Oh Dear God!! Not again

[naturegirl]

0bama is going to force banks to refinance mortgages for folks that are underwater with their home values.

Isn't this what happened the first time?? And what about those homeowners that don't have jobs and are making their house payments from their savings and borrowing from family members?? They won't qualify for a mortgage if they don't have a job.

What about those homeowners that have taken part time jobs and are barely squeaking by. If their income will not allow the mortgage repayment they won't qualify for a new loan.

Isn't this how we got in this mess?? The government messing with the lending industry to let people buy houses they couldn't afford.

Mortgage | Homeowner Bill of Rights | Barack Obama | The Daily Caller

 

[The Infidel]

Makes me wonder why I bothered all these years to keep my mortgage paid

 

[peach174]

Libs are doing the same thing all over again. They never learn. Nothing new.
They do the same thing with education just keep throwing money at it instead of fixing the problems.

 

[AquaAthena]

0bama is going to force banks to refinance mortgages for folks that are underwater with their home values.

Isn't this what happened the first time?? And what about those homeowners that don't have jobs and are making their house payments from their savings and borrowing from family members?? They won't qualify for a mortgage if they don't have a job.

What about those homeowners that have taken part time jobs and are barely squeaking by. If their income will not allow the mortgage repayment they won't qualify for a new loan.

Isn't this how we got in this mess?? The government messing with the lending industry to let people buy houses they couldn't afford.

Mortgage | Homeowner Bill of Rights | Barack Obama | The Daily Caller

Yes it is, and it all started with Jiminy ( deliberate ) Carter. Obama is sliding everything including the kitchen sink, through, before his failure in November.

The Community Reinvestment Act (CRA, Pub.L. 95-128, title VIII of the Housing and Community Development Act of 1977, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.[1][2][3] Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods, a practice known as redlining.[4][5]

The Act requires the appropriate federal financial supervisory agencies to encourage regulated financial institutions to help meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation (Section 802.) To enforce the statute, federal regulatory agencies examine banking institutions for CRA compliance, and take this information into consideration when approving applications for new bank branches or for mergers or acquisitions (Section 804.)[6]

 

[Conservative]

that was totally different. Now, with the Obamessiah, all will be wonderful, and it will work splendidly this time around.

 

[naturegirl]

How many attempts has he made at this?? He mentioned something about charging banks fees........I was half listening as it makes my stomach hurt to hear him speak.

 

[Oddball]

Forget the fact that the participation rate the first time around barely charted.

More form over substance, from the least substantial prez of my lifetime.

 

[syrenn]

0bama is going to force banks to refinance mortgages for folks that are underwater with their home values.

Isn't this what happened the first time?? And what about those homeowners that don't have jobs and are making their house payments from their savings and borrowing from family members?? They won't qualify for a mortgage if they don't have a job.

What about those homeowners that have taken part time jobs and are barely squeaking by. If their income will not allow the mortgage repayment they won't qualify for a new loan.

Isn't this how we got in this mess?? The government messing with the lending industry to let people buy houses they couldn't afford.

Mortgage | Homeowner Bill of Rights | Barack Obama | The Daily Caller

What ever happened to the idea that if you cant pay your mortgage you lose the house.

Buying home is a GAMBLE. Sometimes you win, sometimes you lose.

 

[syrenn]

Yes it is, and it all started with Jiminy ( deliberate ) Carter. Obama is sliding everything including the kitchen sink, through, before his failure in November.

The Community Reinvestment Act (CRA, Pub.L. 95-128, title VIII of the Housing and Community Development Act of 1977, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.[1][2][3] Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods, a practice known as redlining.[4][5]

The Act requires the appropriate federal financial supervisory agencies to encourage regulated financial institutions to help meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation (Section 802.) To enforce the statute, federal regulatory agencies examine banking institutions for CRA compliance, and take this information into consideration when approving applications for new bank branches or for mergers or acquisitions (Section 804.)[6]

I agree, this is about pushing as much thought as possible to garner votes and before he is ousted.

 

[AquaAthena]

0bama is going to force banks to refinance mortgages for folks that are underwater with their home values.

Isn't this what happened the first time?? And what about those homeowners that don't have jobs and are making their house payments from their savings and borrowing from family members?? They won't qualify for a mortgage if they don't have a job.

What about those homeowners that have taken part time jobs and are barely squeaking by. If their income will not allow the mortgage repayment they won't qualify for a new loan.

Isn't this how we got in this mess?? The government messing with the lending industry to let people buy houses they couldn't afford.

Mortgage | Homeowner Bill of Rights | Barack Obama | The Daily Caller

What ever happened to the idea that if you cant pay your mortgage you lose the house.

Buying home is a GAMBLE. Sometimes you win, sometimes you lose.

What ever happened to the successful 20/80 debt to income, ratio before qualifying to buy a house? Answer: Jimmy Carter.

 

[Lovebears65]

Tired of people getting bailed out for their poor choices.. Who buys a house that they know they cant afford

 

[Dragon]

0bama is going to force banks to refinance mortgages for folks that are underwater with their home values.

Isn't this what happened the first time?

No, it's not.

 

[StevenC]

0bama is going to force banks to refinance mortgages for folks that are underwater with their home values.

Isn't this what happened the first time?

No, it's not.

Prove it is not.

 

[8537]

0bama is going to force banks to refinance mortgages for folks that are underwater with their home values.

Isn't this what happened the first time??

No, it's not.

 

[syrenn]

0bama is going to force banks to refinance mortgages for folks that are underwater with their home values.

Isn't this what happened the first time?? And what about those homeowners that don't have jobs and are making their house payments from their savings and borrowing from family members?? They won't qualify for a mortgage if they don't have a job.

What about those homeowners that have taken part time jobs and are barely squeaking by. If their income will not allow the mortgage repayment they won't qualify for a new loan.

Isn't this how we got in this mess?? The government messing with the lending industry to let people buy houses they couldn't afford.

Mortgage | Homeowner Bill of Rights | Barack Obama | The Daily Caller

What ever happened to the idea that if you cant pay your mortgage you lose the house.

Buying home is a GAMBLE. Sometimes you win, sometimes you lose.

What ever happened to the successful 20/80 debt to income, ratio before qualifying to buy a house? Answer: Jimmy Carter.

Bingo! The banks looked up our asses before we got our mortgage....and it was a conforming loan...not a jumbo. We also put 30% down.


And what the fuck... a conforming loan now is more then $600K

 

[8537]

0bama is going to force banks to refinance mortgages for folks that are underwater with their home values.

Isn't this what happened the first time?? And what about those homeowners that don't have jobs and are making their house payments from their savings and borrowing from family members?? They won't qualify for a mortgage if they don't have a job.

What about those homeowners that have taken part time jobs and are barely squeaking by. If their income will not allow the mortgage repayment they won't qualify for a new loan.

Isn't this how we got in this mess?? The government messing with the lending industry to let people buy houses they couldn't afford.

Mortgage | Homeowner Bill of Rights | Barack Obama | The Daily Caller

What ever happened to the idea that if you cant pay your mortgage you lose the house.

Buying home is a GAMBLE. Sometimes you win, sometimes you lose.

People losing their homes is the problem. You don't fix that problem by making more people lose their homes - you exacerbate it. And you make neighbors who ARE making timely payments absorb the cost of the bad decision of others.

 

[Nova78]

Obama is a welfare president,destroying this Country piece by piece,sad to see how many sheep follow this fool...........

 

[StevenC]

0bama is going to force banks to refinance mortgages for folks that are underwater with their home values.

Isn't this what happened the first time??

No, it's not.

Yes it is.

The administration also wants to broaden its Home Affordable Refinance Program, which seeks to provide refinancing options to underwater borrowers who have no equity in their homes.

The White House said the housing regulator overseeing Fannie Mae and Freddie Mac has exhausted its efforts to make HARP more widely accessible to lenders and borrowers, and now it will ask Congress to make changes. Among those requested changes, it will seek to eliminate the costs of appraisals.

NBC Politics - Obama proposes $5-10 billion for home refinancing

 

[bripat9643]

0bama is going to force banks to refinance mortgages for folks that are underwater with their home values.

Isn't this what happened the first time?? And what about those homeowners that don't have jobs and are making their house payments from their savings and borrowing from family members?? They won't qualify for a mortgage if they don't have a job.

What about those homeowners that have taken part time jobs and are barely squeaking by. If their income will not allow the mortgage repayment they won't qualify for a new loan.

Isn't this how we got in this mess?? The government messing with the lending industry to let people buy houses they couldn't afford.

Mortgage | Homeowner Bill of Rights | Barack Obama | The Daily Caller

Does Obama have the authority to do that? It sounds like expropriation of private property to me.

 

[LordBrownTrout]

0bama is going to force banks to refinance mortgages for folks that are underwater with their home values.

Isn't this what happened the first time?? And what about those homeowners that don't have jobs and are making their house payments from their savings and borrowing from family members?? They won't qualify for a mortgage if they don't have a job.

What about those homeowners that have taken part time jobs and are barely squeaking by. If their income will not allow the mortgage repayment they won't qualify for a new loan.

Isn't this how we got in this mess?? The government messing with the lending industry to let people buy houses they couldn't afford.

Mortgage | Homeowner Bill of Rights | Barack Obama | The Daily Caller

What ever happened to the idea that if you cant pay your mortgage you lose the house.

Buying home is a GAMBLE. Sometimes you win, sometimes you lose.

What ever happened to the successful 20/80 debt to income, ratio before qualifying to buy a house? Answer: Jimmy Carter.

That's good advice. I rented for three years and then put 20 percent down with a locked rate. I was offered that sub prime 2 percent but rejected it. The regular rate was very low so I took it.

If you have only 2k invested in a 250k house you are much more likely to strategically default on a variable rate than if you had 10 or 20 percent vested.

Of course, I'm not excusing the banks for their dirty practices either.