I agree with everything you've said! I am underwater in a home that I was foolish enough to believe was worth what the assesment and banks TOLD me it was worth when common sense should have prevailed.I can afford my mortgage,so it is mainly a moot point other than the IDEA that I have negative equity.The fallout in all this is my attitude.I couldn't give a shit about the banks.If I lose my job (always a real threat in 2011),then a major league "FUCK YOU" to Citibank.Take it and enjoy.Shame.
I agree with some of what you said, but the mortgage market is based on fraud, if you dont understand that you dont understand anything thats going on with the collapse, the banks knew what they were doing, thats why they lent the fractional reserve funny money, so they could profit, and when it exploded they leveraged up with CDSs, so they could profit even more, perpetually even, they set up the gullible buyers to be the patsy, whether they knew it or not.
The homedebtors are entitled. Come on already. They are entitled to live free, live like a pig and go on vacation and fancy car.
WOW what a great idea. Let house prices drop to a realistic price. I know a few informed people who would buy a house tomorrow at a fair price. and these people have a downpayment and are not debt zombies.
well said, Daniel... the door of financial responsibility swings both ways... and there are plenty of these so-called "victims" caught up in an upside-down mortgage really need to take an honest look in the mirror.
Who the hell are the ten thumbs downs who do not understand the absolute truth of this video? This is exactly right. pity Congress won't suffer consequences for stealing future taxes to pay off their friends now. Yes we Can!
the same shit is happening in ireland for my girlfriend so we aRE GONNA MOVE OUT AND SAY FUCK YOU to the bank change phone no. and address and if they find her simply wont pay rofl
For many years, my neighbors would look down on me (and those alike) because I wasn't willing to mortgage our children's future for a little fun and the illusion of prosperity.
cars and toys
They are a modern anachronism and their time in the sun is over.
Too many people have been living the fake life and the piper's calling them to join him
They are weak and will go begging to their true Master. They need an administrator. He will 'help' them on their way
I agree with you 100 percent - my take is that CNN has an angle- whenever they write about "victims" - it's part of mass mind control that foments a war- and this story supports the idea that Americans are broke because they spent way beyond their means and now they deserve austerity= This adds support for banks big guys and the man - the cartel that owns CNN. This woman highlighted just milked the dysfunction but most ppl just got swindled.
@paisley73 How come these stories never focus on the family who bought a house without the intention of foreclosing, never refinanced, lost their downpayment and their house is now not worth the styrofoam and stucco it's constructed of?
When I bought my house banks were willing to lend me unlimitted amounts of cash. They offered me a huge house with a huge mortgage...I was like "Hell NO...I want to eat!!" So people who signed on the dotted line to buy that super expensive home just so that they could impress their friends, defaulted on their home, deserve exactly what came their way! I say to them...THINK about what you are doing before you sign. I want a super nice home too, but I know my limits. You people are dumbshit!
Back in the 90's México had a housing crash pretty much like the US today, people borrowed till they couldn't get another dime and suddenly they were bitching they had been defrauded by the banks when they spent the money in everything they wanted except their houses. Foreclosures started, some people renegotiated but there was no bailout for the debtors. In aprox. 3-4 years the market was up again. Lawyers say pacta sunt servanda, what you agreed must be fullfilled. Time to pay your dues!
Not fact! You can't spend what you don't have not gonna get into details but you know! If we knew what GS & Buffett were doing people would have responsible ???? Who put the money in the 2nd positions hand?? And who insured the toxic loans ???? +AAA c'mon D they killed everyone... That's my thoughts respect on urs love the show!!
Daniel, you Jeanie, I agree completely with your assessment of the situation so many "victims" have willingly signed up for. Society has transformed from one of personal responsibility to one of no-fault unaccountability where there is no risk and people fear no consequences-- because there are none. "I'm from the government and I' here to help" is today's mantra.
Awesome vid Daniel....Saying it like it is :D Many people need the perverbial bucket of cold water to bring them back to reality. A home is for living in.....not for making money with ;)
Hey Daniel, how DARE you come down against us home owners that THROUGH NO FAULT OF OUR OWN have been foreclosed on by the GREEDY bankers!! We were TRICKED into those refinance loans by PREDATOR LENDERS(and boat dealers). We had good jobs back in 06 but the JOBS ARE GONE and our 99 weeks have RUN OUT. We need a JOBS BILL!! The top 1% has over HALF OF THE WEALTH!!
Global warming..
::end rant::
Everyone was agreeing and I spent too much time at huffington post, sorry.
Nothing wrong with what you said Daniel. I to love my home, it just pisses me off knowing that deadbeats get to live in a home without paying the mortgage.
Man that was a great video. I have watched nearly all of your video's and I just love ones like this. I agree 100%. Sometimes the truth hurts, but that is the reality of life.
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Your totally right and anyone who is saying there going through hell over something like that is being overly dramatic and is in for a tough stressful life if that is hell to them.
You are not being mean. You are simply sharing the truth with others. I don't have much, but what I have I own. I will not go into debt in these troubled times. My home is paid in full, I drive a 10 year old Ford Ranger, and I can still eat a steak from time-to-time. I have little money and I still find a way to donate to my local food bank. Poor does not indicate one must be unhappy. Happiness in found within. Helping others makes me happy. You are doing a good job!
Great video Daniel. I bought my house in 06 for 450K. Now I am no longer paying the mortgage. Both my wife and I lost our jobs last year, but I'm back to work and she's home with the kids. Our taxes went up 100%, we no longer want the house. I pay all other bills and do take care of the house. Never went on vacations or partied like most people and we're trying to sell it. I am buying silver to hopefully one day buy a house free an clear. I just want out of the system, I've learned the hard way.
@awakesleepinggiant Now that's being upfront and honest. We need more people like you with that mindset. Most people in a situation like that react how Daniel is saying. Keep stacking that silver, I sure know I've been the past 3 years!
Bravo!!! Daniel You mean spirited SOB you hit the nail on the head.I purchased a home back in 98 for 160k saw the home go up decided to downsize everyone said why in the world would you want to down size go bigger. I sold the home for 420k purchased a smaller home for 300K put 270k down now I will have home paid off end of this year.And oh ya the kids that bought my old home for 420K now are under water by 150k . YOU PLAY YOU PAY!!!!
One more thing don't forget all the good paying jobs lost in the last 40 years which forced the government to come up with easy credit. Back in the early 70's there wasn't a visa or mastercard.
@torkjoy1 I wouldn't do it. Instead you should use credit cards to do this. Credit cards are unsecured while equity loans are secured. As Daniel said, "Own it".
Just wondering, if you do take a mortgage of $125k and eventually took out an equity of $400k, would it be logical to hang onto that $400k and pay the house when it drops.
This is rght, My friend ask me why Asian own stuff and they are junky. I told them because Asian live in home not a house, their house is for their children and they will not gonna sale it. Asian also a saver and they are cheap, they can eat and wear ugly cloths, they can driver 1989 camry, they don't care about medical bill cus they know how to take care of themself. that's why you will see more asian gonna buy houses in your area.
Daniel...let's start with the first villain..the Federal Reserve creates money out of thin air that is loaned to banks etc. It is an institution that should never exist. Next Congress in conjunction with the Federal Reserve creates a housing bubble. The market explodes because of easy credit and lending practices. If the Federal Reserve and Congress hadn't created this bubble then the market wouldn't have created the vast equities in properties and wouldn't have been available to owners to use.
@harmsworth1 That is the hard truth! As a real estate owner (several rental properties and a paid for home) I am just a sitting duck for the tax man. Our assessed values have dropped as much as 40% to reflect the current bankster driven market, but the taxes due stays the same or goes up due to the multiplier. This is only going to get worse as govt. costs go up and revenues go down. We are all just renters/sharecroppers anyway.
The "HELOC" was just a vehicle to keep the US consumer economy going after 2000. It was your patriotic duty to keep spending, so that 9/11 wouldn't derail the rebound after the dot com crash in 2000. People believed the hype that "real estate never goes down in price". I wouldn't be so hard on the sheeple, they are just doing what the sheep herders tell them to do. The old Lending Tree commercials were the best of the era, look them up here on Youtube.
You're not rude or mean at all Daniel. It's just truth without babying the masses. We need more of the same brother. My wife and I built our own home on 8 acres and paid it off in under 10 years. The value has dropped since it was first appraised about 6 years ago but it is still worth more than it cost us to build and we only have to deal with the taxes now. That's messed up though but better that than having a mortgage on top.
I am so glad I did not buy a house in 2007 like many were suggesting. That, I believe, is the main reason that I have no debt.... Whew!!!! Great video that reflects my beliefs. :)
Even the government, smart is it is (or should be) created a program putting people back into homes that people couldn't afford, and are now underwater, joining others who did that without government help--and this program started after 2008. So people really need to get past that mind set of constant, steady home appreciation, cuz folks, it's over...
You are absolutely right. Personally, I think people who default on their end of the mortgage contract are all to blame. I don't think banks should have been bailed out, but I also think if you sign a contract, you must live up to the obligation. If house prices skyrocketed, would these people give the banks more than the loan amount? No, it is a one way street.
I think you should be checked by a dermatologist for skin cancer if you have not already. I'm going to do that soon as well. Stay safe, and stay debt free!
Sometimes the truth comes off as "mean," but we're not here to argue emotions, folks. The truth is the truth, whether it makes you feel good or feel like shit. Things are the way they are, and not the way you would or would not like them to be. The sooner you learn that, the sooner you start to make life a little easier on yourself. Oh and keep stacking gold if you know what's good for you.
I walked away from 2 houses in '10. One I bought in '02 for 174K which sold at the sheriff's sale for 60K and the other I bought in '07 for 458K which is currently for sale at 309K. I was happy to add more fuel to the fire. I'm renting a house now. hehe
I agree with you. I think many people were so cavalier with getting tons of money off their property. I owned a Brooklyn brownstone and i never did that. I got some money off my home but I put it back in the home to fix it, and when I sold It, I got a much better price. But so many people were just drunk with money, and acting ridiculous!!
Daniel, I live in a country with hyper-inflation, Vietnam!! Interest for home loans is at 20% at the moment from the bank and you need at lease 40% deposit. That said, there is still a reasonable housing market here. Why?? Most people save in gold and live with their parents until they can afford to buy what they need.
isnt it better to take 30 yr loan, with fided interest ..so that monthly payments remain constant for long time....i did not understand why u r not recommending 30 yr loans.....well do you mean its bad for people who refinance it or take home equity loans ??. i may have missed a point
yes i know what u r talking, but why buy out homes that are still loosing value, instead of paying full,if we invest in gold and silver isnt it better?
dude i live in florida and i worked my ass off just to buy a small trailer(mobile home) now i live rent free and invest in silver and gold whatchay think?
@darkisato Yes, we would be paying for the lumber and land, plus location. Right now we are paying high prices because there is so much money out there being thrown at houses.
I bought my home to live in, hopefully for the next 30 or 40 years. Paid it off this past January, and although I would like to have some land too, this will satisfy me just fine.
We need to abolish credit completely and knock most folks down about 16 pegs.... This is the reason that Our Economy is going to come crashing down.... everybody lives FAR outside their means!! Hats off to all homeowners who are sticking out their Mortgages.... that's what Real Estate used to be about. LONG-TERM!! Not trying to flip a HOME for a quick buck. Keep up the great videos man!
The French are horrified when I tell them about 30-year fixed rate loans. Their rule of thumb here is that one family member on minimum wage ought to be able to buy the place in less than ten years, or you can't afford it. It sounds ridiculously frugal but I dunno who can think in terms of decades. I can't, I paid cash twice in full. My life has just been too uncertain. Good video, uprated.
Its amazing how many stupid folks out there buy shit they don't need with money they don't have. And too I bet you a majority of the folks living it up eating out a couple times a week were fat and just needed to be taking in 1800 cals day. You can't do anything about the stupidity of others, but it is nice when you can preposition yourself to avoid it and profit from it.
I thought this was completely realistic. What's important now is that we stand up against tyranny and end the diabolical banking cartel that is ruining peoples lives while enjoying the pleasure of such pain.
sure, I have a plan to own a house, that is to buy silver now (with my credit card with no interest for 1 1/2 yrs and only 3% transaction fee) and buy house for cheap in a few years. Actually, I believe I can buy the whole street in the next few years.
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I check on many short sale properties, many are people who bought the home in the 80s -90s and took out refis and helocs up to 95% of the bubble values. Many many people were living well above their means. Now we get to pay for it. I am more than a little angry at those folks.
i grew up in a poor neighborhood, all my life I heard you should never do an ARM loan always fixed. I bought a house with a fixed mtg in 1994. Why is it that all these people "didn't know" an ARM is bad, especially when the interest rate is so low that it can only go UP?
Telling it like it is Daniel. I remember when you put out the Take The Red Pill video, you and only a few others were making videos. Now there are so many, however, the is only one VisionVictory. always liked your friday videos.. Peace
Actually your spot on. We bought our house 12 years ago. We owned our other home but the neighbor went bad. We put all the money down on this one with the intention of selling it once the kids were grown. We took a thirty year since house prices were rising exponentially. But the crash happened so fast we are stuck. Can't sell it without owing. Job moved to mexico so now I travel for work and live at the chateau de' Econo Lodge.
People urged me to trade up and buy a house. I just laughed and kept paying extra on my condo mortgage. Now I'm debt free. If I followed their advice I'd still be paying that mortgage.
I agree with you Daniel! Do you think these "VICTIMS" would give the equity back if their house went up in value 50% rather than down in value 50%? Now they want the rest of the tax payers to pay for their gamble.
One of your most satisfying vids Daniel. Gosh. Be RESPONSIBLE for one's actions? In America? the HorOR! :o
Favorite "victim" story is from my town of Sacramento. Single mom, state worker CRYING that she can't afford her home. She earns $15/hr. Of COURSE she can't afford her home! She had no business buying one on that salary!
I'll just bet she drove to work today in a HUMONGOUS SUV and was talking on on an I-Phone. get real!
Individuals make bad deals for themselves. Banks consistently make loans that are favorable to them. I'm currently underwater but current on my loan and that's prob stupid too. It's a catch-22.
Property is never really owned anyway. You don't pay someone else for that which you own. Try not paying your property taxes and see who actually owns your property.
I'm one of those that bought in 93 for 90k, saw the price go up to 350k, and now back down prolly to 150k. All the while just paying on a mortgage that I saw traded around about a half dozen times. Refinanced once for a better rate 15 years less and 20k cash. (Paid some bills and helped keep my 96 pickup on the road)
Now I owe less than 40k and should be done with it in a few years free and clear.
Am I a sucker? I don't know and don't care, I did what I'm supposed to do.
@Atoyota Good comment. Ask to see your original mortgage. Have a notary public on hand, yes you will have to pay them for their trouble, with a one page declaration prepared for after you go through a polite meeting and they cannot show you the original agreement, witnessed, that the meeting took place, bla bla. Take it to the Marshall and get the quitclaim or whatever it is called. If they cannot show you the paperwork they have defaulted on the deal and you own it. Be polite! xo
@slobomotion That's as hanky as taking out a loan I can't meet.
I know about the robo signing scams and the possibility they don't have the original loan agreement, but taking advantage of that is only making me as much of a crook as they are. It only adds to the problems it does not subtract.
The world is totally screwed because of circle jerks like this... Nah not me, no thanks.
@Atoyota Well, you are honorable. I just had a huge problem with VISA. There were fraudulent charges on my card, which I cut up in January. I have been a good client since 1978. No one even answered my concerns, I offered to settle twice in writing by registered mail, they stopped getting back to me last Autumn or so. I checked my contract and they broke it, not I. I kept up payments all along. I now owe them nothing. xo
@slobomotion I had a CITI visa card for 30 years (actually was "Central" previous to CITI) I paid them off, notified them by phone to cancel the acct and sent the destroyed card to them. Then I got a bill for some bogus charge and I called them back again. They took it off and I've not heard from them since.
I took visa with my bank and use that now.
I quit CITI because they were one of the Banks in the middle of the mess and I no longer trusted them.
@Atoyota I remember when Citi first had the first cash machines! You did the right thing by communicating with them. In a way, it is wrong what I did in the past year, to keep up payments monthly regardless. I saw there was a problem and I should have put my put down harder. I am astonished at how VISA seems to have fallen apart in the last year. I mean, if I send them registered letters from France, they should answer, right? Yeow.
@Atoyota We have that exact same thing in New Zealand too. House prices hyped up on artificial BullS...t where everyone felt good with revaluation of their house price going up, went out and booked up some rentals, Cars holidays European holidays etc. Now all that artificial BS house hyped up prices are falling over and now prices are back to their true levels of 2002. alot of foreclosure going on right now
@jimbobubbadj yeah thanks! and when I'm ready to sell... hopefully valuations will have increased.
If not I can rent, but that's a pain. Fortunately I'm in the Federal government economic bubble area, so employment and rate of pay helps prop up the market here. I'll be able to sell for a bit more than most if the government itself does not collapse LOL
@fortherichbytherich Not really, in the end it's really the fault of the debt based monetary system. Everyone is just following their own interests and will deal with the consequences by their own means. Any government involvement just seems to make matters worse.
We need a new monetary system based on trade itself, not some bitcoin crap. Any monetary system not based on the market or market forces is doomed to failure.
I TOTALLY AGREE WITH THIS VIDEO! when someone pulls out over 400K via refinancing then good on you; which ever way you spent it is irrelevant as you rode the equity-bull-housing market and lived the life you chose in the process. Apart from needing the cash for medical reasons or long-term unemployment a person should take personal responsibility for the debt they've incurred as a result. so 'man up' and quit your whining!
The whole financial system is rigged and technically they should live in their houses for free as long as they can because the banks never really gave them anything in the first place.Until we get back to honest money, I say screw the banks.
Think about it,how did all those banks get bailed out? The fed wired them over a few zeros on their balance sheet that's how.That's also how they give people money and then expect people to be slaves for 30 years.
I paid my house off in 10 years instead of thirty,even still I gave them 10 years of slavery ,what did they do for that money they loaned me?Nothing at all.
That was my observation. I have neighbors doing strategic defaults, and they are living better than I at the moment... Vacations, dinner and new cars.... life is good for a while. It was a great big loophole the banks left open to allow these defaults, although I sense there is "quiet legislation" being worked on to make loans guaranteed by Fanny and Freddie (99.9% or so) to be under the same no way to default platform that student loans have these days.
I agree if a drug dealer pushed and pushed you to use drugs what happens to you is your fault BUT the drug dealer existing in the first place is the problem. Keep in mind the drug deal told those people that they can handle it that it will be alright and they knew full well that was not true.
So now we want to reward the drug dealer with everything the person has when he got the drug for free?
I don't think people should keep their house but I know for dam sure the banks shouldn't get it.
@davincij15 bottom line is that americans need to wise up and stop expecting govt to save them from their financial distress they have caused...i could understand if the banks failed to disclose the terms of the note where a borrower might have a case...they went into the contract with their eyes opened intending to turn a quick profit knowing full well they were in over their heads.
I agree with everything you've said! I am underwater in a home that I was foolish enough to believe was worth what the assesment and banks TOLD me it was worth when common sense should have prevailed.I can afford my mortgage,so it is mainly a moot point other than the IDEA that I have negative equity.The fallout in all this is my attitude.I couldn't give a shit about the banks.If I lose my job (always a real threat in 2011),then a major league "FUCK YOU" to Citibank.Take it and enjoy.Shame.
johnnyd63 7 months ago
hey Vision you are not mean at all you just call it like it is. People are not cautious enough or ask enough questions at all
dashandrepeat 7 months ago
I agree with some of what you said, but the mortgage market is based on fraud, if you dont understand that you dont understand anything thats going on with the collapse, the banks knew what they were doing, thats why they lent the fractional reserve funny money, so they could profit, and when it exploded they leveraged up with CDSs, so they could profit even more, perpetually even, they set up the gullible buyers to be the patsy, whether they knew it or not.
ADULTEDUCATION4U 7 months ago
There are dropping house prices. Also, people see there is no economic recovery. Look at a crashing financial system coming soon.
actionatnetrox 8 months ago
FRY !!!
lexyota 8 months ago
The homedebtors are entitled. Come on already. They are entitled to live free, live like a pig and go on vacation and fancy car.
WOW what a great idea. Let house prices drop to a realistic price. I know a few informed people who would buy a house tomorrow at a fair price. and these people have a downpayment and are not debt zombies.
contrarianman 8 months ago
The homedebtors are entitled. Come on already. They are entitled to live free, live like a pig and go on vacation and fancy car.
contrarianman 8 months ago
The housing market will only get worst and the second wave of the collapse is yet to come.
hstone39 8 months ago
Great video, Daniel. You really state it the way it is, and it's not mean spirited at all.
Thanks.
denderon1 8 months ago
The problem with th ehousing market is the INTEREST RATES.
In britainm my dad told me they used to expect to pay 1% interest ona m ortgage, and pay it off, over a few yrs (back in the 1940'/50's).
But, by the 1990's people were paying as much as 8 or 9%.
In the UK, if you borrow £100,000 for a house, you can expect to pay back OVER £350,000, over 25 yrs.
Now THAT is INCREDIBLE, because a nation of people CANT pay that much, so the system MUST crash, and the banks then swoop in and CLEAN UP !
AnnoyingTypoSyndrome 8 months ago
well said, Daniel... the door of financial responsibility swings both ways... and there are plenty of these so-called "victims" caught up in an upside-down mortgage really need to take an honest look in the mirror.
another great video. thanks.
vinwald 8 months ago
good video..
soyrockstar100 8 months ago
Good
kuribix 8 months ago
Who the hell are the ten thumbs downs who do not understand the absolute truth of this video? This is exactly right. pity Congress won't suffer consequences for stealing future taxes to pay off their friends now. Yes we Can!
emmy1cat 8 months ago
@emmy1cat ........The thumbs down are the people who lost there homes. ;0)
TheFrugalchic 8 months ago
ha ha you big meanie, but so true
zachariahiawatha 8 months ago
the same shit is happening in ireland for my girlfriend so we aRE GONNA MOVE OUT AND SAY FUCK YOU to the bank change phone no. and address and if they find her simply wont pay rofl
octojoe 8 months ago
For many years, my neighbors would look down on me (and those alike) because I wasn't willing to mortgage our children's future for a little fun and the illusion of prosperity.
cars and toys
They are a modern anachronism and their time in the sun is over.
Too many people have been living the fake life and the piper's calling them to join him
They are weak and will go begging to their true Master. They need an administrator. He will 'help' them on their way
Such is the path of the Dodo ...
LP101A 8 months ago
Well said are true thoughts spoken said the fortune cookie to the student, lol.
wizetrade00 8 months ago
Eeeuuuwww! Applause applause! Sounds good to me.
mkmason2002 8 months ago
man, you really got a thing for ruth's chris!
rockstar728 8 months ago
The lady who bought the $135K house probably did blow all that money on a business........FLIPPING HOUSES!!
jjenson2006 8 months ago
I agree
jsphbjmn 8 months ago
We all need to be responsible for our own actions and accept the consequences of our decisions.
alphabeets 8 months ago
@alphabeets Sounds like Ron Paul :D
rallycsx 8 months ago
BRAVO!
davidm021 8 months ago
Excellent video. I agree with you completely. When did houses stop becoming shelters and start becoming "investments?"
spbzz 8 months ago
Tell it like it is bro...
thesilversurfer2012 8 months ago
In this world there are only two tragedies. One is not getting what one wants, and the other is getting it.
Oscar Wilde.
binky4647 8 months ago
Great points love your posts. Keep up the good work!
priestxman 8 months ago
I agree with you 100 percent - my take is that CNN has an angle- whenever they write about "victims" - it's part of mass mind control that foments a war- and this story supports the idea that Americans are broke because they spent way beyond their means and now they deserve austerity= This adds support for banks big guys and the man - the cartel that owns CNN. This woman highlighted just milked the dysfunction but most ppl just got swindled.
paisley73 8 months ago
@paisley73 How come these stories never focus on the family who bought a house without the intention of foreclosing, never refinanced, lost their downpayment and their house is now not worth the styrofoam and stucco it's constructed of?
spbzz 8 months ago
Spot on VV spot on.
trad444 8 months ago
I really do think this IS your best work. Great job! It is so nice to hear it the way it is, not the mushy political correct way.
angmikey1 8 months ago
When I bought my house banks were willing to lend me unlimitted amounts of cash. They offered me a huge house with a huge mortgage...I was like "Hell NO...I want to eat!!" So people who signed on the dotted line to buy that super expensive home just so that they could impress their friends, defaulted on their home, deserve exactly what came their way! I say to them...THINK about what you are doing before you sign. I want a super nice home too, but I know my limits. You people are dumbshit!
LetsgetphysicalAg 8 months ago 2
Lol good one D.
nextdimensions 8 months ago
Back in the 90's México had a housing crash pretty much like the US today, people borrowed till they couldn't get another dime and suddenly they were bitching they had been defrauded by the banks when they spent the money in everything they wanted except their houses. Foreclosures started, some people renegotiated but there was no bailout for the debtors. In aprox. 3-4 years the market was up again. Lawyers say pacta sunt servanda, what you agreed must be fullfilled. Time to pay your dues!
angelmtza 8 months ago 2
It must be said loudly and repeatedly; be accountable for your actions
YokoWenis 8 months ago 6
@YokoWenis Not as long as Uncle Sugar will bail us out. There's plenty of money sez Mikey Moore.
emmy1cat 8 months ago
You can't spend what you don't have!
IconMusicGroupInc 8 months ago
@IconMusicGroupInc Unless you are the govt!
wesleyhux 8 months ago
@wesleyhux Cant Even Front Your Right Thank For Clearing That Up! Truthfully Didnt Think About That!
IconMusicGroupInc 8 months ago
Not fact! You can't spend what you don't have not gonna get into details but you know! If we knew what GS & Buffett were doing people would have responsible ???? Who put the money in the 2nd positions hand?? And who insured the toxic loans ???? +AAA c'mon D they killed everyone... That's my thoughts respect on urs love the show!!
IconMusicGroupInc 8 months ago
Darned iPad predictive text! I typed "you mean-ie" but it kept auto correcting.
shezza1776 8 months ago
Daniel, you Jeanie, I agree completely with your assessment of the situation so many "victims" have willingly signed up for. Society has transformed from one of personal responsibility to one of no-fault unaccountability where there is no risk and people fear no consequences-- because there are none. "I'm from the government and I' here to help" is today's mantra.
shezza1776 8 months ago
You really hit the nail on the head!! Thank you for the video.
master2030 8 months ago
Right on Dan!!!!!!!!!!! Thanks!!
ChancetheCanine 8 months ago
Awesome vid Daniel....Saying it like it is :D Many people need the perverbial bucket of cold water to bring them back to reality. A home is for living in.....not for making money with ;)
jnadreth 8 months ago
::Begin liberal rant::
Hey Daniel, how DARE you come down against us home owners that THROUGH NO FAULT OF OUR OWN have been foreclosed on by the GREEDY bankers!! We were TRICKED into those refinance loans by PREDATOR LENDERS(and boat dealers). We had good jobs back in 06 but the JOBS ARE GONE and our 99 weeks have RUN OUT. We need a JOBS BILL!! The top 1% has over HALF OF THE WEALTH!!
Global warming..
::end rant::
Everyone was agreeing and I spent too much time at huffington post, sorry.
AtlasHBS 8 months ago
Nothing wrong with what you said Daniel. I to love my home, it just pisses me off knowing that deadbeats get to live in a home without paying the mortgage.
mja2035 8 months ago
Man that was a great video. I have watched nearly all of your video's and I just love ones like this. I agree 100%. Sometimes the truth hurts, but that is the reality of life.
batman233 8 months ago 10
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pttugasuk 6 months ago
damn i would hate to have a 30 year loan and end up paying atleast double list price.
AllTheSame711 8 months ago
Your totally right and anyone who is saying there going through hell over something like that is being overly dramatic and is in for a tough stressful life if that is hell to them.
FilteredInc 8 months ago
I agree with all the way
people need to pay thier debt's
vawt1953 8 months ago
I love you.
joel1923 9 months ago
You are not being mean. You are simply sharing the truth with others. I don't have much, but what I have I own. I will not go into debt in these troubled times. My home is paid in full, I drive a 10 year old Ford Ranger, and I can still eat a steak from time-to-time. I have little money and I still find a way to donate to my local food bank. Poor does not indicate one must be unhappy. Happiness in found within. Helping others makes me happy. You are doing a good job!
rockbay79 9 months ago
Great video Daniel. I bought my house in 06 for 450K. Now I am no longer paying the mortgage. Both my wife and I lost our jobs last year, but I'm back to work and she's home with the kids. Our taxes went up 100%, we no longer want the house. I pay all other bills and do take care of the house. Never went on vacations or partied like most people and we're trying to sell it. I am buying silver to hopefully one day buy a house free an clear. I just want out of the system, I've learned the hard way.
awakesleepinggiant 9 months ago
@awakesleepinggiant Now that's being upfront and honest. We need more people like you with that mindset. Most people in a situation like that react how Daniel is saying. Keep stacking that silver, I sure know I've been the past 3 years!
JustAnotherDisguise 8 months ago
Bravo!!! Daniel You mean spirited SOB you hit the nail on the head.I purchased a home back in 98 for 160k saw the home go up decided to downsize everyone said why in the world would you want to down size go bigger. I sold the home for 420k purchased a smaller home for 300K put 270k down now I will have home paid off end of this year.And oh ya the kids that bought my old home for 420K now are under water by 150k . YOU PLAY YOU PAY!!!!
marinefastener 9 months ago
Great video. Kudos.
eatandtravel 9 months ago
@Buckhead1959
One more thing don't forget all the good paying jobs lost in the last 40 years which forced the government to come up with easy credit. Back in the early 70's there wasn't a visa or mastercard.
imcal101 9 months ago
I own free and clear...I am going to refinance for a cash out of 80% and then buy physical silver while there still is some left
torkjoy1 9 months ago
@torkjoy1 I wouldn't do it. Instead you should use credit cards to do this. Credit cards are unsecured while equity loans are secured. As Daniel said, "Own it".
jimbobubbadj 9 months ago
@boipinoi604 you still owe the the 400k if you take it out. It does not matter if the value drops or not.
ChanceIt50 9 months ago
they love that people move too, more taxable shite!
bodyheals 9 months ago
Just wondering, if you do take a mortgage of $125k and eventually took out an equity of $400k, would it be logical to hang onto that $400k and pay the house when it drops.
boipinoi604 9 months ago
Point taken, I just wish that there weren't any predatory lenders out there, some of whom are pretty aggressive.
chiyerano 9 months ago
This is rght, My friend ask me why Asian own stuff and they are junky. I told them because Asian live in home not a house, their house is for their children and they will not gonna sale it. Asian also a saver and they are cheap, they can eat and wear ugly cloths, they can driver 1989 camry, they don't care about medical bill cus they know how to take care of themself. that's why you will see more asian gonna buy houses in your area.
jnnycliff 9 months ago
Daniel, I couldn't agree with you more! Good video!
veritasfiles 9 months ago
Daniel...let's start with the first villain..the Federal Reserve creates money out of thin air that is loaned to banks etc. It is an institution that should never exist. Next Congress in conjunction with the Federal Reserve creates a housing bubble. The market explodes because of easy credit and lending practices. If the Federal Reserve and Congress hadn't created this bubble then the market wouldn't have created the vast equities in properties and wouldn't have been available to owners to use.
Buckhead1959 9 months ago
Comment removed
harmsworth1 9 months ago
@harmsworth1 That is the hard truth! As a real estate owner (several rental properties and a paid for home) I am just a sitting duck for the tax man. Our assessed values have dropped as much as 40% to reflect the current bankster driven market, but the taxes due stays the same or goes up due to the multiplier. This is only going to get worse as govt. costs go up and revenues go down. We are all just renters/sharecroppers anyway.
prescottbill 9 months ago
very fair and honest criticism !!!
de225221 9 months ago
VV, spittin the hard reality
nottinmatterz2day 9 months ago
The "HELOC" was just a vehicle to keep the US consumer economy going after 2000. It was your patriotic duty to keep spending, so that 9/11 wouldn't derail the rebound after the dot com crash in 2000. People believed the hype that "real estate never goes down in price". I wouldn't be so hard on the sheeple, they are just doing what the sheep herders tell them to do. The old Lending Tree commercials were the best of the era, look them up here on Youtube.
prescottbill 9 months ago
Your right dude!!
bigdaddy1525 9 months ago
You're not rude or mean at all Daniel. It's just truth without babying the masses. We need more of the same brother. My wife and I built our own home on 8 acres and paid it off in under 10 years. The value has dropped since it was first appraised about 6 years ago but it is still worth more than it cost us to build and we only have to deal with the taxes now. That's messed up though but better that than having a mortgage on top.
areyouready22 9 months ago
Amen brother... As with all ponzi schemes, it takes pure greed to get involved. No victims here. Just a bunch of idiots.
mobiltec 9 months ago
I am so glad I did not buy a house in 2007 like many were suggesting. That, I believe, is the main reason that I have no debt.... Whew!!!! Great video that reflects my beliefs. :)
HyperReport 9 months ago
Even the government, smart is it is (or should be) created a program putting people back into homes that people couldn't afford, and are now underwater, joining others who did that without government help--and this program started after 2008. So people really need to get past that mind set of constant, steady home appreciation, cuz folks, it's over...
powergirl901 9 months ago
What a better place this world would be if people were brutally honest with themselves.
resourcefulgirl 9 months ago
You are so right Daniel. You are not mean, you are real. People need the tough love.
lindabebe835 9 months ago
You are absolutely right. Personally, I think people who default on their end of the mortgage contract are all to blame. I don't think banks should have been bailed out, but I also think if you sign a contract, you must live up to the obligation. If house prices skyrocketed, would these people give the banks more than the loan amount? No, it is a one way street.
dmger14 9 months ago
I think you should be checked by a dermatologist for skin cancer if you have not already. I'm going to do that soon as well. Stay safe, and stay debt free!
webcompanion 9 months ago
Sometimes the truth comes off as "mean," but we're not here to argue emotions, folks. The truth is the truth, whether it makes you feel good or feel like shit. Things are the way they are, and not the way you would or would not like them to be. The sooner you learn that, the sooner you start to make life a little easier on yourself. Oh and keep stacking gold if you know what's good for you.
SolarAlchemy 9 months ago
Thanks for keeping it real VV, even if it is hard to swallow (Currently underwater by about 45%).
Azazel226 9 months ago
3 people who watch this channel pulled $400k out of their homes to buy boats, then lost their houses.
peilthetraveler 9 months ago
So, when people quite paying their mortgage, do they still pay the taxes and just not the loan? I cant imagine the bank would keep paying the taxes.
CaptainTripsz 9 months ago
I walked away from 2 houses in '10. One I bought in '02 for 174K which sold at the sheriff's sale for 60K and the other I bought in '07 for 458K which is currently for sale at 309K. I was happy to add more fuel to the fire. I'm renting a house now. hehe
helpendthefed 9 months ago
Dan,
I agree with you. I think many people were so cavalier with getting tons of money off their property. I owned a Brooklyn brownstone and i never did that. I got some money off my home but I put it back in the home to fix it, and when I sold It, I got a much better price. But so many people were just drunk with money, and acting ridiculous!!
videolover61 9 months ago
This video is made of win and truth.
n3rdm4n 9 months ago
Daniel, I live in a country with hyper-inflation, Vietnam!! Interest for home loans is at 20% at the moment from the bank and you need at lease 40% deposit. That said, there is still a reasonable housing market here. Why?? Most people save in gold and live with their parents until they can afford to buy what they need.
jizzlipps 9 months ago
Well put! All those who lived beyond their means can suck it. I hope they end up on the street. You should call your channel the "truth hurts"!!!
And yes I do think it should be painful to be stupid.
thegbpackers284 9 months ago
@thegbpackers284 lol :) thx for the comments
visionvictory 9 months ago
Well put! All those who lived beyond their means can suck it. I hope they end up on the street.
thegbpackers284 9 months ago
It's true.
whiskerchild 9 months ago
Great Video ....... AAA+++
LMIMSsoi 9 months ago
isnt it better to take 30 yr loan, with fided interest ..so that monthly payments remain constant for long time....i did not understand why u r not recommending 30 yr loans.....well do you mean its bad for people who refinance it or take home equity loans ??. i may have missed a point
kaushik8a 9 months ago
@kaushik8a Own your home, don't rent it from the bank, own it.
visionvictory 9 months ago
@kaushik8a I'm 36. I take out a 30 year loan. I'm still making payments when I should be thinking of retiring. Brilliant!!!
deadeyeventures 9 months ago
@deadeyeventures
yes i know what u r talking, but why buy out homes that are still loosing value, instead of paying full,if we invest in gold and silver isnt it better?
kaushik8a 8 months ago
dude i live in florida and i worked my ass off just to buy a small trailer(mobile home) now i live rent free and invest in silver and gold whatchay think?
mysticker11 9 months ago
@mysticker11
your doing good, and will have a lot of options open to you in the future
LMIMSsoi 9 months ago
@mysticker11 I love it, good man :)
visionvictory 9 months ago
Think the house market would be under 50,000 for a new house if u had no gov handout
darkisato 9 months ago
@darkisato Yes, we would be paying for the lumber and land, plus location. Right now we are paying high prices because there is so much money out there being thrown at houses.
visionvictory 9 months ago
I bought my home to live in, hopefully for the next 30 or 40 years. Paid it off this past January, and although I would like to have some land too, this will satisfy me just fine.
sthrnynk 9 months ago
Good video mate.
PlatinumGordon 9 months ago
I love it when Daniel swings the big stick of truth. I hope it hurts!! Knock some common sense and self-responsibility into these "victims".
voices01 9 months ago
We need to abolish credit completely and knock most folks down about 16 pegs.... This is the reason that Our Economy is going to come crashing down.... everybody lives FAR outside their means!! Hats off to all homeowners who are sticking out their Mortgages.... that's what Real Estate used to be about. LONG-TERM!! Not trying to flip a HOME for a quick buck. Keep up the great videos man!
Skudgeboy 9 months ago
The French are horrified when I tell them about 30-year fixed rate loans. Their rule of thumb here is that one family member on minimum wage ought to be able to buy the place in less than ten years, or you can't afford it. It sounds ridiculously frugal but I dunno who can think in terms of decades. I can't, I paid cash twice in full. My life has just been too uncertain. Good video, uprated.
slobomotion 9 months ago
It is the banks home. Stop paying rent and find out. So true Daniel.
halfasheep 9 months ago
Its amazing how many stupid folks out there buy shit they don't need with money they don't have. And too I bet you a majority of the folks living it up eating out a couple times a week were fat and just needed to be taking in 1800 cals day. You can't do anything about the stupidity of others, but it is nice when you can preposition yourself to avoid it and profit from it.
mikewalker260 9 months ago
I thought this was completely realistic. What's important now is that we stand up against tyranny and end the diabolical banking cartel that is ruining peoples lives while enjoying the pleasure of such pain.
InferiorFiat2001 9 months ago
sure, I have a plan to own a house, that is to buy silver now (with my credit card with no interest for 1 1/2 yrs and only 3% transaction fee) and buy house for cheap in a few years. Actually, I believe I can buy the whole street in the next few years.
hc167 9 months ago
@hc167 Prolly be a nuclear wasteland in a few years...
neanam 9 months ago
Banksters took record breaking profits....Just be a good slave a pay your mortgage.
Mr2wings 9 months ago
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Mr2wings 9 months ago
I agree with what you said in this video 100%. We're not mean, just conscious.
tommybarresi 9 months ago
I check on many short sale properties, many are people who bought the home in the 80s -90s and took out refis and helocs up to 95% of the bubble values. Many many people were living well above their means. Now we get to pay for it. I am more than a little angry at those folks.
jocknomore 9 months ago
i grew up in a poor neighborhood, all my life I heard you should never do an ARM loan always fixed. I bought a house with a fixed mtg in 1994. Why is it that all these people "didn't know" an ARM is bad, especially when the interest rate is so low that it can only go UP?
jchahine 9 months ago
Telling it like it is Daniel. I remember when you put out the Take The Red Pill video, you and only a few others were making videos. Now there are so many, however, the is only one VisionVictory. always liked your friday videos.. Peace
lizadfuel 9 months ago
Actually your spot on. We bought our house 12 years ago. We owned our other home but the neighbor went bad. We put all the money down on this one with the intention of selling it once the kids were grown. We took a thirty year since house prices were rising exponentially. But the crash happened so fast we are stuck. Can't sell it without owing. Job moved to mexico so now I travel for work and live at the chateau de' Econo Lodge.
imcal101 9 months ago
People urged me to trade up and buy a house. I just laughed and kept paying extra on my condo mortgage. Now I'm debt free. If I followed their advice I'd still be paying that mortgage.
I don't have a single problem with what you said.
vention4wh 9 months ago
what ever happened to being Responsible for one's actions??
TheUnmaskedMagician 9 months ago 6
I agree with you Daniel! Do you think these "VICTIMS" would give the equity back if their house went up in value 50% rather than down in value 50%? Now they want the rest of the tax payers to pay for their gamble.
bn12595 9 months ago
One of your most satisfying vids Daniel. Gosh. Be RESPONSIBLE for one's actions? In America? the HorOR! :o
Favorite "victim" story is from my town of Sacramento. Single mom, state worker CRYING that she can't afford her home. She earns $15/hr. Of COURSE she can't afford her home! She had no business buying one on that salary!
I'll just bet she drove to work today in a HUMONGOUS SUV and was talking on on an I-Phone. get real!
Americans have turned into such entitled pussies!
dgmoocher 9 months ago
plz go to politics - dc
stermr 9 months ago
Choice words of wisdom " ...if you have to get a loan and the government is your co-signer then you shouldn't be getting the loan..."
Government involvement in economy is the source of all our problems!
davenetdog 9 months ago
I agree.
jack21talk 9 months ago
Those that Rob Peter to pay Paul can count on Paul's Full support.
Silveready1 9 months ago
I rather enjoyed that rant ;)
DeeeArrrEsss 9 months ago
Individuals make bad deals for themselves. Banks consistently make loans that are favorable to them. I'm currently underwater but current on my loan and that's prob stupid too. It's a catch-22.
wafdawg 9 months ago
they are victims of fraud even tho they hhad it good 4 a short while
mrlance727 9 months ago
I've heard the same shit. Ridiculous
Dillingerescplan 9 months ago
Property is never really owned anyway. You don't pay someone else for that which you own. Try not paying your property taxes and see who actually owns your property.
sltb4u 9 months ago 35
@sltb4u Thats true, the government SUCKS!!!!
VictoryIndependence 9 months ago 11
@sltb4u Yeah, that's why I just rent out property.
chiyerano 9 months ago
@sltb4u Indeed!
jimbobubbadj 9 months ago
@sltb4u Damn it .
AllTheSame711 9 months ago
I'm one of those that bought in 93 for 90k, saw the price go up to 350k, and now back down prolly to 150k. All the while just paying on a mortgage that I saw traded around about a half dozen times. Refinanced once for a better rate 15 years less and 20k cash. (Paid some bills and helped keep my 96 pickup on the road)
Now I owe less than 40k and should be done with it in a few years free and clear.
Am I a sucker? I don't know and don't care, I did what I'm supposed to do.
Atoyota 9 months ago 5
@Atoyota Comment of the day!! :) Thx for sharing
VictoryIndependence 9 months ago
@Atoyota Good comment. Ask to see your original mortgage. Have a notary public on hand, yes you will have to pay them for their trouble, with a one page declaration prepared for after you go through a polite meeting and they cannot show you the original agreement, witnessed, that the meeting took place, bla bla. Take it to the Marshall and get the quitclaim or whatever it is called. If they cannot show you the paperwork they have defaulted on the deal and you own it. Be polite! xo
slobomotion 9 months ago
@slobomotion That's as hanky as taking out a loan I can't meet.
I know about the robo signing scams and the possibility they don't have the original loan agreement, but taking advantage of that is only making me as much of a crook as they are. It only adds to the problems it does not subtract.
The world is totally screwed because of circle jerks like this... Nah not me, no thanks.
Atoyota 9 months ago
@Atoyota Well, you are honorable. I just had a huge problem with VISA. There were fraudulent charges on my card, which I cut up in January. I have been a good client since 1978. No one even answered my concerns, I offered to settle twice in writing by registered mail, they stopped getting back to me last Autumn or so. I checked my contract and they broke it, not I. I kept up payments all along. I now owe them nothing. xo
slobomotion 9 months ago
@slobomotion I had a CITI visa card for 30 years (actually was "Central" previous to CITI) I paid them off, notified them by phone to cancel the acct and sent the destroyed card to them. Then I got a bill for some bogus charge and I called them back again. They took it off and I've not heard from them since.
I took visa with my bank and use that now.
I quit CITI because they were one of the Banks in the middle of the mess and I no longer trusted them.
Atoyota 8 months ago
@Atoyota I remember when Citi first had the first cash machines! You did the right thing by communicating with them. In a way, it is wrong what I did in the past year, to keep up payments monthly regardless. I saw there was a problem and I should have put my put down harder. I am astonished at how VISA seems to have fallen apart in the last year. I mean, if I send them registered letters from France, they should answer, right? Yeow.
slobomotion 8 months ago
@Atoyota We have that exact same thing in New Zealand too. House prices hyped up on artificial BullS...t where everyone felt good with revaluation of their house price going up, went out and booked up some rentals, Cars holidays European holidays etc. Now all that artificial BS house hyped up prices are falling over and now prices are back to their true levels of 2002. alot of foreclosure going on right now
chevyvictor 9 months ago
@Atoyota You're no a sucker. You're almost paid off. Peace.
jimbobubbadj 9 months ago
@jimbobubbadj yeah thanks! and when I'm ready to sell... hopefully valuations will have increased.
If not I can rent, but that's a pain. Fortunately I'm in the Federal government economic bubble area, so employment and rate of pay helps prop up the market here. I'll be able to sell for a bit more than most if the government itself does not collapse LOL
Atoyota 9 months ago
You are 100% correct. Let the buyer beware.
yhird 9 months ago
that is why everyone is to blame
fortherichbytherich 9 months ago
@fortherichbytherich Not really, in the end it's really the fault of the debt based monetary system. Everyone is just following their own interests and will deal with the consequences by their own means. Any government involvement just seems to make matters worse.
We need a new monetary system based on trade itself, not some bitcoin crap. Any monetary system not based on the market or market forces is doomed to failure.
Elzon1 9 months ago 2
@Elzon1
Money came from the free market not from government.
davincij15 9 months ago
I TOTALLY AGREE WITH THIS VIDEO! when someone pulls out over 400K via refinancing then good on you; which ever way you spent it is irrelevant as you rode the equity-bull-housing market and lived the life you chose in the process. Apart from needing the cash for medical reasons or long-term unemployment a person should take personal responsibility for the debt they've incurred as a result. so 'man up' and quit your whining!
katsel117 9 months ago
The whole financial system is rigged and technically they should live in their houses for free as long as they can because the banks never really gave them anything in the first place.Until we get back to honest money, I say screw the banks.
EDTHEWATERGUY 9 months ago 4
@EDTHEWATERGUY
Think about it,how did all those banks get bailed out? The fed wired them over a few zeros on their balance sheet that's how.That's also how they give people money and then expect people to be slaves for 30 years.
I paid my house off in 10 years instead of thirty,even still I gave them 10 years of slavery ,what did they do for that money they loaned me?Nothing at all.
EDTHEWATERGUY 9 months ago 7
@EDTHEWATERGUY I'd give you ten thumbs up if I could.
torq21 9 months ago
That was my observation. I have neighbors doing strategic defaults, and they are living better than I at the moment... Vacations, dinner and new cars.... life is good for a while. It was a great big loophole the banks left open to allow these defaults, although I sense there is "quiet legislation" being worked on to make loans guaranteed by Fanny and Freddie (99.9% or so) to be under the same no way to default platform that student loans have these days.
waypastprime 9 months ago
im underwater for 0 dollars
imatelly 9 months ago
well said
agibsonallan 9 months ago
I agree if a drug dealer pushed and pushed you to use drugs what happens to you is your fault BUT the drug dealer existing in the first place is the problem. Keep in mind the drug deal told those people that they can handle it that it will be alright and they knew full well that was not true.
So now we want to reward the drug dealer with everything the person has when he got the drug for free?
I don't think people should keep their house but I know for dam sure the banks shouldn't get it.
davincij15 9 months ago
@davincij15 bottom line is that americans need to wise up and stop expecting govt to save them from their financial distress they have caused...i could understand if the banks failed to disclose the terms of the note where a borrower might have a case...they went into the contract with their eyes opened intending to turn a quick profit knowing full well they were in over their heads.
chingon711 9 months ago
I couldn't have said it better, S#!T$ your luck
ANDRADEK1000 9 months ago
The truth is hard fot most idiots. Good video. Do video about silver.
krfoerster 9 months ago
LOCK THEM UP LOCK THEM UP ( hah ha hah)!!
savgal1211 9 months ago
I bet you're pleasantly surprised with the response. Never a truer word spoken.......you mean b**tard! ;)~
TheBullionBoy 9 months ago
HAHAHAH....I love it! Americans are FUCKING STUPID!!!!
YoboWarrior 9 months ago
@YoboWarrior Yup, I am FIRST generation Ameri