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| pianoguy | Count me among the offended (PR&C) | ||
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Guru Emeritus
 
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10:11 AM Obama may be about to order Fannie Mae (FNMA) and Freddie Mac (FMCC) to forgive a portion of the mortgage debt of Americans who owe more than their homes are worth. The potential move is seen as a last-gasp effort to save the Obama agenda; the political calculation is that the number of grateful Americans would outnumber those offended that they would be paying for someone elses mistakes.
http://blogs.reuters.com/james-pethok ... gust-surprise-from-obama/ |
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Posted on: 2010/8/5 14:23
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1996 LT4 �Before you criticize someone, you should walk a mile in their shoes. That way when you criticize them, you are a mile away from them and you have their shoes.�- Jack Handey |
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| CentralCoaster | Re: Count me among the offended | ||
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Senior Guru
 
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Well if he gives me $110K I'll take it, and still not vote for him. But it's a little late now as I already paid $90K out of pocket. Can I get a voucher for my next real estate purchase?
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Posted on: 2010/8/5 14:50
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| BillH | Re: Count me among the offended | ||
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The Stig Moderator
 
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That'll help us all.....just like the stimulus did.
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Posted on: 2010/8/5 14:56
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| BrianCunningham | Re: Count me among the offended | ||
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Senior Guru
 
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Why should I help pay for someone else's house?
They never should have been given the loan in the 1st place. |
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Posted on: 2010/8/5 16:28
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| CentralCoaster | Re: Count me among the offended | ||
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Senior Guru
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People who default on their mortgages should get a FEMA single-wide located in Lousiana below sea level.
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Posted on: 2010/8/5 17:07
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| teebee | Re: Count me among the offended | ||
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2014 Memorial Day Car Show Winner!
 
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Just another brick in the road......I haven't been able to get in on any of the stimulus....why, you might ask? Because I didn't overextend myself, I lived within my means, even if that meant that I didn't get the best or I did without. What a crock of sh!t.
I damn sure am offended. Just like those Credit Card deals, because I choose to live within my means, I pay for it....it's total BS. |
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Posted on: 2010/8/5 17:35
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| bogus | Re: Count me among the offended | ||
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Grand Imperial Pooh-Bah
 
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lets play complex economic model for a moment or two.
1. Ppl want to own house. But these ppl shouldn't qualify for a cell phone. 2. However, greedy bankers give them loans. 3. These loans are seriously back loaded, as such, the first five years are golden. Mortgages are paid on time, everyone is happy. 4. Year 6 starts and all hell breaks loose (can you say "time bomb"?). The adjustables adjust and at the same time, gas prices go from $2.50 to $4.80. All of those where were still making it at the old gas prices watched their monthly gas bill go from a marginal $200 to $600 real fast... and they lost their buffer. 5. Ppl started to default on their mortgages. 6. Greedy banks folded left and right. 7. Collapse accelorated. My problem is this: Obama inherited this problem. A problem created by 30+ years of deregulation and greed. For his administration to help prop up these mortgages is logical; and screw it for a moment the concept of "supporting his agenda"; consider instead supporting our economy. If these ppl all default (cause not important), that means the government now owns a shit load of real estate. It's not the business they want to be in. They also own real estate that isn't worth the notes value. So why not keep the ppl in their homes, and float a little love, versus get stuck with all these houses that can't be sold? Now... with Freddie Mac and Fannie Mae, it gets a bit more complex, they had standards for qualification, but with job losses and devaluation, even their better quality customer got nailed. Think of the math this way: House was bought in 2004 for $300k; loan was adjustable at 5.5%, works out to about, oh, $1500 a month lets say. Well, the APR hits 6.5%, and the bill rises to $2k... And then the value of his house starts to drop... the lack of equity is damaging to his credit and is really painful when it comes to paying back the mortgage. But with the raising mortgage and lowering values it stings... it is a bad investment. But does one stick it out, sell (and still owe) or just give up? It is a complex question... and many are quitting because of the same attitudes expressed here - it isn't my fault, fuck the system. The system then gets screwed and has to absorb it anyway. Might as well create good vibrations and bail out the most harmed and allow them to stay, without ruining their credit... Also, this means the system isn't stuck owning a lot of poor performing pieces of real estate. |
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Posted on: 2010/8/5 17:43
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| pianoguy | Re: Count me among the offended | ||
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Guru Emeritus
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I don't have a problem with working deals to keep homeowners in their homes, making payments. I do have a problem with handing them equity they didn't earn. If the taxpayers instead gets to participate in future upside, I have less of a problem. I would love to have been compensated for every bad investment I have made.
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Posted on: 2010/8/5 18:00
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1996 LT4 �Before you criticize someone, you should walk a mile in their shoes. That way when you criticize them, you are a mile away from them and you have their shoes.�- Jack Handey |
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| CentralCoaster | Re: Count me among the offended | ||
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Senior Guru
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Quote:
I agree, don't hate it just because Obama likes it. Quote: If these ppl all default (cause not important), that means the government now owns a shit load of real estate. It's not the business they want to be in. They also own real estate that isn't worth the notes value. So why not keep the ppl in their homes, and float a little love, versus get stuck with all these houses that can't be sold? If the government didn't want to be in real estate, Freddy and Fannie wouldn't exist to begin with. Regardless, there are ways to keep people in their homes without forgiving debt. The banks can refi these people into fixed rate 120% loans and the government can back the extra 20% or take a bite from future home values when it appreciates or is sold. Or the govt can create incentives for banks or 3rd parties to rent people's homes back to them with conditions for ownership. Or they can sit back and do absolutely nothing, including no giving handouts to failing banks. But the reason people default DOES matter. The reason banks fail DOES matter. Yes there are good people that are victimized also (who plans for a 40% drop in equity?), but if you start throwing money at stupid people, you remove incentive for good behavior. Then good people feel cheated and do a strategic foreclosure to get their share. People need to be accountable too. Anyone who defaults on a mortgage should never ever qualify for a future home loans until they pay back the debt. They can always rent. Renters don't fuck the economy when they bail on a lease. |
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Posted on: 2010/8/5 19:14
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| TommyT-Bone | Re: Count me among the offended | ||
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Chair-man of the bored
 
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Lets just give everybody a tax credit.
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Posted on: 2010/8/5 19:20
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| Matatk | Re: Count me among the offended | ||
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Quote:
You forgot the part about the gubermint changing the laws *forcing* banks to invest in subprime loans. Yup, threatened sanctions against them if they didn't do a certain percentage of that. Not to say they weren't greedy, but the gubermint had their greasy fingers in there, too. I've got two houses/mortgages upside down. Not because I bought out of my means or can't afford them or whatnot, but because an overinflated market went belly up and my house value on paper went down. I still pay my bills every month. Give me some free money! Matthew |
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Posted on: 2010/8/5 19:31
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| CentralCoaster | Re: Count me among the offended | ||
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Senior Guru
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Quote:
Why do you think a greedy banker would loan money to someone that is clearly unqualified to pay it back? |
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Posted on: 2010/8/5 20:12
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| teebee | Re: Count me among the offended | ||
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Sorry Andy, can't buy it. You make some good points, but it still isn't right.
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Posted on: 2010/8/5 20:34
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| Steve40th | Re: Count me among the offended | ||
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Elite Guru
 
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Like CC said, just redo their loans, keep them in their homes. Just make it to where they pay back the loan. Make it a 40 year vice a 30 year?
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Posted on: 2010/8/5 21:42
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| BillH | Re: Count me among the offended | ||
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The Stig Moderator
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Yea, really. Don't use my tax dollars to give these people freebees. If they have an adjustable that went from $1,500 TO $2,000, refi them with a fixed that they can pay and force the banks to make a slight profit instead of a large one. They tried this, they demanded the banks go out and negiotiate, the banks sent out people with no authority to change that loan terms (wink, wink, nudge, nudge). The last time I looked, the success rate was less than 5%. The bankers laughed as they got their bonus checks. Hundreds of thousands of people applied, few were granted new loans. The mess would be a little less is those people got new mortgages. So to fix this, the Dems want to give away money????? |
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Posted on: 2010/8/5 21:51
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| Vetron87 | Re: Count me among the offended | ||
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Elite Guru
 
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Uhm.. play by the rules, work your ass off, rise a child that is in the top 5% of their high school class, no schlorships available because there is: no disadvantage, low income, no single parent, non minority, has perfect vision, no hearing loss, in their past. Too bad your parents make too much money. No big deal Dad I will just work "my" ass off and will make it because this America!
Freddy and Fannie are there to supply loans with Gov't backed money to help home owners and give the lender a gov't program to underwrite the down payment. This too gets a little old, there will always be that person or group that will figure out how to "play" the system and we pay. I agree let people stay in their house by refinancing the loan and take away hidden costs and points, loan fees. Banks around here do not want to refinance loans they have been burned too much. Quit being the worlds police and focus on the US. Rant beginning! |
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Posted on: 2010/8/5 23:58
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| CentralCoaster | Re: Count me among the offended | ||
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Senior Guru
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Yeah, we'd probably save 10x that by just GTFO of the middle east and the other 134 countries we're in. Give those soldiers a cheap loan, they earned it.
Best thing my parents ever did for me was be broke. "College costs how much? Bwaaahahahaaha...." The middle-income kids actually have it worse off, because their parents can be strapped for cash, yet the financial aid dept expects them to afford most of their kid's stuff, so good loans and work study programs can be sparse. |
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Posted on: 2010/8/6 1:27
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| CentralCoaster | Re: Count me among the offended | ||
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Senior Guru
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Debt forgiveness can be as much as a giveaway as a government-backed refi. The banks aren't just looking at the loan balance, that makes up at most 1/3 of the payments. Debt forgiveness sounds better though to the broke masses, but worse to those who are better off. Whereas refi sounds more responsible, it could cost the same, but not be as appealing for the people he's buying votes from. 6 of one, half dozen of the other. |
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Posted on: 2010/8/6 1:33
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| bizaro | Re: Count me among the offended | ||
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Guru Newb
 
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It's time for someone to take that fugger out, sirius.
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Posted on: 2010/8/6 1:57
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| flyboy | Re: Count me among the offended | ||
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Elite Guru
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!!!
Attach file:  rock-and-a-hard-place.jpg (49.64 KB) |
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Posted on: 2010/8/6 2:50
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| Ultraman | Re: Count me among the offended | ||
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2015 Memorial Day Car Show Winner!
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Get out of debt, stay out of debt, rat hole money in CD's or Insurance investments. I think there is way to much money being printed or borrowing from China to keep this boat floating forever. How many bail outs is it going to take?
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Posted on: 2010/8/6 2:54
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| flyboy | Re: Count me among the offended | ||
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Elite Guru
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We sold our souls to the devil with this whole globalization thing and the slow inexorable decline of the country isn't going to stop until our living conditions reach some sort of parity with the rest of the world.
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Posted on: 2010/8/6 3:17
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| CentralCoaster | Re: Count me among the offended | ||
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Senior Guru
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Dude the rate on CDs is like 2.4% on a 5-yr. F that! I'm investing in bicycle stocks for when the Chinese take over. |
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Posted on: 2010/8/6 5:14
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| JrRifleCoach | Re: Count me among the offended | ||
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Elite Guru
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You had my attention until you copped out with this statement. He's the F'n prez and its the prez's job to fix whats broke. Not make pathetic excuses. Why didn't you just say it's GB's fault? That would make more sense. |
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Posted on: 2010/8/6 5:30
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| CentralCoaster | Re: Count me among the offended | ||
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Senior Guru
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Obama 2008: "Change we can believe in"
Obama 2012: "Well, it coulda been worse." |
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Posted on: 2010/8/6 5:56
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| Epimax | Re: Count me among the offended (PR&C) | ||
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Elite Guru
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What a crock...
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Posted on: 2010/8/6 12:39
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| biggrizzly | Re: Count me among the offended (PR&C) | ||
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2011 Memorial Day Car Show Winner!
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My house went down $60k in the two and half years I have owned it. My real estate taxes just went up to a little over $4,000 per year this billing cycle. I'm ready to stop making mortgage payments and join the entitled. If I stop making my payments I save myself $2,850 per month until they kick me out. Could be years before they kick me out and I'd have a nice little bundle in the bank. Then maybe Mr. Obama would forgive my two years and forclosure and let me keep my house and my money! Yep... I'm ready to join up.
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Posted on: 2010/8/6 13:55
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| DaleD | Re: Count me among the offended (PR&C) | ||
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That's only for people who have no equity. Sadly, if you're underwater on your mortgage, it may make good financial sense to quit paying it. These are interesting times. |
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Posted on: 2010/8/6 14:03
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| BillH | Re: Count me among the offended (PR&C) | ||
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The Stig Moderator
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Mine went down $150k and it's a small house. I was getting ready to sell 3 years ago, geeze, did I mistime the market. Just stop making the payments, interesting concept. |
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Posted on: 2010/8/6 14:04
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| JrRifleCoach | Re: Count me among the offended (PR&C) | ||
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Elite Guru
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Quote:
Its not an uncommon action these days. Since the banks are unwilling to negotiate and adjust the home value to keep the payments flowing, home owners are defaulting on the mortgage and letting the banks eat the house. Due to the national market, your credit may still allow you to buy another home. Might take a bit longer to qualify..... Cmon big O, lets dig yet a deeper debt hole! |
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Posted on: 2010/8/6 15:42
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| TommyT-Bone | Re: Count me among the offended | ||
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Chair-man of the bored
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The US lived for decades in an artificial monetary system that was kept as a purchasing nation helping to employ others around the world. Now that the bubble has burst and the real US economy emerges we find just how true that is. We have been on a sinking ship for decades. They keep pumping air into the hull but nobody is fixing the leak. What do we as a nation produce today for global consumption. Hamburgers? Pizza? Carpet cleaning? The best lawn care? Legal Services? Medical care? A service economy sucks. |
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Posted on: 2010/8/7 11:27
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