Fannie / Freddie Mortgage Principal Reduction Rumor...

[techs]

for the people who pay our mortgages on time, we get nothing. lol

BullSh*t.
Are you just plain stupid or making a joke? With massive foreclosures your home would lose a huge amount of value and your taxes would skyrocket to make up for homes in foreclosure.
Just like bailing out the banks saved your job, your home and your health insurance, this is necessary to save YOUR financial life. The problem was the wacko Republican economics that brought us, and the world to the brink of disaster.

Are you hoping for another Great Depression?

 

[brxndxn]

Obama is attempting to bribe them for votes... with our money.

 

[techs]

Obama is attempting to bribe them for votes... with our money.

You mean like Bush borrowing money from the Chinese to give you a fake tax cut that is really a loan, with interest?

 

[zerocool84]

My mom just got laid off of her job of 10yrs, tried to get her mortgage re-adjusted and they said no but then you have all these deadbeats who get off scott free.

 

[spidey07]

Obama is attempting to bribe them for votes... with our money.

Yep. Obama gonna pay fo ma house!

 

[rudder]

can I have a super special credit rating for not being a leech on society now?

Nope all you get is minty scented warming lube. Sorry.

 

[StageLeft]

I don't know what they want from me it's like the more money we come across the more problems we see.

 

[IndyColtsFan]

And again, everybody who was responsible just gets fucked.

Yep. Those of us with super-high credit ratings who pay on time every month and saved for a 20+% downpayment are screwed over once again. Great!

You can only keep rewarding irresponsibility so long (not saying that this is all due to irresponsibility) before those of us who are responsible say "screw it" and become irresponsible ourselves. If you can't beat, you join them.
Then what will happen to the country?

 

[MikeMike]

I don't know what they want from me it's like the more money we come across the more problems we see.

/thread

/80's90's music

 

[techs]

Yep. Those of us with super-high credit ratings who pay on time every month and saved for a 20+% downpayment are screwed over once again. Great!

You can only keep rewarding irresponsibility so long (not saying that this is all due to irresponsibility) before those of us who are responsible say "screw it" and become irresponsible ourselves. If you can't beat, you join them.
Then what will happen to the country?

If we have massive foreclosures?
First hundreds of banks will fail.
Second property values will fall so low almost no one would have any equity in their homes anymore.
Third massive unemployment. Think 10 percent is bad? Try 30-50 percent
Fourth massive tax increases on homeowners to pay for needed services
Fifth rampant crime as real hunger strikes tens of millions of Americans
At this point America is a second world country as we pretty much cut the military to about 10 percent of what it is as America begs other countries to loan it money.

 

[JD50]

If we have massive foreclosures?
First hundreds of banks will fail.
Second property values will fall so low almost no one would have any equity in their homes anymore.
Third massive unemployment. Think 10 percent is bad? Try 30-50 percent
Fourth massive tax increases on homeowners to pay for needed services
Fifth rampant crime as real hunger strikes tens of millions of Americans
At this point America is a second world country as we pretty much cut the military to about 10 percent of what it is as America begs other countries to loan it money.

Yep, you heard it here first folks, if Obummer doesn't get his way we'll see 50 percent unemployment, you should be his next press secretary techs.

 

[cheezy321]

If we have massive foreclosures?
First hundreds of banks will fail.
Second property values will fall so low almost no one would have any equity in their homes anymore.
Third massive unemployment. Think 10 percent is bad? Try 30-50 percent
Fourth massive tax increases on homeowners to pay for needed services
Fifth rampant crime as real hunger strikes tens of millions of Americans
At this point America is a second world country as we pretty much cut the military to about 10 percent of what it is as America begs other countries to loan it money.

Thats the most sensationalist bullshit ive ever heard.

America runs the world. If we failed the entire world would be in disarray.

 

[Patranus]

You mean like Bush borrowing money from the Chinese to give you a fake tax cut that is really a loan, with interest?

How do you borrow money to fund tax cuts.
It doesn't cost any money to fund tax cuts.

What does cause money to be borrowed from China is SPENDING.

Now, you want to bring BOOSH into this.....
The deficit in January 2001 was 5.6 trillion. (BOOSH takes WH)
The deficit in January 2007 was 8.6 trillion. (+3 trillion over 6 years) (Dems take control of congress)
The deficit in January 2009 was 10.6 trillion (+2 trillion over 2 years) (Obama takes WH)
The deficit in August 2010 is 13.3 trillion (+2.7 trillion over 1.5 years)
http://www.treasurydirect.gov/NP/BPDLogin?application=np

So BOOOSH adds 3 trillion over 6 years with GOP control and when the Democrats control they add 4.7 trillion over 3.5 years.

And now the Democrats want to add another 300 billion? If this passes that would be 5 trillion in 3.5 years compared to 3 trillion over 6 years.

Projected out 6 years the Democrats will add 8.5 trillion (or almost 3x what BOOOSH added over the same period) if this isn't stopped.

But...but...but...BOOOOOSH!

 

[Savij]

So BOOOSH adds 3 trillion over 6 years with GOP control

Now keep going with that. In the lifetimes of most people on this forum, no republican presidency has ever done anything other than increase debt. The only president that didn't run a deficit all 4 years was a democratic president.

The old stereotypes about spending should be tossed out the window. It doesn't matter what side of the line they're on, they're going to spend your money like a drunken sailor.

 

[Engineer]

How do you borrow money to fund tax cuts.
It doesn't cost any money to fund tax cuts.

If you're already borrowing money and you cut taxes, you will, at least in the short run, borrow more to make up for the loss of revenues (assuming there are not cuts). Sure, it's for "spending" but you will borrow more if you cut taxes and don't cut spending.

Both sides suck.....everyone knows this (except those in P&N :biggrin🙂

 

[kranky]

Yep. Those of us with super-high credit ratings who pay on time every month and saved for a 20+% downpayment are screwed over once again. Great!

You can only keep rewarding irresponsibility so long (not saying that this is all due to irresponsibility) before those of us who are responsible say "screw it" and become irresponsible ourselves. If you can't beat, you join them.
Then what will happen to the country?

I doubt they intended it to come across this way, but the message they are sending is that if enough people do something stupid, it becomes the smart thing to do.

 

[Engineer]

I doubt they intended it to come across this way, but the message they are sending is that if enough people do something stupid, it becomes the smart thing to do.

I agree. I'm sorry, but if you signed your name on the contract, you should have to pay the loan off or file bankruptcy if you cannot. This bullshit about "my house is worth less than I paid for it....boooohooo".....well sorry. You bought it, you pay for it. I and many other paid for ours.

I think it's a crock of shit.

I think I'm just going to give up and quit. I figure that if I quit my job and live off of my child's college money for the next few years, my income will be low enough for me/her to more than make it up with grants. Fiscal responsibility seems to be for the other guy these days...I'm tired of being the other guy.:\

 

[Exterous]

Where is the love with student loans 🙁

I keep hoping something with the bailouts everyone else is getting they might eventually look there too.

The problem was the wacko Republican economics that brought us, and the world to the brink of disaster.

No - the problem was too many idiots decided to not exercise financial responsibility and actually buy a house they could afford and not live paycheck to paycheck

 

[Exterous]

I doubt they intended it to come across this way, but the message they are sending is that if enough people do something stupid, it becomes the smart thing to do.

Follows in line with every other message they send.

 

[MiniDoom]

BullSh*t.
Are you just plain stupid or making a joke? With massive foreclosures your home would lose a huge amount of value and your taxes would skyrocket to make up for homes in foreclosure.
Just like bailing out the banks saved your job, your home and your health insurance, this is necessary to save YOUR financial life. The problem was the wacko Republican economics that brought us, and the world to the brink of disaster.

Are you hoping for another Great Depression?

FEAR! FEAR! TERROR! WAR... oh wait, last administration same tactics. FEAR! GREAT DEPRESSION, SKY'S FALLING! WE NEED YOUR MONEY OR YOU'LL LOSE EVERYTHING. lol... keep drinking that punch. that last bailout worked real well, right? so the big execs could keep having their company yacht parties. you're clueless.

 

[MotF Bane]

Yep. Those of us with super-high credit ratings who pay on time every month and saved for a 20+% downpayment are screwed over once again. Great!

You can only keep rewarding irresponsibility so long (not saying that this is all due to irresponsibility) before those of us who are responsible say "screw it" and become irresponsible ourselves. If you can't beat, you join them.
Then what will happen to the country?

We have no reason to be responsible anymore. I should go find a school that costs 50k/yr, I'm sure they'll be a bailout coming for school loans. Then get a massive house, and wait for another bailout. Responsibility be damned.

 

[MotF Bane]

If we have massive foreclosures?
First hundreds of banks will fail.
Second property values will fall so low almost no one would have any equity in their homes anymore.
Third massive unemployment. Think 10 percent is bad? Try 30-50 percent
Fourth massive tax increases on homeowners to pay for needed services
Fifth rampant crime as real hunger strikes tens of millions of Americans
At this point America is a second world country as we pretty much cut the military to about 10 percent of what it is as America begs other countries to loan it money.

FFFFEEEEEAAAARRRRRRRRR. DO NOT QUESTION OUR ALMIGHTY JESUS MESSIAH DEMOCRATS, THEY HAVE THE WAY. FOLLOW THEIR LIGHT!

For all your crying about fearmongering from Republicans, you are doing the exact same thing yourself. Disgusting - you are no better than they are.

 

[MotF Bane]

I agree. I'm sorry, but if you signed your name on the contract, you should have to pay the loan off or file bankruptcy if you cannot. This bullshit about "my house is worth less than I paid for it....boooohooo".....well sorry. You bought it, you pay for it. I and may other paid for ours.

I think it's a crock of shit.

I think I'm just going to give up and quit. I figure that if I quit my job and live off of my child's college money for the next few years, my income will be low enough for me/her to more than make it up with grants. Fiscal responsibility seems to be for the other guy these days...I'm tired of being the other guy.:\

Indeed, why should you work hard and do the right thing? What do you get for it? A bigger bill from the government to bail out your neighbors.

 

[Fingolfin269]

My condo is worth a little less than I owe but I make my payments on time every month (and even pay some in excess of the note) so I won't get any free government money????

 

[IndyColtsFan]

If we have massive foreclosures?

Do you know the difference between being "under water" on a mortgage and foreclosure? It certainly doesn't sound like you do.

My wife is likely under water on her condo. Guess what we're going to do? If you said "Continue the payments until someone buys it so you can break even or even accept a small loss if necessary" -- you're correct. If you said "Send in the keys to the bank! OMG, a foreclosure!" -- you are wrong.

Here is the problem. You have an entire group of people buying homes to flip them for a quick profit. A lot of these guys got caught with their pants down when the bubble burst. Frankly, I don't give a shit if they have to take a hit to unload the property -- they treated it as an investment and guess what? Investments sometimes tank and tough crap for them. Where is my bailout for any of my stocks that might have tanked?

As for the people who didn't buy a home as an investment but instead, bought it as a place to live -- why would being "under water" concern them unless they had to sell or wanted a HELOC? I bought a new house in late 2008. I'm not under water on it. But let's assume I am for this argument. So what? I bought the house to live in, not to use as an investment or collateral for a loan. My house payment every month is going to be the same whether I am $100K under or have $100K in equity. I'm going to have to pay to live anywhere and I can afford my house payment, so why would I panic if the house were under water when I intend to live there the rest of my working career?

And if you're next going to tell me that my scenario above isn't correct for many because those people have adjustable rate mortgages that are about to reset, my reaction (again) is -- so? Why is it those of us who make wise financial decisions are the ones punished? Don't tell me "If you don't, you'll suffer MORE!" BULLSHIT. That is blackmail -- give us your money or we'll make you suffer more! The fact is that these people who are getting killed (or who are about to get killed) with mortgage resets are freaking idiots. For starters, many took loans like that because the house payment was deceptively low and it allowed them to buy more house than they could realistically afford. Secondly, anyone with two ounces of financial sense knows that if you get a loan like that, you may get hammered so the goal is to a) get a fixed loan to begin with or b) re-fi before the reset occurs. It isn't my fault they weren't smart enough to do that, and I shouldn't have to pay because of irresponsibility and people buying houses they had no business buying.

As another poster said, you are spreading FUD. Seriously, stop.