Posted on 03/28/2008 9:09:48 PM PDT by lainie
The Bush administration is finalizing details of a plan to rescue thousands of homeowners at risk of foreclosure, by helping them refinance into more affordable mortgages backed by public funds, government officials said.
The proposal is aimed at assisting borrowers who owe their banks more than their homes are worth due to plummeting prices, an issue at the heart of the nation's housing crisis. Under the plan, the Federal Housing Administration would encourage lenders to forgive a portion of those loans and issue new, smaller mortgages in exchange for the financial backing of the federal government.
(Excerpt) Read more at washingtonpost.com ...
Chump.
Where do I be gettin my check??? I want help with my mortgage. What a crock of crap.
This stikes me as one of those articles that does not rise to the level of relevant. Let’s not waste bandwidth shall we.
I don't think we're headed into a recession. But there's no question we're in a slow down and that's why we acted with over $150 billion worth of pro-growth economic incentives, mainly money going into the hands of our consumers... The purpose is to encourage our consumers - to give 'em money - to help deal with the adverse effect of the decline in housing values.~~President George W. Bush, Feb 28, 2008
It strikes me as a bellwether, finger-in-the-wind out of the White House. The kind we used to make fun of Slick for sending.
1. I am fine with people telling him they don’t like the idea.
2. Apologize to Jim Robinson for wasting bandwidth.
To “give money” to “our consumers.”
huh!
Another major negative in whatever legacy he had hoped to salvage- what a moron!
So if we print more, it would work even better, right? Why not a million dollars for everybody?
Hey I could use a lower payment. What do I need to do to qualify skip a few payments?
Yeah! Then the mortgage crisis would be over! The banks would be awash in capital, and everyone would have paid off their mortgages. Problems solved! I think you’re onto something.
Well ........ It’s to be expected from a socialist with an R . I heard on my local radio today that the mayor of Philidelphia and I dont recall the 2 other cities are placing a moratorium on foreclosures .
It never stops .
um...actually? pretty much!
pah!! good luck with that, gentlemen!
It is to be expected, you’re right. Is there a word for something that is expected, but still kind of amazing when it happens?
I’ve missed ya — how ya been, ‘ben?
I hope this is not President George W. Bush’s
‘read my lips’
Hey can I get in on this. I live in an apt. because that is what I can afford.
There is a condo across the street for 875,000.
Lets see, I can go for that and..... well what do you know,
it is to much money and maybe the tax payers can bail me out. What a deal.
I just read your profile Ed . You seem to have your hands full and I’m thinking with all that goes on in this alias Republic and the world why would you sweat this bogus bandwidth non issue ?
You dont seem to have a velvet diamond tucked bubble surrounding you . Or what ?
I said in a thread a few weeks ago that I couldn’t get past a nagging feeling in my stomach that we taxpayers would wind up paying so that people could stay in houses they could never afford and never should have bought. To heck with us dummies who took the opposite approach when homebuying.
MM
Is there a word for something that is expected, but still kind of amazing when it happens?
I only get 1 ? Oh my dear , you’re an undercover bandwidth cop ..... And to think I’ve missed your clever wit all these weeks .
” Today ‘s the greatest dayyyyyyy I’ve ever known “ ;) Thread bump with a side dish of some Smashing Pumpkins !
Heck yeah. Get the free money while you can.
How have you been, SCP? Nice to chat with you again.
Unlike real investors assuming risk, you won't be seeing any return on your involuntary investment should it pan out. Nope - you are supposed to thank the government for your non-reward; references to "the common good" and "the collective" are deemed sufficient to sate you. The real reward goes to those who assumed almost no risk at all (basically, only the risk associated with tarnishing their brand name).
Still not consoled? Just keep repeating that this is another round of "Keynes saving capitalism".
You need to overextend yourself first, I think. Max out on a new home purchase, and get one of those adjustable mortgages that balloons in 2-3 years.
Is it Nov. yet? Can we last that long?
Good to see you on the threads.
Good topic.
It isn’t the government’s place to bail out people who made stupid financial decisions in getting loans they can’t pay off. Of course this is as much of a bail out for the lenders as it is the mortgage holders.
What we have seen in the last 3 years is NOT the president I, at least thought, I was voting for....twice. I’m relatively young, being in my early 30s, and Bush is probably the worst president I’ve ever seen. Clinton was bad, but I don’t think he sold out our country QUITE as much as Bush has, but it’s close. I can’t wait until he’s out of office, but we won’t have anyone any better replacing him no matter who gets elected out of the election dog show. We have 3 liberals and two socialists running for president, and it’s a disaster.
What is this five year BS ?
About the only way to make this palatable to those who lived with in their means would be for the government to take ownership & profits from a pretty good part of the house.
A big enough fraction of the house so that 10 years from now those who didn't need assistance are financially ahead of those who did need the bailout.
Essentially part ownership until the house is sold, and at least 50% of any profit.
I can’t find, in my copy of the Constitution, where is says that the Federal Government has the responsibility to bail out mortgage holders.
If I go out tomorrow and buy a house I can’t possibly afford, will I be able to get a piece of this pie?
Of course this is as much of a bail out for the lenders as it is the mortgage holders.
You got it boss . So let’s get to printing worthless money backed by air .. Sigh .
It’s not November yet. We can last, but what good will come of it then?
Thanks, bb! Glad you’re still out here, too.
I can’t disagree with any of that.
That Treasury printing press must be white hot. Odd that no one desires to stop this madness.
That wouldn’t satisfy me. I didn’t underline that passage because I agreed with it. You’re right; what you said is why the bailout idea is bad — not ‘let’s put strings on the bailout.’ The gov’t has no business in this at all.
Freedom to succeed = freedom to fail. Any departure from that simply can’t work: the people who succeed will always be subsidizing those who fail.
All of us who have been faithfully paying down our mortgage for 5, 10, 15, 20 years are the chumps. How do I get the govt to forgive me some of my debt and get me one of those “smaller” mortgages. These swine beneficiaries are getting their debt forgiveness off OUR BACKS! This stinks.
Agreed, with one change. Substitute “power” for “responsibility.”
Freedom to succeed = freedom to fail.
And our God given right to tap into our own human capital . You’ve got FRmail ....
EFFING BS.
Punishment for those who actually save money to put downpayment and make their mortgage payments on time.
Why are we supposed to pay for everyone else’s greed and needs?
So far 300 billion promised to thug bankers and realtors and now more for moron scumbags who live off of handouts.
Eff that.
Get Bono and a few other rock stars to put on a benfit concert called “Mortgage Aid”.
That’s my position too. I’m getting real sick of my government rewarding people for bad behavior.
Here illegally? We’ll just give you amnesty.
Too stupid to manage your finances? We’ll pay your mortgage.
You know what? Let these people SINK. I wont have to fund the dolt and they will learn a valuable lession at the same time.
The more irresponsible, ignorant and lazy the greater the rewards from the government.
Reminds me of when a tenant of my parents didn’t pay the rent because he broke his arm.
My Dad asked him if he would talk to the mortgage company and explain to them that my parents couldn’t make the monthly payment because he didn’t think he had to pay the rent money.
The renter was offended by my Dad’s comment.
The rent was paid, two weeks late, but it was paid. The tenants moved out the next month and left the apartment a pigsty in their wake. My parents and I had to clean up their mess.
Looks like we taxpayers get to clean up this one. It’s nice to know that somebody actually does owe you a living after all, contrary to what I was taught growing up.
But what did my parents know, they were just a couple of Garlic Noses.
No one in the federal gov’t does, that’s for sure.
Why are we supposed to? Because we don't rise up in protest, and our government (by the people, for the people) is free to do whatever the hell it wants.
I’m not sure how Wall Street will react, but imagine the reaction here if this program was presented by a dem.
This came from a poster on a related thread a few minutes ago . So ... ? Any of the rah rah types care to take a stab at this ?
why is this latest 'benevolent' big government guarantee (aka handout) to the most irresponsible homeowners a surprise?
John Galt where are you?
Ahhh yes. Only some see the light at this point. Either way, just wait a year to get your answer.
I don't know if a dem will win, but I have a feeling a socialist-at-heart will.
People that lived like you are the 'real suckers' in this latest big government effort to reward those who are the least responsible!!
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