Conservatives have a chance to prove we are not completely ideological partisans.

[Avatar4321]

Conservatives dont have to be prove anything to anyone.

 

[Remodeling Maidiac]

Obamas proposal to help homeowners that are current on their payments yet upside down may have a chance to refinance to the lower rate of 4%. Thus lowering their payments and creating more equity in the long run as well as putting extra cash in their pockets. Assessments are dissalowed and the program is not mandatory. This direct type of stimulus would actually have an impact in the economy as a whole and not just a targeted sector.

I for one think this is a good idea that "could" help our strugling housing market. Kudos

Banks are resistant because it would mean possible loss of expected revenue of 2% or more.

I see no way this voluntary program could be considered the usual govt intrusion. It is an attempt to help not only good honest homeowners but also spark a struggling market. Not only that but this could help many other facets of the housing industry like remodeling or just simply put extra money into a weak economy in other areas through the savings it will provide the consumer.

Now help to disprove the lockstep thought of the left on here that we all care about Obamas failure more than helping the people, by either thanking this post or responding in kind.

PS. Im well aware that many of you will consider this an attempt to buy favor of the population before an election. But regardless of motive the results could be positive as long as Freddie and Fanny are closely watched.


http://www.nytimes.com/2011/08/25/b...k-mortgage-refinancing-for-millions.html?_r=1

Nope. More government meddling in the 'free market'.

The only way to fix the economy is for justice to be served. People who bought to much should lose. Banks that lent to much should lose. Investors to greedy should lose.

Over time home prices will fall, and you will see the market come back. Either by investors looking for rental property or in new home buyers.

Either way one thing is for certian. People are not buying because the prices are to high.

Thats an odd assessment.

Most homes that have lost value and ended up upside down have done so despite any factors of the home owners or banks involved in each circumstance. MANY home owners are upside down and are completely responsible home owners. I know a few of them in this very situation myself. When homes in your neighborhood get forclosed on and sit empty for so long it affects you negatively no matter how responsible you are.

 

[Remodeling Maidiac]

Conservatives dont have to be prove anything to anyone.

That really wasnt the point, but I can see that your not interested anyways.

 

[Remodeling Maidiac]

I see the trolls that call me a partisan hack in other threads avoid the threads where my position appears to be the same as theirs or not contraversial.

Thats directed at you Claton and USAR

 

[Zander]

What bank is going to allow people who are underwater on their mortgages, but current with all payments, to refinance? What's in it for them?

 

[Remodeling Maidiac]

what bank is going to allow people who are underwater on their mortgages, but current with all payments, to refinance? What's in it for them?

pr?

 

[Zander]

what bank is going to allow people who are underwater on their mortgages, but current with all payments, to refinance? What's in it for them?

pr?

PR is not enough. I really don't want my bank making any more bad loans. They need to remain solvent.

 

[Remodeling Maidiac]

what bank is going to allow people who are underwater on their mortgages, but current with all payments, to refinance? What's in it for them?

pr?

PR is not enough. I really don't want my bank making any more bad loans. They need to remain solvent.

This program is only for loans already backed by Freddie and Fannie. No new loans, no refi to those behind in payments.

 

[thereisnospoon]

Obamas proposal to help homeowners that are current on their payments yet upside down may have a chance to refinance to the lower rate of 4%. Thus lowering their payments and creating more equity in the long run as well as putting extra cash in their pockets. Assessments are dissalowed and the program is not mandatory. This direct type of stimulus would actually have an impact in the economy as a whole and not just a targeted sector.

I for one think this is a good idea that "could" help our strugling housing market. Kudos

Banks are resistant because it would mean possible loss of expected revenue of 2% or more.

I see no way this voluntary program could be considered the usual govt intrusion. It is an attempt to help not only good honest homeowners but also spark a struggling market. Not only that but this could help many other facets of the housing industry like remodeling or just simply put extra money into a weak economy in other areas through the savings it will provide the consumer.

Now help to disprove the lockstep thought of the left on here that we all care about Obamas failure more than helping the people, by either thanking this post or responding in kind.

PS. Im well aware that many of you will consider this an attempt to buy favor of the population before an election. But regardless of motive the results could be positive as long as Freddie and Fanny are closely watched.


http://www.nytimes.com/2011/08/25/b...k-mortgage-refinancing-for-millions.html?_r=1

The program does not go nearly as far as it should.
Saw a report on CBS Evening News that while this proposal may help up to one million homeowners, there are about 7 million more that could use the help but are ineligible because they are not facing foreclosure. They are only upside down in their loans and making payments on time.
As most folks know, the first step toward losing a home to foreclosure is when the loan's obligation is greater than the market value of the home. People who are in this situation are told to miss payments if they wish to get the benefit.
It's crap.
Politically it makes Obama look good. And that's all that matters I suppose.

 

[Zander]

pr?

PR is not enough. I really don't want my bank making any more bad loans. They need to remain solvent.

This program is only for loans already backed by Freddie and Fannie. No new loans, no refi to those behind in payments.

I'd like to read the actual details....but at first blush it seems like a waste of time. I don't know many banks that are going to voluntarily lose profit.

 

[Dot Com]

Will the partisan obstructionists (McConnell, Boehner Inc) support it in an election year, or ANY year for that matter, given there's a Democratic President? Egads, it might benefit the country if they did something as reckless as that

 

[thereisnospoon]

I saw the thread but it was full of misstruths.

Just you wait. This one will fill up quick too.

Ahh well at least my quota of hate will be equally filled. Yesterday the left hated me. Today the right?

No...Just mild disagreement. If the plan proposed by Obama had anything other than political cover written on it, he'd have proposed the plan cover all homeowners who are upside down in their loans. Not just the ones that are struggling to make their payments or not making them at all.

 

[Remodeling Maidiac]

Will the partisan obstructionists (McConnell, Boehner Inc) support it in an election year, or ANY year for that matter, given there's a Democratic President?

Obama doesn't need congressional approval for this program.

 

[Zander]

Will the partisan obstructionists (McConnell, Boehner Inc) support it in an election year, or ANY year for that matter, given there's a Democratic President?

Will the Partisan obstructionist Harry Reid bring Obama's "jobs" bill to the Senate for a vote? Why not?

 

[thereisnospoon]

Too late, we already have a thread about this with partisan Republicans and fake conservatives having a hissy fit over it.

I saw the thread but it was full of misstruths.

Just you wait. This one will fill up quick too.

Shut up, toe jam.

 

[Remodeling Maidiac]

Just you wait. This one will fill up quick too.

Ahh well at least my quota of hate will be equally filled. Yesterday the left hated me. Today the right?

No...Just mild disagreement. If the plan proposed by Obama had anything other than political cover written on it, he'd have proposed the plan cover all homeowners who are upside down in their loans. Not just the ones that are struggling to make their payments or not making them at all.

This program is ONLY for those who have at least 6 months of on time payments. Cuts the risk of default. Look deeper into the details.

 

[McDowell's]

PR is not enough. I really don't want my bank making any more bad loans. They need to remain solvent.

This program is only for loans already backed by Freddie and Fannie. No new loans, no refi to those behind in payments.

I'd like to read the actual details....but at first blush it seems like a waste of time. I don't know many banks that are going to voluntarily lose profit.

That's because Fannie, Freddie, and their investors are going to be the ones "volunteering" to lose profit. And since both institutions are backstopped by the federal government and are actively borrowing more money from the Treasury, I'm not sure how anyone can say the government isn't involved and won't be paying something.

Ignoring market realities is what created the housing bubble to begin with. So now we're going to give people interest rates which are not supported by the marketplace in the hopes of reinflating the housing market. Brilliant idea.

 

[IndependntLogic]

Obamas proposal to help homeowners that are current on their payments yet upside down may have a chance to refinance to the lower rate of 4%. Thus lowering their payments and creating more equity in the long run as well as putting extra cash in their pockets. Assessments are dissalowed and the program is not mandatory. This direct type of stimulus would actually have an impact in the economy as a whole and not just a targeted sector.

I for one think this is a good idea that "could" help our strugling housing market. Kudos

Banks are resistant because it would mean possible loss of expected revenue of 2% or more.

I see no way this voluntary program could be considered the usual govt intrusion. It is an attempt to help not only good honest homeowners but also spark a struggling market. Not only that but this could help many other facets of the housing industry like remodeling or just simply put extra money into a weak economy in other areas through the savings it will provide the consumer.

Now help to disprove the lockstep thought of the left on here that we all care about Obamas failure more than helping the people, by either thanking this post or responding in kind.

PS. Im well aware that many of you will consider this an attempt to buy favor of the population before an election. But regardless of motive the results could be positive as long as Freddie and Fanny are closely watched.


http://www.nytimes.com/2011/08/25/b...k-mortgage-refinancing-for-millions.html?_r=1

I have to give you kudos too. I've seen your posts and obviously, you lean Right. The overwhelming majority of people here lean SO FAR in one direction or the other, they could NEVER acknowledge anything positive about the other side.
You just have.
Well done.

Oh, and I agree with the housing thing too, btw...

 

[Avorysuds]

Umm, how does not supporting something that sounds like Government is forcing banks or "The Privet Sector" to do something partisan?

I don't know the details but it sounds like bullshit to my so far. How about Obama just says I will not bail you out again when you fail as they are counting on... The banks don’t need to work with people because they know if to many foreclose and the bank can’t deal with the losses Obama will hand them billions while the bank still gets the houses to resell… It’s easy money for the banks.

 

[Chris]

Obamas proposal to help homeowners that are current on their payments yet upside down may have a chance to refinance to the lower rate of 4%. Thus lowering their payments and creating more equity in the long run as well as putting extra cash in their pockets. Assessments are dissalowed and the program is not mandatory. This direct type of stimulus would actually have an impact in the economy as a whole and not just a targeted sector.

I for one think this is a good idea that "could" help our strugling housing market. Kudos

Banks are resistant because it would mean possible loss of expected revenue of 2% or more.

I see no way this voluntary program could be considered the usual govt intrusion. It is an attempt to help not only good honest homeowners but also spark a struggling market. Not only that but this could help many other facets of the housing industry like remodeling or just simply put extra money into a weak economy in other areas through the savings it will provide the consumer.

Now help to disprove the lockstep thought of the left on here that we all care about Obamas failure more than helping the people, by either thanking this post or responding in kind.

PS. Im well aware that many of you will consider this an attempt to buy favor of the population before an election. But regardless of motive the results could be positive as long as Freddie and Fanny are closely watched.


http://www.nytimes.com/2011/08/25/b...k-mortgage-refinancing-for-millions.html?_r=1

In the thirties they went one step further.

They had courts where homeowners could get their principle reduced.

That is what we should have done today.

But the banks would never stand for it.

Tomorrow I am putting my money in a credit union.