Skip to comments.Don't leave us to foreclosure (A messaage to the President)
Posted on 01/29/2006 2:17:44 PM PST by Uncle Sham
Don't leave us to foreclosure Sunday, January 29, 2006 Here in a community full of ruined homes, it takes no imagination to predict an epidemic of foreclosures that could devastate families, cripple the recovery of greater New Orleans and strain the nation's economy. If your flood insurance payout isn't nearly enough to cover your mortgage, you wonder if you'll have to abandon your unlivable home. If you look down the block at a dozen other damaged houses and know that your neighbors are in the same bind, you understand the fear of losing your neighborhood to blight. If you travel daily past block after block of empty, flood-marked houses, you understand how large the hole in our economy could become. This explains why U.S. Rep. Richard Baker is not giving up on his proposal for a federally backed buyout of flooded-out homeowners and small business owners. He wants Congress to create a corporation that would release Hurricane Katrina's victims from their mortgages, sell bundles of property to developers and help get storm-ravaged land back into commerce.
(Excerpt) Read more at nola.com ...
Hint for the future: Don't build below sea level.
More taxpayers' money.
People should have insurance and besides the government has already been giving free housing, food, transportation and even a couple grand. NOMOMONEY!
You can write the music any way you want. The lyrics are still "Give us a handout."
An editorial should never be posted in Breaking News.
I don't think unless people have actually seen New Orleans they can't grasp the magnitude of the problem.
I lived in NO half my life, but even so, looking at the issue from far away, trying to imagine it, it's simply not possible.
Words can't describe it, pictures don't do it justice.
I have read that Bush did not actually tour any of the flood zone. Too bad. They should have driven him through the mile after mile after mile of empty gaping wounds that used to be neighborhoods, used to be houses and are now empty hulks at best, or full of soggy muddy oozy garbage at worse, or collapsed piles of former structures at worst.
The mind reels. It's just too much to comprehend.
There may be a better solution than the Baker plan but I don't see it.
I sure as hell would not rebuild a home or a business in the flood zone until the flood protection is rebuilt, and rebuilt better than before.
Who's holding up progress then? Oh yeah..blame the President.
Didja ever think that maybe lots of vanillas and chocos don't want to come back? Large parts of NO were s**tholes before Katrina and they still are.
Trillions won't be enough for Louisiana Dems.
Sure -- don't rebuild below sea level.
Default on your mortgage, the home is gone; default on your credit cards, the stuff is gone; default on your car loan, the car is gone; file Chapter 7, and let the economy take the hit.
Here's a hint -- we're talking about 1% of the population of the United States that are going to have to file Chapter 7.
The City of New Orleans and the State of Louisiana will be next in line to file bankruptcy.
Enjoy your superiority, but it will come back to haunt you.
Is that Dutch or South African or something?
Sure, all those "vanillas and chocolates" can move into Section Eight housing in your community and you can support them.
When the Mississippi River caused multiple levee crevasses back in 1927, it devastated a far larger geographical area than Katrina (and a far larger "value" figure in constant dollars), the folks whose properties were devastated (and that includes my own family), built back up on their own devices--there WAS no "federal relief money", nor even any state relief money for rebuilding--but they did it--bigger and better than ever.
Time for the Nawlins types to "Kwitcher bitchin' and get to work."
Screw over the rest of the TAX PAYERS. (can you hear me now?)
Remove and relieve the individual responsibilities of home owners and business owners, and while your at it Representative Baker, pass a law that we, all of us, can sit on our fat asses, drinking mint juleps, collecting worthless beads and never again have to do anything harder than signing the gooberment check.
What a pathetic waste of breath!
See post 13.
At this point, anything Louisiana asks for is suspect.
I understand the destruction, loss, and pain. However, if my home is destroyed by a tornado and I do not have the proper insurance, no one is going to give me a new one.
Billions in aid is flowing into Louisiana, and government programs that have worked in the past for other catastrophes should be adequate.
New Orleans is not special.
Section Eight exists because the Dems put it in place.
One way or another the so called "victims" will get the free ride. I am more concerned with the legitimate victims...who need a hand. And billions is a whole lot of hands.
If their banks won't release them from their mortgages, why should the taxpayers do it?
Then you should have had more insurance, pal.
Yeah ... and then the President should have reduced Louisiana to a territory, brought in the military, and tossed the politicians in that ex-state into federal jails.
Louisiana isn't a state, it's a criminal enterprise.
Oh, you haven't heard their latest idea!
If we, the taxpayers of the United States, won't give them what they want, the state of Lousisiana is going to make it up by charing a TARIFF on the gas and oil, etc., that moves through the pipes from NO to the other states.
That'll win them a lot of friends, won't it?
If Louisiana wants a buy out let Louisiana pay for it.
The taxpayers aren't paying for this. The ones who redevelop the properties will be paying for this. People need to read the article before jumping to conclusions. In other words, it isn't going cost you one red cent.
Progress = handout ?
Seems awfully funny that only those in NO are asking for handouts from the federal government - where are all the rest of Katrina and Rita "victims" ?
Probably out working and rebuilding their lives on their own without waiting for the government.
You should be ashamed of yourself here on a CONSERVATIVE forum. Geez, the idlers on DU would welcome your comment.
That's wishful thinking...prohibited by the constitution.
Of course, the surrounding states could charge a tariff on food that flows into LA if they really want to go that direction.
I saw it after it posted. Too late to change it. The article itself is a good one about what was being proposed.
That's exactly what I told them; how about the other 49 find something they might need in NO and put a tax on that.
They were gleeful in the idea that they had found a way for somebody else to pay for it though.
It wouldn't cost anything if the developers were successful. That is a big if.
If not, it would be guaranteed by the Federal Government, and come right out of our pockets.
If you can't afford insurance, don't buy.
I will NOT pay for YOUR stupidity.
Can they NO/LA charge a tariff w/o federal intervention.
I ain't no lawyer, but it sounds that this tariff may have national ramifications, hence the federal government would have a say at it.
BTW, having attended both Clinton impeachment rallies in Washington, DC should tell you that I am certainly not a liberal.
Don't buy a house if you don't have insurance.
Don't blame us when it gets trashed, and you can't afford to rebuild.
We are not responsible for your stupidity.
The aftermath of the flood of 1927 was a lot of small banks that went bankrupt, and others that were hanging on by the skin of their teeth until 1929.
Just one of the many factors that led to the Great Depression of 1929, but an important one.
In those communities, the Great Depression started in 1927.
Fast forward to 2006 -- the loans on those houses are guaranteed by Fannie Mae, and backed by the federal government, which means you and me, the American taxpayer. We're interconnected. The cascade of debt defaults won't stop at the parish line.
Well, actually, you will be. If Fannie Mae goes belly up, who pays the tab?
If Congress is involved it is going to cost taxpayers, no ifs and or buts about it.
Well, that's what they want! They want the rest of the country to pay for fix up New Orleans!
hence the federal government would have a say at it.
And if it turned out to be against the law, they could blame Bush again, ya see?
Here's an example:
"Why should I , a US taxpayer, help pay billion$ to rebuild NO when everyone knows it is certain to flood again."
Please see post #30. If Lousiana has its way you will pay whether you want to or not. But just to reiterate: It is beginning to dawn on Lousiana that we have the Nation literally over a barrel. Our Natural Resources are such that we can tax our way out of our own peril and have the Nation pay the tab at the pumps. This idea is beginning to take root here as our Federal government refuses to own up to it's share of responsibility in their failed Levy protection system. I give a lot of credit for this idea to some very astute politicians in the State of Lousiana.
Personally I'd like to see most of those properties turned back into wetland, but even so, the owners are entitled to full compensation because the land will be taken for a public use.
Which is more economical, 60 cents on the dollar now, or 100 cents on the dollar plus legal fees later?
I saw that, and I'm still shaking my head in wonderment.........
I am not aware of federally guaranteed mortgages.
Of course we had to bail out the S & L's years ago...
Well, I sympathize with your frustration but the Constitution won't allow it.
It's a mess, and it's not going away, either.
Adults need to act like adults. The mortgages are federally guaranteed. The student loans are federally guaranteed. The credit cards and car loans are not federally guaranteed but the banks are.
Something like 300,000 Americans are suddenly impoverished and living in hotels. You can tell them to pull themselves up by their bootstraps all you want, but if they qualify for federal assistance, they will get it.
So, what are the real options here?
Not to say that other states' pols might not be as corrupt and/or stupid, merely that they don't happen to be under the national microscope at the moment.
Here if you build or buy in a flood-prone area, you must buy separate flood insurance or your loan will not be approved. If your home or business is seriously damaged by a flood, your insurance pays you for the damage and you choose to re-build it in the same place, that insurance will not re-write your policy. In most cities, and even in this rural area where I live you are not allowed to build in a floodplain, although some people in isolated areas do manage to get away with it-but their insurance will not cover if they get flooded. Why is it that the banks of NO did not send out any real estate inspectors when these homes that are now gone were built/bought? As a taxpayer, I'm really not interested in paying any more money than I do now for stupidity, whether it is that of a bank or an individual.
Wow. Do you own your own home? Ever hear of HUD? Fannie Mae? Freddie Mac?
Of course we had to bail out the S & L's years ago...
Different program. That was FSLIC. Sort of like FDIC. You do know what FDIC is, don't you?
Ask your congress critter to change the law, then. In the meantime, we're stuck with the laws as they are.
It has nothing to do with Bush and everything to do with the residents of NO asking for handout after handout.
How does it make economic sense to rebuild those parts of a city protected by inadequate levees and sinking further below sea level every year ?
I don't care if it is in the form of loans - if you can't get it from a bank(or other private institution), it's not worth doing. So you take a loan from the government at whatever interest rate, and another hurricane comes along next year. Gonna stick it to the taxpayer again, or what ?
Move to higher ground, folks, the rest of the country is tired of subsidizing this stupidity.
In case you're wondering, I don't like student loans either.
Did the citizens of San Francisco cry to the Feds when they had that devasting earthquake in 1906?