Oh Dear God!! Not again

[Sunshine]

Tell me something... why should someone who buys more of a home then they can afford.... win it by default?

by this reasoning.... i should go out and buy a mansion with grounds and a pool.... cry that i cant afford the mortgage....and get to keep it becasue i am defaulting on my loan.

What the hell gives you the idea anyone is being gifted with a free house with this refinancing proposal?

It is extremely ironic you people sit in judgement of others for supposedly being financially irresponsible when you then make statements that demonstrate extreme financial ignorance.


All this proposal is trying to do is LOWER THE INTEREST PAYMENT on a mortgage!

It is not lowering the principal, which was the price they paid for the house. Do you people get that?

The only effect lower interest payments will have is that the banks will make less profit on the loans they made or bought in the secondary market.

Which means that the bank, its depositors, and stockholders are being shafted! DUH!

 

[naturegirl]

Here's the entire speech, listen and tell me he's not saying he's going to make this happen.
http://www.youtube.com/watch?feature=player_embedded&v=VkOqAUZQy8A#!

 

[8537]

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

Doesn't it though? The wrong people are getting the rewards these days.

This plan is for people who are current on their payments.

 

[8537]

I would suggest that the banks take the homes and offer them back on the market for sale again.

Yes, indeed! Because THAT idea has been working just swimmingly for banks so far. Don't mitigate the loss, eat it!

They don't have to 'eat' the loss. They can sell the home for what is owed.

..to some magic buyer who is willing to pay more for the house than it's current assessed value!

Yes, Toto! There is a Kansas!

 

[DiamondDave]

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

Doesn't it though? The wrong people are getting the rewards these days.

This plan is for people who are current on their payments.

If people are current with payments, there is no need for 'help'

This is the biggest crock of shit I have seen since Obamalama and the DEMs last crock of shit

 

[8537]

Doesn't it though? The wrong people are getting the rewards these days.

This plan is for people who are current on their payments.

If people are current with payments, there is no need for 'help'

That would come as quite a surprise to people who are about to experience ARM payment increases.

 

[Sunshine]

Yes, indeed! Because THAT idea has been working just swimmingly for banks so far. Don't mitigate the loss, eat it!

They don't have to 'eat' the loss. They can sell the home for what is owed.

..to some magic buyer who is willing to pay more for the house than it's current assessed value!

Yes, Toto! There is a Kansas!

Ah, but such a staunch claim that all these homes have 'equity.' The 'equity' would offset the lower value. The bank can sell it for what is owed which, if the buyers have been responsible up to now, should not be out of line with the value of the house.

If you live on a lake like I do, it's a good time to buy a boat too! Most are going for just what is owed. As are a lot of condos in Florida. It's a buyer's market!

 

[Sunshine]

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

Doesn't it though? The wrong people are getting the rewards these days.

This plan is for people who are current on their payments.

Then they don't need a 'break.'

 

[8537]

They don't have to 'eat' the loss. They can sell the home for what is owed.

..to some magic buyer who is willing to pay more for the house than it's current assessed value!

Yes, Toto! There is a Kansas!

Ah, but such a staunch claim that all these homes have 'equity.' The 'equity' would offset the lower value. The bank can sell it for what is owed which, if the buyers have been responsible up to now, should not be out of line with the value of the house.

Let's do some quick math. You buy a 500,000 home on a 30 year note, zero down, 2 yr interest only ARM in 2007.

In 2012, you've been making payments to the bank for five years - almost 100% entirely payments to interest. You *might* have paid a few thousand dollars on the principle.

The home is now worth 250,000 at current market value.

The bank repos the home.

And you somehow think a magic fairy is going to swoop down and buy the house for 500,000 minus the miniscule equity? OK then.

If that was the case, don't ya think the OWNER would cash out his or her equity and sell it?

 

[8537]

Doesn't it though? The wrong people are getting the rewards these days.

This plan is for people who are current on their payments.

Then they don't need a 'break.'

I swear some of you went Rip Van Winkle in 1991 and awoke last year. Have you ever heard of an ARM? an interest-only ARM?

Do you think the bank is interested in becoming a real estate company?

 

[Sunshine]

This plan is for people who are current on their payments.

Then they don't need a 'break.'

I swear some of you went Rip Van Winkle in 1991 and awoke last year. Have you ever heard of an ARM? an interest-only ARM?

Do you think the bank is interested in becoming a real estate company?

You might want to read this entire thread. You have missed a significant portion of it.

 

[8537]

Then they don't need a 'break.'

I swear some of you went Rip Van Winkle in 1991 and awoke last year. Have you ever heard of an ARM? an interest-only ARM?

Do you think the bank is interested in becoming a real estate company?

You might want to read this entire thread. You have missed a significant portion of it.

Sunshine, I've read the entire thread. Do you have a point? Do you deny that some people who are current on their mortgage are about to face A significant problem when their ARM adjusts?

 

[Sunshine]

I swear some of you went Rip Van Winkle in 1991 and awoke last year. Have you ever heard of an ARM? an interest-only ARM?

Do you think the bank is interested in becoming a real estate company?

You might want to read this entire thread. You have missed a significant portion of it.

Sunshine, I've read the entire thread. Do you have a point? Do you deny that some people who are current on their mortgage are about to face A significant problem when their ARM adjusts?

Have you ever heard of Truth in Lending?

Truth in Lending Act - Wikipedia, the free encyclopedia

They knew what they were signing. I have known people who had SEVERE financial problems when the ARM they AGREED TO adjusted. Tuff shit. They knew what they were buying when they bought it.

You don't have to take an ARM. If you bank shop you can find a fixed rate mortgate. We did in the 70s when everbody else was bending over signing up for ARMs so they could get fucked coming and going.

"Stupid is as stupid does!" Forrest Gump

 

[Oddball]

This plan is for people who are current on their payments.

Then they don't need a 'break.'

I swear some of you went Rip Van Winkle in 1991 and awoke last year. Have you ever heard of an ARM? an interest-only ARM?

Do you think the bank is interested in becoming a real estate company?

So, it's really another bailout for the banks and Fannie/Freddy.

Thought I smelled a rat.

 

[8537]

You might want to read this entire thread. You have missed a significant portion of it.

Sunshine, I've read the entire thread. Do you have a point? Do you deny that some people who are current on their mortgage are about to face A significant problem when their ARM adjusts?

Have you ever heard of Truth in Lending?

Truth in Lending Act - Wikipedia, the free encyclopedia

Yes. Have you ever heard of mortgage fraud and robo-signing? Visit the federal pen to discuss it with some former bankers.

Some people knew what they were signing, and all banks knew what they were signing.

 

[8537]

Then they don't need a 'break.'

I swear some of you went Rip Van Winkle in 1991 and awoke last year. Have you ever heard of an ARM? an interest-only ARM?

Do you think the bank is interested in becoming a real estate company?

So, it's really another bailout for the banks and Fannie/Freddy.

Thought I smelled a rat.

well, yes - of course it's a bailout for the banks and the And the GSE’s! That’s the Great American Way! Of course, this bailout comes witht a tax, but that tax will be dwarfed by the payouts.

 

[Foxfyre]

Yeah troll.. to hell with personal responsibility when you advocate big nanny government to kiss all your personal boo boos

....And, not expect the SAME level of personal responsibility from banks & Wall Street, because they were Too Big To FAIL.

Yeah.....makes a lot o' sense.

Stupid Fuckin' Teabaggers​

Lets refresh: O voted in favor of the bailout.

He not only voted on it, but as Candidate Obama, he passionately defended and promoted it.

I am in no way or form a Ron Paul supporter, but I think he has some credibility in his argument to dismantle the Fed or at least replace it with something more transparent and productive. The ridiculously low interest rates look really good when we buy, but they force the financial institutions to use less visible gimmicks in order to stay in business. We have a pretty well funded interest bearing checking account, and if it makes 10 cents in 30 days, that is about the max. That is ridiculous.

One ace in the hole we have in staving off another refinance debacle and forcing banks to make loans to those who likely cannot or will not repay them is that we have a GOP majority in the House who say now that they will oppose this.

We can only hope. Those whose homes have been under water since 2008 will have little or no chance to recoup those losses for many more years if Obama economics isn't turned around.

 

[8537]

The ridiculously low interest rates look really good when we buy, but they force the financial institutions to use less visible gimmicks in order to stay in business.

How does a low base interest rate impact a financial institution's ability to stay in business?

 

[Sunshine]

Sunshine, I've read the entire thread. Do you have a point? Do you deny that some people who are current on their mortgage are about to face A significant problem when their ARM adjusts?

Have you ever heard of Truth in Lending?

Truth in Lending Act - Wikipedia, the free encyclopedia

Yes. Have you ever heard of mortgage fraud and robo-signing? Visit the federal pen to discuss it with some former bankers.

Some people knew what they were signing, and all banks knew what they were signing.

Ah so you are posting from the prison library. I thought so!

 

[Sunshine]

Then they don't need a 'break.'

I swear some of you went Rip Van Winkle in 1991 and awoke last year. Have you ever heard of an ARM? an interest-only ARM?

Do you think the bank is interested in becoming a real estate company?

So, it's really another bailout for the banks and Fannie/Freddy.

Thought I smelled a rat.

Of course it is.

Some of us have life experience and some of us don't. It's pretty clear from this thread who does and who doesn't! Dontcha just love living in a country where the older and more experience you have the more stupid you are perceived to be!