Posted on 02/18/2009 9:22:44 AM PST by sickoflibs
Very well put by you!
All this is deciding whether to bury the dead and grieve them (the loans) or prop up the dead bodies and make believe they are still alive, till the smell gets to bad. Either is bad, one resolves it in present. One punishes the innocent and rewards the guilty far more than the other(democrats believe we are all victims and the rich got out on time, and the poor got stuck) .
Only one sane voice on this, Schiff the main cause of problem is government sponsored boom-bubble that sucks people (all over world) in , that politicians tell us is real. That is a side effect of government managed economic policy, zero or negative interest rates combined with insane lending policies to promote home ownership AND supposed economic growth. (BTW :During housing boom Democrats moved out to the suburbs and took over elections in maryland.)
Yes, indeed. My anger knows no bounds today.
Now that song is stuck in my head! LOL
TODAY...you just got started today...I have been fricking mindless with anger for 4 weeks!
AAAUUUUGGGHHHH!!!!!!
Black History month will be a BLACK MONTH in the making.
HEARD of Black Friday...we are to get BLACK FEBRUARY!!!!!!!
No but Nancy might provide for you.
My description of the limitations were to dispell its supposed broad impact, not an endorsement of it as reasonable.
To maximize your benefit, stop paying your mortgage AND quit your job. Then your behavior will be rewarded by 0bama’s plan.
Yes. It doesn’t pay to be honest or responsible.
Yeah let’s look at:
Dashele
Geitner
Madoff
the new guy with “Stanford Financial”
Buress
to name the first few that come to mind
And I wasn’t picking on you personally. I have a real problem though with people who quit making their house payments just because the house has lost value.
As long as the “homeowner” being foreclosed on isn’t an absolute, unrepentant derelict, the mortgage holders could just as well take back ownership and allow the ex-homeowner to remain as a renter until an orderly sale can be arranged—even if a couple of years off. And if not them, then new renters could be brought in at whatever the going rate.
As is, this has become the most unfair of all possible solutions.
But I don’t go to school any more either. :(
Sorry, don’t understand your comment.
Noooo nooo nooooo
IF you have equity in your home...NO help for you...they much rather want to SEIZE your asset (it has equity therefore value)...
HOWEVER if you have NO EQUITY in your worthless mortgaged piece of property the LENDER does NOT want it!
Why would the lender want a TOXIC asset...they much rather have you occupying the toxic asset and having the government bailing the equity less person out.
AAAAAAAAAGGGGGHHHHHHH! WHAT THE EF IS GOING ON?
EVERY DAY THEY WANT MORE $$$$$$$!!!!!
WHERE’S IT COMING FROM?????
/thanks, I needed that scream.
Oh no. The anger didn’t start just today. Believe me!
Whatever about Black history month. It’s the communism that has me steamed.
Let me guess...Math was never your strong suit.
Join the club
KC Burke wrote:According to the info posted on the Whitehouse.gov website (See "Help For Homeowners" for text and discussion), the refinance assistance for people who are current on their payments is for Fannie/Freddie loans only.
The plan is only for Fannie/Freddie compliant loans, only loans under 415, only helps for the portion of the loan that is in excess of the house value, only serves as an incentive to the lender, not a requirement...etc, etc.
But the assistance for "Borrowers Who Are at Risk of Foreclosure" includes forced interest rate reductions, and provisions that payments will be limited to 31% of the borrowers current income (no matter their income when they signed the mortgage contract, or any of the provisions of the contract). If I read it right, the lender must come down to current market rates for fixed rate loans. No ARM adjustments up any more. And if the 31% of income is still below the payment, then the feds (us taxpayers, that is) pay half of interest rate cuts below market, or the feds (us taxpayers, that is) pay half of principal writedowns. And the feds (us taxpayers, that is) kick in $1,000 toward principal each year if the borrower makes all payments on time, up to $5,000 over the first 5 years.
acoulterfan wrote:For those at risk for foreclosure, principal write down is an option. The lenders will be required to get payments down below 31% of the borrower's current income (presumably their unemployment benefits if they are unemployed). They can do this by a combination of interest rate cuts and possibly principal write downs. The interest cut down to market rates for fixed rate mortgages come 100% out of the lender's profit. If the interest rates is cut below market rates, loss is split between the taxpayers and the lenders. And the taxpayers pick up half of any principal that is written off.
This will include reducing PRINCIPALS!
Was being sarcastic with principle and principal. ;)
Well, it is actually, but patience isn’t. I was in a hurry!
Big mistake by me!
Just on Rush - Each deadbeat will get $30,555 on average towards their mortgage.
He says he’s getting overwhelmed with all the info coming out. That’s an understatement.
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