Republicans, analysts question Obama's foreclosure plan - CNN.com
"Obama's response to critics: The plan will not support irresponsible homeowners."
LOL. Irresponsible. LMAO. How the hell do you get to owning more for your house than it is worth without being irrespnsible?
What a joke.
Fairly simple.
You bought a house at the top of the market, and as the market value of the house erodes, what you owe on the house exceeds its market value.
That could easily have happened to people who bought houses recently in some areas -- including people who put 20% down and got a conforming standard 30 year fixed rate.
When, in some areas the market values of homes has dropped 50%, people who bought their homes with conforming mortgages
ten years ago could EASILY find themselves owing more on their homes than their market values.
Their banks could theoretically call in their loans
despite the fact that they put money down, paid their mortgage every month, and want to stay it it, too.
That's no joke. That's a family tragedy.
And those people SHOULD be protected from foreclosure, too, don't you think?