I HAVE TO LAUGH AT TIMES

Location: United States

Well, the biggest news today on the horizon is GWB declaring that he wants to outline plans to help homeowners who are late in their mortage payments and terms on their mortgage loans.

I sit here laughing, chuckling and in total disbelief at what this idiot is NOT going to do.

Let us sit for a second and ponder the business intellect of GWB; here is a man who has NEVER had a profitable business of his own, all of his half cocked, good old boy ventures in the business world has turned into bankruptcy and disaster.

With the hurricane Katrina, he proposed a 100 Billion dollar rebuilding effort for N.O. and some other Gulf states.....I can not see where any of this money has gone to rectify the situation in N.O. as of this date, in fact, N.O. and the surrounding parishes are still not developed, the homeowners are NOT being taken care of as to their home losses, through ignorance of some homeowners, who failed to obtain hurricane insurance and those that did are having a hell of a time collecting what is fair and justifiable to them for rebuilding homes.

Now, GWB sticks his nose into the mortage business and what is his premise for doing so? Borrowers were convinced through greed and larger homes and amenities to try this NEW loan program that is an 80% first mortgage and a 20% second mortgage which are both high rate, adjustable mortgages with low start rates, just so they could qualify for more home with better amenities and a prestigious neighborhood to show off for their neighbors and family. Now that the sub prime mortgage companies have taken a huge hit in the marketplace, rates being adjusted upwards, GWB believes in his small brain that he needs to show and bring back confidence in the peoples minds to save their homes in which they totally screwed up in the first place.

Add to this the departure of "Normal" financing of fixed rate 30 or 20 or 15 and 10 year FHA or VA loans, even some sub prime 1st mortgages that would compete with government loans.....noooooooooooooooooooooooo, the borrowers would opt to go for the 40 year mortgages and worst of all the interest only mortgage, banking on the appreciation factor that after 5-7 years, a $500,000 property would now appraise for $750,000 or more and they could reap a windfall from that without 'buying down' the 1st mortgage........GREED........

GWB has no defined talent in mortgage lending or business dealings period, what is all this rhetoric about? If I am wrong, please, someone tell me what business venture that GWB has been involved in that actually made a profit?????? I contend that their are none, so what makes this President, that is outgoing think that he can be the moral voice to a bunch of citizens who thought they were going to make a ton of money from this real estate market?

The President can not find his ass with both hands, no less solve any real important problems that we are currently facing.

The mortgage dilema will be coming to Ireland in the very near future also! So brace yourself for a rapidly falling real estate marketplace.

lion

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I HAVE TO LAUGH AT TIMES