Pandemic express
A good scaremonger will make you think that the peril, beyond its mere hugeness and ferocity, is about to strike your neighbors:
In the on-going discussions about the Obama mortgage rescue package (rescue package, comin’ to the rescue!), I keep hearing that opposing it would pose political risk for Republicans because, “Everybody personally knows somebody who’s struggling to avoid foreclosure and save their home.” Really? I don’t.
Maybe I just run with a more responsible crowd, but as far as I know I can’t think of a friend, relative, co-worker, or neighbor who faces the imminent loss of their home. Is this unusual? From what I’ve been hearing on a purely anecdotal basis, I don’t think so.
I’d hate to think I run with a crowd, responsible or otherwise, but I can’t think of anyone who’s about to be turned out into the street; I’ve noted before that I’m closer to Tap City than I’d like to be, but the lowering of the boom is still fairly unlikely, inasmuch as I’m not actually late on anything and I still have, so far as I can tell, a positive net worth.
(Note: I’m not in the habit of compiling balance sheets on myself, but during some recent dark days, I had to do the math just to see if the estate would have an excess of assets over liabilities, and assuming both life-insurance companies outlive me, it would have, and not by a hair either. I include neither policy in “net worth,” though the smaller of the two is an old-style whole-life policy with some actual cash value.)
I note that I live in Oklahoma, where home prices have been steady; were I in one of the handful of states where prices have continued to tank, I suspect I might have a different story to tell.
McGehee »
22 February 2009 · 9:19 pm
I think it’s possible my brother could be in danger of defaulting on his mortgage. He’s in construction in California. ‘Nuff said.
Dwayne "the canoe guy" »
22 February 2009 · 11:16 pm
I don’t think that everybody in the US knows part of the 7% of the US having problems.
Charles Pergiel »
22 February 2009 · 11:56 pm
I suspect age may have something to do with it.
Imee »
23 February 2009 · 4:47 am
Maybe on your state, people seem to be doing fine. In Michigan & California where some of my relatives are, they or someone they know is having a problem or two with their mortgage. It’s not completely horrible, but it would be a lot of relief if they got help.
Monday Morning Blues « Creative Endeavors »
23 February 2009 · 5:20 am
[...] was reading Dustbury.com this morning and he said: “In the on-going discussions about the Obama mortgage rescue [...]
fillyjonk »
23 February 2009 · 7:15 am
I don’t personally know anyone who is in that boat, but then again, I don’t make it a practice of inquiring as to the state of people’s finances. There could be someone, I suppose, who hasn’t confided in me and who is successfully “doing the duck” (looks calm on the surface but is paddling like mad below just to stay afloat).
Dwayne "the canoe guy" »
23 February 2009 · 9:16 am
Back during the oil bust, it was impossible not to know someone that was having trouble in OK, TX, or LA. I lost a house, went through the proper channels, rebuilt my credit and became a smarter buyer for the next time.
By bailing out all of these people, all we are doing is nursing the stupid ones. I have pity that they are in this situation. I have shame that we are helping keep them ignorant of how finances actually work.
Tom »
23 February 2009 · 12:06 pm
I grew up with a guy who is losing his home, but he: 1) is a non-recovering alcholic; 2) has a history of criminal behavior; and 3) lives in Michigan. ’nuff said?
CGHill »
23 February 2009 · 12:20 pm
My marriage started falling apart during the Oil Bust, and we sold the old family manse (which we’d been in for a whole three years) for about half again what we paid for it; I found out several years later that the buyers had defaulted.
Tatyana »
23 February 2009 · 3:43 pm
Well, by this criterion I don’t know anybody that hard up.
But looking through Craigslist job ads, came across one by an experienced architect/project manager who offered to work for free for a year, and if his employer will make a profit afterward, to be included into their payroll then. A year ago headhunters would fight each other for an opportunity to sell this guy to any big architectural Cos, for a juicy fee.
A friend today posted an email offer her husband (who has a used car business in Northern NJ) received from an artist. The guy proposed to barter three of his paintings for a Nissan ’93.