Sunday, September 28, 2008

Faith-Based Mortgage Payments

"And so we need more counseling and more education to make sure our fellow citizens know what it means to buy a home and can get comfortable with the idea of buying a home. And so we've doubled the amount of money available for community-based programs, faith-based programs -- (applause) -- to be able to brief their parishioners and/or their fellow citizens about the opportunities and the hope and what it takes to be able to purchase a home."

-George Bush 10/15/03

The setting for that 2003 speech? Just outside of Fresno, California. If you don't know what happened there, here's one post-mortem.


Blogger Kaimu said...


Mortgage payments and every other payment(car and credit card payments) made in the USA is totally FAITH based ...


So in fact FAITH even backs our PESO! Who would have thought those IVY LEAGUE ROGUE TRADERS holed up in the basement of the US Federal Reserve Bank building in NYC were so religious?

9/28/2008 5:29 AM  
Anonymous Anonymous said...

But it's the Democrats' fault!!!

9/28/2008 8:27 AM  
Anonymous Anonymous said...

Now Bin Laden has made two smoking holes in lower Manhatten.

Just how did the American people allow Bin Laden to beat us?

9/28/2008 12:54 PM  
Anonymous Anonymous said...

I believe the term is "robber baron".

Remember the Ludlow Massacre.

9/28/2008 4:17 PM  
Anonymous Anonymous said...

faith-based programs -
E' gosh. Barf! He's just paying those that brought him.

counseling and more education -
Isn't that the role of communities colleges. How about mortgage brokers, or tax preparers, lawyers, accountants, financial planners, real estate agents, --- those professionals that get all the training (and certification) to provide a "honest" service to the public, and in return receive compensation. Insurance companies keep telling us we need to work with agents, because they have the knowledge and will help us. Bush is saying, toss the professionals, and bring in the religion. Hallelujah! Atheists and agnostics, and I suppose all those non-Christian folk, shut up and go away.

It seems the individual is capable or not capable with financial matters depending on what the administration is selling us. If it's education, why didn't President Bush just give the money to Neil Bush. Oh right, he did.

I flicked to the 700 Club, and Pat R. had a couple on that was in debt, and when they started tithing every month - um... to the 700 Club (try donating to organization at your own risk), all their dreams came true and they got rich.

9/28/2008 6:40 PM  
Anonymous Anonymous said...

After the death of my Grandparents in 2002 the family farm (land) had been valued at the historical $5-10K/acre. Dempending on what was growing on it.

A developer, in November 2005 approached us and offred $60K/acre as soon as the City of Tulare (just south of Fresno) finished expanding the city limits because of the "bubble".

We fainted and took the offer thinking we won the RE Lottery.

We are carrying a 5 year note, the buyer still has $2.6M baloon payment due in 12 months.

What are the odds we'll see the money or a default?

(missed it by THAT much)

9/29/2008 3:12 PM  
Anonymous Anonymous said...

In 2005 everything was based on faith, faith that the boom would never end. The problem the balloon always bursts you just don't want to holding it when it does. The market in Florida was just silly, new condos being built where once two houses stood, crappy address but still all ten where presold before construction. All ten flipped three times by the time they finished construction and currently only three have people living in them. Selling for $210,000 originally the last flip sold at $335,000 way overpriced and now unsellable. This is what was driving the market in Florida forcing property values up and property taxes with them leading to a property tax revolt last year. These are the people that I'm mad at and I don't want to bail them out, but how do you separate these people from the people who got mortgages from the crooks Florida gave mortgage licenses to, no literally crooks no one ever ran background checks on them something like 20% had criminal records. It's great to say will buy up bad paper but should not someone be held responsible.

9/29/2008 11:42 PM  
Anonymous MrToad said...

It's all been faith-based with these guys - from top to bottom of the federal government, or at least as far as they've been able to rebuild in their image. What they believe is by definition real, nothing bad is even conceivable. As long as they've got scapegoats to load the blame onto, they're fine. I'm not sure what church they belong to, but it seems to me that the patron saints include Saint Barnum and Saint Bunkum.

9/30/2008 12:49 PM  
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