It would appear to me that perhaps you actually don't fully understand how this system was designed during the housing boom. So, lemme try and explain it. I'll start with the unemployment thing, which incidentally is a separate issue not tied to the mortgage; its just a compounded issue.
My wife worked full-time prior to and directly after my daughter was born. I work full-time and have been for 11 years. My wife's father while sick was watching our daughter so my wife could work full-time. He did it as long as he could until he could no longer rise from bed until he died. So, we were left with a difficult choice; hence the "roll a hard six". On one hand if we paid for childcare she'd still be able to work full time and have a stranger raise our child. But we took into account the price of admission to day care. Say, working full-time that was an extra $600. But, daycare was also $600. So, we'd still be out that $600 and we'd miss watching our daughter growing up. So, guess what choice was made? We think it was the correct choice. I mean I grew up with both parents home from work before I was home from school, so did my wife. I don't see anything wrong with wanting to raise my own children. Perhaps to an old grouch like you, not so much. Now my wife with her employer sat down and discussed "change of availability" it was a formal meeting with corporate with several meetings. It was decided that she was going to be available for 20 hours. On the form from corporate it showed her new hours. Just below each new hour for each day is a little check box, "Approved" "Not Approved". All the "Approved" boxes were checked. My wife signed it, as did her employer. That, is what is called a "promise" to work, her employer promised her 20 hours. Now, fast forward. One week she is at 20. The next, 9, the following week 18, the week after that 20, this week in fact she is at 10. So, if she was promised 20 but is only getting 10, who is not keeping their end of the deal? Not my wife. Her employer. So, she goes in to fight it. Her employer says, "If you want the time owed to you go stand in the unemployment line and claim partial unemployment for the time." My wife does. And is told "NO!" We're not standing in the welfare line looking for a handout as you suggest. We're trying to make a living and support our family. My wife is owed time she was not given. She wants her money. Nothing wrong with that is there? Perhaps to you, there is? But according to you, we're not entitled to owning a home and raising a family. It's one or the other right? We want a home so we're not allowed to have a child. We want a child so we're not allowed to own a home. I'm sorry, I was not dealt the same hand as you were when you became of age to own a home. You may have grown up during the great depression whom I might add there were people standing in line then looking for help. But you were presented with every opportunity to own a home and raise a family. But being since I've grown up through the 70's and watched the, "Me Too" generation *censored* up the government I've been dealt a poor hand. You really want to place blame? I blame baby boomers for *censored* everything up for people of my generation.
Now, on to the housing situation. Our situation is not an isolated incident. Maybe, I don't know, you haven't been paying attention. Maybe you don't have a TV or at the very least a radio to hear about it. Or MAYBE your just ignorant on the entire situation with the government. I don't know. I don't claim to understand all the details. But, what is happening to myself, my sister is also happening to thousands if not millions of people in this country. Perhaps, after the war of 1812 when you were given your tract of land by the administration of that time you didn't have to deal with banks and mortgages, you just built your home and that was that. I'm also assuming you are that old and that you don't currently have a mortgage. See how generalizations work? But, I do know a little about the situation as it stands today because I'm living it. Are you? Didn't think so. Lemme clear something up, I'm not on the mortgage for my house. My wife bought the house. It's hers. Now, she didn't wake up the day of the final on the house and say to herself, "I'm gonna totally lie about my income to get this house." No. The market was setup like this to some degree.
So, here is how it work to my understanding. A prospective new home buyer goes into a realtor's office and asks to see several houses. They go out, and after some time the prospective new home buyer says, "You know, I think I'd like to buy this house." Then the realtor, home buyer and bank all sit down and begin working out the details of the mortgage. When the question of income comes up this is how it happened with my wife, "How much do you make?" The naive home buyer who is 20-30 says to the bank, "I make (and I'm just throwing a number out there) $25k a year." then the bank replies, "Hrmmm...well, you need to make $45k a year to buy this house (again, I just threw a number out)." and the naive home buyer replies, "Oh. Ok, well I'll keep looking then." and the bank then says, "Well now wait a minute. We'll just say you make $50K and you can buy the house."
But it just doesn't end there. See, the mortgage you were issued is whats known as a "balloon" mortgage. When the market is doing well the mortgage is low, at one point after my wife bought the house her mortgage was a little over $900 a month (not to mention she has two mortgages and not one). But as the market fluctuates as does the mortgage. It goes up, and down and up and down. But wait, the market crashed. So, where do you think the mortgage is? High. We're currently playing close to $2000 a month that is based off of a false income determined by the bank. Between my wife and I we aren't even bringing $40k home a year. At one time when the market was good we were bringing in $75k then as the market started to fall we were bringing in $65k and at that point we began to struggle. But with all of the "life" changing events we've experienced our bank account is constantly in the red. My wife did not "actively" lie to to the mortgage company when purchasing the house. And to think that she did is absolutely ignorant as to how dire the situation is in this country. Pete, you're honestly going to sit there and tell me that you are not pissed off that you bailed out more companies with your tax dollars? You sir, are a liar. Again, I'll say that YOU along with my wife and I along with every other American in this country helped TARP, Bailout and Golden Parachute a whole slew of companies when the system failed. But yet, you aren't pissed about that? Again, liar.
Has the government actually given a reason as to why they need to raise their debt ceiling? Not to my knowledge. But I can almost guarantee you it has something to do with how they used our money to bail out dozens of companies and banks and spent trillions of dollars on god knows what.
You can sit here and say that I caused this myself. But try telling that to the thousands/millions of people who are in the same exact position as my family and my sister's family are. Because its just not true.
Last edited by I'm On Fire
on Thu Jul 14, 2011 11:02 am, edited 1 time in total.