"Send more money!"
Posted on 07/29/2008 3:55:16 AM PDT by suspects
Call it the “Extreme Rake-Over: Taxpayer Edition.”
Three years ago, Patricia and Milton Harper were handed the keys to their brand-new, 4BR dream home on ABC-TV. When Ty Pennington handed them the keys, he also gave the Harpers $250,000 to cover taxes and maintenance for the next 25 years.
Three years later, the home is in foreclosure and scheduled for auction - another “casualty” of the mortgage crisis.
A free house, a sack of dough, and the Harpers still managed to get $450,000 in debt and lose their home? They are the poster couple for the $300 billion mortgage bailout plan.
According to neighbors, the couple borrowed a lot to start a business but - as one delicately put it - “they were never good with money.”
We all know people like that. Heck, during my misspent youth I was a person like that. But that doesn’t fit the media’s narrative for the government bailout plan.
No, according to the mainstream media, responsible citizens were sitting in their bungalows, clipping coupons and knitting their own clothing, when they were set upon by Wall Street sharks and sleazy mortgage sellers who duped poor Ma and Pa into buying a McMansion they couldn’t afford. And now these solid citizens are being tossed into the gutter by greedy banks and a heartless Bush administration.
That’s certainly how The Boston Globe-Democrat told the story of “Taunton mother Carlene Balderrama.” In the Globe-Democrat’s version, Balderrama “killed herself an hour and a half before her home had been scheduled to go up for foreclosure auction.” She died of shame, the paper suggested, having hidden the foreclosure notices from her husband.
“What gets us so angry is that people blame themselves,” said Boston housing activist Bruce Marks. “They can’t see past their sense of responsibility..."
(Excerpt) Read more at news.bostonherald.com ...
I agree. Let the homes go. Of course, the mortage lenders will go belly up too, which is what this is really about.
The mortgage crisis/bail out reminds me of that cable show Clean House. They find people who live in unfathomable clutter, help them clean out the clutter, hold a garage sale, raise funds, then they redo the house to be beautifully decorated, organized, and neat as a pin.
I always wonder how long it will take for the house to revert to it’s clutter ridden state, because they really didn’t solve the problem, which is the people’s propensity for keeping junk.
The mortgage bailout is the same thing, it doesn’t solve these folks problems. They took on more debt than they could handle before, they’ll do it again.
They’ll do it again BECAUSE they suffered no ill-effects this time.
[“They can’t see past their sense of responsibility...”]
Bull, they can’t see as far as their responsibility. And it is right up front in the line.
Michael Graham PING!
Capitalism creates wealth, Socialism USES that wealth UP..
Question: Is there such a thing as a FREE LUNCH?...
Great column, Michael!
ABC-TV should’ve bought this house for these people or bailed them out. Or perhaps they could’ve created another reality series, like “Extreme Bailout” or “Mortgage Mayhem” or “Are You Smarter Than a Mortgage Lender?” or “Who Wants To Be A Foreclosure Freak?” , etc.
I agree. Let the homes go. Of course, the mortage lenders will go belly up too, which is what this is really about.
The mortgage lenders aren’t owed any money. They sold the paper long ago to banks, municipalities, unions, hedge funds, and anyone else willing to buy.
The only time I have watched that show, they built a new house for a disabled Marine and his 3 kids, no wife in the picture. I thought it was a pretty good deal then.
and EVEN then, it wouldn't be enough.
They want to be bailed out for their STUPID, IGNORANT choices.
Enough is enough.
A family here bought a second higher end home and simply walked from the first home. They could have sold the house but didn’t even try.
This is one of the worse bills to ever come out of DC.
"Send more money!"
My Hubby and I are an older couple. We were looking to buy in early 2000 and 2001. We looked over our budget, figured out what we could afford and started looking. We were approved by 2 mortgage lenders for $100,000 MORE than we were comfortable spending. Competition for lower priced housing was fierce and we lost. The mortgage companies pushed us to look at higher priced houses that we felt we couldn't afford. They told us REPEATEDLY that we COULD afford it. One man got so angry when I asserted that we couldn't handle a higher mortgage that he hung up on me.
Considering this I have to say that lenders were pushy and handing out mortgages like free candy. Buyers that hadn't figured out how to budget and stick to it bought the line "You can afford it".
I agree and will take it a step further. I think that the show and what they do is a terrific thing. I've seen references to "socialism" mentioned here, but this is NOTHING like socialism. The government is NOT involved. A number of private companies and individuals give time and materials to do something wonderful for someone who's been nominated by the community. Here in KC, EMHE has been here 3 times over the years. All 3 families were barely making ends meet, and the show gave them something that they'd never be able to earn for themselves - and would probably never try to earn for themselves either. I can't say how they've done in the long run, but I refuse to condemn the concept or the results because of one heavily reported bad experience... And might there be some reason for trying to smear the show? Maybe having something to do with the idea that only government can "really" help people. Charitable acts are simply a waste of time.
Mark
Absolutely not.
We will never own our own home now because we were smarter than going in debt over our heads. Why should we bail out someone who was ignorant and did no research or budgeting and greedy lenders? We shouldn't.
My response was to those who wish to blame just buyers or lenders when it was both that were stupid.
Socilaism tends to subsidize stupidity and failure.
You bet. :)
If it were just a handful of folks, I would agree with your assessment. But it’s not just a few people — it’s hundreds of thousands. And their debt has infected the entire economy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.