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Old 07-07-2011, 08:33 PM
 
12,625 posts, read 18,123,176 times
Reputation: 2989

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Quote:
Originally Posted by HappyTexan View Post
So banks are reducing principle on mortgages and now the FHA is giving a year free of mtg payments ?

WTH am I doing wrong here ???????

Why are all the wrong people getting bailed out ?
If anything the FHA should take back the house and then rent it to them. If these people cannot afford the mortgage they sure as hell can't afford to keep it in good working condition either.
I want a credit or a year without payments sure could use it for other things than an mortgage!
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Old 07-07-2011, 09:46 PM
 
29,419 posts, read 18,674,778 times
Reputation: 5437
What's going to happen when all the responsible folks get tired of this crap and say to hell with it and throw in the towel? Stop paying their bills too and get on the train? It will happen at some point.
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Old 07-07-2011, 11:06 PM
 
Location: Brawndo-Thirst-Mutilator-Nation
16,327 posts, read 16,435,972 times
Reputation: 12357
Should have let the housing market TRULY bottom from the get go. All of these programs to keep some air in that housing bubble.......just dumb in my opinion. If you cannot pay the mortgage............well, time to rent.
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Old 07-08-2011, 02:32 AM
 
12,870 posts, read 13,108,199 times
Reputation: 4453
Quote:
Originally Posted by aneftp View Post
I understand people need a helping hand, but if you are going to be more than 3 months late in your mortgage, chances are you are down. You've reach almost the point of no recovery.

That's why these government program will not work. You are ultimately just delaying the inevitable.

People will delay the system. In Florida, people go usually close to 3 years before final foreclosure. So what Obama is doing is going to add another year to the foreclosure process. People aren't stupid. They will just realize, hey, I am living rent free and can save my money for 4 years. I'll just funnel and hide it in small amounts.

At the 4 years, they would have literally saved probably close to $100K in housing payments (especially those in high cost/high rent places).
most of those people are not going to be savers. they spend the money now, and that helps the illusion that there is an "economic recovery". things are actually worse than they appear economically in this country.

once these foreclosures are completed the banks will have to eat the losses (and obama doesn't want that) and those people will be homeless and won't have that extra money to spend-neither of which is very good in terms of winning an election.

this is millions of people that we are talking about. couple that with the massive increase in food stamps and other social programs and you can see the disaster ahead as the titanic churns forward.

all of this "delaying" is done on the backs of the workers of course.
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Old 07-08-2011, 02:42 AM
 
Location: Palm Springs, CA
26,529 posts, read 24,945,066 times
Reputation: 7739
It's ridiculous. With all of the government intervention that goes on, can we even say that the housing market is part of the free market system anymore?
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Old 07-08-2011, 05:53 AM
 
Location: Va. Beach
6,396 posts, read 4,394,255 times
Reputation: 2278
Default ops

Quote:
Originally Posted by tropolis View Post
im sorry, but i dont take people seriously who play god on the internet like the op, saying what is acceptable and what isnt.
Too bad. Everyone is entitle to their opinion, whether you agree with it or not.

The OP make several good points.
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Old 07-08-2011, 06:27 AM
 
9,738 posts, read 8,030,847 times
Reputation: 6343
These people should have SHORT SOLD their homes LONG AGO.
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Old 07-08-2011, 07:32 AM
 
47,576 posts, read 60,469,168 times
Reputation: 22275
Quote:
Originally Posted by floridasandy View Post
most of those people are not going to be savers. they spend the money now, and that helps the illusion that there is an "economic recovery". things are actually worse than they appear economically in this country.

once these foreclosures are completed the banks will have to eat the losses (and obama doesn't want that) and those people will be homeless and won't have that extra money to spend-neither of which is very good in terms of winning an election.

this is millions of people that we are talking about. couple that with the massive increase in food stamps and other social programs and you can see the disaster ahead as the titanic churns forward.

all of this "delaying" is done on the backs of the workers of course.
Maybe Obama is just trying to delay the inevitable until he's out of office and thinks his footnote in history won't look as bad that way.
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Old 07-08-2011, 07:34 AM
 
47,576 posts, read 60,469,168 times
Reputation: 22275
Quote:
Originally Posted by texdav View Post
This shows jusy now bad his polices are that he has no plan other than kicking the can down the road and building more debt. Like that is 12 months more of recovery stand still.
Yes, it should be obvious to all that Obama is not about solutions to anything.

He's just hiking up the debt so that someone else can try to figure out how to pay it down. He's giving these people free room and board, free houses for his presidency, no matter what the damage of that is.

Meanwhile he's trying to expand NAFTA and destroy more jobs of Americans.
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Old 07-08-2011, 07:41 AM
 
450 posts, read 434,291 times
Reputation: 203
You guys are delirious and as usual only look at this from one (flawed) view of the spectrum.

Your comments pretend as if anyone could simply stop making their payments at their whim.

THIS IS FOR PEOPLE WHO ARE UNEMPLOYED! I know everyone at CD is rich and nothing like losing your job EVER happens to any of you.

But normal hard working individuals get layoff/lose their jobs (especially during this economic climate). This GRACE PERIOD could save families and their homes by giving these homeowners more time to recover before their homes is foreclosed on.

Am I saying this is guaranteed to completely fix the foreclosure mess? Of course not. Although I do believe (and hope) this will make a difference to a lot of hard working families and save a lot of homes from being foreclosed on.
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