Housing crisis

When we stop using tax dollars to bail out investor's poor judgements and accepted risks.

A tired tax payer! @ 5:35 AM PDT, Apr 10, 2008

Each and every person - the vast, vast majority of Americans - who does not stand to benefit from this plan d should do everything in their power to oppose it. It's very simple; if it isn't helping you it's going to hurt you. Your govrnment will be using your tax dollars to make sure every greedy sucker who bought into the mania gets spared, while you continnue to wish you could buy a house, too. THIS IS WRONG!!!!

Matthew Camp @ 1:02 PM PDT, Apr 7, 2008

why do us taxpayers have to pay for housing for deadbeats and scam artists?

ted @ 8:15 AM PDT, Apr 6, 2008

All these silly programs/bailouts are simply a band-aid. It's only prolonging the inevitiable... wait and see.

JAP @ 10:52 AM PDT, Apr 5, 2008

How does one value an asset-class as illiquid, leveraged, and debt-encumbered as housing? Unless it's rental property, it produces no income; cash flow is negative (property taxes,n utilities). It's a depreciating asset. Its exterior paint, roof, plumbing and heat systems deteriorate until they must be replaced. Sales are rolls of the dice. If financing is expensive and sellers "motivated", buyers pay less. But not so long ago buyers routinely trumped each others' bids. So what is a house really worth? What you can get ... .

Steve Singer @ 3:23 AM PDT, Apr 5, 2008

So, Southern California real estate prices rose over 300% in the last 12 years. The current reported declines in real estate prices of 12% to 20% (depending on the source/area) are but a small correction in the right direction. I am well educated, 0 credit debt, a $100,000 cash down payment, and 18 years of employment as a professional, yet I can't reasonably afford a 30 year fixed rate mortgage on the 1 bedroom 650 square foot, $649,000 house (with no back yard) across the street from my apartment. Housing prices should substantially decline and my tax dollars should not be used to keep me out of the market.

T.R.P. @ 6:03 PM PDT, Apr 4, 2008

This measure has nothing to do with affordable housing. It is the government stealing our money, and giving it to irresponsible lenders and borrowers as a bailout. This is just meant to postpone the inevitable, the markets will collapse in spectacular fashion in the next 12-18months unless the federal reserve destroys the free market. Then we will have a much more drawn out collapse, and much slower recovery for it. Leave the markets FREE.

DKJackowski @ 2:38 PM PDT, Apr 4, 2008

When is the government going to bailout those of us who have been quietly renting on the sidelines -- despite at one point being told by mortgage brokers that sure, we could afford an $800,000 loan -- because we knew we could not, in fact, afford a home at these prices? Why not just hand us the difference between what a house should cost, and the current asking price from dug-in sellers? Or maybe just give us one of those houses that the city is going to renovate. Seems just as reasonable as the rest of this nonsense. But we'll probably have to move out of Los Angeles before any of these politicians think of us...

M.C. @ 12:41 PM PDT, Apr 4, 2008

Let's face it: GW Bush drove this nation into the ground. An illegal war in the wrong country against the wrong people using the wrong tactics. Rampant government-sponsored fraudulent financial shenanigans. Virtual serfdom of the US citizenry to the whims & will of Wall St. Now I know why they call it the "American Dream" ...YOU HAVE TO BE ASLEEP TO BELIEVE IT!.

Sal Monella @ 12:25 PM PDT, Apr 4, 2008

I think the counties should be required to use the money to purchase the homes at their "appraised" value. I bet appraised values and therefore property taxes would quickly decline.

KL @ 8:49 AM PDT, Apr 4, 2008

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