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Obama's new brainstorm is to force banks to refinance to everyone current on their loans even if they can not afford the loan. Sound familiar? This is what the Community Investment Act did to start the housing meltdown. To make it worse, the banks will get taxed to pay for the refinancing that they don't want to do. Sounds like the state is running the banks now.
Obama is trying to give away as much "candy" as it takes to win reelection.
Yeah this has been knocked around the last couple weeks and now the orator is out there finally pushing it. Easy way to buy votes with the gimme gimme crowd throwing all in. Hell what point is there of signing a contract if your a bank anymore when uncle sam will just step in and throw it away? I think I'll just stop paying my mortgage and see how far I can work it. Hell your punished nowdays for honoring your agreement and those who don't are rewarded. Its beyond insane anymore.
Yeah this has been knocked around the last couple weeks and now the orator is out there finally pushing it. Easy way to buy votes with the gimme gimme crowd throwing all in. Hell what point is there of signing a contract if your a bank anymore when uncle sam will just step in and throw it away? I think I'll just stop paying my mortgage and see how far I can work it. Hell your punished nowdays for honoring your agreement and those who don't are rewarded. Its beyond insane anymore.
Obama's new brainstorm is to force banks to refinance to everyone current on their loans even if they can not afford the loan. Sound familiar? This is what the Community Investment Act did to start the housing meltdown. To make it worse, the banks will get taxed to pay for the refinancing that they don't want to do. Sounds like the state is running the banks now.
Obama is trying to give away as much "candy" as it takes to win reelection.
The banks largely caused this ****** mess, so they deserve whatever they get.
By the way, if the people already have the loan, refinancing it isn't increasing any risk. Plenty of people can actually afford to refinance, but they don't have the equity due to the market being down.
I don't have a problem with this. The banks got bailouts and should pass that on to the consumer. As long as this is just resetting the interest rate, not reducing principal, I don't see a problem.
Taking responsibility for their own mistakes? Sure, but a lot of people didn't MAKE mistakes. They played by the rules that the banks themselves set.
An article with a bit more information would have been helpful.
President Obama details plan to help homeowners w/ mortgage | abc7.com (http://abclocal.go.com/kabc/story?section=news/national_world&id=8527447 - broken link)
So everyone was up in arms about banks being bailed out, and now that banks will be "forced" to help bailout people, meaning the banks won't make that much because of a lower interest rate to homeowners, there's an issue? No homeowner will being forced to go this route and the cost is nothing compared to what it cost the taxpayers to bailout banks and companies. The program will cost between $5 and $10 billion - to help people!! not banks or companies.
Here's a list of banks only that got bailouts 2008/2009, from less than a couple of thousand to billions and what has been repaid, or more importantly what hasn't been repaid. Let's not even discuss companies that got bailed out and failed, writing off the entire bailout money at a cost to taxpayers.
The Treasury Department has invested about $200 billion in hundreds of banks through its Capital Purchase Program in an effort to prop up capital and support new lending. Here’s a list of the banks that got bailed out.
Total purchase amount:
$204,808,576,320
Total repaid:
-$96,249,045,000
Capital Purchase Program total investment:
$108,487,042,320
The banks largely caused this ****** mess, so they deserve whatever they get.
By the way, if the people already have the loan, refinancing it isn't increasing any risk. Plenty of people can actually afford to refinance, but they don't have the equity due to the market being down.
Yet another partisan whiner.
But the new regulation is for anyone who wants to refinance regardless of their credit rating...just like with the Community Redevelopment Act.
I don't have a problem with this. The banks got bailouts and should pass that on to the consumer. As long as this is just resetting the interest rate, not reducing principal, I don't see a problem.
Taking responsibility for their own mistakes? Sure, but a lot of people didn't MAKE mistakes. They played by the rules that the banks themselves set.
The government set the rules, forcing the banks to lend to those that could not afford it.
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