[firemed]

As a growing number of homeowners are finding themselves trapped in risky loans and adjustable-rate mortgages, President Bush announced a plan Friday intended to help more Americans avoid foreclosures.


Bradenton.com | 09/01/2007 | Can mortgage plan help Manatee? (broken link)

[JimKing]

Won't make any difference. Housing prices are declining so any attempt to refinance or change the terms of the loan will be appraised at less than the houses are worth. Very, very few will qualify for even this token help.

It was simply an attempt by to calm the markets a little but has no substance.

The government has very little ammunition to help in times of falling values. The housing market will chart its course and correct sharply downward.

[trossell]

Originally Posted by JimKing

Won't make any difference. Housing prices are declining so any attempt to refinance or change the terms of the loan will be appraised at less than the houses are worth. Very, very few will qualify for even this token help.

It was simply an attempt by to calm the markets a little but has no substance.

The government has very little ammunition to help in times of falling values. The housing market will chart its course and correct sharply downward.

I agree!! What people didn't understand when getting these 1% arms..etc. is that they were actually being charged the full percentage rate. The difference was just being added to the principle of the loan So now people are not only stuck with a house that isn't worth what they paid for it originally but they are now dealing with a house that they owe more on than the overinflated purchase price. So sad. Its heartbreaking.

[Nikki75]

Did anyone hear anything about the FBI prosecuting people who lied about their incomes to get these loans for houses they otherwise couldn't have afforded?

[trossell]

Originally Posted by Nikki75

Did anyone hear anything about the FBI prosecuting people who lied about their incomes to get these loans for houses they otherwise couldn't have afforded?

No I haven't. WOW! I'm sure they can though because of the area where you sign attesting to the truthfulness of your answers on the application. IMO the lenders need to hold a little responsibility though for the "non-disclosure" loans.

[lostbuyer]

a bail-out is wrong,but go ahead and do it just keep these two requirments in mind,1.proof of income 2.proof that its your primary residence,and not a failed flip..if they dont meet the first one ,guess what they probably commited fraud,to qualify for the loan,and that means no bail-out for you my friend..and number 2 no bail out for you compulsive gambler,you flip your rich,you flop your f@cked ,you wouldnt share your winnings with us so why should we bail your greedy a@s out..

[firemed]

Lostbuyer you are so right. Fraudsters and the get rich quick *******s need to take a good hit. Its just like the stock market the Dow was lower then 11 just a few months ago it hit 14 and is still in the 13's. But all the crying about a loss is bull****. You win some and lose some and if you can't take a loss don't play the game. Florida was one of the main playing fields.

Worldandnation: Bush offers housing help