So Mortgage Relief Is Bush's?

[Kathianne]

http://news.yahoo.com/s/cq/20090218/pl_cq_politics/politics3055002


President Obama will unveil another component of his economic recovery plan in Mesa, Ariz., on Wednesday, targeting some $50 billion from the federal bank bailout program for subsidies to help troubled homeowners avoid defaulting on their mortgages.

Unlike the $787 billion stimulus package (HR 1) Obama signed on Tuesday in Denver, the housing initiative does not require Congress' blessing, because the administration already has the authority to tap into the remaining $350 billion in the Treasury Department's bank bailout fund (PL 110-343)....

[red states rule]

http://news.yahoo.com/s/cq/20090218/pl_cq_politics/politics3055002

I wonder how the market will react after Obama gives the details? How much will taxpayers have to shell out to bail out people who made bad choices and bought homes they could not afford?

[Yurt]

you know, if others are going to get relief, student loans should also get a relief. this is bs, the mtg bailout is going to continue to prop up false housing prices and further ruin the economy, that is how we got in this mess in the first place.

bailout my student loans i would be pumping a good deal more into the economy....btw, a large chunk of my loans 75% are federal, so the feds should bail that out, i have no problem paying the private company, but the feds....screw that

[manu1959]

so lets see.....i can cancel my health insurance....stop paying my mortgage....default on my credit crads and tell my boss to go fuck himself so i get fired so i can get unemployment.....and live better than i do now and not work to boot.....isn't america great.....

[PostmodernProphet]

[QUOTE=Yurt;350112]you know, if others are going to get relief, student loans should also get a relief. ]/QUOTE]

bullshit....pay your loans and stop complaining.....I paid mine, why should I help pay yours?.....

[Yurt]

[QUOTE=Yurt;350112]you know, if others are going to get relief, student loans should also get a relief. ]/QUOTE]

bullshit....pay your loans and stop complaining.....I paid mine, why should I help pay yours?.....

screw that, if the government is going to bailout others, then bailout large student loans...if they want to stimulate the ecomony, don't just bailout mtgs...

and i specifically said the federal loans, not private. you do realize i don't support the bailouts, merely making a point that to focus everything on just mtgs is NOT going to help, so if they really want to bailout people out, let's really bailout the people, why just mtgs? that is bullshit.

so calm down, count to 10 and say to yourself:

yurt makes a good point

[Yurt]

so lets see.....i can cancel my health insurance....stop paying my mortgage....default on my credit crads and tell my boss to go fuck himself so i get fired so i can get unemployment.....and live better than i do now and not work to boot.....isn't america great.....

yup, those that have worked their asses off and been smart with their money will pay for those that haven't. and people wonder whats wrong with the economy. false home values, rents, merchandise products...why? because uncle same doles out money and people can afford to live where they shouldn't and buy things they should not have.

[red states rule]

Obama and Geithner seem to be oblivious

Socializing and subsidizing marginal borrowers who find themselves upside down, and subsidizing first time buyers who are incapable of qualifying for a loan in this environmentis not going to fix collapsed pricing.

The thing that will fix collapsed pricing is increased demand. It's simple enough to increase demand: simply dangle the proverbial carrot in front of the qualified buyers in the form of tax incentives.

[DannyR]

so calm down, count to 10 and say to yourself:

yurt makes a good pointAnd it is actually. Student loan defaults have to make up a good amount of bad loans as well as housing ones. I wouldn't mind a little help with my wife's loans too.

And I'll even promise not to pay myself over 500K each year or have a big party celebrating in the Caribbean!

[Yurt]

And it is actually. Student loan defaults have to make up a good amount of bad loans as well as housing ones. I wouldn't mind a little help with my wife's loans too.

And I'll even promise not to pay myself over 500K each year or have a big party celebrating in the Caribbean!

:laugh2:

[Yurt]

obama has no clue how the real world works, he flat out says he wants to keep false housing prices up..


"This plan will not save every home, but it will give millions of families resigned to financial ruin a chance to rebuild," Obama told a crowd here, in one of the communities hardest hit by the housing crisis. "It will prevent the worst consequences of this crisis from wreaking even greater havoc on the economy. And by bringing down the foreclosure rate, it will help to shore up housing prices for everyone."

it is not going to work, but hey, it will keep house prices at a false level and we'll all feel good

[red states rule]

obama has no clue how the real world works, he flat out says he wants to keep false housing prices up..



it is not going to work, but hey, it will keep house prices at a false level and we'll all feel good

Ok, so now a h/o has a $400,000 mortgage- but at the current time the asset is only worth $200,000.

The payments are more than he can afford, because he took an 'easy credit loan' and now the interest rates have kicked in.

Why does the government have to do anything?

What I see needs to be done, is that the house be foreclosed on, and the lender gets the house.

No government needed. Let the one who took out a dumb loan, fail.

Where I work the calls were pouring in. Most of them were refi requests, but I took a few from people who wanted to know waht Obama's plan was going to do for them. One caller even said since Obama WE had to do whatever Obama told us to do, and she demaned a lower payement on the spot. She was not late, and never has been

Seems she thinks she is entitled to screw the investor on what she promised to pay back