The conservative line has been that the big bad Democrats forced banks to give bad loans which led to the housing bubble bursting. However I beg to differ. I think that the economy was so sick, that the Bush Administration saw housing as a form of artificial life support, that since we don’t actually manufacture things anymore, everything would be okay if we just kept people building houses which no one would have the money to buy. It produced false "economic growth" for a couple of years, but sooner or later that strategy’s going to catch up to you, as it did last year.

Just to show that there was no conservative opposition to no money, no income loans, check out this news story from 2004.
http://www.cnn.com/2004/ALLPOLITICS/03/26/bush.homes/index.html
oops I meant "rein in"

Technorati Tags: allpolitics, artificial life support, banks, building houses, bush administration, cnn, conservative line, conservative opposition, democrats, economic growth, economy, housing bubble, income loans, money, news story

How did the government bailout to the finance institutions help the economy? What good does it do to throw money back into these institutions, when people are unable/unwilling to apply for a loan for anything!

I know I’m not a "brainiac", but wouldn’t it have made more sense to give that money to the tax payer? Isn’t it ultimately the tax payer that effects the economy? If we aren’t spending, manufacturing slows down/stops [i.e., the auto industry, the trailer industries]; if we aren’t spending because we can’t get a loan [i.e., foreclosure, judgments], why give all that money to lending institutions that are not loaning it back out?

Does no one else see the cause and effect here?

You give money to lending institutions that aren’t circulating the money; you give money to GM and Ford to produce a product that people can’t purchase, because the lending institutions aren’t lending…

Help me out here! I’m not looking for a handout. I don’t need to be rich, nor do I want to be. All I want is to be able to pay my bills on time, have some tucked back for emergencies, and some available for other necessary expenses. I honestly believe that is what most American people want.

Wouldn’t it make more sense to put it out there where it’s going to actually stimulate the economy?

Most people I know [myself included] would:

A. Pay their mortgage to current, or pay it off, which would keep people in their homes and stimulate the lending institutions.

B. Pay off any other outstanding debt incurred from this crisis [such as credit card debt], because we couldn’t afford to fill the tank plus feed the family.

C. Pay cash for a more economic vehicle, no matter what the price of gas is doing at the time being. We’ve learned a lesson here. That would have circulated the monies for the auto industries.

I’m not in any way looking for a handout. I, just like all tax payers, am dealing with this crisis the best way I can, which is going without the things I do not need.

I just wish I could understand how the government can justify these bailouts, when, in actuality, it isn’t going to be effective one way or the other until the middle class feel comfortable enough to start spending.

Technorati Tags: auto industries, auto industry, bailout, cause and effect, credit card debt, economic vehicle, economy, emergencies, family c, finance institutions, ford, foreclosure, gm, judgments, lending institutions, monies, necessary expenses, quot, tax payer, tax payers

I purchased a mobile home 8 yrs ago ()in a park with no land as viable asset) and I do own another home. I have exhausted all avenues for getting it sold, refinanced, (Note holder is Vanderbilt and they REFUSE to help), renting, short sale, etc. I am at the point of walking away cash for keys sort of thing. This one is a rental and I can’t even rent it to pay the note on it. The economy is extremely tight here for real estate rental market. I know I am going to take a hit on my credit but since I pay cash for most everything I buy I am not too worried. Do I need a lawyer to "walk away" or can I send the keys in with a disclaimer note and tell them I am done? I bought it from them out of a foreclosure and found out they did the same thing to previous two owners.

Technorati Tags: avenues, disclaimer note, economy, foreclosure, lawyer, mobile home, real estate, vanderbilt, viable asset

I’m currently renting but once my apartment lease is up, I’d like to buy a manufactured home, but with the economy the way it is, I’m worried that will affect me negatively. I do have good credit, but only being 19 years old, there isn’t very much of it. So, what are my chances of getting approved for a mortgage? Also, if anyone knows, about how much do manufactured homes run for (2 or 3 bedroom, 2 bath)?
How thoughtful of you to seem so concerned, but nonetheless, I AM buying one, so screw off, eh?
I’ve had my job for a year and a half, and I’ve been working since I was 16. What both of you don’t understand is buying a house, lot and all, right now is NOT an option for me – but I’m sick of renting apartments, especially with how expensive they are. I know manufactured homes are cheap (I want new – not used) and I’m well aware that mobile home parks rent the lot – and guess what. The lot rent is A LOT less than half the amount I pay for rent at an apartment. I know someone who is paying for a manufactured home and renting the lot for it – and both payments combined is a good 300 dollars less then my rent.

Technorati Tags: 19 years, apartment lease, buying a house, economy, job, manufactured home, mobile home parks, mortgage, renting apartments

Ok heres the deal my parents credit isnt the best. They do have bankruptsy on their credit and deleinquit payments on the house. Right now they are up to date besides a couple late fees. My parents tried calling the Lend America that has to do with President Bushs new help the economy BS. Anyways they were going thru the process and a month later the guy calls my parents and tells them that they cant help because they live in a subsidised home ( manufactured home) So my question is does anyone know of a Mortgage company that works with people with less then perfect credit. I really want to help my parents but Im at my ends dont know what else to do. My parents are on an Arm rate right now and everytime the payment goes up its an extra 0 and they cant afford a 00 payment. There company their with now say they cant put it in a fix rate but wont tell them why. Im ready Im not sure what else to put in for information but if anyone can help I would sure appriciate it.
Also we live in michigan and the lend america say that FHA will not finance a Manufacured home. I know some people dont see a difference but its a Manufactured home not Mobil home.

Technorati Tags: economy, fha, late fees, lend america, mobil home, mortgage company, parents, president bushs