John Adams Posted March 26, 2010 Share Posted March 26, 2010 I feel like people not being able to afford their homes and the government interceding to keep them in said homes caused a problem once in this country. Just looked in my history book and couldn't find that chapter. Oh, maybe because that bit of history was so FREAKING recent it's not in the history books yet! Jesus H people. Are we really going to keep people in houses they can't afford? http://www.nytimes.com/2010/03/27/business...UZoeEUJ4p1/08Yw The escalation in aid comes as the administration is under rising pressure from Congress to resolve the foreclosure crisis, which is straining the economy and putting millions of Americans at risk of losing their homes. But the new initiatives could well spur protests among those who have kept up their payments and are not in trouble. At a White House briefing, officials emphasized that no new taxpayer money would be used for the programs. Instead, funds to provide incentives for loan servicers to participate would be drawn from the $50 billion allotted to housing in the Troubled Asset Relief Program. And I love this **** about "no new funds." WTF? Anytime you take my money for one purpose and spend it for another, it's new funds to me MFer. How about giving back some TARP if you're not going to use it? Or pay down the debt? Unlucky me. I was poorest during the Bush/Clinton years when no one was there to bail me out. Link to comment Share on other sites More sharing options...
Magox Posted March 26, 2010 Share Posted March 26, 2010 I feel like people not being able to afford their homes and the government interceding to keep them in said homes caused a problem once in this country. Just looked in my history book and couldn't find that chapter. Oh, maybe because that bit of history was so FREAKING recent it's not in the history books yet! Jesus H people. Are we really going to keep people in houses they can't afford? http://www.nytimes.com/2010/03/27/business...UZoeEUJ4p1/08Yw And I love this **** about "no new funds." WTF? Anytime you take my money for one purpose and spend it for another, it's new funds to me MFer. How about giving back some TARP if you're not going to use it? Or pay down the debt? Unlucky me. I was poorest during the Bush/Clinton years when no one was there to bail me out. We had the same response. Link to comment Share on other sites More sharing options...
IDBillzFan Posted March 26, 2010 Share Posted March 26, 2010 Jesus H people. Are we really going to keep people in houses they can't afford? There came a moment during the presidential election when it hit me -- I mean, really, really hit me -- that simply being a Republican didn't mean jackschitt, and that moment came when McCain's idea for fixing the mortgage problem was to take $300 billion and bail out everyone who had a bad mortgage. I couldn't believe my choice for president was coming up with with such a reckless and moronic idea. That concept couldn't have been any LESS Republican if at the same time McCain said he planned to divorce his wife to marry Barney Frank in an effort to promote bipartisanship. Not so surprising coming from Obama, who apparently is out to buy every single vote he can with money we don't have. Not to mention that when the government-backed mortgages default, guess who gets the house? Crazy time we're living in. Just crazy. The idea of "hunker in the bunker" is starting to see pretty viable. Link to comment Share on other sites More sharing options...
John Adams Posted March 26, 2010 Author Share Posted March 26, 2010 We had the same response. Get out of my brain. That's weird. Link to comment Share on other sites More sharing options...
Dante Posted March 26, 2010 Share Posted March 26, 2010 People signed a contract to pay every month. Now its ok to break the contract by law? WTF? Link to comment Share on other sites More sharing options...
Magox Posted March 26, 2010 Share Posted March 26, 2010 People signed a contract to pay every month. Now its ok to break the contract by law? WTF? It gets better, they are "REQUIRING" lenders to reduce the principal on some of the loans. Now how in the hell are they going to enforce that? And if they don't want to, then what? You know, they do have bondholders to contend with as well. Link to comment Share on other sites More sharing options...
Pine Barrens Mafia Posted March 26, 2010 Share Posted March 26, 2010 Crazy time we're living in. Just crazy. The idea of "hunker in the bunker" is starting to see pretty viable. I'm pretty close to heading out to Kacsynski's cabin, myself. Link to comment Share on other sites More sharing options...
DC Tom Posted March 26, 2010 Share Posted March 26, 2010 It gets better, they are "REQUIRING" lenders to reduce the principal on some of the loans. Now how in the hell are they going to enforce that? And if they don't want to, then what? You know, they do have bondholders to contend with as well. Let's think this through for a minute. Borrower owes $400k. Borrower gets that reduced to $300k. Borrower's mortgage is in a trust backing a mortgage bond. Mortgage bond is now short $100k in principal. Principal needs to be made up. Who pays principal? The insurer...namely, Fannie and Freddie. And you know...you can't just "reduce the principal". You also have to recalculate the monthly payment, or the term - basically, rewrite the entire terms of the loan. Is this administration REALLY so stupid as to think it's just a matter of saying "Congratulations, you now owe $100k less!" Link to comment Share on other sites More sharing options...
Gary M Posted March 26, 2010 Share Posted March 26, 2010 Is this administration REALLY so stupid as to think it's just a matter of saying "Congratulations, you now owe $100k less!" YES!!!!!! Link to comment Share on other sites More sharing options...
Barack Obama Posted March 26, 2010 Share Posted March 26, 2010 Let me be clear. I sympathize with the American people on their housing plight. It's difficult to find decent housing. My lease expires in January 2013 and I am doing everything I can now to ensure that lease is renewed Link to comment Share on other sites More sharing options...
IDBillzFan Posted March 27, 2010 Share Posted March 27, 2010 Let me be clear.I sympathize with the American people on their housing plight. It's difficult to find decent housing. My lease expires in January 2013 and I am doing everything I can now to ensure that lease is renewed Well, then, it's a good thing your next priority is the immigration bill. Link to comment Share on other sites More sharing options...
outsidethebox Posted March 27, 2010 Share Posted March 27, 2010 All I have to say is, It's about damn time! Link to comment Share on other sites More sharing options...
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