Obama Announces $75 Billion Foreclosure Prevention Plan (Worse than expected)

Fox News ^ | February 18, 2089

[Liberty Valance]

So, what are we up to now ... 3 Trillion in his first month?
Al Capone got nothin’ on Obama.

[Joan Kerrey]

3) If I lose my job and have no income, does that mean my mortgage payments are 38% of zero?
___________________________________
Makes perfect sense to me. This way those unfortunate victims of swindlers will be compensated. Government will pay them to stay in their homes. This extra money will then stimulate the economy in general. Assuming a $3,000 per month payment does that mean that those affected will receive $1,140 per month from Freddie or Fanny. That should right the wrongs these homeowners experienced. /s

[mort56]

We will only run out of crises when Zero and his band of Marxists destroy our capitalist society and gain complete control over every industry. These people are dangerous...very dangerous.

[Claytonbridge]

It’s otherwise known as an expansion of Section 8 housing which has destroyed neighborhoods all over the country.

[Recovering_Democrat]

Obama is brain damaged. Do the math...Rush just did....

75 BILLION divided by 9 MILLION=$8,333 PER HOME.

Yeah, Hussein, that'll work. What a friggin' genius.

[texas9mm]

why not extend the term of the payment from 15 yrs. to 30 years and from 30 yrs to 60 yrs. ...on and on....decendants or others can assume the notes and we can just spread the payments out over a few milleniums.....that ought to make the monthly payments lower.

[Fee]

What happens when the home prices keep dropping after the refi, can the homeowner refi again if his mortgage is still larger than his home after the refi, or better yet if spouse loses job thus income drops, can homeowner refi again?????

[tatsinfla]

75 BILLION for 9 million homeowners facing forclousre = if i did my math right 8333.00 per home....is that really going to help...??...

[Churchillspirit]

The arrogant jut of that man's face just makes me incandescent with annoyance. It makes me physically ill.

Me too. I cannot and will not watch or listen to that phony. Haven't watched any news since election night. (Except for A-Rod's presser yesterday.)

[Turbo Pig]

I read on another forum where a poster suggested we bring a “bad faith” or “negligence” lawsuit against congress due to the fact that none of them actually read the stimulus package, thus “signing a contract” on our behalf without exercising due care of knowing what was in it....I wonder if there would be any merit in that, either?

That is an idea, I think it's too broad an approach, though. Too many people will go, "Eh, it's congress, that's they way they are". Focus in on one group (home owners, tax payers, gun owners, church goers, etc) with whatever issue you have and work on getting them upset. Then, move on to the next one.

[RipSawyer]

I don’t know the bank rules for the sixties but back then people used to tell me that only a fool would have a house payment that was more than one week’s income.

[garyb]

All the politicians have completely forgotten that they just appropriated 300 Billion dollars for housing that went into effect October 1st.

http://www.hud.gov/news/recoveryactfaq.cfm

[keepitreal]

What about car loan relief??

What if you buy a new car, finance it and drive it off the lot, only to find out it has lost a lot of value in the first month? Do you have to continue paying? It’s not fair. It’s time for Barack Obama to arrest the repo man and let us keep our cars! It’s all Big Auto and Big Bank’s fault. I want my pie.

[keepitreal]

>Seriously, he should enjoy the place rent free until they evict and show PROOF that they hold the paper on the house.

That could take months or YEARS. Meanwhile, he saves a ton of money.<

And this is what causes the continued crisis. Ethically, why not turn over the keys, leave the house in good condition, and let the bank try to recoup the money it lent. What a novel concept: do the right thing.

[RobRoy]

>>Ethically, why not turn over the keys, leave the house in good condition, and let the bank try to recoup the money it lent.<<

Great. But it is only fair to ensure you are turning the keys over to whoever can prove they deserve them. Until that is resolved, well, enjoy the place. Better than abandoning it and leaving it to vandals.

That is the ethical path.

[Petronski]

Part of the program would instruct Fannie and Freddie to automatically approve refinancing at current rates.

Wow.

His he trying to out-CRA the CRA?

[Mike Darancette]

Why? Because it gets him off the hook and transfers the risk to Fannie and Freddie (The US Goverment) and then directly to You as a taxpayer

So when F & F refinance do the refinanced loans get paid off in full even if the the mortgage is upside down?

[Mike Darancette]

Do you get in trouble from the IRS when they look at your math?

[An Old Man]

So when F & F refinance do the refinanced loans get paid off in full even if the the mortgage is upside down?

In the short term, maybe. In the long run I don't think so. Sooner or later event the twits that work for the Government will figure out that is a loosing bargain.

[Mike Darancette]

Sooner or later event the twits that work for the Government will figure out that is a loosing bargain.

Don't be so sure :)