more housing stuff

Read it and weep.

I am officially at the shut the fuck up you selfish jackasses point. Srsly. That little article is a treasure trove of narcissism, displays of entitlement mentality and some very very scary hints of what's to come. For example, there's this:

Paul Willen, a senior economic adviser at the Federal Reserve Bank of Boston, cited another group not helped by the plan: the newly unemployed.

This is not mentioned in the article but that sounded all kinds of alarms to me. I've had the sneaking suspicion that mortgage payments for the unemployed is just around the bend. Maybe I'm being a paranoid conspiracy theorist, but I see comments such as the above as laying the ground work for precisely that.   After all, we want people to move and get jobs right?  And people shouldn't have their dreams crushed because those evil people in the financial markets destroyed the housing market right?  Honestly, I would not be surprised in the slightest if straight up cash payments is the next step.

And this guy?  I want to punch in the face.

For Mark Klepper, 50, who lives in Miami, buying a big house was a way to establish credit to start a business. In 2004 he bought a home for $585,000, and watched its value rise to $1.4 million. After refinancing twice, he owes $1,064,000. But the home is now worth a little more than he paid for it, and his income has fallen by 40 percent. He stopped paying his mortgage in January. If he were to continue paying, he said, the drain would crush his business. The government’s plan does not help him.

“I feel if there’s a plan out there, there shouldn’t be a limit,” Mr. Klepper said. “If the government is helping these lenders, they need to take some principal write-downs.”

He asked his lender to reduce his balance to $600,000 and his rate to 4 percent, but so far has made no headway.

In less than five years he refinanced twice and nearly doubled his principal amount.  And now he wants a do over?  And I have to pay for it?  Yeah, no.

Going Galt is looking better by the second.

Posted by: alexthechick at 08:58 PM | Comments (12) | Add Comment
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