Let's print more money and bring more instability to
the financial markets. If it worked in Zimbabwe, then
why can't it work here?
Let's print more money and bring more instability to
the financial markets. If it worked in Zimbabwe, then
why can't it work here?
What makes Obama (or any of his Cabinet) an expert in fixing the “housing crises?”
Or is Big Brother going to pay all the fees associated with that as well? Appraisals, title searches, surveys, etc?
sw
1) Back in the good old days, I think banks wouldn't give mortgages in the first place if the payment would be more than 32% of income.
2) I'm assuming these sub-prime mortgages are all fixed rate, otherwise, the reduction in payments to a fixed percentage of income doesn't seem to make sense.
3) If I lose my job and have no income, does that mean my mortgage payments are 38% of zero?
Obama Announces $75 Billion "Everyone should be able to own a home" Mistake (Worse than expected)
So they get on average $8,333 and I get nothing other than to pay FOR the $8,333.....
The latest phase of the Obama reparations plan ...
I posted this on my locale page, and thought it would be good to repost here.
The latest from the Barry Sotero road show has pushed me to action. I must do something; as I can’t take it anymore. The idea of the government subsidizing (even more) home mortgages of people who can’t do basic math, and helping the people who gave them loans is too much to take. It is time to start using the tools of the beast against itself. Let me float an idea to more knowledgeable FReepers and see where this goes.
The government has become discriminatory (or will if Barry gets the $50B he wants) against people who have paid their mortgages on time; penalizing them by making those, as taxpayers, pay not only their own mortgages, but other’s as well. Through this discrimination, it has denied these taxpayers certain fundamental rights; the right to own property (their hard earned money), the right for liberty (freedom to buy what they wish with their money), the right to pursue happiness (loss of security due to the financial burden imposed).
I propose the idea of a class action law suit against the US government, on behalf of non-delinquent mortgage holders for equal treatment under the law. If the US government is going to subsidize some mortgage holders, then they must subsidize all mortgage holders. Conversely, it must not subsidize any mortgage holders.
I am not naïve enough to think that this has a snowball’s chance of succeeding. In fact, I am pretty sure it would die an in glorious death at the hands of the bureaucrats. The point is to get the notion out there, and to get as many homeowners (read responsible taxpayers) upset about it as possible. Even those that are for the welfare state can find something good about it, as it appeals to their “I want pie” mentality; everybody gets something. The point is to foment discontent at the grassroots level, in order to affect change before, or by, 2010 and beyond.
Not being a litigious person (I like most lawyers even less than I like most doctors), I don’t know if this is even actionable. If it were, I wouldn’t even begin to know how to go about it. If there are any legal eagle FReepers out there that could weigh in, it would be appreciated.
Yep. As I understand it, MUCH worse than feared. What are these people thinking? Amazing how the ‘Emergency’ is so effectively used to usurp power from the fearful masses.
I suppose the part where they allow automatic refinancing at current interest rates might be a good one. It obviously could give people a lower rate than what is called for given their risk factors, but if they were going to go bankrupt otherwise, it’s probably better to get some money than none at all.
I don’t even see how you would work a plan that forced lenders to reduce payments to a percentage of income. So unless that is a voluntary plan whereby if the lenders reduce to 38%, THEN the government provides 7% of that so the lenders can be guaranteed some form of payment, that might be workable.
But what I’m guessing they want to do is to reduce the amount OWED to the lender so that the payment drops to 38%. And that I do NOT want. I don’t want ANY PERSON IN THIS COUNTRY who borrowed money to buy a house to now get that money “given back” to them in the form of debt relief, and have them keep their house.
Because that would reward the stupid, the greedy, the ignorant, and those who borrowed money and spent it all on things, at the expense of the prudent people who only borrowed what they could afford, and didn’t take money out of their houses to buy big-screen TV sets.
But I’m sure that is what Obama wants. It’s the “perfect” liberal plan. The only people who benefit are those who are poor and bought “rich people’s” houses. The rich don’t benefit because they won’t qualify since they can still afford their houses.
That is a very clever way to spread the wealth!:
If I dash down to my friendly banker and ask for a refi. He will probably bend over backwards to fulfil my desire.
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
Got Ya
Renters and current mortgage borrowers bail out deadbeats. That’s real change.
Obviously Obama plans to get to socialism by a progressive pricing scheme whereby the government will subsidize low income people with taxes from. achievers. This way a poor person will pay say 10 dollars for the same good or service a wealthy person has to pay 100. I look for him to move this type program to all aspects of the economy.
Here’s the Ten Point Program of the Black Panther Party. It looks like Obama’s to do list in his first 100 days of office.
The Ten Point Program
We want power to determine the destiny of our black and oppressed communities’ education that teaches us our true history and our role in the present day society.
We want completely free health care for all black and oppressed people.
We want an immediate end to police brutality and murder of black people, other people of color, all oppressed people inside the United States.
We want an immediate end to all wars of aggression. We want full employment for our people.
We want an end to the robbery by the capitalists of our Black Community.
We want decent housing, fit for the shelter of human beings.
We want decent education for our people that exposes the true nature of this decadent American society.
We want freedom for all black and oppressed people now held in U. S. Federal, state, county, city and military prisons and jails.
We want trials by a jury of peers for all persons charged with so-called crimes.
We want land, bread, housing, education, clothing, justice, peace and people’s community control of modern technology.
Non delinquent homeowners must demand “Equal protection under the law.” One group of citizens can’t be given preference over others.
Oh, sorry, I forgot about affirmative action.
What is to guarantee that those who receive this help are not going to find themselves in dire economic straits again? NADA! So how often do we bail out ordinary people or companies for that matter? How many more times, how much more money, how often can GM come to the taxpayer. I am so disgusted with this as to be absolutely livid. Laptop is starting to sizzle.
Marxist Obama (and BFF Bill Ayers) do not like us having private property.
They prefer the masses to be tenants in government-owned props.
Such, I strongly suspect, will be the fine-print-strings within the "foreclosure prevention" paperwork.
.
He's walking out on the first.