Posted on 10/24/2011 2:37:57 PM PDT by martosko
President Barack Obama is expanding his use of federal regulations by prodding the financial sector to sell low-interest mortgages to millions of cash-strapped homeowners “independent of how deeply underwater they are,” said Shaun Donovan, Secretary of the Department of Housing and Urban Development, Monday morning.
White House officials worked with real-estate and financial-sector groups to shift the financial risks that have kept high-risk borrowers from getting mortgages. Under Obama’s plan, mortgages will even be offered to homeowners who need to borrow 125 percent of a house’s value, Donovan added.
The list, ping
Let me know if you would like to be on or off the ping list
where do I get in line to get me some of that free Obama stuff? I need to enroll in an ivy league school and get the loans paid for too because he’s really close to forgiving all student loans too.
What a friggin racket.
I know some people who were scraping pennies together to keep their mortgage payments up to date. They are upside down by about 30% on the financed amount but want to keep their home.
Their income has fallen far below the amount needed to make the monthly payments but they have been trying.
They applied for a refinance under a previous government program but were told the program only applied to those who were at least three months behind on their mortgage.
Against their better judgement and under duress they skipped the next three payments and reapplied.
Their application was refused.
Then they applied for a refinance under a diferent program.
They were refused because they were behind on their payments and could not show enough income to pay the arrears and the penalties as well as the current payments.
Pressure from the hordes of local government employees to keep prices unnaturally up and stop the property tax declines. Those socialists play both parties.
Unfortunately for me, a putz who has been paying my mortgage religiously despite being cash strapped, won't qualify for those low interest loans........
Unfortunately for me, a putz who has been paying my mortgage religiously despite being cash strapped, won't qualify for those low interest loans........
Yeah but you take out a loan for 30 years...a lot can happen in those 30 years. Your spouse could die. You could die. You or your spouse could lose their job. There could be an economic depression. Even if you have a lot of money in savings, that will dry up real quick if you are having income issues. Most people can pay the mortgage when they took the loan out. But how many would be able to pay if they lost their job and can’t find another one?
What do you want such people to do? They can’t move because the house is underwater. They can’t find another job with a high enough income to make the payment. The bank won’t modify the loan. So their only option is to move out and throw the keys in the face of the banker. Sure the bank can try to go after the guy for the money...but you can’t twist water out of a dry towel. If the guy has no money, the bank will ultimately end up taking a loss of possibly hundreds of thousands of dollars. If enough people do this, then the banking industry and real estate market will eventually collapse. Your equity in YOUR house will be destroyed.
The only long-term solution is for the economy to come back. For jobs with decent salaries to come back. Then people can start paying their mortgages again. Unless that happens, we are all in trouble.
We structured our home loan so that we had $10,000 in equity. That was then.
Now there have been so many foreclosures and must-sell estate liquidations in our neighborhood that property values have dropped close to 40% and we are under water.
Have always paid my mortgage on time, even though I have been unemployed twice in the last 5 years. Sometimes I feel like a fool for doing so, but we signed on for the debt and so we meet our obligation.
My husband walked out on me for drugs and left me with 3 kids and 38 thousand in CR card debt.
He took the only working vehicle. He paid no child support and I eventually had. A 50 thousand dollar IRS lien just put on me for using my 401k to survive.
Yeah poop happens.
In my lifetime I have worked two jobs and still managed to get my 4 year degree ( took twenty some years.
Sorry, I am NOT responsible for others who got a bad break.
You babysit. You rent out rooms. You try to get another job. You do whatever it takes. If you still fail, at least you tried but the owness is NOT on me to save you.
I am also trying yo help others where I can.
I want the government to get the hell out if my pocketbook!!!!
My husband walked out on me for drugs and left me with 3 kids and 38 thousand in CR card debt.
He took the only working vehicle. He paid no child support and I eventually had. A 50 thousand dollar IRS lien just put on me for using my 401k to survive.
Yeah poop happens.
In my lifetime I have worked two jobs and still managed to get my 4 year degree ( took twenty some years.
Sorry, I am NOT responsible for others who got a bad break.
You babysit. You rent out rooms. You try to get another job. You do whatever it takes. If you still fail, at least you tried but the owness is NOT on me to save you.
I am also trying yo help others where I can.
I want the government to get the hell out if my pocketbook!!!!
With similar results...
Hiissein is truly an evil monster and I have no doubt that whatever his driving motivation may be, his goal is to undermine this country until it implodes. He is a monster and the enemy of America.
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