Obama's Mortgage Plan - AM I WRONG ON THIS????

[Soul Crusher]

Obama plan seeks to save millions from foreclosure
AP ^ | 18 Feb 09 | Mark Smith

Posted on Wednesday, February 18, 2009 6:22:28 AM by SkyPilot

PHOENIX – His massive stimulus plan now signed into law, President Barack Obama is turning to attack the home foreclosure crisis at the heart of the nation's deepening economic woes.


His goal is to prevent millions of American families from losing their houses because they can't make mortgage payments.

"We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes," Obama said Tuesday as he signed his tax cut and spending package into law.

The ambitious plan he was announcing at a Phoenix high school Wednesday was expected to offer government cash to mortgage companies that reduce interest rates — and therefore monthly payments — for homeowners in danger of default, according to several people briefed on the plan. What remained unclear was how the government will decide who qualifies for relief.

One Democratic official familiar with the plan said it also would allow homeowners to refinance their mortgages if they owed more than their homes were valued. Still another section would give bankruptcy judges more authority to change mortgages. That last provision has been opposed by lenders, who said it would add risk and lead to higher interest rates.


(Excerpt) Read more at news.yahoo.com ...

________________________ ____________________

So let me get this straight - if you overbought and are in default, you get help with lower rates? 

If you are/were responsible and bought what you can afford, you get nothing and are stuck with the higher rate?

AM I MISSING SOMETHING? 

[Bindare_Dundat]

Why don't they just print 100 gazillion dollars and spread it around to everyone? That should get the economy going. 

[Migs]

Obama plan seeks to save millions from foreclosure
AP ^ | 18 Feb 09 | Mark Smith

Posted on Wednesday, February 18, 2009 6:22:28 AM by SkyPilot

PHOENIX – His massive stimulus plan now signed into law, President Barack Obama is turning to attack the home foreclosure crisis at the heart of the nation's deepening economic woes.


His goal is to prevent millions of American families from losing their houses because they can't make mortgage payments.

"We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes," Obama said Tuesday as he signed his tax cut and spending package into law.

The ambitious plan he was announcing at a Phoenix high school Wednesday was expected to offer government cash to mortgage companies that reduce interest rates — and therefore monthly payments — for homeowners in danger of default, according to several people briefed on the plan. What remained unclear was how the government will decide who qualifies for relief.

One Democratic official familiar with the plan said it also would allow homeowners to refinance their mortgages if they owed more than their homes were valued. Still another section would give bankruptcy judges more authority to change mortgages. That last provision has been opposed by lenders, who said it would add risk and lead to higher interest rates.


(Excerpt) Read more at news.yahoo.com ...

________________________ ____________________

So let me get this straight - if you overbought and are in default, you get help with lower rates? 

If you are/were responsible and bought what you can afford, you get nothing and are stuck with the higher rate?

AM I MISSING SOMETHING? 

basically.  Gotta love the bailing out of idiots and applaiding failure while screwing the responsible

[240 is Back]

Why don't they just print 100 gazillion dollars and spread it around to everyone? That should get the economy going. 

they should send us all money printing presses with this stimulus check.

[LurkerNoMore]

I love the people that do not even own a home worrying about what interest rates someone else is getting with their mortgage.

[stormshadow]

So let me get this straight - if you overbought and are in default, you get help with lower rates? 

If you are/were responsible and bought what you can afford, you get nothing and are stuck with the higher rate?

AM I MISSING SOMETHING? 

Please don't get suckered into their game by blaming minorities that took out loans they could not afford.

Keep the focus on the Trillions that Banks created and lost in the derivative markets.  The 700 billion TARP program, the 2 Trillion the FED has added to its balance sheet.

Welfare for the poor is a problem, but it is NOTHING compared to Corporate Welfare in this country.

[Cap]

Please don't get suckered into their game by blaming minorities that took out loans they could not afford.

Keep the focus on the Trillions that Banks created and lost in the derivative markets.  The 700 billion TARP program, the 2 Trillion the FED has added to its balance sheet.

Welfare for the poor is a problem, but it is NOTHING compared to Corporate Welfare in this country.

Yes, but their stupidity coupled with corporate greed caused a lot of this mess.  Not everyone is supposed to live in a house. 

[Soul Crusher]

Yes, but their stupidity coupled with corporate greed caused a lot of this mess.  Not everyone is supposed to live in a house. 

It weas both personal greed and corporate greed.  I did many real estate closings for clients during that period, and the borrowers themselves were gamblers no different than the baNKS.

CRY ME A RIVER.

I have no sympathy for gamblers who lose their bets. 

[Butterbean]

Is it true that people who can afford to pay their mortgages are walking away from their homes because they are considered upside down (can't remember where I heard/read that)? 

If so, why would people do that and have it on their record.  Why not keep the house you bought and hope for the best?  So the value currently shows less than what you owe.....if you can still make the payments, why not own up to your responsibility and the contract you signed.   

[Soul Crusher]

Is it true that people who can afford to pay their mortgages are walking away from their homes because they are considered upside down (can't remember where I heard/read that)? 

If so, why would people do that and have it on their record.  Why not keep the house you bought and hope for the best?  So the value currently shows less than what you owe.....if you can still make the payments, why not own up to your responsibility and the contract you signed.   

Because we as a society have lost morals, values, and all personal responsibibility.

Also, these homes are NOT GOING TO APPRECIATE ANY TIME SOON!

Homes got so out of hand it was not even funny. 

The price of hiomes used to be dictated by personal incomes and had an average of 2-4 times yearly salary.

Then, it became based on what a person could borrow, not their income. 

The banks easing of lending standards directly helped prices go through the roof because people could borrow more. 

The borrowers did not care because they figured the ponzi shceme would keep going and there would always be another fool behind them to pay more for the house than they did.

At some point, all ponzi schemes come to an end.  RE was perhaps the biggest of them all.

[stormshadow]

Is it true that people who can afford to pay their mortgages are walking away from their homes because they are considered upside down (can't remember where I heard/read that)? 

If so, why would people do that and have it on their record.  Why not keep the house you bought and hope for the best?  So the value currently shows less than what you owe.....if you can still make the payments, why not own up to your responsibility and the contract you signed.   

People should walk away from their homes.  I hope the whole fiat financial system collapses!

"Borrowing" from a bank is a complete FRAUD - you are borrowing nothing.

They money you "borrowed" from the bank to purchase your house was created from your credit.  Banks don't loan money, they create it with your personal credit and labor as the asset behind the loan account.

Why does the bank have the priviledge to collect interest when you are the one providing the asset (credit and labor) needed to create the loan.

Learn how banking works, and stop arguing the talking points from TV.  Until you do so, NOTHING will change.

[Bindare_Dundat]

People should walk away from their homes.  I hope the whole fiat financial system collapses!

"Borrowing" from a bank is a complete FRAUD - you are borrowing nothing.

They money you "borrowed" from the bank to purchase your house was created from your credit.  Banks don't loan money, they create it with your personal credit and labor as the asset behind the loan account.

Why does the bank have the priviledge to collect interest when you are the one providing the asset (credit and labor) needed to create the loan.

Learn how banking works, and stop arguing the talking points from TV.  Until you do so, NOTHING will change.

Dude, you need to start your own "Neuro" type thread regarding all this stuff. Seriously. I think many people would appreciate it and find it intriguing.

[Straw Man]

Because we as a society have lost morals, values, and all personal responsibibility.

Also, these homes are NOT GOING TO APPRECIATE ANY TIME SOON!

Homes got so out of hand it was not even funny. 

The price of hiomes used to be dictated by personal incomes and had an average of 2-4 times yearly salary.

Then, it became based on what a person could borrow, not their income. 

The banks easing of lending standards directly helped prices go through the roof because people could borrow more. 

The borrowers did not care because they figured the ponzi shceme would keep going and there would always be another fool behind them to pay more for the house than they did.

At some point, all ponzi schemes come to an end.  RE was perhaps the biggest of them all.

do you have a mortgage?

[War-Horse]

People should walk away from their homes.  I hope the whole fiat financial system collapses!

"Borrowing" from a bank is a complete FRAUD - you are borrowing nothing.

They money you "borrowed" from the bank to purchase your house was created from your credit.  Banks don't loan money, they create it with your personal credit and labor as the asset behind the loan account.

Why does the bank have the priviledge to collect interest when you are the one providing the asset (credit and labor) needed to create the loan.

Learn how banking works, and stop arguing the talking points from TV.  Until you do so, NOTHING will change.

10000%  correct.   This is the bottom line.   Everybody else is arguing the color of the plane going down, instead of trying to get to the controls......

[Soul Crusher]

do you have a mortgage?

Yes.  A very small one I have mostly paid off.  I bought my place on a steal and have a small mortgage I can afford.

[Straw Man]

Yes.  A very small one I have mostly paid off.  I bought my place on a steal and have a small mortgage I can afford.

good for you

most of the stuff you posted on this thread is jibberish

[War-Horse]

good for you

most of the stuff you posted on this thread is jibberish

LMAO.    A compliment and a take away....

[Soul Crusher]

good for you

most of the stuff you posted on this thread is jibberish

Oh that's right, I do real estate closing for clients and work with mortgage brokers and title companies and I dont know what is going on?  I actually have one today and one tommorow.  I have forgotten more understanding about RE than you even could dream to ever know.

You are a naive fool who has no clue WTF you are talking about.

RE was and still is a ponzi scheme played by all the people, not just the banks.  

Only in the liberal Alice in Wonderland are banks all evil and borrowers all victims.

Dude, you have no clue how much fraud there is on the borrower side of this as well.

How about this?

What experience do you have in RE?  

I am an attorney, do real estate closings for the last 7 years, have two businesses closely related to business and RE.

What about you??

[Soul Crusher]

LMAO.    A compliment and a take away....

What, did your communism 101 class just let out at UC Berkely??

[Bindare_Dundat]

Oh that's right, I do real estate closing for clients and work with mortgage brokers and title companies and I dont know what is going on?  I actually have one today and one tommorow.  I have forgotten more understanding about RE than you even could dream to ever know.

You are a naive fool who has no clue WTF you are talking about.

RE was and still is a ponzi scheme played by all the people, not just the banks.  

Only in the liberal Alice in Wonderland are banks all evil and borrowers all victims.

Dude, you have no clue how much fraud there is on the borrower side of this as well.

How about this?

What experience do you have in RE?  

I am an attorney, do real estate closings for the last 7 years, have two businesses closely related to business and RE.

What about you??

Carefull, you're talking to a guy that doesn't even think about taxes. What a patriot.

[MuscleMcMannus]

People should walk away from their homes.  I hope the whole fiat financial system collapses!

"Borrowing" from a bank is a complete FRAUD - you are borrowing nothing.

They money you "borrowed" from the bank to purchase your house was created from your credit.  Banks don't loan money, they create it with your personal credit and labor as the asset behind the loan account.

Why does the bank have the priviledge to collect interest when you are the one providing the asset (credit and labor) needed to create the loan.

Learn how banking works, and stop arguing the talking points from TV.  Until you do so, NOTHING will change.

Well said.  People are weak in general.  They will roll over and take an ass raping instead of stand up for justice. 

[Soul Crusher]

I love how people with ZERO EXPERIENCE IN REAL LIFE with any of these issues proclaim to know what is going on.

I do this crap for a living and they are arguing with me!


  

[Soul Crusher]

Well said.  People are weak in general.  They will roll over and take an ass raping instead of stand up for justice. 

The only way to right this ship is for these homes to go into foreclosure.  This way, they will be set at market value and be bought by people who can afford them.

We are not doing these people any favors by keeping them in these homes that they cannot afford.

[War-Horse]

I love how people with ZERO EXPERIENCE IN REAL LIFE with any of these issues proclaim to know what is going on.

I do this crap for a living and they are arguing with me!


  

You are part of the problem.   How many closing fees did you recieve from this devasting destruction of America??   Why didnt you take the high ground??   You knew home values doubling so soon was a lie.   And all the loans out there were "Stated income" and others.

[Soul Crusher]

You are part of the problem.   How many closing fees did you recieve from this devasting destruction of America??   Why didnt you take the high ground??   You knew home values doubling so soon was a lie.   And all the loans out there were "Stated income" and others.

Im not a mortgage broker or a real estate agent.  I am paid flat fee per closing regardless of the price. 

In NY , you cannot close without an attorney since the process is very complicated, especially with title insurance, etc.  It is simply way over the average persons' capability to do it on their own without causing a huge mess. 

I only do closing for business clients of mine.  Not one have even been in default.

I talk to title people on a daily basis and know what is going on.

My opinion more than anything are that the appraisers, mortgage brokers, and RE agents are most fault since they were compensated on a commission basis and had a direct financial renumeration in relation to the purchase for the property.

For me - it could be a 100,000 home or  2,000,000 property, our fees were always the same.