Archive for the 'economy' Category

Oct 05 2008

How to get out of your mortgage and keep your house

Shoot yourself twice in the upper body while being evicted.  This happened to 90 year old Addie Polk of Akron Ohio, and Fannie Mae forgave her loan and signed her  house over to her (click here for full article).  Something tells me that this strategy will have limited returns for pretty much everybody else who decides to use this method.   Congress and “the people” can only use one symbol per crisis, everybody else in this situation is fucked.

In a similar vein, I watched a portion of Meet the Press today and Tom Brokaw stated this:  (full transcript here)

… let me introduce a moment of heresy into the political campaign. Isn’t it also time for these candidates to reflect just what Peggy was saying and say to the American people, “You’ve got a role in this, too. You’ve got to step up.” We’re not going to make gain without some pain here in the next year, and, in fact, the American people have been part of the problem that we have right now. A lot of them took loans that they should—ought not to have taken. Credit card debt is very high. And they want to turn a blind eye to things like entitlements, Medicare and how we’re going to pay for it.

I had some immediate conflicting reactions to this statement.  First, it was a bit of a sting as I have spent many years of my life living above my means as well as many many Americans, currently, my family has paid down most of our debt and have taken great pains over the last couple of years to eliminate credit spending all together.  But the statement rings true.  My second reaction was making this statement (as a member of the MSM and a puppet of our government) is like a drug dealer complaining about the junkies.  Our government has taken great pains to encourage spending both by average Joe and by themselves with their incredible deficit spending, forcing an unnaturally low interest rate, giving incentives to sub-prime mortgage houses, and by giving two fucking ridiculous tax rebates and encouraged people not to pay down debt or save but to buy buy buy.  How many of you sat down with a used car salesman mortgage broker to obtain financing to purchase a house and were told:  “you’ve been cleared for XXXX” where XXXX was waaaaaaay more than you knew you could realistically afford.

It fucking makes me sick.

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