Diary

NY Homeowner Wants Obama's Help....I Mean YOU to Help Bail Him Out!

Pardon my harsh language about this guy, but I’m six ways from pissed off (sorry again) about this article.

Marlo Saab bought a $555,000, two-family home in Queens three years ago – no money down.

No money down on a $555,000, two-family home?  That should be your first red flag right there…….

When he bought the Jamaica Hills house, Saab got an 80/20 mortgage – splitting his borrowing between two lenders, IndyMac and Countrywide – for a total of $3,400 in monthly payments.

$3400 a month might be affordable for some people, but…….

He makes $80,000 a year and says he has a healthy credit rating. The Saabs have rental income and they’ve paid off their car.

However, Saab’s overtime has been slashed. His wife is looking for work. The couple also have renovated their home and spend $10,000 a year to send their two kids to Catholic school.

Saab has racked up $70,000 in credit card bills and borrows from family and friends to make his mortgage. He has never missed a payment, but he’s not sure how much longer that can last.

So, let me get this right.  He makes $80,000 a year, has paid of his car, and even gets income from rental properties, and he still can’t afford to make the payments on his house?  Oh yeah.  His wife didn’t work.  He racked up $70,000 in cerdit card charges (and if you think that was all in the name of mortgage payments, then I’d like to know who wrote that perscription for you), and he’s dropping $10,000 a year on sending his kids to private school.  I can understand the private school thing, but don’t you think you’re spending a lot more money than you can afford when you live in a $555,000, two-family home on one income?  Where the hell has common sense escaped to these days?

He even has appealed to Rep. Anthony Weiner (D-Brooklyn/Queens) to intervene.

Michael Moskowitz of Manhattan-based lender Equity Now said Saab appears to be a good candidate for aid under the President’s proposal.

“[Obama is] trying to take a deserving person whose mortgage is worth more than the property is and refinance them,” he said. “It’s not good to have people default. It’s better to [give] them a lower rate.”

So, this chucklehead overextends his finances, cries to his Congressman, and he’s getting a bailout for being stupid.  And the only thing he’s “deserving” of is a swift kick in the rear.  Our tax dollars shouldn’t be going out to bail out anyone, let alone an irresponsible moron who obviously has no clue in how to manage finances.

You know what?  I lost my job last March, have been working in a contract position since last May which will come to an end in six weeks, and have been busting my butt to find a full-time job.  My wife and I put a down payment on our $120,000 house in the western part of Omaha, never missed a mortgage payment (and never will), and send our kids to public schools.  Mr. Saab will now get taxpayer money to help him with his mortgage, and all I get is a tax cut of just $13.00 a week for my trouble.

I don’t want or need government help, but it’s nice to see how this version of “Amerika” works now.  Do the right things, and let your politicians screw you. Do the wrong things, and let your politicians help you.