Oh Dear God!! Not again

[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?? 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.

Instead of refinancing they should move the families into cheaper homes that they can afford. Not force others to pay for peoples bad decisions.

 

[DiamondDave]

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.

You live by the consequences of your actions.. NOBODY held a gun to their heads to purchase their houses... You make the contract and the agreement to the terms of the mortgage... you either abide by it or face the consequences.... sorry, that's life

 

[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.

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

Jimmy Carter abolished the 20/80 guidelines?

 

[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.

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

Nothing in the article you quote says anything about forcing banks to refinance mortgages.

 

[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.

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.

I am not saying people losing their homes is not a problem. But it is THEIR problem. The same problem it has always been when buying a home. There are risks. The risk is you lose the home and any money you have put into it.

Something you know up front when you sign on the dotted lines.

 

[StevenC]

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.

When you finance something it is up to you to be sure you can pay for it. If you aren't sure about what you are signing you should seek council.

 

[8537]

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.

Instead of refinancing they should move the families into cheaper homes that they can afford. Not force others to pay for peoples bad decisions.

you create the same externality - all the neighbors are left with an empty piece of property. It would make more sense to give the bank possession in exchange for a discounted rental agreement.

 

[syrenn]

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.

Instead of refinancing they should move the families into cheaper homes that they can afford. Not force others to pay for peoples bad decisions.

I agree, who doesn't WANT more then they can 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.

Prove it is not.

Simple enough. The act under which banks lent mortgages to low-income buyers who should not have been qualified for the loans constituted only a tiny, insignificant fraction of the defaulted mortgages which triggered the failure of the credit default swaps that brought down the financial sector and plunged the economy into recession. In fact, since credit default swaps weren't built on those particular mortgages, it constituted no part of it at all.

The OP is simply repeating a right-wing talking point that was a scapegoat from the beginning, intended to divert attention from the real culprits in the economic meltdown. There is no reason to fear a repeat of the chain of events resulting from such a thing, because in actual fact it did not.

 

[8537]

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.

You live by the consequences of your actions.. NOBODY held a gun to their heads to purchase their houses... You make the contract and the agreement to the terms of the mortgage... you either abide by it or face the consequences.... sorry, that's life

Indeed! Mortgage institutions need to live by the terms of their contracts and agreements - or face the consequences.

The consequence here being possession of an asset that is worth less than their note.

 

[Luddly Neddite]

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

Those people are asking themselves the same question.

Hate this if you want but it makes more sense than Mitten's plan to let the entire housing market collapse, have millions go homeless, banks stuck with properties they can't sell - EXCEPT to companies like Bain Capital.

With President Obama's plan, everyone wins so naturally, the pubs will filibuster it to death.

 

[8537]

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.

I am not saying people losing their homes is not a problem. But it is THEIR problem.

Yes, but it's the financial institutions problem too. They knew the risks when they signed. And YOUR problem as well. It's a large part of the reason the economy fell to begin with, and a larger part of the reason it can't rebound sufficiently.

 

[StevenC]

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

Nothing in the article you quote says anything about forcing banks to refinance mortgages.

You are right. It didn't force banks. Other than that it is the same thing though. Where does the money come from?

 

[Jackson]

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.

Here we go again!

 

[8537]

Yes it is.



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

Nothing in the article you quote says anything about forcing banks to refinance mortgages.

You are right. It didn't force banks. Other than that it is the same thing though. Where does the money come from?

So, the previous policy didn't force banks to make loans or refi.

The new policy doesn't force banks to make loans or refi....

But you take issue with my statement anyway? What exactly do you find incorrect or unpalatable about my statement?

 

[8537]

Whatever happened to the successful 50% down and 10 years to repay? If we just went back to that circa 1935 system we'd stem almost all future foreclosures!

What could possibly go wrong?

 

[Truthmatters]

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

No it was caused by deregulation of the lending industry

 

[StevenC]

Nothing in the article you quote says anything about forcing banks to refinance mortgages.

You are right. It didn't force banks. Other than that it is the same thing though. Where does the money come from?

So, the previous policy didn't force banks to make loans or refi.

The new policy doesn't force banks to make loans or refi....

But you take issue with my statement anyway? What exactly do you find incorrect or unpalatable about my statement?

Sorry I was wrong. I was to quick with my reply.
This time Obama is going to far. The government has no right to force banks to refinance.

 

[Luddly Neddite]

BTW, if "you" have a payment that's too high, now is the time to refinance.

Just common sense.

 

[8537]

You are right. It didn't force banks. Other than that it is the same thing though. Where does the money come from?

So, the previous policy didn't force banks to make loans or refi.

The new policy doesn't force banks to make loans or refi....

But you take issue with my statement anyway? What exactly do you find incorrect or unpalatable about my statement?

Sorry I was wrong. I was to quick with my reply.
This time Obama is going to far. The government has no right to force banks to refinance.

This proposal does not force banks to refinance.