Gov't Launches Help to 'Underwater' Borrowers (Free Stuff!)

AP and Newsmax ^ | 7 Sep 10 | None

[SkyPilot]

The Obama administration is trying to jump-start its sputtering plan to tackle the foreclosure crisis with an effort to assist up to 1.5 million homeowners who owe more on their properties than their homes are worth.

The Federal Housing Administration will allow lenders to give these "under water" borrowers refinanced loans if the lender agrees to forgive at least 10 percent of the original mortgage amount.

The plan, which was announced in March, is being made available starting Tuesday.

The FHA said in a document published last month that between 500,000 and 1.5 million homeowners are projected to be helped. However, the Obama administration's previous efforts to stem foreclosures have fallen far short of expectations.

[SkyPilot]

If you are a "sucker" and you are paying your mortgage - tough luck!

The whole "underwater" game is 3 card monty. Houses are to live in - they are not NCAA Basketball games to place short term bets on. If your mortgage is "underwater" and you can still make the payments - then make the frickin payments! Who the hell said (and where is it written in the Constitution) that these people deserve to have 10% of their loans "forgiven" - or are allowed free money and interest off their loan?

Just remember the "Big Rule" in all of this: white males need not apply for any giveaway, because you are the one who will pay for everybody else's handout - and that is how the game works.

Why is Obama pusing the giveaway? Because minorities have a huge disportionate share of so called "high cost" loans, and have a much higher default rate.

[xzins]

Also, research has shown that the foreclosures are primarily in something like 5-6 states among which are Calif, Florida, and Az.

[Mouton]

10% of the mortgage amount forgiven? No, 10% of the mortgage amount sent over to other taxpayers.

Now then, 10% of a mortgage on a property that was 100% financed and worth double its intrinsic amount is going to do what? Nothing except forestall a foreclosure till next year to the one after as the mortgage kiting refinancing goes on.

Stupid is as stupid does.

[Ev Reeman]

The best thing that government can do for the housing banking and mortgage industries is to get out of them altogether and let the free markets take over.

[SkyPilot]

Also, research has shown that the foreclosures are primarily in something like 5-6 states among which are Calif, Florida, and Az.

Bingo on that.

[traditional1]

OBAMA MONEY....FROM HIS STASH !

[rstrahan]

So the wife and I bought a house that we could afford, made more than the montly payment and have a significant amount of equity in the home. So the government wants to help those that were foolish and tax those of us who were responsible.

And people wonder why I’m a Tea Party member.

[SkyPilot]

10% of the mortgage amount forgiven? No, 10% of the mortgage amount sent over to other taxpayers.

Yup - just like "scholarships" for minorities at colleges and universities. Those don't mean the college or university is going to demand less money for minorities to attend their school.

Nope.

What they mean by that is they will charge whites MORE to "take up the load."

Why not just do this for everything?

For instance, how about when a white buys a gallon of milk, he or she is charged an extra dollar, while a minority is charged a dollar less? Isn't that fair?

[MrB]

“Are you a minority that has made bad financial decisions in your life, and now are facing the consequences? Don’t worry, just call 1-800-OBAMASTASH”

[Terry Mross]

I bought my house in March of 2009. I tried to refinance and the value has dropped by 8% per the appraisal. Does this mean I can take advantage of this? And how does one go about proving your case?

[AU72]

And how does one go about proving your case?

I suppose the same as in a home sale, with an appraisal by a certified appraiser. You should get one anyway since your locality will be taxing your property at the higher value.

[ProtectOurFreedom]

For instance, how about when a white buys a gallon of milk, he or she is charged an extra dollar, while a minority is charged a dollar less? Isn't that fair?

You are such a kidder!! You just described Food Stamps. Been going on for 71 years.

[SoFloFreeper]

bttt

[Terry Mross]

I’m getting a copy from the lender who ordered my last appraisal.

[sodpoodle]

I swear I read that headline as: Govt launches help to UNDERWEAR BOMBERS!!!

Dyslexia ain’t all it’s cracked up bo te.

[SusaninOhio]

Gosh darn it! I told my husband not to pay off our mortgage.

Now we get to make mortage payments for some deadbeat ‘homeowner’ (who will no doubt completely trash the house and lose it anyway).

[DrC]

“10% of the mortgage amount sent over to other taxpayers.”

I keep hearing radio ads saying something to the effect that individuals with credit card debt over $10K (I believe that’s the figure) can have up to half of that debt “forgiven” under some new government program. It’s hard to contain my anger thinking about the “privilege” of bailing out individuals who have gone wild with their credit cards.

And I’m wondering if any of the geniuses who designed this program have considered the downstream effects. For every individual who gets bailed out and uses this opportunity to straighten out and fly right, my guess is that there will be 2-3 others who will party on figuring that at some point, the “government” will bail them out.

[ridesthemiles]

Also, research has shown that the foreclosures are primarily in something like 5-6 states among which are Calif, Florida, and Az.”””

I am pretty sure that foreclosures are all across the country—not just a few states.

I live in Nevada & Nevada has the highest rate of foreclosures of the entire country.

Nevada actually now owns the “triple Crown” of financial crap==
Highest Unemployment—over 14%

Highest rate of bankruptcies

Highest rate of foreclosures

No matter how widespread the foreclosures are—most of the housing bubble can be traced to Jimmah Carter & the CRA he started in 1977.

Meanwhile, if there is going to be any ‘forgiveness’ of any of the original loan balance-—who is going to take the financial hit?

The bank which entered into the loan in the first place paid the prior owner, as per escrow thru the proper channels.

IF that bank is required to chop off 10% of the original balance—regardless of the current balance, that will put the bank into technical default. Sets the bank up for being closed by the Feds.

IF the bank sold the loan to Fannie Mae or Freddie Mac somewhere along the life of the loan—then ‘forgiving’ the 10% original amount of the mortgage will impact the American taxpayers...

MANY of those taxpayers have carefully paid their mortgages all of their lives. I am one of those. Bought my first house in May 1966 & have purchases 2 others since that time. I now live in much smaller square footage, but I OWN every inch of it. I still pay the taxes & the insurance, obviously, but I have also been a taxpayer all of those years.

Those of us who lived carefully are getting punished -—AGAIN— under this plan.

Was this a bill that went thru committees & Congress? Or did NObama sign another of his endless Executive Orders?

Can anyone send this article to Drudge? Hannity? Rush?

I do not have the ability to do so.

[ridesthemiles]

So the wife and I bought a house that we could afford, made more than the montly payment and have a significant amount of equity in the home. So the government wants to help those that were foolish and tax those of us who were responsible.

And people wonder why I’m a Tea Party member.”””

Keep telling this to every person you know—even the Liberal ones might have paid their mortgage payments carefully & timely. They should be outraged.

[ridesthemiles]

keep hearing radio ads saying something to the effect that individuals with credit card debt over $10K “

New ads are appearing in the Reno area from a company called “Safe-Link” which says that you can get a FREE cell phone & 250 monthly minutes FREE—supported by the government.

I don’t have a cell phone=-=don’t want one—but why should I be paying for the NObama voters to have free cell phones & free service?????

Anybody see these ads in their area?