February 23rd 2009
What Will The Losers Do With Their Bail-Out Money?
A
merica is the land of dreams and opportunity and all, but really, what’s a bus driver doing with an $800,000 home? (That’s it on the right.) And why should we bail out her hyper over-extension? Michelle Malkin provides the commentary from an SF Wrongicle sob story:
ACOSTA: Like countless other Americans, Garcia admits she and her husband bought more house than they could afford, but she says the lender made the purchase all too easy. Now her mortgage is worth more than her house.
(on camera): How much was the house when you bought it?
GARCIA: Eight hundred.
ACOSTA: Eight hundred thousand dollars?. And how much is the house worth?
GARCIA: Right now, it’s like $675,000 on the market.
Before you run out of hankies crying for Garcia, consider this comment from a discussion item I posted on a building industry LinkedIn page asking for commentary on the Obama housing bailout:
It will be a good stop-gap and stabilize market prices in many areas of the country. However, long term it will not solve the problem because many of these homeowners will end up back in the same situation. Even if the package paid off their mortgages completely, it wouldn’t be long before they leveraged all of that equity. So it will likely pass, it will likely work short term, and in the end it will fail to make a lasting difference.
Got that? Do you think Rahmbama has thought this through? Do they really think that these overly entitled, bailed out “victims” won’t immediately turn around and draw out the equity boosts they got thanks to non-victims like us?
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Posted in Economic Policy, Housing/Development | 2 Comments » | 
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Comments
February 24th, 2009 at 6:05 pm
What she doesn’t tell us is that she owned at least 3 properties from 2006 to 2008. Poor woman.
She has owned a condo at 6001 Arlington #721, Falls Church, VA since 1999.
She purchased 3438 Charles Street, Falls Church, VA on 1/05/05 for $510,000 and sold it on 6/10/08 for $429,000.
Her current home - 1920 N. Dinwiddie Street, Arlington, Va -was purchased with her husband (Luis Guillermo Flores) on 11/16/06 for $800,000.
Looks like they just got greedy. Are these the poor people that we’re supposed to help????
February 24th, 2009 at 6:29 pm
Question: how could anyone hold a condo in Falls Church for 3.5 years and sell it for $81,000 LESS than she bought it for? Do you think maybe she trashed the place?