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Re-adjust the value of the houses for people with troubled mortgages to keep homeowners in the houses instead of having them foreclosed on, not the government actually buying up houses.
If you re-adjust the value (down) by say 25%, that is far better than the homeowner facing imminent foreclosure and the Fed taking the house from the lender for just 20 cents on the dollar. The current bailout program allows some of the $700B-$800B to be used in ways such as this.
I heard it and it makes me angry... It just rewards bad behavior...I have never missed a mortgage payment. I want my principal and interest reduced too by the government, because my house is now worth less!
mollymonk has it right. TOTALLY irresponsible response.
I have yet to hear either of them say - we are going to void every credit default swap or other financial instrument that insures a company or security, unless the corresponding shares can be produced. Kill those speculator vultures in the first round.
Next, every bundled mortgage gets unbundled, back to the originator if they are in business. If they aren't in business, then the principals of the business get their bank accounts and assets attached as collateral.
Then, anybody who sent manufacturing equipment to China has to go in person and bring it back. If China wants U.S. jobs, they can make their own equipment.
Anyway, this thread probably needs moved to politics.
The only real problem with letting the houses fall in value is that MY house [I actually bought the house I could afford, never took a 2nd mortgage, and am never late on a payment] looses "value" in the process.
I agree there needs to be some way to "reward" thriftiness and good behavior and I was apalled when he said this. It is not fair that someone can own twice the house I can on less money. Maybe there is some other way - e.g., we have a LOT of infrastructure that needs fixing in this country - maybe some of these folks need some moonlighting jobs where they work for the feds fixing bridges, repairing roads etc for keeping their home. SOmething..............
If it gets bad enough you can always just go to jail, the government gives free room and board to those screwups too =)
I don't want people out on the street, but at the same time I don't think it's right or fair for people to be living in homes that they can't afford for years and then help them stay there with everyone's money. But then I don't believe in other socialistic programs like free healthcare either, nor using our tax money to pay for bilingual classes in school, while the school barely has any money to pay teachers as it is.
I am continuing to be amused by all the posters that thought or still think that this economy was in any way shape or form set up to be fair. It was not! It was and is set up to reward the speculator and the crook that gambles your money for their gain and leave the fools that followed the rules to pick up the losses while the shysters’ bank the profits.
This spending is to provide a floor under house prices so that the losses to the speculators are limited by manipulating the market. Given the amazing mastery the real market to find the actual value of things will eventually delay the final reckoning. Please remember if you have a house that is now priced for less than you paid or even less than the remaining mortgage you have not lost anything. You still have a place to live. You still have to pay back the money you borrowed. You have not lost until you actually sell or bankrupt. What you have lost is speculative opportunity. Too bad, we did not need speculation in the housing market.
It's not fair, and it only shows that it pays to be a crook and a deadbeat in this country! The more the idiots in Washington try to fix things, the worse things are...Welcome to Dow 5000!
Depending on who gets elected I may just have to stop paying on my mortgage so I can get a piece of this!!!!
What a load of tripe, almost fell out of my chair when he said that...
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It just rewards bad behavior...I have never missed a mortgage payment. I want my principal and interest reduced too by the government, because my house is now worth less!
