Don't think this is what WE had in mind...
 

http://www.nypost.com/seven/02192009...fix_155901.htm

apparently, this plan doesn't cover anyone but those who have govt-backed mortgages. Private(commercial)or bank mortgaged loans are not helped much,if at all. So, if you wanted a home mortgage without Federal restraints
you're pretty much left to your own devices for a good solution.

Between this pile of crap housing plan and this media handjob of wanting to send more troops to Afghanistan .... Obama's starting to lose me a bit here.

Oh yeah, plus I hated some of the cabinet selections.

But yeah, at least he's not Bush. And at least his VP isn't Palin.

DrugS baby..It's the NY Post..that's like picking up the Enquirer to read about the Stock Market

I only read them for the racist cartoons.

If I want wall street info ... there's always CNBC ... and speaking of which ... Brother Santelli made a little sense earlier this morning...

http://www.youtube.com/watch?v=bEZB4taSEoA

I'm really upset at myself for buying a house I could afford. Had I just bought beyond my means I'd be golden right now. As it is, I'm still going to find out if there is anyway I can benefit by it.

Stupid question time, how do I know if my loan is owned or guaranteed by Fannie Mae or Freddie Mac?

It should be in escrow papers.....who's the lender?

Both were originally with HSBC, one was sold to Wells Fargo.

i guess that would fit under the 'honesty is its own reward' umbrella.

yeah but Ray Kerrison is great for the horse articles on sunday's , he did an article on handicappers across the country (btw mentioned) and i'm sure he would do an article about steve if someone got in touch with him about the show and the site

they actually have a guy in the business section who is pretty good , John Credule , they get guest columns from Wilbur Ross

the part i can't stand- incentives to get bankers to rework loans about to default.. the government (us) will make up part of the difference between the old subprime payments and the new, lower payments the homeowners would have. so, we bail out bad loans, to people who can't afford the loans. then we pay part of their payment-on a house that's lost value.
i'd love to know how this plan will encourage banks not to make more bad loans in future. if they jack up the ARM too much, and the homeowner will default, rework the loan and stick the govt (us!) with the missing money...

Banks made bad loans.
And banks also made scandalous loans.
The way they hid the rates from many people
was obscene. I think the loan officers were ex-
car dealers.

The banks are not the only ones to blame here. People need to understand what they can afford and they are not entitled to anything. When I was working as a paralegal in real estate (I'm now in corporate bankruptcy...makes you feel all warm and fuzzy about the economy doesn't it?) I processed significantly more files that had no money down than files that had money down. It's absurd how many people stressed the $1,200 they had to bring for closing costs yet they thought buying a house was the right idea for them?

No one said they are.

But either are all of the people that got mortages through Banks.
Some Banks and Mortage companies clearly used deceptive practices.
And you clearly know this if you have been following the debacle.

BTW. Why did you process loans when it was clear people
had reservations about the closing costs (ie would have trouble
making the payments)?
There have been an abundance of loan officers that quit or
blew the whistle on their employer when they noticed the type
of loans going down.

Greedy folks living beyond their means on both sides of this story.

I was not a loan processor, I was a paralegal.

Losing good paying jobs is the problem....

But it's not being talked about. What the powers that be are doing is conditioning americans to accept pay cuts AND control their budgets in an economy where inflation is going to ass rape them into oblivion.

With this socialist assholeface in office we're heading down a path of s.hit. F.uck Lyndon Johnson in the ass. And F.uck George Bush in the ass for being a dumbs.hit and enabling these f.ucktards to seize power again. And f.uck minorities and the poor who can work but choose instead to take advantage of the system.

a little too much cussing for my taste, but :tro:

Good paying jobs like the CEO's who ran with the money?
Fck them in the ass? You cant fck them in the ass. They
ran off with their ass or are hiding their ass behind their lawyers.


What about fck the greedy bastards that made these godawful
financial instruments that contributed to the mess? What about
fck Madoaf in the ass? A significant number of rich greedy people cost this country a heck of a lot more than the poor people sitting on their collective butts.

Good to see Pillow back in the mood.
I was worried.

It seems to me that alot of people are just really stupid , whatever happen if it sounds to good to be true it is. That is pretty much what happened with the housing crisis , people with their heads up their arse who couldnt afford a house because they didnt make enough money and they knew it , are now all of a sudden home owners who refinanced their homes with only 1 to 2 years of ownership and instead of putting it back into their house they went and bought big screen tv's and new cars ( that they cant pay for either) refurnished their homes and so on.
So now because they are dumb shits , I get to help them pay for their house when I dont even own my own house , what a crapper.
I should have just went and lived beyond my means like all the other numbsculls and I could have someone paying for my house now too.

Yes.
And you are also gonna bail out the CEO's from investment
banks and car companies who also not only made stupid decisions,
but in some cases made criminal decisions. You will pay for their
bonus next year. I hope you enjoy that while working your rear off.
Its more than the poor dumb sh its.

Oh I concur totally , my feeling is the ass holes in charge of the lending and so forth should be prosecuted for creating this mess.
My neighbor got her real estate liscence while the boom was going on and tried to get me to buy and I kept telling her I dont have money for a down payment , she said oh dont worry they will loan you money without a down , Im like how the hell can they do that , just didnt seem right to me. She badgered me for what seemed like weeks telling me how she "could get me in" all the while Im thinking this is just not right . So I will give equal credit to the people who sold the loans and the one's who bought into them , they are all knuckleheads.

Well we know what your "friend" was thinking..

Not much, and $.
Bad combination.

No kidding , and maybe there should be a course in ethics for these kinds of people . I just still have such a hard time grasping how dumb and greedy people can be , it seems to me they must not have a any pride in things that are ethical.
I feel this also goes for the people who were running this country and are still running this country , they are nothing but a bunch of unethical bastards and most likely if we werent , myself included , so "comfortable" in our lives we would overthrow them all.

Congressional pressure on Fannie Mae and Freddy Mac to secure homeowner loans to people who didnt necessarily deserve the loans was what allowed the banks to make such poor choices and decisions. The fact that a quasigovt agency was in effect backing all the loans, bad or good, allowed the banks to go wild with the refinancing and crazy ARM's. While the banks absolutely took advantage and went too far, the politicians courting special interest groups (like acorn) created the atmosphere for this kind of behavior to flourish.

The govt basically said make the bad loans we will cover them, until FM and FM ran out of money.

Car companies are not solely to blame for their problems. The unions crippled them for years which led to the foreign companies dominance by not having crippling labor obligations including pension and healthcare for retired employees, many of which were in their early 50's which means they were going to live for a long time.

Govt said make loans easier,
the banks saw an opportunity to cheat.
Homeowners saw an opportunity to own a
home, the American dream. Or wheeler-dealers
saw an opportunity to buy up lots of homes.
Conservatives concentrate on the idiots that had
no business buying a house. Liberals look to the
wealthier parasites that took advantage of very cheap, easy
to obtain Mortages on a number of houses to be sold
again. The dreaded middle man that serves no purpose.
The maggots that just trade some hypothetical curreny.
Speculation gone mad.

Many forgot the American dream requires a job
and hard work.
And then you have to make enough
money. A bit of an oversight on all fronts.

Blaming just the victims/idiots is too easy.

i wish the internet could investigate plane crashes.

i'm pretty sure we'd all conclude it was the ground's fault.

I am so on the same page with you about the unions , I grew up in Pittsburgh and watched the unions kill the steel industry .

LOL:D

The type of cars they were pushing (while
using governement incentives "cash" to make cheaper
fuel efficient cars) was a huge error. They gambled
on a big car market that was small and lost.
And the CEO's did not fall on
their swords. They went away with bonuses
that would offset all the crap the unions pushed.

I wonder if the CEO's can get health insurance
having avoided falling on their swords...

When the ground becomes vertical
instantaneously it is the ground's fault.

I just don't like the idea of giving these douchebags who bought houses beyond their means money so that they keep the house they never deserved in the first place. I'm fine if they chose a plan to restructure the loans to 45 years or 60 years and waive as many closing costs as feasible for the refinance to make the mortgage more affordable. That makes a lot of sense to me. But handing out money to people who pay their mortgage on time is a fuc<ing joke unless you want to pay that money out to everyone paying their mortgage on time. At least cap this at a house valued at $100,000. That I could even deal with. The idea that I bought a house a couple years back for $160,000 cause that was all that was within my means and now will have to subsidize people who bought $250,000 houses at the same time that probably couldn't have realistically afforded my house just makes me sick. I'm as liberal as it gets but there is a HUGE difference between people not having opportunities and people making poor decisions. I'm all about helping the first group and saying fuc< you to the second.

...that's why the whole freaking rush to pass this monstrosity was brainless
to start with....

I think the rush was necessary, the ultimate plan though was terrible. And this coming from someone that is a huge Obama supporter. Who knows, maybe ultimately I need to suck up my pride and realize that for the greater good of our economy we have to bail these douchebags out just like we did on Wall Street cause we as Americans are better off preventing these foreclosures. It doesn't mean I'm not going to be pissed about it for a while. And it's not like it sends a terrible message, that you can fuc< up as much as you want and put the country in a recession but don't worry, those of us that didn't fuc< up will be there to bail you out. That is so different than what liberalism should stand for.

The rush to sign this bill compounds everything this country is facing for the next few decades....they shoulda waited....

I don't buy that, if we are going to pump money into the economy we need to do it fast. Waiting helps nothing (except the Republicans who want the recession to last until 2012). But getting it done fast doesn't mean it needs to be done wrong. I think the stimulus package got it right for 98% of it. I think this got it completely wrong.

As the saying goes...."that's what makes horseraces"

Exactly!


Congrats on locking up my vote for post of the month.

saw in the paper yesterday that our auto industry contributes 10% of the jobs in this country-i'd imagine that's the main reason the govt felt the need to bail them out. that and they're union, and dems generally favor labor, and vice versa.

what i keep wondering, is what interest does the govt have in ramming home ownership down peoples' throats? they turned it from being a dream to being a necessity. if everyone thinks back to what got our current financial mess started, it was housing and the huge loan mess.

I'm not sure it's the govt who rammed this dream down anyone's throats. Any basic financial book you read, any article directed at 20 somethings out of college just starting out...home ownership is at the core of basically every financial planner's outline for developing a solid financial base. What would have happened if the Govt tried to step in and regulate and restrict mortgages 5 years ago? The screams from the right about Socialism and limited Govt would be as loud as they are today. Everyone wants regulation until it is them being told they can't get a mortgage.

Now if you want to include the IRS allowing interest deductions on mortgages vs limited financial allowances for renters..then yes, that could be construed as the Govt favoring Home Owners.