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 nations 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 presidents 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.
Obamas 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? Heres the Debate Clubs take:
“Help me out if you will...” From this the ultimate conclusion is that I and all other taxpayers should absorb your loss. Sorry life isn’t designed that way for free people. I have had gains and losses and have enjoyed and suffered with each
If you believe some one committed an act of illegal contract with you the recourse is through the tort system not your neighbors wallet. I lived a life of deferred pleasure so that I could pay off my mortgage as soon as possible and I live in a very modest house. Did fix rate mortgages and saved like crazy so that I could retire with some independence. My saving habit got me through several bad times where I was unemployed for a s long as a year due to conditions outside of my control. I now don’t have a mortgage. But I also don’t have a big house in a nice neighborhood.
I feel for your circumstances I truly do but markets come back. At some point in the future the house value will return and turn into a gain I can assure you of that.
Because the government is irresponsible is no reason for us to be irresponsible. Life is not fair things happen to us outside our control all the time. How we cope with the circumstance tells us who we are.
There is no such taking as Fairness. No two people would define “fair” in the same way. Fairness is more about spreading individual pain to others than any morally worthy value one might assume it has.
I truly wish you the best and pray for Gods help to see you through this traumatic episode.
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