Obama's foreclosure plan

Discussion in 'Current Events' started by MalibuMan, Feb 18, 2009.

  1. MalibuMan
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    MalibuMan Member

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  2. Modbert
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    Modbert Daydream Believer Supporting Member

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    Ever hear of a thing called Predatory Lending?
     
  3. MalibuMan
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    MalibuMan Member

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    Stupid people fell for the scam. People should be smarter than that. I pay my house payments on time. Where is my mortage help.?

    It's a damn joke.
     
  4. jeffrockit
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    jeffrockit Senior Member

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    Ever hear of the Community Reinvestment Act?
     
  5. DavidS
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    DavidS Anti-Tea Party Member

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    Bro - you need to actually do some research. You could have made every single payment on your mortgage perfectly on time and still owe more than your hose is worth because your home has plummeted in value through no fault of your own.

    Plus predatory lending... why this country STILL allows a variable rate mortgage is beyond me.
     
  6. DavidS
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    DavidS Anti-Tea Party Member

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    Stop bitching already. All I hear is fucking bitching everywhere - it's so goddamned sickening. "Well, I made all my fucking payments on time. Where's my help??"

    Hey, asshole, if we don't do something to shore up the housing market soon, this economy is going to be a fucking cakewalk. Shoulda, woulda, coulda, it's been done - we need to fix it because this economy is hurting EVERYONE.
     
  7. 007
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    007 Charter Member Supporting Member

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    You won't get any help. It will be you who will have to help pay for the stupidity of those who borrowed over their means, and the greedy banks that pushed it on them, and the liberal pelosi, reid, obama plan that is going to take your money to give to them.
     
    Last edited: Feb 18, 2009
  8. editec
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    editec Mr. Forgot-it-All

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    Fairly simple.

    You bought a house at the top of the market, and as the market value of the house erodes, what you owe on the house exceeds its market value.

    That could easily have happened to people who bought houses recently in some areas -- including people who put 20% down and got a conforming standard 30 year fixed rate.

    When, in some areas the market values of homes has dropped 50%, people who bought their homes with conforming mortgages ten years ago could EASILY find themselves owing more on their homes than their market values.

    Their banks could theoretically call in their loans despite the fact that they put money down, paid their mortgage every month, and want to stay it it, too.

    That's no joke. That's a family tragedy.

    And those people SHOULD be protected from foreclosure, too, don't you think?
     
  9. oreo
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    oreo Gold Member Supporting Member

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    In reality--owing more than what the house is currently worth is the biggest problem we are seeing today. Overbuilt areas--homeowners with good intentions, good credit, good income bought homes at the high mark--when property values were at their highest--over the last couple of years. The housing buddle burst--just like the stock market during 2000/2001--property values dramatically dropped leaving owners owing more than what their home is currently valued at.

    They cannot refinance to a lower rate, because the banks require 20-30% equity in their homes to do that. They may have excellent credit, & the ability to re-pay the loan but the bank will refuse because of the devaluation factor. So they are stuck. Now if they lose their jobs because of this recession--they are backed into a corner & end up walking out. This is the problem today. It wasn't because they were irresponsible--they simply just bought at the wrong time--not knowing that a collapse in housing values was around the corner.

    The irresponsible were the ones that did in fact buy homes they could not afford. But, let's point the finger where it belongs. Our Federal Government--whose policies with Freddie/Fannie on September 30, 1999 reduced credit requirements for homeowners to qualify for a loan. Also in this bill was the no down payment. This in order so minorities & lower income could buy a home. It all fell apart because banks would loan money to people who could never qualify for a typical 30 year fixed rate loan, in our governments insistance that (everyone deserves homeownership policy). , regardless of their ability to re-pay the loan. The sub-prime mortgage crisis insued & then collapsed--leaving the above honest people in the ringer.

    Because it was these irresponsible people & our enept federal government management of Fannie/Freddie that is directly responsible for property values collapsing. In fact, Freddie/Fannie is GROUND ZERO for all the bail-outs we have seen, the collapse of the housing market, property values, bail-outs for Wall Street, & also directly responsible for our unemployment figures right now.
     
    Last edited: Feb 18, 2009
  10. auditor0007
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    auditor0007 Gold Member

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    Okay, now that is really a stupid statement. Many people are upside down on their mortgages for the simple fact that housing prices have crashed over the last 18 to 24 months. Don't you read the news?
     

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