Obama considering prohibiting ALL foreclosures without gov review.

[cubeless]

How is having a person pay the premium on the risk they took 'screwing them over'?

If I borrow $300,000 and invest in a stock, and it goes does to $150,000, should I just be able to walk away?

you leave out a reasonable swath of people who got transferred or moved for work, etc, and needed a house and got caught up in this shit... i bought my kid a house a couple years ago... i could afford it, i put down 20%... it was an investment... if that investment goes bad i can decide how i want to disposition it...

and this is part of bo's jobs program anyways... can you imagine how many people they can hire to implement this?

and it gets harder and harder to say he's not a socialist, since this and fanny and freddie means that he's in charge of a large percentage of the private property in the us...

 

[theeedude]

Bad idea, this. Going to make it harder for people who can actually afford to pay a mortgage to get one.

 

[Fern]

This won't happen, it's too stupid even for our government.

No way any meaningful review could happen in a timely fashion with hiring a bazillion qualified analyists.

Fern

 

[spidey07]

This won't happen, it's too stupid even for our government.

No way any meaningful review could happen in a timely fashion with hiring a bazillion qualified analyists.

Fern

The program is already there and in place and it isn't working. This move would just force banks and people to use a failed overly complicated program. I don't put anything past Obama anymore, it seems like whatever the common or good sense move is he'll do the exact opposite in an effort to destroy our economy. It's like he's doing it willfully and on purpose.

 

[Patranus]

If I borrow $300,000 and invest in a stock, and it goes does to $150,000, should I just be able to walk away?

Where do I sign up?

 

[brencat]

I can't get behind this. It's a bad idea. They won't do it, so it's probably moot.

- wolf

But the fact it was even proposed or suggested by supposedly highly educated ivy league adults should scare the hell out of you. But then again, liberals are often educated beyond their intelligence so the sheer lunacy of this shouldn't surprise me.

 

[FerrelGeek]

Simple solution. Stop threatening to tax and spend this country into oblivion. Stop scaring businesses and they might actually be willing to hire people. People back to work will decrease the numbers of defaults on mortgages, not all admittedly, but if you've got a job, you may actually be able to pay for your house.

Obama, and the dem leadership, need to shut up and get out of the way. November can't come soon enough.

 

[dmcowen674]

Future agenda items to make illegal:
-Firing workers
-Not hiring workers
-Paying a minimum wage less then $25/hr
-Making a profit

Don't like it? You're free to leave, please do so ASAP, thank you.

 

[IGBT]

A government review of foreclosures? What's there to review? Oh that the mortgagor got into a retarded 5/1 ARM and didn't realize exactly how much they'd have to pay on that house (factoring in the interest AND the principal)?

I suppose that's how he could create jobs. He'll hire a full staff just to "review" foreclosures and hire a "foreclosure czar", and pay these idiots to prohibit foreclosures and throw the bill at people who make their house payments.

BAHAHAHAHA

i'll bet "big brain" obama ends up doing something similar.

 

[Patranus]

A government review of foreclosures?

What part of the constitution grants the federal government the power to "review" a private contract after the fact?

 

[squirrel dog]

I would love to have a job reviewing bad bank loans .

 

[Patranus]

I would love to have a job reviewing bad bank loans .

More jobs "created or saved"

 

[Munky]

How is having a person pay the premium on the risk they took 'screwing them over'?

If I borrow $300,000 and invest in a stock, and it goes does to $150,000, should I just be able to walk away?

Having the right to walk away is part of the contract agreement when you buy a house, it's not like gambling with stocks. A person legally has the right to foreclose the house.

 

[Modelworks]

So a bank cannot foreclose unless the government reviews it first ?
Damn, its time to buy the biggest most expensive house I can't afford and make no payments. By the time the government gets around to processing the foreclosure request I will be retiring.

 

[MotF Bane]

This is just absolute lunacy and stupidity. Foreclosures are but a symptom. You have to address the cause, not the symptom.

The government will never address the cause... after all, it doesn't want to hurt itself.

 

[her209]

Is this bad in most instances? Yes. However, are there instances where the banks will refuse to work with the borrower because it would be more profitable to foreclose?

 

[Patranus]

However, are there instances where the banks will refuse to work with the borrower because it would be more profitable to foreclose?

And what is the problem with that?

 

[spidey07]

The government will never address the cause... after all, it doesn't want to hurt itself.

I just read today Fannie Freddie asked for another bailout.

 

[Patranus]

I just read today Fannie Freddie asked for another bailout.

15.3 billion to be exact.....
http://www.bloomberg.com/apps/news?pid=20601087&sid=alet_UTqF04M

 

[Hacp]

I just read today Fannie Freddie asked for another bailout.

And this is after the huge bonuses they gave away? Sigh.

 

[Zorba]

How is having a person pay the premium on the risk they took 'screwing them over'?

If I borrow $300,000 and invest in a stock, and it goes does to $150,000, should I just be able to walk away?

I don't think you understand how the stock market works. You can sell your stock at any time, assuming you didn't get a loan to buy it.

 

[Patranus]

I don't think you understand how the stock market works. You can sell your stock at any time, assuming you didn't get a loan to buy it.

Incorrect.

Do you think the magical money fairy comes and buys stock from you when you want to sell it?

You need someone willing to buy your stock just as you need someone willing to buy your house.

 

[CPA]

Don't like it? You're free to leave, please do so ASAP, thank you.

You bitched and moaned for 8 years and was repeatedly told to leave, yet you stayed and continued to bitch and moan.

 

[spidey07]

And this is after the huge bonuses they gave away? Sigh.

Make no mistake. This is on purpose by Obama. He is purposefully killing our economy. When common sense says the president is doing it wrong alarm bells go off.