New Mortgage Bailout Program: Stuck on Stupid.

Here we go again. Why is Obama rolling out yet another soon-to-fail program to protect people from their own stupidity? I know the answer: the election is next year. But seriously. Will this guy ever get around to governing, like for real?
Obama to Announce New Program to Help Struggling Homeowners | ABC News - Yahoo! News
Note the requirements:

Now, if their mortgages are current with one late payment in the last 12 months, why in the hell do they need help to begin with? And since 80% of people enrolled in these programs end up foreclosed on anyway, why are we continuing to pour money into this?

 

It is more of the same really.
All the government knows how to do is fix current problems by piling them up for the future.
In the long run - this is a TERRIBLE plan. People who do this will hate themselves later.
Example...45 year old couple has a mortgage that is $1700 per month. Mortgage is $200,0000...home value is $165,000. They have 15 years to pay on loan.
With the plan the interest rate will lower their payment to $1495...but does that really help much? Sooo...they refinance for 25 years and the payment comes down to a manageable $1200 per month.
Now they won't have their home paid off till they are 70 years old. Thereby damning any hopes of a retirement.

 

I'm willing to bet that Obama comes out with more "buying votes" before next November rolls along. Keep that Executive Order pen handy.

 

Granny says Obama better get crackin' - peoples still losin' their homes left an' right...

Obama’s efforts to aid homeowners, boost housing market fall far short of goals
October 23,`11 - It was a critical plan to jump-start the economy. President Obama pledged at the beginning of his term to boost the nation’s crippled housing market and help as many as 9 million homeowners avoid losing their homes to foreclosure.

 

Unbelievable.

I wonder if President Obama's arm get sore from throwing money at things all the time ?

 

You guys are losing me on this.

When he only helped the ones losing their houses you demanded he help everyone struggling from the burst and not just the lazy liars.

I agreed, but now your changing your tune.

Riddle me this Batman?

 

Please answer the question above first.

Why is it that we even need this if the qualifications are essetially that you are not behind in your payments ?

 

The people are upside down to a severe level. That inequality was caused by the govt to begin with. It's not my damn fault 3 houses in my neighborhood went under thereby killing the value of my home. The govt caused this disaster catering to the poor who couldn't afford houses to begin with so its only justice that they help those damaged by such a reckless policy.

 

Ummm, I didn't. Riddle solved Joker.

Just because the market doesn't move your way doesn't mean you should get a bail out from the government. If you chose to buy a house, you chose to accept the risks involved.

 

How do three houses in your neighborhood going under kill the value of your house ?

Your house is worth what someone is willing to pay.

I agree with your other points...I guess I am just not seeing how throwing more money at toxic assests makes any sense at all.