Daley to target home foreclosures
Tribune staff report
August 19, 2007
CHICAGO - Speaking about the increasing number of home foreclosures in Chicago and in the nation, Mayor Richard Daley said Saturday that the city hopes to compile a list of people who lost their homes to foreclosures, in an effort to try to help them.
"We have to take a list of all of them, get all the mortgage companies and have to try to build their lives," the mayor said at a news conference announcing a new principal at Harper High School in West Englewood. He did not specify what the city would do with the list.
Sorry, Richie. There is no hope. I'm sure "the community" of West Englewood appreciates the words, but not even All The King's Men will be able to put Humpty back together. I wonder what culpability da Mayor and his developer buddies feel from whipping the public into a OwnACondo.com frenzy? Only now to see the error of their ways.
6 comments:
Daley's solution will be to make all city workers take an unpaid furlough. That way, those of us who cannot afford to buy our own home will be paying for the homes of assholes who never should've been allowed to buy in the first place!!!
Daley's solution is to hike taxes to assist all the "homeowners" who could never afford these places with an honest mortgage.
Notice how everyone in favor of bailouts uses emotionally loaded words such as "homeless"... as when they are referring to all the "homeowners who will be homeless".
Excuse me, but I don't own and I'm not homeless....yet. But I will be pushed closer to that state by the increased taxes, which will be borne by renters in escalating rents, and by beleagured homeowners who worked for 20,30, 40 years to buy their homes honestly but are now being blasted out of them by taxes.
We are already paying for TIF districts that allocate future property taxes (the "increment") to private developers. We are further waxed for other "gimmes" for big corporations who build their big box stores on our dime.
Now we will pay to "help the poor homeowners", many of whom have far above-average incomes and would have no trouble remaining solvent had they not borrowed many fathoms over their heads to buy unnecessarily large and expensive homes.
I don't care how rich or poor the beleagured homeowners are, they are not entitled to live in their places on my dime. If they want housing assistance, they can get a Section 8 subsidy, if they're that poor.
And if they're not that poor, they can pay rent, as I do.
The politicians who are proposing bailouts of one sort or the other need to take the temperature of the public before they proceed with this nonsense. Read the blogs, heed the opinion polls on the financial programs, because 80% of the public is vehemently opposed to this type of middle class welfare.
The pols most of all need to bone up on economics so that they can grasp the probable financial consequences of a bailout, which is that it will cost this country's financial system what little credibility it has, and most of all will increase the national deficit enough to totally collapse our national finances, which are in a parlous enough state.
Don't think it can happen? Read your history.
In my links section is Realtytrac.com. Thay are the leading foreclosure source for the nation. I used to subscribe to them, but $50 / mo is too much since no one wants to play ball yet.
Anyway, If you search the foreclosures in some of the top zips, like 60631, you will find houses that have $500,000+ still owned on them! There is no way that guy should get bailed out. Tough bananas! Also NO ONE with a second home should get bailed out. Those people were obviously gambling.
I'm not heartless. I would ok certain bail outs. If you lose your home for circumstances out of your control like: illness, accidnetal death of high earning spouse, loss of a (non RE realted) job. Then fine.
No bail outs for gamblers.
For people who lose their homes to these circumstances, there is bankruptcy.
Except that they can't get complete clearance anymore, no matter how desperate the circumstances and how little they contributed to them,because of recent changes in bankruptcy laws.
Those laws need to be changed to help people in truly dire circumstances.
But bailout? Forget it. If you can't afford the place, you can't afford it.
no bailouts for anybody!!!!!!
tough shit!
why should i pay a smart tax for avoiding an idiot trap.
why should the greedy and gullible recieve windfall salvation.
Except that they can't get complete clearance anymore, no matter how desperate the circumstances and how little they contributed to them,because of recent changes in bankruptcy laws.
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The bail out is in effect for the banks, but will it trikle down to the RE consumer? I doubt it. That is why they changed the bankruptcy laws a few years back!
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