy banks with no results!!(while they make the public believe they are helping their borrowers..yeah right!) Hey .. I pay taxes too.. maybe it's time I actually get something for it since it's now my time of need!! I'll feel NO GUILT whatsoever for protecting my family and my home. Besides.. anything I DO get from the government will be inthe form of something that will be getting paid back WITH interest anyway!! It's not like my house will suddenly be free!

Gredy banks, greedy homeowners....no bailout for either.

And.. don't think for a minute that I"m not angry at the situations at hand. I'm just as much a victim of the subprime as you. I didn't borrow with no money down. I didn't get a LOW teaser I couldn't afford at NORMAL interest rates. Had those people paying 1 or 2% interest for only 2 years and then set to normal rates later NOT defaulted , the industry wouldn't have started a meltdown and I would be refinanced into a fixed interest rate right now. Considering i was one that could actually afford and interest rate at market levels (but circumstances of my self employment wouldn't allow for a fixed).
I'm no finanical wizzard. I did my homework and all seemed well and right. Again.. I was doing a good thing here, or so I thought. IF the INDUSTRY, namely the "banks" and "investors" didnt' even see this coming then how could the average American know that this whole mess would occurr. I don't have a crystal ball to know the future.. neither do you. You want to be agnry, be angry at the greedy financial geniuses who first packaged these mortgages up and then sold them to investors.. be angry at eople who DID buy more house than was reasonably affordable to them because the ONLY way they could afford it was at an unrealistic 1% or 2% interest rate!
And don't forget this.. these people DO pay taxes themselves folks. They are NOT welfare and food stamp collectors who sit on their tails all day and collect from the government.

Please Spare Me wrote:

<quoted text>
Gredy banks, greedy homeowners....no bailout for either.

That's a nice sentiment..BUT. the gov't is bailing out the BANKS!! NOT the homewoners.. If the banks would go in and clean up their own messes by workign with their borrowers then gov't wouldn't do a thing. The gov't is there bailing out the banks from the "losses" they are suffering due to foreclosure.. BUT it doesn't have to be that way.. the banks WANT it that way.. they want the gov't to give them money for their "losses" with a "we're working with our borrowers" BS and they are NOT.. they are taking gov't money AND taking the average Joe homeowners home.. and as a result we're all getting screwed.. you, not in a mortgage mess, me.. who is in this mess and every homeowner out there who has now lost equity in their home or has to look at boarded up foreclosed homes on their block.

Wake up everyone.. we live in a corporate welfare country!! At the expense of the working middle class.

The Ridiculous wrote:

<quoted text>
That's a nice sentiment..BUT. the gov't is bailing out the BANKS!! NOT the homewoners.. If the banks would go in and clean up their own messes by workign with their borrowers then gov't wouldn't do a thing. The gov't is there bailing out the banks from the "losses" they are suffering due to foreclosure.. BUT it doesn't have to be that way.. the banks WANT it that way.. they want the gov't to give them money for their "losses" with a "we're working with our borrowers" BS and they are NOT.. they are taking gov't money AND taking the average Joe homeowners home.. and as a result we're all getting screwed.. you, not in a mortgage mess, me.. who is in this mess and every homeowner out there who has now lost equity in their home or has to look at boarded up foreclosed homes on their block.
Wake up everyone.. we live in a corporate welfare country!! At the expense of the working middle class.

I will say it again....I do not favor bailouts for either the BANKS or the homeowners. I agree that the gov. should not be bailing out the banks..but I also don't believe the homeowners should be bailed out.