Thursday, March 20, 2008

Cry me a river part 552716

It's official. Every idiot home "owner" making $20K who bought a $700K house is now

1. A victim
2. "troubled"
3. needs government help ASAP


More troubled borrowers getting left behind

Many homeowners who were subject to predatory lending practices - including brokers who misrepresented payments - are trying to rework their loans. Few are having any luck.

HARTFORD, CT. (CNN) -- Yolanda Cruz knew soon after she refinanced her home two and a half years ago she had a problem. She thought the $1,478 monthly payment quoted by her mortgage broker included taxes and insurance. In fact, Cruz says she asked the broker repeatedly if those costs were included and was reassured they were.

"We just took his word for it, and unfortunately that's not what it was," Cruz said. Soon, she began receiving tax bills from her town of East Windsor, Connecticut. She couldn't afford to pay them."I feel I was taken advantage of," Cruz said.

Everyone all together now.... AWWWWHHHHH. She is so full of shit I don't even know where to begin. When I bought my house lo these many years ago, I remember the day of closing. I was at the title company for what seemed like decades signing papers. Along the way I was told over and over, this is the loan you are signing up for. There was one page that clearly spelled out the details of the loan in plain English. The interest rate, the number of payments, the monthly payment, etc. And also it clearly spelled out it did NOT INCLUDE TAX PAYMENTS which would be my responsibility, along with SID payments which is another word for tax in Las Vegas, only called by another rose.

And even if it had not been clearly spelled out to me I knew what was going on. Why? Because I have an IQ above 50 and would never sign any document on the promise of some guy I just met because I trusted him. You took his word for it? Are you insane woman? People will sit at a new car dealership for hours negotiating over $500 in the price of the car. Yet they will sign on the dotted line to buy a $500K house without giving it a second thought.

This is now the official party line. Borrowers weren't stupid and greedy. They didn't fall prey to the age old demon called greed. No. They fell prey to EVIL LENDING PRACTICES and BIG LENDING. I'm sure Haliburton is connected somehow too.

And here is what the far-leftists have to say on the matter:

"The payments in this kind of workout are unaffordable to the homeowner," said Diane Cipollone of the National Fair Housing Alliance. "And sometimes homeowners sign it anyway. They don't know what to do. They know that if they don't agree their home will go right into foreclosure. But soon they default on the repayment plan, and that's counterproductive."
No shit the payments are unaffordable. That's because they bought too much damned house. It should never have been affordable and foreclosure is the correct and logical end point of this debacle.

And here is the money shot, which of course the MSM tool writing the article completely misses.

"She was basically deceived," said Karen Nigol of the Housing Education Resource Center in Hartford. According to Nigol, Boykin would not have been able to afford the loan without earning more income than she did at the time of the loan application. Nigol says the mortgage broker listed Boykin as his employee on the application, even though she was unemployed.
Say what? She was unemployed yet she still bought a house? I had to read that twice to make sure I didn't miss something. So her income was $0 yet she still signed up for a monthly loan obligation of $1400+ and I'm supposed to feel sorry for her?


And finally the pithy, sad commentary by the MSM tool du jour:

With an apparent stalemate between lenders and borrowers, will people be forced to go into foreclosure or even to just walk away? "Yes," said Connecticut Fair Housing's Erin Kemple. "The simple answer is yes."

Oh so you mean when a deadbeat doesn't pay her loan, she doesn't get to keep the underlying asset? How mean of the lender. Why I tell you we need a new law right away making it illegal for these lenders to actually demand payment of the loans back. I mean come on, victims like Ms. Cruz deserve better. They are entitled to live the American Dream gosh darn it. So what if she willingly lied on her application? So what if she is obviously too stupid to walk and chew gum let alone manage her finances? As soon as Billabama, Nancy Pelosi and Harry Reid have unrestricted control, Senora Cruz will not only get to keep her home, she will not only get her $1500 "stimulus check" (even though she is unemployed), she'll probably get a shiny new BMW in the garage to go along with it.


Welcome to the USSA, the United Socialist States of America.

6 comments:

Anonymous said...

you are one mean sob

Scott said...

Why is he mean? Because he has no compasion for someone that doesnt have a job, yet buys probably about a $250K house? I'm with Ed, she had no business buying this house in the first place.

Anonymous said...

Perhaps the woman in this story was part of this trend.

http://www.bizjournals.com/
business_resources/sales_and_marketing/
stories/2008/03/10/story1.html

Ed said...

I may be mean, but I am right.

Anonymous said...

Ed, I agree with you here. (I'm the anon who made the critical comment on your other post, where reproductive rights were being discussed)

Some of these situations are so ridiculous it is mind blowing.

In other news, I have been waiting for a political post for some time to ask if you have seen any updates on the NY primary recount? Kind of got swept under the rug, huh?

Ed said...

Anon,

Yeah I totally forgot about the NY recount thing. Totally swept under the rug. Had there been a 1 vote discrepancy in an Obama vs. Republican race Jesse and Al would have been marching non-stop.