Bus driver Minta Garcia admits that she and her husband bought more house than they could afford, but she said "the lender made the purchase all too easy." Now the home that she purchased for $800K is worth $675K and she wants Obama to "Stop the foreclosures". [Hat tip to J.K!]
I wonder if Garcia would like this to be a permanent solution, or if she and her husband have a plan to pay for their home.
Maybe it’s my imagination, but this homeowner looked like she was having trouble keeping a straight face when she was speaking with the interviewer.
This looks like a foreclosure that ought to happen, since there does not seem to be any workable plan for this family to remain in this home. Witness what appeared to be a pile of bills still in their envelopes the woman was opening and then leaving on the table.
My wife and I earn about 170k combined, and we’ve already waited about three years to buy a home for less than this family “spent.” We rent a one-bedroom apartment for 1250 in the DC area. It’s not that hard to employ finacial discipline, folks, and people like this woman will actually be better off if she learns this, even if she learns it the hard way.
DC-
I was curious why foreclosure would cause her to lose “everything”. It’s hard to see how losing the house means you lose your cars, belongings, whatever.
There was no indication that they had lost their jobs or their income had changed, only that they bought too much house. It seems to me that the best solution is to move to a place they can afford- then they could do something about that pile of bills.
Sure, it looks like a nice place and they hate to move. That doesn’t seem to me like a problem that requires government intervention however.
You are right, this lady could benefit from a little fiscal discipline.
“I wonder if Garcia would like this to be a permanent solution, or if she and her husband have a plan to pay for their home.”
Permanent of course – do we think that their income is suddenly going to be $200k+ so that they can actually pay for this place?
I make around that much and have been saving up thinking I’d buy eventually, but as of yesterday, I have given up; I’m no longer saving up to buy a house, I’m saving up to emigrate out of the U.S.
We will soon be living with all of the downsides of Europe (endless bureaucracy, high taxes, permanent double digit unemployment) and none of the upsides, and the Obama nation has decided that people who work and save are the enemy, to be bled dry. I don’t plan to stick around for it.
This is actually embarrasing. The fact that this clown actually gets a platform shows how far we’ve gone down. It’s gonna be a long 4 years.
Freemonster-
You’d think that with millions facing foreclosure, they could have found SOMEONE that was easier to sympathize with.
Igor says this choice was “absurd”, and I quite agree.
What do you wanna bet that these people falsified their mortgage application to get the loan?
I seriously doubt the lender made it “all too easy” – too easy for them to commit fraud perhaps. I wonder if Obama’s rescue plan includes checking to see if people applying for tax dollars in aid defrauded their lenders to get where they are. Somehow I doubt it, but perhaps we should all write in to suggest this – if they got there by fraud, no aid for you.
“if they got there by fraud, no aid for you.”
How about we just go with no aid and let the chips fall where they may!
“You’d think that with millions facing foreclosure, they could have found SOMEONE that was easier to sympathize with.”
Maybe that was the whole point of picking this person. Maybe we need to stop sympathizing with people facing foreclosure.