Posted on 02/06/2012 3:53:30 PM PST by whitedog57
According to real estate data firm CoreLogic, about 11 million American homeowners are underwater, and half of all U.S. mortgages are owned by non-government lenders. On Wednesday, President Obama announced plans to help homeowners facing foreclosure. Obama is seeking to make interests rates for borrowers lower, and he plans to pay for the estimated $5 billion to $10 billion cost with a fee on the nation’s largest banks.
“It is wrong for anyone to suggest that the only option for struggling, responsible homeowners is to sit and wait for the housing market to hit bottom,” Obama said. “I refuse to accept that, and so do the American people.”
Opponents of the president’s new plan vehemently disagree. House Speaker John Boehner explained that the market needs to correct itself, saying, “All it does is delay the clearing of the market. As soon as the market clears and we understand where the prices really are—[that] will be the most important thing we can do in order to improve home values around the country.”
Obama’s plan would save the average underwater American about $3,000 per year and would apply only to borrowers who have been current on their payments for at least six months. Still, many are skeptical of further help for Americans facing foreclosure, as even the president acknowledges that his previous attempts to tackle underwater debts have failed.
Should the government help homeowners with underwater mortgages? Here’s the Debate Club’s take:
Get the cost of gasoline down to boost the economy and housing prices and make commuting from the 'burbs less expensive. Make the locals cut property taxes.
My house has since depreciated 30%.
Chase should give me the title to my house right now!
While I’m generally against this sort of market intervention, much of the blame can be placed squarely on the shoulders of the idiots running our government.
Hell no its just another form of welfare. Asking to government to cover your losses for pathetic losers. I bet these takers wouldn’t offer up their gains when the market comes back....
If you borrow the money .... its yours pay to pay back not mine.....
This is a trick question, right???
We paid CA$H for this house in Jan 2010, $270K.
Put $30K into it.
We close on the sale of it Feb 29th.
We take a $115K hit.
Thank you (FU) Clinton, Dodd and Frank.
This fool can’t “Get the Hell of of My Country” fast enough!
Thank you LTCR Rep. Allen West (FL-22?)
Should the govt interfere with the way a private entity runs its its business? NOPE. The stupidity of govt intervention has caused this mess, further mucking around will only make it worse. So, of course, further mucking around is what will happen.
"Obama is seeking tomake interests rates for borrowers lowerBUY VOTES!!!
with the florida housing market taking it in the shorts, thanks entirely to the democrats thirst for power... my mortgage now exceeds the value of my property. doesn’t matter, as i keep paying the contract i agreed to 10 years ago.
meanwhile, democrat supporters will stop paying for their mortgages... and the democrats in congress will cover it for them...
USING MY MONEY
so i get to pay my mortgage... AND the mortgage of the scum bags on the left?!
WTF?! SCREW THAT
simple hold banks to the letter of the law, JUST LIKE THE BANKS HELD THE BORROWERS, to PROVE they had standing.
MERS is not proof of ownership.
Owernship must be proven each and every transaction and each and every sale.
no proof, no forclosure = clear title = no money the taxpayers are spending.
ALSO 100% of all forclosure hearings are court reported either electronically or via person. This prevents the judges from playing fast and lose with the rules. Heck even stream it.
Mistake #1!
No.
The “government” isn’t “helping” ANYBODY!
The “government” only has MY MONEY to spread around!
The “government” should look to return the last TRILLIONS DOLLARS it wasted, before looking for more people to “help”.
When “they” say “help”, they mean “buy votes from”.
FREEP THIS POLL ***PING!*** FRmail me if you want to be added or removed from the Fearless Poll-Freeping Freepers Ping list. And be sure to ping me to any polls that need Freepin', if I miss them. (looks like a medium volume list) (gordongekko909, founder of the pinglist, stays on the list until his ghost signs up for the list)
“half of all U.S. mortgages are owned by non-government lenders”
0bama wants to own those. He also wants profits from any sales of homes that take his “fix.”
This “fee” that Obama is going to charge the banks is going to come from where? You know that the banks aren’t going to just take this in the shorts, they’ll just pass that expense onto the rest of us.
FREE MARKET CAPITALISM WORKS EVERY TIME... BUT WHAT GOT US INTO THIS MESS WAS NOT FREE MARKET OR CAPITALISM... IT WAS SOCIALIST ENGINEERING LIKE DODD/FRANK AND EVERY OTHER SOCIALIST BILL EVER PASSED.
Sorry for the yelling but it needs to be shouted from the rooftops!
LLS
Government must not transfer wealth from one group of citizens to another. If a family that can service their loan now finds themselves underwater, the only concession that I think is fair for government to grant to them is to allow their lender to convert the difference into a non-secured loan at the same total payment of the original loan. This allows the family to stay in their home and to fulfill their contractual agreement. It does not transfer wealth from/to any party. It respects everyone’s property rights.
Fixed it.
Still, many are skeptical of further help for Americans facing foreclosure, as even the president acknowledges that his previous attempts to tackle underwater debts have failed.
What is the definition of insanity?
One thing I'll remember about the Obama years will be feeling stupid for working and paying my bills on time.
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