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Old 05-10-2012, 08:07 PM
 
876 posts, read 1,793,435 times
Reputation: 767

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If you own an underwater home in California, thank the US taxpayers because they are now bailing you out to the tune of $100k per household.


In a big change, the state-run Keep Your Home California program will use federal money to reduce an eligible homeowners mortgage balance by up to $100,000 without requiring a matching reduction by the bank servicing the loan.


Underwater California homeowners to get more help

Last edited by Hwy phantom; 05-10-2012 at 08:18 PM..
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Old 05-10-2012, 09:14 PM
 
4,236 posts, read 8,101,233 times
Reputation: 10208
That’s just enough to make my blood boil.
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Old 05-10-2012, 10:22 PM
 
Location: Sacramento
14,044 posts, read 27,145,312 times
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I'm past boiling blood on this bailout issue but...you do realize that there is an election coming up soon.
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Old 05-10-2012, 11:56 PM
 
Location: Los Altos Hills, CA
36,641 posts, read 67,264,742 times
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GOOD.

California money to the tune of around $1 Trillion has been spent in other states over the past 20 years or so. We've been building bridges to nowhere and financing pork barrel projects in evil, ungrateful, podunk red states full of sanctimonious hypocrites who then bite the hand that feeds them by badmouthing CA. They can plant a wet one on my rear end.

Whatever the fed is spending to help Californians is nowhere near the amount they really OWE US!
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Old 05-11-2012, 12:01 AM
 
16,433 posts, read 22,136,737 times
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Quote:
Originally Posted by NewToCA View Post
I'm past boiling blood on this bailout issue but...you do realize that there is an election coming up soon.
You called it. This is all about November.
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Old 05-11-2012, 12:03 AM
 
16,433 posts, read 22,136,737 times
Reputation: 9622
Quote:
Originally Posted by Hwy phantom View Post
In a big change, the state-run Keep Your Home California program will use federal money to reduce an eligible homeowners mortgage balance by up to $100,000 without requiring a matching reduction by the bank servicing the loan.


Underwater California homeowners to get more help
So why won't they pony up $100k for me to put a down on a California mortgage?
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Old 05-11-2012, 12:14 AM
 
Location: Paranoid State
13,044 posts, read 13,808,417 times
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Quote:
Originally Posted by NewToCA View Post
I'm past boiling blood on this bailout issue but...you do realize that there is an election coming up soon.
Quote:
Originally Posted by Bideshi View Post
You called it. This is all about November.
I'm not so sure about that. In general, they use money to buy electoral votes. California's electoral votes will go to Obama, not to Romney. To the best of my knowledge, California long ago took itself out of the picture. They don't even need to hold an election come November insofar as electoral votes are concerned.
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Old 05-11-2012, 07:23 AM
 
Location: Sacramento
14,044 posts, read 27,145,312 times
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Quote:
Originally Posted by SportyandMisty View Post
I'm not so sure about that. In general, they use money to buy electoral votes. California's electoral votes will go to Obama, not to Romney. To the best of my knowledge, California long ago took itself out of the picture. They don't even need to hold an election come November insofar as electoral votes are concerned.
Agreed, but that doesn't mean that there won't be change anyway. Other states have a LOT of say here too.

Hopefully programs such as this will only be a bad memory, and soon.
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Old 05-11-2012, 07:45 AM
 
Location: Quimper Peninsula
1,981 posts, read 3,140,598 times
Reputation: 1771
Rewarding bad behavior is never a good idea.. Secondly, this sucks, for me...

Sure down market, I have to sell lower in WI, but with the fed bailing out people in California, this will artificially keep prices up in CA...

Not good for me... Fed taking my tax dollars to reward peoples mistakes, AND screwing me because housing prices will not drop as hard and fast as they should in CA..
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Old 05-11-2012, 08:33 AM
 
Location: San Diego
50,116 posts, read 46,724,808 times
Reputation: 33953
Quote:
Originally Posted by TrueTimbers View Post
Rewarding bad behavior is never a good idea.. Secondly, this sucks, for me...

Sure down market, I have to sell lower in WI, but with the fed bailing out people in California, this will artificially keep prices up in CA...

Not good for me... Fed taking my tax dollars to reward peoples mistakes, AND screwing me because housing prices will not drop as hard and fast as they should in CA..
Depending on the hood it's already going up.

100k would buy me a decent cabin.
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