The Big Bail Out
President George W Bush is expected on Thursday to outline a plan to freeze mortgage rates for five years for homeowners hit by the credit crunch.It is estimated that over 1.8 Million homeowners has been hit by the sub-prime home loan debacale. Most of these loans where written between Jan 2005 and Jan 2007. The five year freeze will keep many from losing there homes. CNN reported that these morgates will increase on average around $350 per month just in 2008 alone. Many believe that this freeze will continue to fuel an already overprice housing market and not allow the market take it’s natural downturn.
I understand the fear of losing your home but at some point you have to responsible for your own future. Many of these people fall in to two areas: “Iwill get all a can’t afford” and “If they say ok then I am good”. The ” I will get all I can’t afford” crowd take as much home as they where approved for thinking I will sell in five years and make out big. Well the housing market was so inflated that no one wants to buy a helium filled gas bag. The second crowd : “If they say ok then I am good” got took. These people wanted that American dream that they did not know or did not care what 5:1 ARM was.
What about all those people who purchased home during this same period and are not in trouble. Do we get? a pat on the back, a tax break for being good stewards, a thank you note or do we just get ignored. When are going to learn that ever one can not keep up with the JONES and a lot of us don’t live on the same street.
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I think I can see where you are coming from on this. Our society is one whose only interest is in what is in the pocket. And the infamous “GOTTA HAVE IT NOW” mindset.
See, like almost everything, we tend to take a look at something and most of the time at what others have and out desires to have it kick in. At that moment, we want it and don’t care about the sacrifices or the consequences. So, we go for it! Then in the end we are standing on the corner with shrugged shoulders looking like the broke Monopoly man.
And you know people who get those interest only loans had the brilliant and high hopes of being able to refinance and or turn around and sell for a [what they thought] profit. And a few years ago, it was a train wreck that many people sat back and knew was coming.
I heard something wise said some years ago that I embed deep in my heart and soul and that is: “I refuse to go broke to impress people who I don’t like and don’t like me.” I now laugh when most of the people that I see who make me think that their possessions make them happy because if you have to get stuff or money to make you happy then you aren’t happy with yourself anyways. Happiness and contentment is a gift and no amount of money or material thing can do that for you. The real question is when all is gone and there’s nothing left, what do you have? The true test of a man with when he is down to nothing. That’s when you really get to the true fabric of a man.
By the way, from your writings, you sound kinda cute. You wanna girlfriend/secretary?
I am diggin’ ya stuff man! It’s hot! Keep up the good commetating. You are rockin’ it!
PEACE and LUV to ya!
allrenellis - December 12, 2007 at 11:57 pm