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Thread summary:

Seeking information on if bailed out homeowners will receive tax deduction on interest, unfair for homeowners to get government subsidies and tax deductions

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Old 02-22-2009, 04:34 PM
 
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about bail outs for homeowners-----------I heard a good suggestion on CNN today (snd it was an e-mail from a private citizen )

He suggested any homeowner who lied on his mortgage application be denied bail out money on that home.

I agree !
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Old 02-22-2009, 05:14 PM
 
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Quote:
Originally Posted by aneftp View Post
He wants to "help" out 95% of Americans. So Obama needs to help out 95% of responsible homeowners.

One thing that has been really eye-opening to me during this whole fiasco is how homeowners are seen as the only Americans that matter.
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Old 02-22-2009, 07:53 PM
 
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Yeah, it makes sense to give them a choice. That would be fine with me , now you must convince the President and congress.
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Old 02-22-2009, 08:11 PM
 
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Originally Posted by SSWM View Post
Yeah, it makes sense to give them a choice. That would be fine with me , now you must convince the President and congress.
Yeah, there is close to zero percent chance of this happening. The Obama administration has chosen to help out a "select few" at the expense of the majority of Americans. This is so hypocritical of his promise to help out the majority of Americans.

Hopefully, when this housing crisis is finally stabilized (who knows when), the government can go after the true players who are responsible for this mess. No, its not the CEOs.

The government needs to go after the Board of Directors of these companies. These are the people ultimately responsible for salaries and how the companies are run. However, there is too much conflict of interest because these Boards of Directors (the way they are run today) are just "Yes, Sir" people to the CEO. They are like puppets. So the CEO needs a real Board of Directors who will question their authority.
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Old 02-23-2009, 05:47 PM
 
Location: SC
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Quote:
Originally Posted by marmac View Post
about bail outs for homeowners-----------I heard a good suggestion on CNN today (snd it was an e-mail from a private citizen )

He suggested any homeowner who lied on his mortgage application be denied bail out money on that home.

I agree !
And I'd like to see all the mortgage companies and banks that not only didn't catch the buyers "lie" but lied themselves many many many times to get loans through.

THOSE people should be prosecuted for fraud. Some states are prosecuting ... And put the lying creeps in jail just like the Enron people.


Personally I truly have a very very low opinion of Wall Street and Bankers right now. Bunch of liars cheats and thieves.
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Old 02-23-2009, 06:29 PM
 
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Originally Posted by Mrs. P View Post
Personally I truly have a very very low opinion of Wall Street and Bankers right now. Bunch of liars cheats and thieves.
Well, Wall Street and Bankers had traditional very low public opinions prior to financial mess...along with mortgage brokers.

Nothing has changed.

History will repeat itself over and over when greed, fast money is involved.
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Old 02-24-2009, 10:19 AM
 
3,583 posts, read 10,272,928 times
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Quote:
Originally Posted by aneftp View Post
Yeah, there is close to zero percent chance of this happening. The Obama administration has chosen to help out a "select few" at the expense of the majority of Americans. This is so hypocritical of his promise to help out the majority of Americans.

Hopefully, when this housing crisis is finally stabilized (who knows when), the government can go after the true players who are responsible for this mess. No, its not the CEOs.

The government needs to go after the Board of Directors of these companies. These are the people ultimately responsible for salaries and how the companies are run. However, there is too much conflict of interest because these Boards of Directors (the way they are run today) are just "Yes, Sir" people to the CEO. They are like puppets. So the CEO needs a real Board of Directors who will question their authority.
Although I am also angry, right now our economy is in a very, very precarious position. It has stalled with the real estate melt down being the catalyst. Lets face facts here. The majority of our economy is based on credit, real estate and investments values. Letting the real estate mess flounder further will only cause the recession to grow. With a deeper recession, or God forbid, a full blown depression, more jobs will be lost, more industry and trade will shut down, causing more people to lose their homes and creating an even bigger mess. There is not one homeowner or investor that hasn't taken a hit in their property and investment values because of this recession. Steps have to be taken to stabilize the economy. Maybe it doesn't seem fair but it would be even less fair for more people to lose their homes, their jobs, their investments that they have worked their whole life to earn because of it. You can't go back and "unring" the bell. Its not fair to the individual but it is needed to protect the whole. There is a time for finger pointing but its not now. We have to look forward, make plans for current and future stability and also put the banking, credit and investment protections back in place that were relaxed back in the 80s and 90s so this does not happen again.
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Old 02-24-2009, 12:08 PM
 
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Originally Posted by Va-Cat View Post
There is a time for finger pointing but its not now. We have to look forward, make plans for current and future stability and also put the banking, credit and investment protections back in place that were relaxed back in the 80s and 90s so this does not happen again.
There needs to be finger pointing and re-regulation (I usually vote Republican and am actually in favor of re-regulating some industries mainly financial firms).

But the government just never learns go just learns to forget about the past once a crisis is resolve and once the businesses start donating money to their political action funds.

Jail the mortgage industry people for fraud. Jail the homeowners who lied on their applications. Jail the wallstreet heads who approved of all of this. There needs to be consequences criminally for their actions.

If we just stabilize the financial/housing crisis without any dire consequences for those who cause this mess, than history will repeat itself.
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Old 02-24-2009, 12:20 PM
 
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another interesting opinion I read was a post in a newspaper warning against the govt interfering with stopping the drop in value of house prices.

He stated that the median house value in US must be allowed to fall to match the buying power of the median wage earner in US. He stated------"we are not there yet"


I agree !
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Old 02-24-2009, 12:39 PM
 
4,548 posts, read 11,573,592 times
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Quote:
Originally Posted by marmac View Post
about bail outs for homeowners-----------I heard a good suggestion on CNN today (snd it was an e-mail from a private citizen )

He suggested any homeowner who lied on his mortgage application be denied bail out money on that home.

I agree !
I would say it is pretty rare that borrower's "lied" on their stated income loans. It is much more likely that actual income was never discussed and that the loan officers just filled in a number that would make the deal work. They did sign the applications and closing docs, but how many people actully read through this stuff line by line?? I can tell you...next to none!

There were, however, many loans beyond stated income like no ratio and no income no asset (NINA) where income is not disclosed in any way. So, no one lied about income on these loans. Income was not allowed to be entered in any fashion on the applications for these types of loans.

The general public and the politicians have a lot of misconceptions about what happened and how we can move forward.
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