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At this point, I think the only thing that is going to turn this country around is the coming collapse. We're so far into the Socialist mode now, it's going to be like the Soviet Union here.
Yeah..I think the only way to rebuild is to crash and burn and start all over.
The other mortgage aid programs didn't work..the same people are back near foreclosure.
So now they are doing yet another emergency loan program and giving them 2 years...2 years to get a job and start paying back. No way will this program come back to haunt them in the MSM as "another failed mortgage program", not with a 2 year window.
At this point, I think the only thing that is going to turn this country around is the coming collapse. We're so far into the Socialist mode now, it's going to be like the Soviet Union here.
We will never be like the Soviet Union. Do you know why? Because of the Constitution of the United States and because we the people have the say. You can fear Obama all you want but in 2012, this country will be no more socialistic than it was in 2007. Socialist elements have existed in the good ol' US for a very long time and we haven't met our demise yet.
Only in America can the victim of an economy in shambles be seen with disgust. How exactly is a borrower with good job (or jobs), and a family, regular payer of mortgages... until he/she/them losing the job(s) make them a bad risk borrower?
I think the President is working with the compassion, for the people. You may not like it, but that is likely because you're not in that situation (yet).
Bull I lost my lively hood and as i do not even qualify for unemployment have had to work all kinds of jobs to pay my bills.no problem as I live within my means and save for a rainy day. some of my lazy neighbors on unemployment for 2 years think what I do is beneath them and would rather sit home and vegetate.so they get rewarded while I pay the bill? don't think so I'm a mexican now, off the freakin books
They didn't. Countrywide was driven purely by greed. They found a way to lend to people that otherwise couldn't afford it.
And whoever doubts that predatory lending exists isn't touch with reality. Is it so hard to believe that one company would do anything in its power to make money hand over first even if it weren't the most ethical thing to do? Ever heard of payday advance companies? Those guys charge ridiculous interest rates and for the most part, they got away with it. How about credit card companies that jack up your rate from 10% to 30% because an unrelated creditor received a payment five days late even though you had perfect credit with them?
Did you ever hear of "My Community Mortgage"?
"Many lenders use MCM as a key element in their strategies to extend their reach to more home buyers and help achieve their Community Reinvestment Act (CRA) objectives. "I do not disagree that the banks were greedy, even more so the mortgage brokers/originators that participated in the NINA, I/O ARMS, etc. for the quick buck but the banks were encouraged by the government to make loans to people who would not qualify for a traditional mortgage.
So, when the people who can't pay now, lose the 50,000, who pays it back? Are WE charging interest? If they can't pay, because there are no jobs, where are the NEW jobs coming from?
Are any of us who do save, pay our bills (and on time), and budget smart, gonna get any of this FREE money?
Not directly mind you..but $3 billion is being allocated to states for homeowners.
To qualify..be out of work, be a homeowner and be at least 3 months behind on your mortgage (definition of a bad risk borrower ?)
Also, they have to have a reasonable likelihood of resuming their mortgage payments in the next two years.
Well....I feel like a dang fool for moving out of my apartment and in with parents after I lost my job. Geez, I just should have purchased a house I couldn't afford to begin with and then let the government pay my mortgage.
I just feel like an idiot for taking responsibility.
So, when the people who can't pay now, lose the 50,000, who pays it back? Are WE charging interest? If they can't pay, because there are no jobs, where are the NEW jobs coming from?
Are any of us who do save, pay our bills (and on time), and budget smart, gonna get any of this FREE money?
Pray tell..who is going to remember this in 2 years time ?
It's all going to disappear into the black hole of government accounting.
If it's not paid off by them, it will be paid off by us.
We are debt slaves to the government.
Pray tell..who is going to remember this in 2 years time ?
It's all going to disappear into the black hole of government accounting.
If it's not paid off by them, it will be paid off by us.
We are debt slaves to the government.
I think you made my point.
If you loaned someone $20 that he was going
to pay you back in a week, and he couldn't pay
it back; would you loan him $10 more and tell
him to take 2 months to pay for it???????????
Well....I feel like a dang fool for moving out of my apartment and in with parents after I lost my job. Geez, I just should have purchased a house I couldn't afford to begin with and then let the government pay my mortgage.
I just feel like an idiot for taking responsibility.
Exactly, and those who are still renting (but struggling now they're unemployed) because they KNEW they couldn't REALLY "afford" that mortgage they were being offered are now SOL
Should have gone ahead like you said and scarfed up that "deal" while I was employed.............
I don't necessarily agree with this approach but I get the rationale. It does an already shaky economy no good if a bunch of people are foreclosed on. Otherwise, the market would be flooded with even more houses that will likely remain vacant for some time. This way, people get to keep their homes as the economy continues to recover. They are obviously betting that these people will get jobs again within two years.
Did you just say that there will be another extension of unemployment payments to people who won't take the jobs that are available because of the government check? It sure sounded like that.
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Are WE charging interest? 
