Obama gonna pay my mortgage

[spidey07]

So have no fear, obama be here! If you're underwater on your mortgage the federal government will force by rule of law the mortage holder to let you refinance (at historic rates) AND reduce the amount of the loan 10%.

Do the math on homes in high cost of living areas and you're looking at 50-80 thousand dollars there, just gone. So who is paying for this 10% reduction? The bank? The government? Because that was cash money spent on the home at sometime.

How about if you were smart and had a big downpayment on the house? Technically you could have lost 50-150K in home value but you're not technically underwater because the loan amount is still less than the home's value. So Mr. Responsible, you get screwed again by the irresponsible.
http://news.yahoo.com/s/ap/20100907/ap_on_bi_ge/us_housing_aid

The Federal Housing Administration will allow lenders to give these borrowers refinanced loans if the lender agrees to forgive at least 10 percent of the original mortgage amount.

-edit-
Article was updated by AP. It looks like we ARE PAYING FOR IT.

Even so, Keefe, Bruyette & Woods Inc. analyst Bose George called the government's estimates "extremely optimistic." George said investors are likely to only offer refinances to borrowers who have seen their home values plunge to the point where they owe 40 percent more than their home's current value. Those homeowners, he said, are in danger of walking away from their mortgages.

"We're assuming that the impact is minimal," he said.

The program is funded with $14 billion from the Obama administration's existing $75 billion mortgage assistance program. That money will be used to cover incentive payments to lenders and losses from borrowers who fall back into foreclosure.

 

[OutHouse]

So Mr. Responsible, you get screwed again by the irresponsible.

That is such a bullshit view. i used to have equity... meaning my 2009 county assessment of my home dropped by 50K. there is no way i could sell my house for what i owe on it which means i would have to pay the difference of about 30K at closing. Plus being underwater there is no way i could refinance not that i would want to i still have a good job and i make my payments. im talking about the multitudes of people who did lose their job and like me saw the value of their home go down the pisser. what are they to do?

 

[SandEagle]

what if i just refinanced? will i still get the 10% reduction? this will make my life easier. thanks Obama!

 

[nick1985]

Responsible taxpayers always get screwed. Its the American way

 

[nageov3t]

I read a pretty compelling article in the NYT this weekend that suggested we should throw existing home-owners to the wolves and let the market crash to get new buyers in.

 

[PeshakJang]

That is such a bullshit view. i used to have equity... meaning my 2009 county assessment of my home dropped by 50K. there is no way i could sell my house for what i owe on it which means i would have to pay the difference of about 30K at closing.

So don't sell your home. How would anything change?

Plus being underwater there is no way i could refinance not that i would want to i still have a good job and i make my payments. im talking about the multitudes of people who did lose their job and like me saw the value of their home go down the pisser. what are they to do?

They don't have to worry. People like you are going to pay for their problems.

 

[rudder]

Can I get my principal reduced if I get a home equity loan... lose it all on hookers and blow... and not have to pay it back?

OBAMA 2012!!!!!!

 

[PeshakJang]

I read a pretty compelling article in the NYT this weekend that suggested we should throw existing home-owners to the wolves and let the market crash to get new buyers in.

But that would violate the part of the constitution that guarantees everyone a home they can't afford.

 

[spidey07]

That is such a bullshit view. i used to have equity... meaning my 2009 county assessment of my home dropped by 50K. there is no way i could sell my house for what i owe on it which means i would have to pay the difference of about 30K at closing. Plus being underwater there is no way i could refinance not that i would want to i still have a good job and i make my payments. im talking about the multitudes of people who did lose their job and like me saw the value of their home go down the pisser. what are they to do?

Why did they not have a good sized down payment when they purchased the home? I know it sucks, but there are risks to any loan. If you're underwater then wait it out or fork over the cash. It is not the government's job to bail you out with MY MONEY*

*I still don't know where this 10% loan reduction is coming from or if they're just telling the bank they have to eat it which would be even worse for the economy.

 

[OutHouse]

So don't sell your home. How would anything change?

im not selling i like where i live and the kids like their schools.



They don't have to worry. People like you are going to pay for their problems.

people like me? what does that mean?

 

[DesiPower]

Responsible taxpayers always get screwed. Its the American way

qft, if you are a responsible hard working person, invested in your education, then you will have to pay of the lazy, domestic and imported poors.

 

[Jaskalas]

Responsible taxpayers always get screwed. Its the American way

Did redistribution of wealth work any other way?

 

[rudder]

That is such a bullshit view. i used to have equity... meaning my 2009 county assessment of my home dropped by 50K. there is no way i could sell my house for what i owe on it which means i would have to pay the difference of about 30K at closing. Plus being underwater there is no way i could refinance not that i would want to i still have a good job and i make my payments. im talking about the multitudes of people who did lose their job and like me saw the value of their home go down the pisser. what are they to do?

You signed a contract with the bank. Deal with it. You should have not bought a house until you could afford a 15 year mortgage and put 20% down.

Fuck me, I am short on cash this month. Obama please fill my gas tank!

 

[nick1985]

qft, if you are a responsible hard working person, invested in your education, then you will have to pay of the lazy, domestic and imported poors.

yup. Someone needs to pay for shaquisha's 10 kids, might as well be me

 

[SammyJr]

Sorry to interupt the right wing circle jerk, but this is generally good all around.

Yes, the bank takes a 10%+ hit on the loan, but they keep the loan. The alternative is probable foreclosure and bankruptcy of the homeowner which costs a hell of a lot more than 10%. Keep in mind that there are foreclosure feeds, repairs to the property, and other major costs. So its cheaper for the bank and keeps the family in the home. Good for the banks, the family, the family's other creditors, the neighborhood, and everyone else.

And its not like the banks and their brokers didn't fuck around and give out loans do people who obviously couldn't afford them. I don't shed any tears over those assholes that we all bailed out.

 

[SammyJr]

yup. Someone needs to pay for shaquisha's 10 kids, might as well be me

That particular stereotype lives in public housing, not in a bubble real estate market. Try again.

 

[nick1985]

That particular stereotype lives in public housing, not in a bubble real estate market. Try again.

I was referring to my tax dollars in general, not just tax dollars in the housing sector. No need for another try

 

[nick1985]

Yes, the bank takes a 10%+ hit on the loan, but they keep the loan.

Wait a second. So because the homeowner was retarded and bought something they couldn't afford, the bank should take the hit and not the retard?

And its not like the banks and their brokers didn't fuck around and give out loans do people who obviously couldn't afford them.

So if I sold you a car and you couldn't afford the payments, I should take the loss? Funny world you live in

 

[Binarycow]

So how do I apply for it?

Like the saying goes: if you can't beat them, join them.





Disclaimer: I'm a responsible homeowner who followed all the rules. I put my 20% down and financed my house for 15 years by working my butt off and saving every penny for years.

 

[BoberFett]

And some people mocked me for doing a minimum down FHA loan last year even when I had the cash for a down payment.

Why in the hell would I do that? Always use other people's money to buy things, ESPECIALLY nowadays. Chances are you won't have to pay it back in full.

 

[SammyJr]

Wait a second. So because the homeowner was retarded and bought something they couldn't afford, the bank should take the hit and not the retard?

You act like a foreclosure is free to the bank. Its not. There are fees related to the foreclosure, repairs to the home, and real estate agent fees. There are costs to having an empty property on the books - that's money that could be invested.

You also forgive the banks of all responsibility. It takes two to tango. The bank wrote a mortgage for a property in an obvious bubble market and did a shitty job evaluating the client for ability to pay.

So if I sold you a car and you couldn't afford the payments, I should take the loss? Funny world you live in

Apples and oranges. Cars are easy to repossess in both the legal and physical sense and are of much lower value. They also aren't part of a massive bubble nor was there shady lending involved.

 

[nick1985]

So if it takes two to tango, why is only the bank being punished?

 

[dmcowen674]

Originally Posted by spidey07
So Mr. Responsible, you get screwed again by the irresponsible.

[/QUOTE]

Good I hope you are first to be screwed :thumbsup:

 

[OutHouse]

You signed a contract with the bank. Deal with it. You should have not bought a house until you could afford a 15 year mortgage and put 20% down.

Fuck me, I am short on cash this month. Obama please fill my gas tank!

really? a contract? well no fucking shit sherlock. who said i was short on cash? who said i was looking for a handout?

my mortgage is sub 1,000 and that's with Taxes and insurance so go fuck yourself. in no way did i buy outside my means and nor do i live outside it. i was making a point that the equity i had is gone and im upside down thats it nothing more.

I put down as much as i could at 26 years old so excuse the fuck out of me if i didnt just go in at closing with a briefcase full of money to pay cash for it. but i guess you make 1 million a year and wipe your ass with bennies.

I view it as a car, you are upside down the second you drive it off the lot but you still have to make payments.

 

[Binarycow]

Originally Posted by spidey07
So Mr. Responsible, you get screwed again by the irresponsible.

Good I hope you are first to be screwed :thumbsup:[/QUOTE]

dude, go play in traffic or something.