Obama's new housing plan is insane. (Who voted for this Jerk?)

[Soul Crusher]

Obama mulls rental option for some homeowners-sources
Tue Jul 14, 2009 3:07pm EDT  Email | Print | Share| Reprints | Single Page[-] Text

• [/b]
  
  Market News
  
  NEW YORK, July 14 (Reuters) - U.S. government officials are weighing a plan that would let borrowers who have fallen behind on their mortgage payments avoid eviction by renting their homes instead, sources familiar with the administration's thinking said on Tuesday.
  
  Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years, the sources told Reuters.
  
  Officials are also considering whether the government should make mortgage payments on behalf of borrowers who cannot keep up with their home loans, tapping an unused portion of a $50 billion housing aid kitty.
  
  As part of this plan, jobless borrowers might receive a housing stipend along with regular unemployment benefits, the sources said. (Reporting by Patrick Rucker; Editing by Diane Craft)
  
  ________________________ ________________________ __________________
  
  1.  What if the people take off?
  
  2.  Who is going to pay the local property taxes and insurance?
  
  3.  What is to stop the person from destroying the home and selling all the materials and sticking the gov with the destroyed house?
  
  4.  Income limits?
  
  I am speechless at where this insanity is going.   
  
  

[240 is Back]

this, actually, may not be a bad idea...

If they're gonna lose their house and end up in an apartment anyway, and the house is going to sit empty, this may be among the list of solutions a homeowner would consider.

I say this as a huge chunk of the homes in my area of Fl sit empty right now and apartments/projects downtown are packed.  Homes have sat empty for 3+ years now.

[Hugo Chavez]

33, they're ideas.

Beats the McCain War Lover Option.  We'd be undeniably in WWIII under McCain.

[240 is Back]

A huge problem here - and why some people stopped buying homes on auction - is that homeowners are filling sinks and drains with concrete powder before moving.

You buy the home on bank auction - you don't know what you're getting.

You don't know if the last guy punched holes in wall, destroyed drains, broke all the windows, etc etc.  People know it's THEIR house until the bank comes, and they trash it sometimes.

At least this way, $ sitll comes in, the bank gets their house, the family doesn't end up on the street, and hey, they don't keep the house they couldn't afford in the first place.

[Soul Crusher]

33, they're ideas.

Beats the McCain War Lover Option.  We'd be undeniably in WWIII under McCain.

Come on, you dont see the insanity of this?

The homes are not selling because they are too expensive.  At the right price everything sells.

The banks are still waiting for a miraculous housing recovery which is not coming.  They need to makr these homes down to the fair market value or less, wipe out the debt, and get rid of these homes at a price the market dictates.  
 

[Soul Crusher]

A huge problem here - and why some people stopped buying homes on auction - is that homeowners are filling sinks and drains with concrete powder before moving.

You buy the home on bank auction - you don't know what you're getting.

You don't know if the last guy punched holes in wall, destroyed drains, broke all the windows, etc etc.  People know it's THEIR house until the bank comes, and they trash it sometimes.

At least this way, $ sitll comes in, the bank gets their house, the family doesn't end up on the street, and hey, they don't keep the house they couldn't afford in the first place.

Why should a person work two jobs to pay their mortgage when they can just quit their job and get Obama to pay their mortgage.  Maybe this lady was right. 

[JOCKTHEGLIDE]

this, actually, may not be a bad idea...

If they're gonna lose their house and end up in an apartment anyway, and the house is going to sit empty, this may be among the list of solutions a homeowner would consider.

I say this as a huge chunk of the homes in my area of Fl sit empty right now and apartments/projects downtown are packed.  Homes have sat empty for 3+ years now.

I agree not a bad idea,,,

[Soul Crusher]

I agree not a bad idea,,,

The problem is that is distorts the true market value of homes and prices people out who would otherwise buy these homes. 

Ill use myself for example, Im looking for a house, but the prices still have another 30% to go on the downside here.  Im still looking though and will get myself the deal of the century on the right home.  I got the deal of a lifetime on my present place, but thats another story.   

In the last year or so, I have put away about 100k just so when this comes along, Im ready to strike. 

However, if I know that the home prices in the area are being propped up by the govt paying peoples' mortgage, there is no way i am going to buy since once the defaults will come right back after the subsidies are gone.  Why would anyone buy a house under those circumstances knowing this? 

     

[Hugo Chavez]

Come on, you dont see the insanity of this?

The homes are not selling because they are too expensive.  At the right price everything sells.

The banks are still waiting for a miraculous housing recovery which is not coming.  They need to makr these homes down to the fair market value or less, wipe out the debt, and get rid of these homes at a price the market dictates.  
 

I'm just saying they're floating ideas.  It clearly says that but you comment like it's happening.  I agree, the market should have been allowed to adjust naturally.  But as far as who voted for this Jerk?  That would be this Jerk who didn't want to see Warhappy McCain get us into a serious global conflict.  This crap will settle out.  It wouldn't have mattered either way with McCain.

[Soul Crusher]

I'm just saying they're floating ideas.  It clearly says that but you comment like it's happening.  I agree, the market should have been allowed to adjust naturally.  But as far as who voted for this Jerk?  That would be this Jerk who didn't want to see Warhappy McCain get us into a serious global conflict.  This crap will settle out.  It wouldn't have mattered either way with McCain.

They both were horrible, and I told my freiends who wanted to vote for Obama just to consider McCain for the only reason that there would be some semblence of balance since the Dems own the Congress and Senate. 

If they really want to help these people, put these homes up for auction, let the market determine the price, and wipe out or do something with the reminaing debt.  Right now, banks can go after someone on what is known as a deficiency judgement for the balance.  The banks should be told to deal with it since they bought bad paper and mark down the homes to their market value.  This is why bailing out the banks was a mistake.  It helped the banks, but not the homeowners who are trapped in these homes.   

Additionally, these home prices are not going up any time soon, maybe ten years at least.  Plus, once someone becomes a "renter" vs and owner, who is going to ensure upkeep and maintenance. 

These schemes are really scary.     

[JOCKTHEGLIDE]

it seems the only people it really huts is people like you who during the real estate boom made money over fist and never complained until it came to a crashing halt now the same people such as yourself are worried about obama might be neutralizing the real estate right now.  In the end its not about money my friend its about,,people who work and stay in their homes not about real estate folks making money

The problem is that is distorts the true market value of homes and prices people out who would otherwise buy these homes. 

Ill use myself for example, Im looking for a house, but the prices still have another 30% to go on the downside here.  Im still looking though and will get myself the deal of the century on the right home.  I got the deal of a lifetime on my present place, but thats another story.   

In the last year or so, I have put away about 100k just so when this comes along, Im ready to strike. 

However, if I know that the home prices in the area are being propped up by the govt paying peoples' mortgage, there is no way i am going to buy since once the defaults will come right back after the subsidies are gone.  Why would anyone buy a house under those circumstances knowing this? 

     

[Soul Crusher]

it seems the only people it really huts is people like you who during the real estate boom made money over fist and never complained until it came to a crashing halt now the same people such as yourself are worried about obama might be neutralizing the real estate right now.  In the end its not about money my friend its about,,people who work and stay in their homes not about real estate folks making money

I never bought a big house during the housing boom because I knew it was going to crash and burn.  Instead, I bought an apartment in 2004 for 45k that at closing was worth 90k, that two years later was worth 175k, and now is probably worth 150k.  I worked that deal silly.  My mortgage is $226 a month!  I did not make money on it because i have no sold it and realized any of the gain or taken out any equity.  Even if I find a house now, I can rent this out for at least 1,200 a month. 

During that time, I have saved up a bundle waiting for the right moment.  I know I can get a house that used to be a 1 million for about 400k - 500k.   In NYC - we have another 30% on the downside at least so Im waiting. 

However, if the govt keeps artificially propping up the market, I will wait a little longer until the total crash happens because the housing market cant be propped up forever.     

this is not about the homeowners, but rather, the banks who dont want to realize the losses.   

     

[headhuntersix]

it seems the only people it really huts is people like you who during the real estate boom made money over fist and never complained until it came to a crashing halt now the same people such as yourself are worried about obama might be neutralizing the real estate right now.  In the end its not about money my friend its about,,people who work and stay in their homes not about real estate folks making money

[/quote

Are u kidding me.....its about money. Money makes the economy work. This is not my fault. Pack ur shit, get another job, do what u have to, but not on my dime.

[GigantorX]

33, they're ideas.

Beats the McCain War Lover Option.  We'd be undeniably in WWIII under McCain.

This is a new low. Blaming someone who isn't even President and saying he would be worse? How do you know?You're talking out of your ass and so is anybody who would say something like this. No one knows what it would be like under McCain, and saying "undeniably" makes you sound like an idiot.

McCain isn't President, we don't see whatever options he would have because he lost. Stop skewing and running interference with the argument. I'm not for or against this plan, it isn't fleshed out in enough depth to make a clear choice, it's only an idea.




WWIII? Give me a fucking break a

[240 is Back]

it's an OPTION that keeps people in the houses they bought, while the market and home values reset.

Look, i'm renting a house that was $250-275k, even in Fl where it's SUPER cheap to live.  And I'm paying 800 a month now.  Almost 3000 sq feet and all the fixins'

This place would rent for $1500, just four years ago.  it's obviously not worth that much, and probably worth more than 800 a month that it is now.

It'd re-sell now for under 200k, and probably under 150k.



This perceived value thing is what mixed it up.  Went way too high, and now way too low.  This option lets people stay in their homes while the true value levels out.  And it's better than the place sitting empty, which it will.

[JOCKTHEGLIDE]

exactly,,,but no one respones to that

it's an OPTION that keeps people in the houses they bought, while the market and home values reset.

Look, i'm renting a house that was $250-275k, even in Fl where it's SUPER cheap to live.  And I'm paying 800 a month now.  Almost 3000 sq feet and all the fixins'

This place would rent for $1500, just four years ago.  it's obviously not worth that much, and probably worth more than 800 a month that it is now.

It'd re-sell now for under 200k, and probably under 150k.



This perceived value thing is what mixed it up.  Went way too high, and now way too low.  This option lets people stay in their homes while the true value levels out.  And it's better than the place sitting empty, which it will.

[IFBBwannaB]

33, they're ideas.

Beats the McCain War Lover Option.  We'd be undeniably in WWIII under McCain.

Only an idiot will think that soldiers like wars, especially soldiers that have seen the worst part of being in a war.

Seriously, grow up.

[JOCKTHEGLIDE]

you out to be careful what you say to a mod in their sub forum,,,they can ban and delete your posts if you ever CROSS PATHS WITH THEM thats why we dont argue with them

Only an idiot will think that soldiers like wars, especially soldiers that have seen the worst part of being in a war.

Seriously, grow up.

[IFBBwannaB]

you out to be careful what you say to a mod in their sub forum,,,they can ban and delete your posts if you ever CROSS PATHS WITH THEM thats why we dont argue with them

Being scared of a mod that might delete my post is beyond cowardly .... at least that's my opinion.

Although most of the moderators here are biased Democrats who freely delete and edit posts it's still somewhat possible to conduct a debate here.

[Soul Crusher]

it's an OPTION that keeps people in the houses they bought, while the market and home values reset.

Look, i'm renting a house that was $250-275k, even in Fl where it's SUPER cheap to live.  And I'm paying 800 a month now.  Almost 3000 sq feet and all the fixins'

This place would rent for $1500, just four years ago.  it's obviously not worth that much, and probably worth more than 800 a month that it is now.

It'd re-sell now for under 200k, and probably under 150k.


At the right price anything sells.  The true value is whatever someone is ready and willing and able to pay AT THAT MOMENT.   

This perceived value thing is what mixed it up.  Went way too high, and now way too low.  This option lets people stay in their homes while the true value levels out.  And it's better than the place sitting empty, which it will.

[BM OUT]

this, actually, may not be a bad idea...

If they're gonna lose their house and end up in an apartment anyway, and the house is going to sit empty, this may be among the list of solutions a homeowner would consider.

I say this as a huge chunk of the homes in my area of Fl sit empty right now and apartments/projects downtown are packed.  Homes have sat empty for 3+ years now.

Who will pay for this?

[IFBBwannaB]

Who will pay for this?

Well....since you asked the head of a trailer park family, who do you think will pay for him?
Probably you...3333...and others....but not him, be sure about that.

[Soul Crusher]

Well....since you asked the head of a trailer park family, who do you think will pay for him?
Probably you...3333...and others....but not him, be sure about that.

Ha ha.  Not me.  At my business meeting this morning we had an accountant speak about ways to reduce taxable income and I plan to take advantage of every sinlge device available. 

Screw Nobama.  I'm sick of his marxist schemes.

[IFBBwannaB]

Ha ha.  Not me.  At my business meeting this morning we had an accountant speak about ways to reduce taxable income and I plan to take advantage of every sinlge device available. 

Screw Nobama.  I'm sick of his marxist schemes.

I can recommend on some 

[JOCKTHEGLIDE]

tax payers,,,like everyone its america dude do you even live in the states 

Who will pay for this?