To all of the responsible homeowners

[Clandestino]

the neighbor. let him get foreclosed on because there will always be someone willing to buy his house.

[ChuckD]

Yeah...I guess if you've been paying on your house than you'll definitely qualify for refinancing on your own. Haven't looked into it too much since my rate is pretty decent <6%.

Someone gets it. When I bought in 2000, the rates were 8+. I re-fied in 2003 at 5.96 on a 30 year note. I'm sure there are people who bought at 8% who are still at 8% because they don't pay attention or don't understand the benefits of re-financing. Sucks for them. I'm sure they're crying as much as Ms. I can't get a mortgage and it's so unfair. Whoever told you life was fair lied. Life isn't fair, life is about dealing with the realities of, and living in the now. Save. Spiff up your credit rating. Wait for the right time and conditions.

[Oh, Gee!!]

And someone else comes along, buys a home 3 times what they can afford, complains when they can't pay the bills because it's someone else's fault (like the mortgage companies), and then they get a break with a lower interest rate. It's disgusting.

free market economy. don't like it? go to russia!

[SnakeBoy]

but I was going to be forced to put down a sizable down payment just to be eligible for a loan

That's the way it should be. If someone doesn't have the ability to come up with at least 15% then the home is beyond their means. Either because they just don't earn enough or they don't have the fiscal discipline to save money.

For most it's likely the latter since the american savings rate now negative.

[PixelPusher]

the neighbor. let him get foreclosed on because there will always be someone willing to buy his house.

Olbermann needs to hire you as his "Colmes" punching bag.

[SpursFanFirst]

Sounds like what got this whole mess started in the first place: trying to qual people who really couldn't afford a home. Belatedly, it sounds like they're tightening the criteria to what they should be. Sucks for you right now, but when you can afford a home, REALLY afford it, you'll get one.

I have one. Thanks.
And I afford it just fine.

What I hate is irresponsible people getting better rates to bail them out.

[SpursFanFirst]

Someone gets it. When I bought in 2000, the rates were 8+. I re-fied in 2003 at 5.96 on a 30 year note. I'm sure there are people who bought at 8% who are still at 8% because they don't pay attention or don't understand the benefits of re-financing. Sucks for them. I'm sure they're crying as much as Ms. I can't get a mortgage and it's so unfair. Whoever told you life was fair lied. Life isn't fair, life is about dealing with the realities of, and living in the now. Save. Spiff up your credit rating. Wait for the right time and conditions.

Perhaps you never read my comments.
I HAVE A HOME...I GOT A LOAN...
And I have a 6% rate. I DID refinance to a lower rate a while back.

but if someone is irresponsible and needs to be bailed out because they didn't research their options...and now they're getting help AND getting better rates...THAT'S CRAP!

[Biernutz]

the neighbor. let him get foreclosed on because there will always be someone willing to buy his house.

Not always--A house next to me was vacant from January till 3 weeks ago. It was a repo and the new owner was trying to flip it. He couldn't sell it so now he has turned it into a rent house.

[ChumpDumper]

Gotta hate someone, I guess.

[SpursFanFirst]

Gotta hate someone, I guess.

Yeah. Who's paying to bail these people out, would you say?

[SpursFanFirst]

Perhaps I should just stop paying my bills...
Hmmm...maybe, I should spend every penny I make on stupid stuff, and never save.

Better yet? Why don't I just stop doing my work at the station, get fired, then go on welfare and let the freakin' government take care of me?

[SpursFanFirst]

That's the way it should be. If someone doesn't have the ability to come up with at least 15% then the home is beyond their means. Either because they just don't earn enough or they don't have the fiscal discipline to save money.

For most it's likely the latter since the american savings rate now negative.

...says the guy who makes $275,000 a year...

Give me a break.

[ChumpDumper]

Gotta hate someone, I guess.

Yeah. Who's paying to bail these people out, would you say?

If they are just paying a lower rate? Is the original loan paid off by taxpayers in full with all the interest that would have been due over 30 or whatever years? Let me know whom to hate.

[ChumpDumper]

...says the guy who makes $275,000 a year...

Give me a break.

So we should hate the richers too? This list is getting long.

[SpursFanFirst]

I guess, Chump, that you're OK with people not pulling their own weight.

I find that interesting, if you're one of the responsible people.

[SpursFanFirst]

So we should hate the richers too? This list is getting long.

I'm saying that, he's making $275,000 a year...naturally, it's no big deal for him to come up with a downpayment of 15%.

I didn't say we should hate him. But thanks for putting words in my mouth.

[ChumpDumper]

happens. I wish people had been better educated about home finance, but what's done is done. There already seems to be a substantial surplus of housing, so at this point it seems like a good idea to try to keep some current owners in their houses.

[ChumpDumper]

I'm saying that, he's making $275,000 a year...naturally, it's no big deal for him to come up with a downpayment of 15%.

I didn't say we should hate him. But thanks for putting words in my mouth.

It's pleasing to know you have determined his entire financial situation from his internets post.

I do love class warfare when the going gets tough. It's fun to watch.

[SpursFanFirst]

happens. I wish people had been better educated about home finance, but what's done is done. There already seems to be a substantial surplus of housing, so at this point it seems like a good idea to try to keep some current owners in their houses.

That's fine, but we kind of got off the original question.
He asked if we'd be fine with our irresponsible neighbors getting a better rate than us.

If you're a responsible person, and you're rate is, say 7%...are you OK with your irresponsible neighbor getting bailed out and getting a rate for 5.5%?
These are just random numbers, of course, but the gist is there.

[SpursFanFirst]

It's pleasing to know you have determined his entire financial situation from his internets post.

I do love class warfare when the going gets tough. It's fun to watch.

Yeah. It is kind of like having people reading your posts and the putting words in your mouth.

[ChumpDumper]

If I can pay my own mortgage, and my neighbor is a good one -- who cares? I'm not one to get all up into other people's finances.

[SpursFanFirst]

If I can pay my own mortgage, and my neighbor is a good one -- who cares? I'm not one to get all up into other people's finances.

Well, the OP was asking if people would be upset to know their neighbor was getting bailed out and getting a better rate.

If you don't care, then why did you bother to open and answer this thread?

[ChumpDumper]

Well, the OP was asking if people would be upset to know their neighbor was getting bailed out and getting a better rate.

If you don't care, then why did you bother to open and answer this thread?

Because not caring about it when you know is indeed an answer.

You are too busy hating to realize that.

[SpursFanFirst]

Because not caring about it when you know is indeed an answer.

You are too busy hating to realize that.

Yes. Yes, that's me. I'm a hater.
I think my conversation with you has run its course, but gee...it sure was fun.

[ChumpDumper]

responsible = angry

I am quite angry in my spending habits.