Quote:
Originally Posted by Pleasurepays
you can't be upside down in a mortgage if you buy a property that's within your means to begin with!
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Til your means drop out from underneath your feet thanks to the economy. I'm living that little nightmare right now. I made the smartest decision I could make, except that it was founded on the economy not taking a tremendous nosedive that would even affect my industry (the domain industry) and the fundamental "truth" I had always been told that "real estate is the best investment you can make". Yea, how about going down 40% in less than 2 years after buying on an already down market? After putting 20% down only to watch that money vanish into thin air?
Is Obama or any of these bailouts going to help people like me? Nope. I didn't get suckered into a shitty loan nor could I not afford my house when I bought it, and I'm a white mid-20's aged male, so I'm probably fucked but we'll see!
And to answer the OP, no - I haven't heard a shred of anything done with that money whatsoever. $350 BILLION...enough to make 350,000 people millionaires. Or if you look at all the govt spending/bailing out overall throughout all this, I think someone had mentioned in another thread that 90% of mortgages could have been paid off. It's just insane, and they're not going to stop with this until the dollar bill is worth so little that we'll all be wiping our asses with them.