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Obama to unveil $75B mortgage relief plan (Why didnt I buy a bigger house??)
MSNBC ^
| 2/18/09
| AP
Posted on 02/18/2009 9:22:44 AM PST by sickoflibs
click here to read article
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To: SouthTexas
This will include reducing PRINCIPALS!
To: mojito
Say farewell to capitalism.
22
posted on
02/18/2009 9:42:04 AM PST
by
Lurking in Kansas
(Never argue with an idiot. They drag you down their level, then beat you with experience.)
To: Gandalf_The_Gray
The bad news is that at 31% of income the number of payments exceeds the expected lifetime of the mortgagee! Don't you just hate math?
Right, as long as the mortgage principal itself isn't reduced, the reduced payments mean that the mortgage doesn't get paid off in its original term. These mortgages could turn into perpetual loans. This plan might allow for negative amortization, where the payments are not even enough to cover the interest.
Essentially, these homeowners become renters, with an upside option if housing prices ever recover. Not a bad deal for them at all. Not such a good deal for their neighbors or the rest of us, who might in the interest of fairness ask to re-finance their homes on similar terms.
23
posted on
02/18/2009 9:42:04 AM PST
by
kenavi
(Want a real stimulus? Drill!)
To: acoulterfan
What does this mean by “It will not cost the taxpayer anything”?
To: Bobkk47
Man, what a sucker I am. I make my mortgage payments each month, on time. I should have stopped making payment and the guvmint would have taken care of it for me. What a country! You think you are a sucker, I paid my mortgage off last week, 14 years early.
25
posted on
02/18/2009 9:42:29 AM PST
by
c-b 1
(Reporting from behind enemy lines, in occupied AZTLAN.)
To: TroutFishingInAmerica
My sister lives in a vacation area, a for-closure capital of the country and her next door neighbor walked away, house empty still for over a year. Their own house is worth less than they owe, they took a home equity loan on non-earned paper gains like most of those failing now.(everyone was told to do that.)
To your point, obviously letting the bad debt being written off as losses has bad consequences(this is really the consequences of what proceeded the crash). That is the justification of all these measures since Sept 2008(Bush+Obama) . What is never asked is all the negative consequences of bailing out those who made the worst decisions, to get help to the innocent but unknowledgable that bought at peak.
I appreciate you taking the contrary point, for debate
26
posted on
02/18/2009 9:43:09 AM PST
by
sickoflibs
(Keynesian Economics : "If you won't spend your money WE WILL!")
To: sickoflibs
Had a look through the constitution to try and find the part where it authorizes the federal government to stick its enormous hand in the pockets of citizens in order to pay the mortgages of those who can’t do it themselves. Couldn’t find it.
But, then, the constitution’s become something of a joke these days, anyway. Clearly, no one in congress takes it very seriously. One wonders, in fact, if anyone on the hill has even read it; it’s highly unlikely that the president has done so.
To: sickoflibs
Something has been puzzling me ever since the whole Freddie/Fannie debacle:
Barney Frank and Chris Dodd and every other leftist has been trying to convince us that this is “everyone’s” fault, that there is “blame to go around” and all that.
The dems have consistently portrayed the Republicans as mean, poor-hating richbots who have done nothing to help the poor, right?
So how can the Republicans be against the poor and at the same time are equally responsible for helping poor people who can’t afford them get mortgages they can’t pay for?
28
posted on
02/18/2009 9:44:55 AM PST
by
Darkwolf377
(Pro-Life Capitalist American Atheist and Free-Speech Junkie)
To: Sir Gawain
LOL. So far the only industries that have boomed under Obama are ammo and gold production.
29
posted on
02/18/2009 9:45:07 AM PST
by
sickoflibs
(Keynesian Economics : "If you won't spend your money WE WILL!")
To: BigFinn
And where would that 27 trillon really go?
30
posted on
02/18/2009 9:45:07 AM PST
by
freekitty
(Give me back my conservative vote.)
To: spectre
The 80%..give or take..who are paying their mortgages..may well wake up and take out their anger in the voting booth in 2010
31
posted on
02/18/2009 9:45:27 AM PST
by
ken5050
(Don't blame me, I voted for Palin!!)
To: sickoflibs
DIMS--Happily throwing OUR money around!
32
posted on
02/18/2009 9:45:39 AM PST
by
luvie
(SARAH PALIN FOR PRESIDENT AS SOON AS POSSIBLE!!!)
To: sickoflibs
“Obama to unveil $75B mortgage relief plan (Why didnt I buy a bigger house??)”
You had the wrong ‘profile’
33
posted on
02/18/2009 9:45:41 AM PST
by
SMARTY
("Stay together, pay the soldiers and forget everything else" Lucius Septimus Severus)
To: Sir Gawain
“Time to buy even more ammo.”....
I agree!...This is going to hell fast!
To: sickoflibs
The democrats got these borrowers into this mess and they know it. Now they have to keep propping these dead beats up or they will lose their votes in the future. That’s the method to the madness.
To: sickoflibs
What about all of the people who refinanced with a large cash-out and then spent it on high priced toys making them unable to keep up with the payments? Are they going to have their principal reduced?
To: KC Burke
When I drove my car off the lot I owed more than it was worth. Can I get you to make the payments for me?
37
posted on
02/18/2009 9:46:54 AM PST
by
csmusaret
(You can't spell Democrat without R-A-T.)
To: sickoflibs
My home and 8 acres is paid for, I have absolutely no plans ever to use it for anything, no loans, no mortgage, nothing ever.
I believe a home should be paid off as soon as possible.
And leave it alone, too many ways to lose it.
38
posted on
02/18/2009 9:47:45 AM PST
by
Eye of Unk
(How strangely will the Tools of a Tyrant pervert the plain Meaning of Words! SA)
To: TroutFishingInAmerica
I know it seems like rewarding people for getting in over their heads, but do you want to live next door to a foreclosed house? Foreclosure gives looters, rapists and drug dealers a place to do business. It SEEMS like rewarding people for getting in over their heads? What do you mean by "seems like?"
To: sickoflibs
40
posted on
02/18/2009 9:48:48 AM PST
by
RasterMaster
(DUmocrats - the party of slavery, sedition, subversion, socialism & surrender)
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