Prepare for more forclosures & down swing in housing

[shintao]

Life used to be a beach, but now it is a bitch! 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

 

[Oddball]

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

Get in on the "affordability" or STFU.

 

[waltky]

Mortgage aid programs deemed ineffective...

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.

Is it worth spending $50 million in taxpayer dollars to help 42 families refinance their underwater mortgages? House Republicans said no – opening a new front this week in their bid to rein in deficits by cutting funds from programs they deem to be failing. First on the chopping block: Eight billion dollars set aside for the Federal Housing Administration’s (FHA) Refinance Program – one of four of President Obama’s signature housing-relief programs slated for cuts. With more than 11 million homeowners facing foreclosure, Republicans argued that a program that so far has helped 42 families amounts to using taxpayer dollars to pick winners and losers.

Moreover, it’s financed by the Troubled Asset Relief Program, which Republicans campaigned during the midterms to end. Recent Treasury estimates signal that most of the expected losses to taxpayers from TARP are coming from housing programs, not the bank bailout. “One reason Republicans have been willing to be so aggressive on getting rid of these programs is that they haven’t helped a lot of people,” says Mark Calabria, director of financial regulation studies for the CATO Institute, a libertarian think tank.

Eighteen fiscally conservative House Democrats joined all but one Republican in voting Thursday to terminate and rescind unobligated funding for the FHA’s Refinance Program. On Friday, the House voted to rescind funding for the Department of Housing and Urban Development’s $1 billion Emergency Mortgage Relief Program, which aims to help unemployed homeowners facing foreclosure. The measure passed 242 to 177, with eight Democrats joining all but two Republicans to defund the program.

“Taxpayers should not have to keep footing the bill for ineffective government programs that add uncertainty to the housing market and the economy,” said Speaker John Boehner (R) of Ohio, in a statement after the vote. “The American people want us to cut spending, reduce uncertainty, and get Washington out of the way. That’s what these votes to eliminate wasteful mandatory spending programs are all about.”

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[waltky]

HAMP bein' terminated...

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.

Chances are the bill won’t actually be signed into law, as it must first go up for a vote in Democrat-controlled Senate before it ends up on President Obama’s desk, who will most likely veto it, according to a statement from the White House.

Yet the House vote is significant for putting the spotlight on a government program that has often been criticized for doing too little to help the millions of Americans who fell behind on mortgage payments during the recession to renegotiate the terms of their mortgages. While the health care and stimulus packages may have been the more contentious bills from the first half of Obama’s tenure, it may be the mortgage plan that goes down as the true blight of the administration. But does it deserve to?

HAMP: A Look Back At What Went Wrong

HAMP officially launched in April 2009 at the peak of the Great Recession, after millions of Americans had woken up to the troubling reality that they had signed up for mortgages whose payments went beyond their means. The pressure of meeting these payments, no easy matter in the best of times, was only compounded by the fact that millions of Americans lost their jobs, saw their investment portfolios decline and, perhaps most importantly, watched helplessly as the value of homes themselves declined in the housing crash.

All of this created an impossible situation where homeowners had less disposable income to pay back their looming mortgages, causing them to fall further behind on payments. Meanwhile, for many, the value of the house itself declined so much that they were making payments on a mortgage worth more than their home, forcing many consumers into foreclosure and leading others to toy with the idea of walking away from a mortgage altogether. Both outcomes wreaked havoc on homeowners’ credit scores.

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[Finnguy]

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.

 

[KissMy]

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.

 

[Brewbrother]

Life used to be a beach, but now it is a bitch! 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

I didn't know it was the government's responsibility to renegotiate your mortgage.

 

[Avatar4321]

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.

 

[ClosedCaption]

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!

 

[Momanohedhunter]

Life used to be a beach, but now it is a bitch! 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

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.

 

[Mr. Shaman]

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.

Awwwwwwwwww.....I thought that Faith-thing was supposed to pull you thru anything!!!



Losin' a lil' o' the ol' religion, are you?? Forgot how to keep the ol' fingers crossed???

​

 

[Avatar4321]

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.

Awwwwwwwwww.....I thought that Faith-thing was supposed to pull you thru anything!!!



Losin' a lil' o' the ol' religion, are you?? Forgot how to keep the ol' fingers crossed???

​

Can anyone be more ignorant?

Faith requires people take responsibility for their actions. It requires them to choose the good and forsake the evil. It requires you to make the hard choices and have confidence that you will get through it.

It also requires that you don't steal.

If you can't pay for your home, guess what, it's not your home anymore. Accept the truth. Find a new place. One you can afford and live within your means. That's what a person of faith would do.

What a person of faith would not do is continually leech off of others. A person of faith wouldnt deny the reality of the situation or pretend they had no part in their home forclosure.

This living in the same house doing everything you can to block a legal foreclosure while refusing to pay your mortgage is not right or just.

 

[ClosedCaption]

Avatar, If you had a honest bone in your body you stop pretending that the worst housing crisis in history is because of ppl who leech off of others.

As long as that is the foundation if your argument then yeah, it's really easy to be anti-that.

 

[Mr. Shaman]

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.

Awwwwwwwwww.....I thought that Faith-thing was supposed to pull you thru anything!!!



Losin' a lil' o' the ol' religion, are you?? Forgot how to keep the ol' fingers crossed???

​

Can anyone be more ignorant?

Faith requires people take responsibility for their actions. It requires them to choose the good and forsake the evil. It requires you to make the hard choices and have confidence that you will get through it..

....And, wait for Fate to kick-in.

Yeah....I know, I know......​

 

[Avatar4321]

....And, wait for Fate to kick-in.

Yeah....I know, I know......​

Fate and Divine Providence are not at all the same thing

 

[Avatar4321]

Avatar, If you had a honest bone in your body you stop pretending that the worst housing crisis in history is because of ppl who leech off of others.

As long as that is the foundation if your argument then yeah, it's really easy to be anti-that.

So the banks forced people to take mortgages they couldn't afford?

The bank is forcing people to stay in their current houses while not paying?

If you had an honest bone in your body, you'd realize that this financial crisis has occured because we, the people, have become so corrupted and dishonest that we don't keep our words and try to take advantage one to another.

You fix that by fixing yourself and learning to keep your word. You fix that by recognizing your mistakes and correcting them rather than trying to deny people what is rightfully theirs without paying for it.

 

[ClosedCaption]

So you don't have an honest bone in your body.

That's cool, if you want to believe that homeowners are foreclosing at record rates because if a spike in irresponsibility from homeowners go for it. I'm sure a 3rd grade class would like to here that. It's so easy to understand there is no need for specifics

Just scream, that'll shed light

 

[The Rabbi]

So you don't have an honest bone in your body.

That's cool, if you want to believe that homeowners are foreclosing at record rates because if a spike in irresponsibility from homeowners go for it. I'm sure a 3rd grade class would like to here that. It's so easy to understand there is no need for specifics

Just scream, that'll shed light

You're an idiot.
We'll start with what has been documented: Obama's programs are utter failures. Most people end up in foreclosure anyway. A giant waste of money--again, from the administration.
Second, people foreclosed on do not end up in the street. Typically they end up renting the near identical house down the street for much less a month.
Finally, buying a house is an investment. Investment involves risk. They knew the risks going into it and played and lost. Too bad. But not our problem.
The longer foreclosures are held off, the more time it will take for the market to clear and start going back up. Libs fail to see that their actions in fact promote what they say they are against.

 

[Cuyo]

In spite of everything, housing remains ridiculously over-inflated. Government efforts to keep the bubble inflated are doomed. I think they were only intended to slow the broader ripple effect - Regardless, the prices will eventually at long-last clear the market, as they should.

 

[JFK_USA]

Well Republicans are killing all the good American jobs meaning no one can buy a home, meaning nobody need to buy home improvement supplies, Home Depot and Lowes goes out of business, more people out of work.

No property tax means larger classrooms, less teacher pay, meaning less purchasing power, meaning less money being made by companies, meaning less jobs created, meaning more unemployed and then the business dream of paying workers less meaning the vicious cycle keeps going until we are a third world country with everyone suffering.

You think the ghettos are bad in America now? Everywhere will be crime ridden and no one will be safe. The greatness of our country is that people work hard and get proper compensation for that work. When you don't compensate them for their work, they strike. If you don't live like they do or in the same field, you have no right to tell someone how much their job is worth.