Tuesday, March 10, 2009
CW Video #3--On Personal Responsibility
A few thoughts on the moral crisis within the mortgage crisis. If you'd like to watch the Youtube Version (with some graphics here and there) go here.
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8 comments:
I would have liked to see a quick enumeration of the qualifications / requriements required of one who will get $$ to forestall foreclosure.
Received an email this morning with a question about the difference between category 2 and category 3 people. Yes, both were "speculating" or investing. But those in group 3 CAN afford their mortgages, they simply don't want to pay them anymore. THEY ARE SPECIFICALLY targeted in this bill, with provisions for people to refinance (but only if their house hasn't lost TOO MUCH value--and if Fannie or Freddie backed it in the first place) if upside down. You don't have to have missed a single payment.
Generally agree with your points about people who just want to walk away, but to throw in the "decay of old europe" line is stale GOP bs, frankly,and i think you're better than that. priorities among europeans may be different than those found here, but to simply cast dispersion on europe as some sort of hell on earth is simply ignorant. we have a lot to learn from them as they do from us.
Excellent video Bryan. I am in agreement with just about everything you said.
Hey anonymous, I think that's cast aspersions, not dispersions.
Anon
What criticism of old Europe do you find "ignorant"?
The only thing we have to learn from Europe is how to stop our own decay by using them as an example of how NOT to do things.
Good video. Sorry, but don't agree one bit with your "cut 'em a break" philosophy on cat 2 either. I read your explanation below, still not moved. These people took a gamble. Their intention was to flip the house. They took the cheapest upfront loans they could find with absolutely no intention of ever paying one penny at the adjusted higher rates. Tough. Why should I pay one penny to help them out? It was entirely their own decision to enter into the ENTIRE agreement. Never mind that they didn't expect to have to actually be held to the ENTIRE agreement. I didn't enter into that agreement, even partially, so why should I be asked to give more of my taxes to help them out? I own a house in a flood zone (hurricane/tropical storm). I knew that when I built it and when I signed the contract to purchase the land. If a storm takes it away, that's my own stupid fault for building it here. Why should you or anyone else, except maybe the company I pay to insure it, pay to rebuild it? If we are going to talk about personal responsibility, then let's not muddy those waters with degrees of responsibility. You make a promise, you better mean it. If you choose not to keep it, for any reason, that is your problem. If you can find people who are willing to help you not keep your promise, that's between you and them. But if you go to an intermediary and that intermediary decides to use my money to help you, I become energized about replacing that intermediary. And I don't feel one bit of guilt about being such a hard nosed SOB about it either.
Don't know why that came up as anon. Sorry.
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