Ill adress your Home issues and the economy minus the political...
1.) I bought a home last Sept... I was Divorced in 2000 and had worked
to re-build my life and credit
by 2006 I had zero debt, some money, and I had a credit score of 824-
720- and I think 710 so average 700+ .. However since i was self
employed and my divorce having lost my paid OFF home Banks where
starting to get tight on loans, So the options where getting tougher for me.
2.) I had tryed to Buy back my old building however it was Mixed use c-3
commercial property and the banks where not able to sel lthe paper to
fannie mae.
3.) so that left the indie Mortgage Brokers who are the ones that have
helped fleece many Buyers by lureing into deals that they couldnt
handle. Like balloon payments a APR variables. These folks that did it
including me where being told that real estate would keep riseing in
value and so everyone assumed they where OK.
In my case the Broker bought this home in 2006 at 83k in forclosure...
then when I bought it he told me we had to " Buy down" the interest. and
rolled closeing and costs I have no idea where so that I ennded up
paying 115-K
I agree we should be responcible.... My apt lease ended in July 2007 so
the Guy said I was approved at 5.%
Then even said ' Move in " before we closed... then they told me the
Banks were failing and my deal fell through.. so I said WAIT ill move
back out!! meanwhile I lost about a month in sales waiting to know if I
had a house or not... so then the guy gives me papers with all the costs
crazyl ike Im told these predator loans where done
And remember, This was- Leyman BROs who appear to Know exactly what they
where doing ...
because Ive never missed a payment and LOOK they are Broke.. NOT me,
But I should in my opinion get a 5 % interest rate,, and get my money
back for the trumped up costs,, and get a price adjustment on the cost to
meet fair market value as I neve even saw the damn appraisal... Andrea
these people where vultures and sure I could have passed on the deal but
they told me one thing and then did another,,, they even tryed to back
out of the addendums one being a Furnace and air,,, and the home
warrantty...
I took the deal like many of the millions in USA because it sounded
plausible and was offered as such.. the answer to me is simple and is
what the GOVernment is offering.. believe and thats to- finance the
loans in a way that people can pay them in a proper cash flow way,, ..
whats funny was my 1st building was at 12-1/2% interest bi- weekly 8
year loan term !!
that was hard and was also unfair but we did it in 1981.
This place in 30 year term would be 300-K... I don't ill live to pay it
so I look at it as rent...as the place is depreciateing like others,,
Should you foot the Bill??? No... But what the issue is is that the
entire market is crumbling not just from houses alone but from
consumer over-spending in all sectors.. People over leaveraged thier
assets. so they borrowed on credit Cards.
then refinanced the cards with home equity ( overinflateed ) from the
houses.. then they are loseing the houses as they cant pay the larger
loans that where consolidated from overall debt... Its not anyones
fault but the entire
way that American Credit system and business globally kept ahead of the
game by moving so fast,,, some people made out like bandits and have
lots of money. But the companys that invested in mutual funds and
people futures where invested in are now almost worthless.. they gave
money to money managers ... what was there mistake?? where they stupid..
or deceptive??
I dont believe the middle class familys should be blamed like they are
failiers because they say many of these people
had great credit and did pay.. Its about JOBS - most people are limited
in getting work and are nor taught how to survive and how to be
entrepeneuers like mopo dealers and self made people...
They went to college , built familys and dont understand adapting like
many do./ so they need guidence and help... and as fellow americans and
people of the world we need Humanitarian efforts for all peoples globally.
.The fact is that Companys are letting people Go because they cannot
survive..
The Big guys like GM and many more are so big they are crumbleing becaue
LACK of sales and High costs- Bigger they are harder they fall syndrome..
Part of the American dream as I was brought up was to share with the
afflicted , downtrodden, and those in need. Many of the poor people are
mentally affected to where they cannot function, the drugs and alcahol
and cigeraettes, gambleing and Sex business are probably whats propping
up the country..In Ohio we are surounded by Lotterys and stats that use
gambling as a source to fund education..... I find that odd..
because it teachs Kids that if you want to raise money you need to tax
Cigs , alcahol, and have a lottery otherwise there is no there means to
get capital... OK?
Te medical industry... we appear to ave the best - however like school
teachers we should get a plan to keep
health care and make it availible to all people regardless of income as
its not a luxery but a emergency
and one medical treatment can be more than a House cost 100+ and most
americans are not fit as our nutrition and health programs are bust,,,
damn when I look around ive never seen so many obese peopl ever
includeing kids... we need to inform and we would save many many
procedures in healthcare by informing public of health awareness.
As far as helping people re-build... I am for it and think it should be
a American way to uite brtherhood by getting people to visit and offer
labor and help, corportate sponsors and the like.
I agree we should help the sick and needy
Also I think the over 60 crowd is getting a sham JOB.... they are being
bilked by these shady
characters that are steeling thier life saveings and they are people
that had all the things that people where supposed to do.. like
insureance, pension... etc.. they invested in the hopes of living
comfortable and then
if you look.... It wasnt the small family that Lied and cheated ,, It
was the powerbrokers that covered thier asses and misrepresented the
paper If im hearing the c-span discovery correct and they are still
doing it
Hopefully the good people that I believe are also in the Mix will see
what happened and help those in need.
I am not laying blame solely on one segment oor persons.. the mess is
shared by us all and I will accept
that ive contributed in a way... but the anser in my opinion is we need
to clean up and start over .
Just if the banks get slate wiped clean and funding.. the borrowers
should also get a fresh start otherwise
ther will be plenty more forclosers and bank failiers...
And if that happens it will take the whole economy down.
In my case i plan to just get to work and keep on doing what ive done..
also I will try to keep improving..
If we do what you say and hold everyone accountable for biteing off more
than we can chew.. that is exactly
why Our country is in Debt, the banks are Broke and almost all the stock
market is tumbling...
because they all lived beyond means,,
Except Warren Buffet.... because he still lived in his 60 k house and is
pretty damn smart and sensible
down to earth and sees that people need basic stuff...
I tink Senior citizens need more advocates and it appears that we will
get some remedys happening soon.
So best to you Folks and Andrea,
Freedom Lover wrote:
What needs to happen, Tom, is that those who made purchases they
couldn't afford should lose their credit and go into foreclosure.
People who bit off more than they could chew have to hold themselves
responsible for their own foolishness. What about those of us who
worked our tails off for years, didn't screw up, and now have the
American Dream? Should WE be made responsible for the failures of
others who made irresponsible choices? Should WE be penalized for
doing it right?
Should we give up OUR reward and say, well, it's not the people's
fault. It's the mortgage company's fault? Sorry, Tom, not me. It
takes two to tango. Whoever f**ked up gets to clean up, IMO.
We have corrupt politicians, and lazy greedy citizens who have that
'gimme gimme' attitude. Many act as if they're entitled! I ask you,
IN WHAT LIFE? At least McCain will hurt the responsible guys less
and hold the losers more accountable.
The exceptions to the rule:
1.Those who lost everything due to medical bills and illnesses. THEY
should be helped out out of compassion. They didn't do anything wrong
or stupid.
2. Veterans - You risk your life for me; I owe you and am grateful.
3. Weather - People should be helped to rebuild, but NOT in the same
questionable area.
(IMO, if BO wanted to be POTUS, he'd have offered veep to Hillary eons
ago. This proves to me, it wasn't about doing what's best for
America. It was about his ego and lust for power.) With McCain, we
still might not drill and I'm working with many groups to fend that
off. Doesn't matter what Palin wants. With Barack, we still MAY
drill, because he can pushed. If Bush couldn't overturn Roe v. Wade,
then it's not an issue.
I'm an avid environmentalist, but I'm more into morality than anything
else. McCain is simply more honorable and his love for America is
obvious. My groups and I will simply work around him.
I am done speaking about politics on MoPo. It's the one place Barack
Obama can't shove his face in my space! Please let's keep them off
our sacred site. Perusing posters is one of my ways to relax.
Sorry for the inconvenience everyone. Please return to having a
lovely day.
Andrea
On Oct 12, 2008, at 11:15 AM, Tom Martin wrote:
Andrea- regardless of our opinions on who did what,,, I suggest
that we all work together,,,
In case you dont agree all the politictions of skeletons in the
closet,,, Like the Palin stuff....
the TV show host tells people to sell ( Kramer) and so is that fact?
I think we need to band together democrats and republicans and
Americans alike to solve th USA woes.
BOTH parties are Guilty of Mud-slinging... and lies... and if we tear
each other apart or On Mopo
not relize that the economy and the world eventa are not a big part
of the effect on our business and lives
then we miss the entire point,
Andrea.. to say im Rude is dissapointing... this is serious stuff
and this next month will have a great effect on your and my Life and
Mopos business people and collectors.
The current Crisis has nothing to do with Hillary,,,,, matter of fact
what I propose is instead of name calling and basically each side
destroying the other, we see that as a country we need to get on
track and do something,,
As for tax the crap out of anyone... Ive been listening and anyone
that makes 250K or less will not see a change and will actually get
a reduction..
As for people that spend 1000's on this Hobby if it is only a samll
elite segment that is in that Bracket of over 250 a year , I have to
saide with the middle class that is the foundation of all purchasing
of the Big Box stores,
Housing,entertainment,
To make nasty, sarcastic, derogatory remarks about the voteing and
to mis-align and make acusations
and summery judgement about any of these political people is the
problem and why we in my opinion are floundering.
Ive listened to Your opinion Andrea on many topics on the list and
never to my knowledge called you Rude
or spoke with disrespect.
I have made my comments from a personal perspects to provoke thought
, and positive results for all.
I disagree with You..
I made my comments based on my respect for all mankind,, and everyone
and because I would like to see
the country get some balance and the world also get some balance.
If Both partys would focus on solutions instead of tearing each
other credentials apart .. we may get some balnce.. either party can
also start working together once we get a new president.
the anger and name calling and mud slinging is what is making the
race confusing to all the voters,
accusatins.. and all this propoganda.. ffrom either side,... is Not
good for anyone.
I wont speak about this politicle anymore - I was just excited as
Brack will be here 4 days and I thought
it was interesting. OHIO is the 6th hardest hit in unemployment in
USA also in Mortgage loss.
So this is a important time because we will all be effectly greatly
in the next month!!
This week will be very volitile in the market...
all the best to You Andrea.
best, Tom
Freedom Lover wrote:
Part of my coming to MoPo is to escape the bs from the Dems, ACORN,
and the creep they selected to be the US Puppet. His kind of change
will tax the crap out of the people who spend thousands of dollars
on this hobby, Tom!
Since I kept my passion for Hillary off MoPo this WHOLE TIME out of
respect for all of you, I expect the same. Tom, if you feel that
strongly, use one of his quotes at your sign-off, like I do. But
have the respect to NOT put him in the body of your message, as I
often read what you have to say and don't need that fool in my face
on a lovely Sunday morning!!! That was RUDE!
If you need to vote, he has plenty extra names you can use that he
pretends to not know about. Better yet, email ACORN and they'll
send you a whole city block of names. Don't forget, they take pets
and corpses, too!
Andrea
On Oct 12, 2008, at 9:28 AM, Tom Martin wrote:
Hello Mopo- Thought I would give a veiw from what I have seen in
last year as far as whats happening
in many sectors of our business
I started in 1977 and have seen several shake outs as far as
recessions. Movie memorabilia and collectables,
or diversions have typically been a refuge or escape for people
during rough times. Vintage material seems
to be pretty safe as investment however high ticket items can
soften as people have less money. The wealthy
it appears however are being hurt this round as they invested in
stock market and portfolios that were in mutual funds.
As far as assets the real estate seems to have been a fluffed up
investment loseing 30-60% value in the last year.
My House ( bought from Leyman bros.. was bought at 115K and is
worth at monent would guess.. 80 k and was financed
at 8.5 at 30 years fixed. Not a brilliant investment and only
grace was it was zero down.
Politically - Barack Obama is going to be here-( Toledo, Ohio) for
4 days at the maumee state park resort giving a speech tommorrow
and he will prepare for the last debate. here
I was at 1st for Barack and then I became confused as Both sides
presented great arguments and also
they both cast doubt on each others abilitys,, But this last week
when McCain defended Barack and said
we need not be afraid that hes a good honest man, I relized that
they both were brave to want to lead this country and that it
actually would be great if they worked together to achieve unity
and to fix the Usa
economic woes. They can as tey are both senators even after the
race in over so they can help each other.
So either way it turns out they should work together as Both has a
passion for this country. For me Barack has
endured so many attacks on his Faith, his color, his family
history, his past association with people
and the radical in question seemd to be a anti veitnam war radical.
well back in the 60's the hippies and people that wanted the war to
stop,, where considered radicals.. But
they wanted the killing to stop...At Kent state university in OHIO
4 -protesters where shot and killed by
Ohio Gaurd troops because they stood up and rebelled.. against the
WAR .. so Did the people at the Boston tea party... and
the entire USA was founded by Rebels that wanted to have thier own
country. The country is a melting POT
of every religion, and culture and ethnic group. That is why we
have so much diversity. If you look historically in so many areas
like engineering, and creative areas we have been a merger of all
countrys
and all peoples... Not one but all...( One nation , with Liberty
and Justice for ALL) Look at the space program NASA, entertainment,
autos, electronics//
heck Ebay, computers , medical..aircraft, Foods,
telecommunication// we have been leaders and innovators in all
sectors along with allies in other areas.
I see it as we just need to see that its time that the world come
together as we will clearly see this week we are all
linked by a financial, energy and ecology and dependence on each
other that is a good thing.. because sure there are some with
differances in how to live but that has been since age of time. We
now have the ability to communicate and work
together in a way never before seen and have the technology to
correct the worlds issues if we work in a unified world that
would address health care on a global level. peace on a global level.
The recent events and the financial meltdown prove that we all need
each other globally .. and that greed does not work. PERIOD.
If we find new energy solutions in wind and solar ( Toledos
Xunlight is the world leader and also First Solar)
So we can make a differance, we can make a change and if we do as
our forefathers did and to get to work
and forge ahead we will survive any clamity either man-made or by
nature.
So.... In summery --- I missed getting registared to vote.... as I
was so damn undecided.... and i was frustrated.... so yesterday
I thought what can I do to help? well... I thought Ill get some
signs and go to the rally monday..
well went there and it was two blocks of people waiting...... so I
came home... and thought.... well I could donate some items like a
megaphone, clapper and clock.... and maybe that would inspire
Barack to see some support
and would give him and the campaign crew some fun.. So I hopped in
the Car and went to the headquarters and said
well heres some stuff all MADE IN USA in TOLEDO , OHIO ... and
where's the yard signs?? they were out of signs... and out of
tickets to the rally..... so I at least tryed... and perhaps
if we all just do what we can no matter how small maybe we will
get Change.
I feel so lucky to be able to have a business and a chance to
pursue the american dream. I wish everyone on Mopo health and
peace and success.
Tom
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