Housing Rescue Plan: For Some or For All?
Vague reports about the Obama administration’s plan in the works to help people in danger of losing their houses are starting to surface. Whether it ends up with the government subsidizing monthly payments or modifying the loans themselves, the big question, it seems to us, is whether the ultimate solution should address only those in…
Vague reports about the Obama administration’s plan in the works to help people in danger of losing their houses are starting to surface. Whether it ends up with the government subsidizing monthly payments or modifying the loans themselves, the big question, it seems to us, is whether the ultimate solution should address only those in immediate trouble or be an across-the-board relief measure. On the one hand, even if you’ve been playing by the rules and aren’t directly benefiting from a homeowner bailout, it’s still in the interest of your own property value to see fewer foreclosures and empty houses in your neighborhood; on the other hand, why should only the irresponsible and the unlucky get hand-outs? Tough stuff.
Whuh…I subtracted the unemployment rate from 100. It may not be precise but its a close enough approximation.
U Dumbass
Now that sounds like a plan Adam. Currently the Streamline program is only offered to people who are currently in FHA mortgages. To expand it would help people who may have previously gotten forebearance or modification agreements that ended with them having even higher payments than the intial payment.
On another note, I remember one of my college professors saying that the FHA was started to fight communism because people who owned homes were less likely to be communist sympathizers since they owned something. I know that I regurgitated this argument on a final exam to pass his class but is there really any truth to it?
“I love that Dave thinks that “93 % of the population is still employed.” Dave, is that according to U3 or U6?”
Not sure about U3 or U6, but, according to U2, 67% of the population still hasn’t found what they’re looking for.
I love that Dave thinks that “93 % of the population is still employed.” Dave, is that according to U3 or U6?
Get the rates down to 4.5% and keep them there. It will allow those who are paying their bills to refinance and save them hundreds per month. The FED is trying to do this buy purchasing MBS but damn bond traders see the cycle and are profit taking by selling off MBS after the Fed purchases.
Fannie/Freddie should offer a streamline refinance (like FHA does) Streamline refinances allow you to Rate and Term refi without income/appraisal/credit etc.. All you need to do is prove that you are paying the mortgage on time and that both your rate and payment are going down. This helps those that are upside down but still paying their bills as well as those that are out of work by reducing their monthly payments.
Offer tax breaks to those who purchase loans in areas that have been decimated by foreclosures to protect the other homeowners in the area.
BMW just makes a great car in my opinion.
Ringo & Surburbandude – right on!
It’s just interesting how both bailouts of homeowners and corporations are soldifying bad behavior
yes – there are plenty of people who need the help because they were laid-off and were living within or slightly above their means just trying to get by. But then there are the people who are taking on 2-3 jobs, not eating out etc just trying to make their monthly mortgage and are at least doing so but the bailout is not for them. So what do those people do? Just keep living a crap life?
BHO: since I was out of town yesterday and couldn’t respond to your comically inadequate indictments of your character (or lack thereof) here are my responses…
should read “comically inadequate responses to my indictments of your character (or lack thereof)”
My mis-reading, I apologize.
THL–thanks.
Ditto–I definitely never pay cornerbodega any mind but in this case I have a beef with BHO, or more specifically with his What-wannabe act on here. I called him out for being two faced and he said that all of us are.
cwb–you definitely fall on my side of that line. I love reading what you and your wife write and I really appreciate the fact that I feel like I know who you are. I also would be very easy to identify if one was so inclined and I don’t really care. I know who I am and why I am living where I am living and I am proud of that.