Re: 14 Houses.....

About what housing plan are you talking?

The housing plan being proposed by Obama does include those who are current on their loans.

- Go to thefact sheet (link at the bottom) and read it. Jeff

And anyone who has a working brain and has read the headlines two days in the last six months already knows about this.

So why should we care any more about this person's neighborhood?

Jeff

And anyone who has a working brain and has read the headlines two days in the last six months already knows about this.

So why should we care any more about this person's neighborhood?

Jeff

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Because the OP was bored and needed to say something.

Of course now Big Daddy BO is going to come along and throw more good money after bad (only for those who are not meeting their obligations, of course).

Only in America could those largely responsible for the destruction of the American economy be rewarded by being allowed to keep their houses when they should be living on the street. In the mean time, those who were responsible enough to buy what they could afford have to pay for it and sometimes even lose their jobs over it.

About what housing plan are you talking?

The housing plan being proposed by Obama does include those who are current on their loans.

- Go to thefact sheet (link at the bottom) and read it. Oh yeah, includes people who are only close to being underwater too. They just aren't there yet though many of them practiced the same irresponsibility.

I have a better plan. Why not pay off the houses of many of those people who already bought responsibly? Those people, like me, would then throw more money into the economy that they would normally be spending on their houses.

Here's a parable... I never give bums money. I know that they won't do wisely with it based on their past behavior. Obama is giving bums my money.

Different, but not-so-uncommon scenario: What about people whose mortgage payments were the "right size" compared to their income, but lost their jobs and are stuck with lower income for a period of time, through absolutely no fault of their own? Should they get any sort of government help, other than unemployment money?

There are three ways one could have mortgage payments go to 50-100% of their income:

1) The mortgage company let them use too much of their monthly income for payments. 2) Their mortgage payments may have increased, like when the ARMs had their rate reset. 3) Their income could have been reduced, like when they lost their second job or overtime was no longer available or their regular hours cut to save the company money or their pay was cut.

One has to look at the consequences of helping them vs. not helping them.

How painful to whom? The neighbors? The borrower? The bank? The owner of the mortgage bond? The mortgage broker who made several grand for selling the mortgage?

Either way, don't shoot the messenger. Another poster said that people who are paying their mortgages on time are not getting help. I was merely pointing out that Obama's plan will help at least some of them. And they include people whose houses are under water because the values of thier homes went down.

Jeff

Why should they get more money than a renter like me would get?

Or, if I should lose my job, should I get more money that regular unemployment?

Isn't part of the risk of a mortgage that one would lose his job? Has any one heard of an emergency fund?

Jeff

Why should they get more money than a renter like me would get?

Or, if I should lose my job, should I get more money that regular unemployment?

Isn't part of the risk of a mortgage that one would lose his job? Has any one heard of an emergency fund?

Jeff =======================

At the moment, the risk is being shared in a big way by banks which, more than ever, do NOT want to own empty houses. So, it might not be a bad idea to keep that from happening.

Why should *I* pay for it? I pay *my* bills already.

Jeff

Why should *I* pay for it? I pay *my* bills already.

Jeff

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(Maybe) because we could all end up paying for it eventually if banks fail. Less competition for future loans could result in higher rates, even for financially healthy borrowers.

Why shouldn't the home buyers pay for it instead of me? And, if I choose to buy a home, then I can chose to pay the price. Why should I have to pay more of the price if I don't buy a home? Don't I already pay enough to subsidize home buyers with income tax deductions for buying a home (with the new stimulus prackage) and from interest rate reductions?

Jeff

Why shouldn't the home buyers pay for it instead of me? And, if I choose to buy a home, then I can chose to pay the price. Why should I have to pay more of the price if I don't buy a home? Don't I already pay enough to subsidize home buyers with income tax deductions for buying a home (with the new stimulus prackage) and from interest rate reductions?

Jeff ============

Same response.

(Maybe) because we could all end up paying for it eventually if banks fail. Less competition for future loans could result in higher rates, even for financially healthy borrowers.

Where did I say ANYTHING about them remaining in their homes? Bums usually live on the street or in shelters. Why can't the idiots who overextended their own finances? Is it MY fault that they pay 50% to 100% of their income on their payments? If so, what did I do to force them to agree to such terms?

If it's through no fault of their own I would be fine with helping them for a limited time.

Uhhhhh... beginning of a good thread? jor

Most Americans will give some their money to help those that are down and out, but they resent giving their money to the clueless, who took on an interest only loan for 120% of the value of their property.

We all might want to help the 95% of Americans who currently make their mortgage payments but to hell with the other 5%

I'm fine with helping people out who may be getting behind on their mortgage because they lost their job or something out of their control. I say screw the people who can't manage their own money. They dug their own grave.

They always can file for bankruptcy, have their debts written off and start again. We have no debtors' prisons north of the Rio Grande, you know.