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Mar. 6th, 2008 10:04 amYou know, I hate to sound like a cynic or a bitch but what did people expect this housing thing to do? You made it so that people who normally couldn't afford houses could get into houses they couldn't afford and now that they can't make their payments, you're surprised they're being foreclosed! Let me phrase that another way. If you give people with no money a house they can't pay for then you should expect that they won't pay for it. DUH!
If someone works 40 hours a week for, lets say, $10 an hour, that's $400 before taxes, then take away about $92 for taxes, and you have around $308 a week, which is $1232 a month, if they aren't sick or miss a day or anything. So, if they have a car payment, let's estimate that it's around $200. So, now you're down to $1032. Then, let's assume they have insurance, and we'll say that's around $80. Okay, so, they have an electric bill $80, water $40, and let's say that food expenses are around $200 a month. Which means that at the end of all of this they have $632 extra a month. If you FINANCE them a house for $1000 a month, it's no fucking wonder they can't pay it because it never should have been financed in the first place.
Not only that, the gov never should have pushed these companies to do so. I understand wanting to give everyone the benefit of owning their own home, but you can't do it that way. If people can't afford it, they can't afford it. There is no sense in putting someone into a house they can't pay for and then it ruins their credit for years. Good going everyone! You really fucked it up this time!
If someone works 40 hours a week for, lets say, $10 an hour, that's $400 before taxes, then take away about $92 for taxes, and you have around $308 a week, which is $1232 a month, if they aren't sick or miss a day or anything. So, if they have a car payment, let's estimate that it's around $200. So, now you're down to $1032. Then, let's assume they have insurance, and we'll say that's around $80. Okay, so, they have an electric bill $80, water $40, and let's say that food expenses are around $200 a month. Which means that at the end of all of this they have $632 extra a month. If you FINANCE them a house for $1000 a month, it's no fucking wonder they can't pay it because it never should have been financed in the first place.
Not only that, the gov never should have pushed these companies to do so. I understand wanting to give everyone the benefit of owning their own home, but you can't do it that way. If people can't afford it, they can't afford it. There is no sense in putting someone into a house they can't pay for and then it ruins their credit for years. Good going everyone! You really fucked it up this time!