Comments on: For all of those politicians considering a bail out

By: Sara

Sara — Sun, 11 Nov 2007 20:35:04 +0000

Is putting down actual downpayments of 20% and up on a house going to come back into fashion after watching all of these overleveraged people (and the banks that floated them the money in the first place) going to come back into vogue?! Heaven forbid!

By: Thomas Johnson

Thomas Johnson — Fri, 09 Nov 2007 21:13:31 +0000

I?ll end up buying my first house for cash at a 40% or 50% discount to the 2005 peak.

David: You will be a huge winner if you pay cash. The prices will be half off, but as the Fed devalues the currency, rates will be double, so the payments will be about the same, except there will be larger down payments required.

By: David

David — Fri, 09 Nov 2007 19:27:24 +0000

Morgan –

No, It doesn’t make me happy, but I’m not going to change my convictions either. I’ll end up buying my first house for cash at a 40% or 50% discount to the 2005 peak. Mr. Whitney will be living under a bridge by then if he doesn’t change his ways.

By: Debbie Beukema

Debbie Beukema — Fri, 09 Nov 2007 08:27:09 +0000

Oh my Gawd! I know what we should do. Let’s have a national Queen For a Day Reality Mortgage and Heloc Show. A bailout for the screwed where we as a country can vote (a la American Idol) for the F’d borrower with the greatest story of woe.

By: Ann

Ann — Fri, 09 Nov 2007 02:56:05 +0000

I agree with you Morgan…it will be the poor souls who didn’t HELCO their house away, and try to live like “millionaires”(by the way I know quite a few millionaires and they are the most thrifty people you will ever meet), who will be the saviors of such idiots as this guy…sadly..our children may pay the price as well…How would a bailout be able to tell the difference between this guy and the 78 year old who wanted extra money to help his sick wife and instead found himself in a exotic mortgage(which by the way NEVER existed in his time period)?

By: Morgan Brown

Morgan Brown — Fri, 09 Nov 2007 01:20:20 +0000

David – Kudos to you. With your nice income you’re the first target for tax increases to help fund programs such as the ones that your government is scheming up to bail out Mr. Whittey. I’m sure that makes you happy.

By: Morgan Brown

Morgan Brown — Fri, 09 Nov 2007 01:19:28 +0000

Dr. HB – Great point. None of that money ever really existed – except now it is owed by the last one holding the bag the homeowner. The music has stopped and too many people are with out a chair.

By: David

David — Thu, 08 Nov 2007 23:16:44 +0000

I took the opposite approach and have been saving, investing, renting and focusing on my career. My wife has been doing this along with me since we married in 2003. Our household income has more than doubled in the past four years. It now is in excess of $350K per year. Our rent is $1,125 per month. Our cars are paid for, mine is actually 14 years old. We have no debt. Our accounts reserved for our first house have a combined total of $325K in them and are growing substantially each month. We take nice vacations and only buy things we really need. I have no pity for idiots like Mr. Whitney and a bailout is out of the question.

By: Dr. Housing Bubble

Dr. Housing Bubble — Thu, 08 Nov 2007 22:47:58 +0000

What a touching story of greed and money mismanagement. I understand the media has a certain way of writing stories but why do they make is seem like he actually had the money in the first place? The article should be amended as such:

He [put on his home equity line of credit] a 21-foot boat and two flat-screen televisions for their home. He sold his old truck and [leased another one with a much higher interest rate], he said, ?just ?cause I didn?t like the color.? Mr. Whittey could live in such fashion because his company was making good money [from all the debt leverage] and his house was appreciating [in bubble dollars]. Doesn’t that sound more accurate?