Prepare for more forclosures & down swing in housing

Discussion in 'Politics' started by shintao, Feb 24, 2011.

  1. shintao
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    shintao Take Down ~ Tap Out

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    Life used to be a beach, but now it is a bitch! :lol: So long housing safety net, hello sleeping bag under the bridge.

    U.S. House Republicans plan to move forward with bills that would end anti-foreclosure programs.The House Financial Services Committee will consider bills next week to terminate four mortgage assistance programs, including the Treasury Department’s Home Affordable Modification Program, or HAMP.

    “If enacted, this legislation would close the door to struggling homeowners seeking relief in the face of the worst housing crisis in generations,...” said Andrea Risotto. The committee also will mark up bills that would terminate the Federal Housing Authority Refinance Program, funding for the Emergency Homeowners Relief Program and the Neighborhood Stabilization Program.

    Representative Barney Frank of Massachusetts, the Financial Services panel’s top Democrat, said the programs are aimed at helping victims of the financial crisis and that he was “disappointed” by the Republican move.

    House Republicans Move to End U.S. Foreclosure Aid Criticized as Harmful - Bloomberg
     
  2. Oddball
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    Oddball BANNED Supporting Member

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    Y'all were bitching and moaning about "affordable housing" for 20 years...Well, here it is.

    Get in on the "affordability" or STFU.
     
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  3. waltky
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    waltky Wise ol' monkey Supporting Member

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    Mortgage aid programs deemed ineffective...
    :confused:
    House looks to cut $62 billion for distressed homeowners, properties
    March 11, 2011 Washington - The House voted this week to end two programs to help certain homeowners struggling to pay their mortgages. More housing aid is on the chopping block, as lawmakers decry 'ineffective' programs.
     
  4. waltky
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    waltky Wise ol' monkey Supporting Member

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    HAMP bein' terminated...
    :confused:
    Obama’s Mortgage Program: A Failure?
    30 Mar,`11 — The House of Representatives voted Tuesday to terminate the Home Affordable Modification Program, dealing a symbolic blow to one of President Obama’s key efforts to fix the housing market.
     
  5. Finnguy
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    Finnguy Social Democrat

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    At least I live in an apartment. I have looked into buying a house during the mortgage crisis but I think the hassle is just not worth it.
     
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  6. KissMy
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    KissMy Free Breast Exam

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    If they can't afford the house then kick them out because the USA needs renters too. Rental homes creates 100% USA jobs. Housing was a huge 100% US industry until government said people could stay in their homes for free & put everyone in housing out of work. Even the government collected hefty tax revenue from housing before they started letting people squat for free. Realtors, Land Lords, Insurance Agents, Home Inspectors, Occupancy Inspectors, Evictions, Mortgages, Carpenters, Movers, Painters. None of this is outsourced to other countries.
     
    Last edited: Apr 1, 2011
  7. Brewbrother
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    Brewbrother Objectivist

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    I didn't know it was the government's responsibility to renegotiate your mortgage.
     
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  8. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    So you refuse to make necessary payments and somehow think it's unfair if you lose your house and have to move somewhere else?

    What a messed up world we live in where people taking responsibility for their decisions is a bad thing.
     
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  9. ClosedCaption
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    ClosedCaption Diamond Member

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    I'm in real estate and the worst is yet to come. Wells Fargo is in the office once a month talking about how they have huge amounts of inventory ready to trickle onto the market.

    Here's the problem...Wells Fargo gave subprime loans to qualified people so they could turn around and sell it on the secondary market. Calling them "ghetto loans" (whole different discussion I know).

    So if people who got swindled into ballon loans or the miraiade of other bullshit "creative" loans go under. Then the whole community is going to be dragged down. True story, One company had so many foreclosures that they PAID the family that was being foreclosed on to stay in the property.

    If you pay your mortgage on time and think you are doing the right thing so who cares about your "irresponsible" neighbor. Wait until you see what YOUR house is worth!
     
  10. Momanohedhunter
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    Momanohedhunter BANNED

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    Good deal. If some one cant afford there house payments then they need to rent instead. Now if only we can get them to stop this unemployment bull shit we will be headed in the right direction.
     

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