So I was surfing around Yahoo! finance the other day and I saw this ridiculous article that made me so dumb founded I could hardly believe it was true. Here is the basics of it, the Bank of f***ing America (BofA) is forgiving people who have not been paying for their house up to $150K of the principle of their loan. I mean WTF. A dirt bag who is not paying for their house and you get a magic gift of essentially having your house retroactively marked down $150k. Where is the incentive for people to pay for what they bought?? You don't see people who did the right thing and are paying for their house without missing payments getting some of their principle forgiven. No wonder everything in this country is so f***ed up. Let's reward the assholes and scumbags who do live up to what they agrees and hand the good hard working individuals out to dry.
Let's see we all kinda know how we got here but do we really know? People who were irresponsible bought houses. Instead of figuring out how much they could afford, even in a time of financial hardship, they believed what other people, or banks, told them they could afford and now they are getting rewarded.
I, for one am hoping the crash continues another 30%-40% at least.
Is my house less worth than when I bought it? Yup
Have I taken pay cuts during the crash? Yup
And I still paid every bill I had on time without so much as being 1 day late!
On a tangent late is late. It doesn't matter id you are 1 month, 1 week, 1 day, or 1 second late. The bottom line is YOU ARE LATE and I am sick of hearing people crying about it. Being in your "grace period" is late. If you don't pay when you are supposed to you deserve everything you get, but yet we reward people for this. We make exceptions. I say screw that, there need to be way tougher consequences that are held to so no one gets the idea it OK to be late, I will be forgiven.
Anyways let the housing market continue to crash and burn. There were some articles in the pas few days saying the housing market will start increasing 4% every year. I call BS. Some think we are going the ride the level we are at now for a while and maybe that is true. The only real way the market will recover is when starter houses are affordable on a average (not minimum wage) single income. Until we get there I'm voting for a ride to the bottom so people who are responsible individuals can finally take advantage of the American dream.
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Yeah the people who are late, they let them refinance and the people who pay on time can't refinance. That's bullshit. Why not reward the people who are paying you the money Banks. Oh yeah because we aren't screwing you out of your money like the people who can't pay. Don't get me wrong I am sorry for people and the economy who are losing their houses. I am just fed up with the system. They are going right back into the hole again and I wouldn't be suprised if their is another housing market crash. Point number one if you are a couple, don't buy a house that you can't afford on one of your income!! Chances are one of u will move jobs or lose a job at some point in your life. I will close this out with a nice quote..."I am only 45 days delinquent"
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