Senate Republicans have the right idea

[Chris]

WASHINGTON (AP) — Senate Republicans circulated a sweeping plan to drive down the cost of mortgages by expanding the federal government's role in the industry, officials said Monday night as debate opened on an economic stimulus bill at the top of President Barack Obama's agenda.

The emerging proposal also relies on a bigger and more widely available tax break for homebuyers than is now available, those officials added as Senate Republicans staked their claim to a different type of economic recovery measure than Democrats and the administration favor.

The Associated Press: Republicans want mortgage relief, larger tax cuts

 

[rayboyusmc]

Funny how they only came up with this after Obama put his stimulus on the table.

 

[Gunny]

Funny how they only came up with this after Obama put his stimulus on the table.

Funny how they already did it once BEFORE Obama was President. Isn't it?

 

[Gunny]

WASHINGTON (AP) — Senate Republicans circulated a sweeping plan to drive down the cost of mortgages by expanding the federal government's role in the industry, officials said Monday night as debate opened on an economic stimulus bill at the top of President Barack Obama's agenda.

The emerging proposal also relies on a bigger and more widely available tax break for homebuyers than is now available, those officials added as Senate Republicans staked their claim to a different type of economic recovery measure than Democrats and the administration favor.

The Associated Press: Republicans want mortgage relief, larger tax cuts

Actually, they got it wrong, just like where you did posting the thread in this forum. They're sellouts and you're dumber than a brick.

 

[editec]

Clearly the crashing real estate markets continue to depress the economy.

If this would do something to revitalize that market and stabilize prices then it's probably a good idea.

Of course the other thing we must do is put American back to work at projects which are good public works investments, (like Rosetta for example.. I could hire and start training 5 people tomorrow if I could afford it) AND find means to incentivize investors to invest in businesses IN AMERICA which will put AMERICANS back to work at a decent wage.

Until the median price of an average home is roughly in relation to one-year's median salary, the housing crises will be with us.

The real formula is that the monthly mortgage taxes and insurance payment for a homebuyer should be about one week's salary)

Making it easier to buy an overpriced home (in relation to salaries, I mean) will NOT solve the problem becaue the buyers will still be strapped trying to buy that home.

The root of the problem is not one of rising taxes, it's one stemming from declining incomes.

And of course, the problem of declining incomes is mostly due to the insane trade policies we have allowed the develop over the last fifty years, so something must be done to stem the flow of imports and get AMERICANS working in factories making this stuff, too.

This is not rocket science, regardless of what the so called experts keep telling us.

 

[Skull Pilot]

Now folks, tell me what's wrong with people letting their houses be foreclosed on?

These people are in possession of an asset (?) that is not worth the loan they hold for it. they cannot possibly refinance to get out of an ARM, they cannot afford the payments.

WALK AWAY. Let the bank foreclose. Wipe the slate clean, rent a home or apartment you can afford. Save some money and rebuild your credit over the next several years. Take the lessons you've learned and start managing your finances better.

 

[sealybobo]

Funny how they only came up with this after Obama put his stimulus on the table.

Funny how they already did it once BEFORE Obama was President. Isn't it?

They talked about mortgage relief before Obama was president. But talking and doing are two different things.

They always talk about tax cuts. But they don't want to give tax breaks to the people who need them.

And funny how the GOP had all these great ideas and 8 years later we are in the greatest depression YOU have ever seen, and you are OLD!!!

 

[Andrew2382]

lol greatest depression


yes, there are bread lines outside my house...you fucking dolt

 

[tigerbob]

lol greatest depression


yes, there are bread lines outside my house...you fucking dolt

Hmmm. When in the last 50 years has the economy been in worse shape?

 

[Red Dawn]

Senate Republicans circulated a sweeping plan to drive down the cost of mortgages by expanding the federal government's role in the industry...

Oh, the irony.....

 

[editec]

lol greatest depression


yes, there are bread lines outside my house...you fucking dolt

You should see the people lining up, now, at food cuboards before you entirely dismiss the notion that this is turning into a depression.

The current estimate is that two million more American families will lose their breadwinners this year, Andrew.

Things are getting pretty grim for the working poor, and for those formerly middle class folks now scrambling to figure our how to continue paying their bills who just lost their jobs?

Well, they're facing the worse job market I've ever seen, and I started working full time in 1968.

 

[editec]

Now folks, tell me what's wrong with people letting their houses be foreclosed on?

Well there are good aspects of letting the market "correct" and there are bad outcomes.

The good outcome is that the price of homes will fall in line with what the average American workers is making.

One of the bad outcomes is that millions of us would find that the one and only asset we thought we had, the value in our homes, would be reduced considerably. This will psychologically (and financially) devastate many of us who were counting on that money for our retirement.

Another problem is that the glut in the market would last a mighty long time, too, thus the real estate industry, from building to sales would be depressed for decades.

These people are in possession of an asset (?) that is not worth the loan they hold for it. they cannot possibly refinance to get out of an ARM, they cannot afford the payments.

In cases of many recent purchases, that is true.

WALK AWAY. Let the bank foreclose. Wipe the slate clean, rent a home or apartment you can afford. Save some money and rebuild your credit over the next several years. Take the lessons you've learned and start managing your finances better.

For those who did not invest their life saving in a downpayment I agree that might be their best choice.

They have nothing to lose.

But this problem is not limited to those people.

This problem is also effecting people who put down 10% or 20% of the purchase price of the home when they bought it, and who have been paying their mortgages all along.

And, given the crashing prices, if they just walk away (which incidently is not CHEAP TO DO. One cannot "just" walk away, one has to MOVE..that's not cheap) they just lost not only their homes, but the money they put into them, too.

I fail to understand this near complete lack of sympathy that many of you exhibit for those people facing a problem that they had absolutely nothing to do with.

Do you really believe that the only people effected by this problem are those who put nothing down and have only been paying their mortgages for a year or two?

Because if you do, you do NOT understand the true nature of this crises in housing.

 

[Skull Pilot]

Now folks, tell me what's wrong with people letting their houses be foreclosed on?

Well there are good aspects of letting the market "correct" and there are bad outcomes.

The good outcome is that the price of homes will fall in line with what the average American workers is making.

One of the bad outcomes is that millions of us would find that the one and only asset we thought we had, the value in our homes, would be reduced considerably. This will psychologically (and financially) devastate many of us who were counting on that money for our retirement.

Another problem is that the glut in the market would last a mighty long time, too, thus the real estate industry, from building to sales would be depressed for decades.

These people are in possession of an asset (?) that is not worth the loan they hold for it. they cannot possibly refinance to get out of an ARM, they cannot afford the payments.

In cases of many recent purchases, that is true.

WALK AWAY. Let the bank foreclose. Wipe the slate clean, rent a home or apartment you can afford. Save some money and rebuild your credit over the next several years. Take the lessons you've learned and start managing your finances better.

For those who did not invest their life saving in a downpayment I agree that might be their best choice.

They have nothing to lose.

But this problem is not limited to those people.

This problem is also effecting people who put down 10% or 20% of the purchase price of the home when they bought it, and who have been paying their mortgages all along.

And, given the crashing prices, if they just walk away (which incidently is not CHEAP TO DO. One cannot "just" walk away, one has to MOVE..that's not cheap) they just lost not only their homes, but the money they put into them, too.

I fail to understand this near complete lack of sympathy that many of you exhibit for those people facing a problem that they had absolutely nothing to do with.

Do you really believe that the only people effected by this problem are those who put nothing down and have only been paying their mortgages for a year or two?

Because if you do, you do NOT understand the true nature of this crises in housing.

none of that matters. a cleans slate and a fresh start can be worth the loss of equity or down payments.

Foreclosure is a legal. viable option that is being presented as the wrong thing to do and it is a perfectly good option.

 

[Red Dawn]

lol greatest depression


yes, there are bread lines outside my house...you fucking dolt

Yikes!!!

I get frightened when Republicans and bush supporters make these kind of statements.


A year ago, message board republicans were proclaiming that the Bush economy was great (!)

6 months ago they proclaimed the economy was pretty darn good, we weren't in a recession, and americans were just whining

4 months ago the fundamentals of the economy were strong (!)


For christ sake man, I'm still traumatized from the "We'll be treated as liberators!" prediction!

Is it too much to ask that you simply admit you're nearly always wrong, and you don't know what the fuck you're talking about?

 

[DiamondDave]

I still love how they claim people are losing their down payment on a house if they keep paying even though the theoretical value of the house is dropping

This is completely and utterly false... you would only LOSE money if you would SELL the house.. otherwise you simply paid more money for something than it is currently worth.. which happens every day in this country with many other things... what next, baby and coddle those that bought cars that went down in value? Those that bought stock in companies whose value has dropped? Bought a TV for $4000 that is now worth around $500?

The key is everyone made the personal CHOICE to make whatever purchases they agreed to make. Good or bad... nobody forced them to do it... and there are inherent risks with EVERYTHING and EVERY CHOICE we make in our lives.. no matter who or what tries to tell you that something is 'safe'....

Boo freakin' hoo... suck it up and drive on

 

[tigerbob]

I fail to understand this near complete lack of sympathy that many of you exhibit for those people facing a problem that they had absolutely nothing to do with.

Do you really believe that the only people effected by this problem are those who put nothing down and have only been paying their mortgages for a year or two?

Because if you do, you do NOT understand the true nature of this crises in housing.

The "nothing downs" are likely to have been the first ones affected, but I agree the impact is now marketwide.

 

[KMAN]

Funny how they only came up with this after Obama put his stimulus on the table.

Funny how the Dems have been in control of congress for over 2 years and there is still this "need" for "emergency" stimulus packages.... What the hell have the been doing for the past 2 years??????

 

[driveby]

Funny how they only came up with this after Obama put his stimulus on the table.

Funny how the Dems have been in control of congress for over 2 years and there is still this "need" for "emergency" stimulus packages.... What the hell have the been doing for the past 2 years??????

Making petitions to get Rush Limbaugh off the air ?

Making resolutions condemning "genocide" that happened decades before i was born ?

 

[DiamondDave]

Don't forget the all important job of naming government buildings after historical figures and past presidents

 

[Chris]

Funny how they only came up with this after Obama put his stimulus on the table.

Funny how the Dems have been in control of congress for over 2 years and there is still this "need" for "emergency" stimulus packages.... What the hell have the been doing for the past 2 years??????

Trying to elect a Democratic president so we can move the country in the right direction.