05-10-2012, 08:07 PM
794 posts, read
566,694 times
Reputation: 567
Federal tax dollars are being used to bail out CA homeowners
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 ..
05-10-2012, 09:14 PM
1,076 posts, read
503,923 times
Reputation: 1132
That’s just enough to make my blood boil.
05-10-2012, 10:22 PM
Location: Sacramento
13,134 posts, read
12,870,938 times
Reputation: 4566
I'm past boiling blood on this bailout issue but...you do realize that there is an election coming up soon.
05-10-2012, 11:56 PM
Location: Oakland, CA
21,116 posts, read
22,571,728 times
Reputation: 8684
GOOD.$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.
05-11-2012, 12:01 AM
12,132 posts, read
6,292,162 times
Reputation: 6157
Quote:
Originally Posted by
NewToCA
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.
05-11-2012, 12:03 AM
12,132 posts, read
6,292,162 times
Reputation: 6157
Quote:
Originally Posted by
Hwy phantom
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?
05-11-2012, 12:14 AM
Location: Paranoid State
1,776 posts, read
1,146,693 times
Reputation: 1241
Quote:
Originally Posted by
NewToCA
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
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.
05-11-2012, 07:23 AM
Location: Sacramento
13,134 posts, read
12,870,938 times
Reputation: 4566
Quote:
Originally Posted by
SportyandMisty
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.
05-11-2012, 07:45 AM
Location: Wisconsin Northwoods
1,137 posts, read
356,515 times
Reputation: 828
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..
05-11-2012, 08:33 AM
Location: San Diego
14,673 posts, read
8,991,004 times
Reputation: 4494
Quote:
Originally Posted by
TrueTimbers
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.
Please register City-data.com
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