Next up: U.S. mortgage rescue plan

cobra de capell · #1 (**permalink**) 02-13-2009, 03:47 PM

The Obama administration's plan, which is still evolving, would be open to borrowers who are making timely payments and yet spend a large share of their income to cover the mortgage. The government would subsidize their monthly payments under the plan.

Snip.....http://www.reuters.com/article/newsO...51C60Q20090213
____

Hmmm.......

Anyone here making timely RE payments, but those payments are a big part of your income? Well, help may be on the way from your Obama!

Of course, if you aren't qualified for this 'support' - you should have bought a bigger house!

My only wish is for VRM, CobraBill and Excalibar to somehow put their funds up first - liberals (at least Obama supporters/Non-McCain/Palin voters) first, conservatives last up. Now that would be justice done!

Scott S · #2 (**permalink**) 02-14-2009, 08:27 AM

I think the best remedy for a default on a home loan would be arson. Can you imagine if the millions of homes in the US that are in default suddenly went up in flames?

At least I could go back to work.

I make my payments on time, in 30 years of home ownership not once have I been late on a home loan. Why should I subsidize anyone that has been less responsible than me?

Scott S

cobra de capell · #3 (**permalink**) 02-14-2009, 09:41 AM

Well, in a socialist country you would have to assist others with their payments.

Bill Bess · #4 (**permalink**) 02-15-2009, 06:06 AM

It's all bout takin care of da brothers and sister's, we all got ta share da wealth..after all it's only fare, don't ya know!

I need to refi...so I can get me a new Cobra...it's only fare, don't ya know!

WantSomeMoBill

jhv48 · #5 (**permalink**) 02-22-2009, 10:19 PM

[quote=Bill Bess;921255]It's all bout takin care of da brothers and sister's, we all got ta share da wealth..after all it's only fare, don't ya know!

QUOTE]

You need to share your wealth with those that have less than you do.

After all, they are willing to share their poverty with you.

Only seems fair to me.

SP01715 · #6 (**permalink**) 02-23-2009, 02:46 PM

[quote=jhv48;923462]

Quote:

Originally Posted by Bill Bess

It's all bout takin care of da brothers and sister's, we all got ta share da wealth..after all it's only fare, don't ya know!

QUOTE]

You need to share your wealth with those that have less than you do.

After all, they are willing to share their poverty with you.

Only seems fair to me.

Well since you live in a wealthy community (I used to own a business in the village in Carlsbad) maybe you should start writing some checks.

Every person I know that was involved in the real estate and mortgage industry the past five years or so were waist deep in fraud. They were lying on loan docs, buying multiple houses when they could not afford the one they live in, cashing equity for cars, boats, sand rails, exotic pools etc...

I was smart and fixed my two houses that my wife and I worked very hard for at 5% five years ago. I was told I was stupid by these idiots that caused this economic crash (along with the politicians that allowed it) because I did not go with an ARM at 3.5%. Well I guess I was right, but now the socialist government wants me to pay for these clowns? Maybe the government should pay for my stock losses?

These people need to lose their homes and become renters. Let the market adjust on it's own. There will be buyers for these properties and the market will slowly recover. I have had to start over in the past, and I never expected the tax payers to come to my rescue. The liberals / socialist are leading us down the wrong road IMO

Dan40 · #7 (**permalink**) 02-23-2009, 03:39 PM

[quote=SP01715;923617]

Quote:

Originally Posted by jhv48

Well since you live in a wealthy community (I used to own a business in the village in Carlsbad) maybe you should start writing some checks.

Every person I know that was involved in the real estate and mortgage industry the past five years or so were waist deep in fraud. They were lying on loan docs, buying multiple houses when they could not afford the one they live in, cashing equity for cars, boats, sand rails, exotic pools etc...

I was smart and fixed my two houses that my wife and I worked very hard for at 5% five years ago. I was told I was stupid by these idiots that caused this economic crash (along with the politicians that allowed it) because I did not go with an ARM at 3.5%. Well I guess I was right, but now the socialist government wants me to pay for these clowns? Maybe the government should pay for my stock losses?

These people need to lose their homes and become renters. Let the market adjust on it's own. There will be buyers for these properties and the market will slowly recover. I have had to start over in the past, and I never expected the tax payers to come to my rescue. The liberals / socialist are leading us down the wrong road IMO

Those involved in proved fraud should be arrested and jailed. And their assets seized. If some redress from that is available for the victims, GOOD. Otherwise the victims should suffer for their own stupidity, OR their complicity in the fraudulent loans.

Dan

Dan40 · #8 (**permalink**) 02-23-2009, 03:48 PM

Heard part of Obama's Stimulus Plan speech rerun today. It passed, why is he still campaigning for it?
Did note that when he was telling us how desperately we needed to pass the Stimulus, that it would CREATE 3.5 million NEW jobs. Did even liberals believe that BS? In any case, in the rerun speech, he now says the Stimulus will PRESERVE or create 3.5 million jobs.
Liberal math,
ALL jobs, not lost, are jobs PRESERVED. [how many is that? Whatever number they choose to use]
PLUS
It is liberal logic???? that any job preserved IS a job created.

Dan

jhv48 · #9 (**permalink**) 02-23-2009, 03:43 PM

Dan, I was being facetious!

Dan40 · #10 (**permalink**) 02-23-2009, 03:53 PM

Quote:

Originally Posted by jhv48

Dan, I was being facetious!

Nuh uh!

Dan

TButtrick · #11 (**permalink**) 02-15-2009, 06:42 AM

Absolute phucking bullsh!t. I understand reaching out to those who have lost jobs temporarily but subsidizing those just because the big payment might be painful is just WRONG. Sleep in the bed you've made.

Bill Bess · #12 (**permalink**) 02-18-2009, 06:57 AM

Well, if things get too bad, I'll just go out into the desert and live in my trailer. Run my generator for power, truck my water in and eat beans and rice. Maybe I'll just look for day jobs, or maybe a real steady thing at Walmart or the local soup kitchen.

Most importantly, I'll need to rent a storeage shed to park the Cobra in..so I can keep it clean for my trips to Mc Donald's on cruise night. There are just certain things I refuse to give up!

The new fair and balance, lower standard of living from our government and all the cheating crooks in America ...is a wonderful thing.

Enjoy, Bill (I'm joking you know)

cobra bill · #13 (**permalink**) 02-18-2009, 07:52 AM

My only wish is for VRM, CobraBill and Excalibar to somehow put their funds up first - liberals (at least Obama supporters/Non-McCain/Palin voters) first, conservatives last up. Now that would be justice done![/quote]

Hey, thats Cobra Bill with a space, don't go pissing off that other CobraBill

That said, gosh its nice to know your thinking about me!

cobra de capell · #14 (**permalink**) 02-18-2009, 09:57 AM

Quote:

Originally Posted by cobra bill

My only wish is for VRM, CobraBill and Excalibar to somehow put their funds up first - liberals (at least Obama supporters/Non-McCain/Palin voters) first, conservatives last up. Now that would be justice done!

Hey, thats Cobra Bill with a space, don't go pissing off that other CobraBill

That said, gosh its nice to know your thinking about me!

[/quote]

See my message to VRM, I'm thinking (also in your case)......

VRM · #15 (**permalink**) 02-18-2009, 08:14 AM

Quote:

Originally Posted by cobra de capell

My only wish is for VRM, CobraBill and Excalibar to somehow put their funds up first - liberals (at least Obama supporters/Non-McCain/Palin voters) first, conservatives last up. Now that would be justice done!

Well, when are you going to take responsibility for the candidate you had in office for the last 8 years who managed to double the national debt? Lets just double your taxes to cover it. Learn to take responsibility for your actions.

cobra de capell · #16 (**permalink**) 02-18-2009, 09:53 AM

Quote:

Originally Posted by VRM

Well, when are you going to take responsibility for the candidate you had in office for the last 8 years who managed to double the national debt? Lets just double your taxes to cover it. Learn to take responsibility for your actions.

As always, VRM the truth suffers when you post. I'm thinking.....

Back to the subject, versus a serially repeated history lesson from a biased reporter - this is nothing but smoke and mirrors. But the media will start reporting how much this helped the people and they’ll never again mention the word “foreclosure”. The messiah has acted and all is well!

VRM · #17 (**permalink**) 02-18-2009, 11:08 AM

Mike,
Excellent post!
I'm not familiar with the site you posted from, but like a broken watch that is correct twice a day even WND and Move-On can get it right once in a while.

Subprime loans are nothing new. They have higher risk, but they also carry a higher reward. Thinking banks can regulate themselves is like thinking that you can negotiate with a fox to only take 1 chicken every 3 days if you let him into the henhouse. It is just not in their nature.

I despise regulation, but I also know that in some cases the alternative is worse because human nature will will frequently cause us do the thing that might seem like a great idea in the short term, but is ultimately bad in the long term. In this case these regulations need to be there to protect the idiots trying to get loans as well as the people who will be forced to cover the losses when the banks are allowed to abdicate their own responsibility.

The only thing that gives us a chance at surviving in a civilised manner is our laws, and the penalties for not following them (we need to beef those up as well).

Steve

BTW CdC,
That one was actually funny! I'm used to your usual repetitive mantras showing that you have no imagination (and you managed to not disappoint me again this time), but the graphic you managed to find somewhere was quite good!

bomelia · #18 (**permalink**) 02-18-2009, 08:19 PM

Why.... uh.... thank you Steve!

I'm blushing.

TCS is a very good site... www.techcentralstation.com

Viewpoints wander the spectrum. Stupid name though. You can even post comments to the authors (and read other's.)

Its not about regulation, its about using tax dollars to to pay off individual's mortgages. I am still curious to see how Obama will determine if a person bought a house that they should not have bought (before offering aid.)

Moral Hazard be dammed. Their ain't one. No risk investing. Redistribution.

BTW, Frontline did an EXCELLENT program on the meltdown last night. My only issue was that Barney Frank was made to look like a guru, prognosticator, above it all kind of guy when we ALL know he was in the middle of it. Oh well, it is PBS afterall. Toss Barney another softey, will ya?

Watch it if you missed it.

Mike

bomelia · #19 (**permalink**) 02-18-2009, 08:31 PM

BTW, on O'Reilly tonight, Sen Shelby was criticized for being critical of the bail out and (republicans in general) for not offering a solution (instead of being critical. Sound familiar? Dam the democrats are good.

What to do for the poor shmuck who over borrowed? Simple. Renegotiate terms so that the payments are smaller and last over a longer period of time. Or, long enough until the economy starts to improve. Keeps the house in his hands (instead of the bank who does not want it) and keeps money flowing in the economy. Once "toxic" assetts become non-toxic (at least for a while.)
THis will not help everybody, but it will make a huge dent in the problem.

But no, lets use tax payer money to help these folks make their payments.

Problem is, democrats do not want to hear anything conservatives have to say. And they have the numbers to keep it that way.

Mike

Fred Douglass · #20 (**permalink**) 02-19-2009, 11:42 AM

......this morning said it very well. I'm for another tax revolt! It's what started the movement for independence, after all. Wonder if Hillary agrees with the hordes of people warming up to criticize Comrade Obama (at great risk, I might add, of being called "racists")! Didn't she, after all, indulge in some atonal screeching about liberal "patriotism"?

Time for a 10% flat tax---which will probably bring all forms of tax evasion (legal and illegal) to a screechin' halt and get even MORE money into the Treasury so the liberals can simultaneously buy votes and add (even more) people to welfare roles and the masses utterly dependent on the Gummint!

Yippa daing!

BTW, I haven't paid any mortgage installments in 2 years! Hint: check my birfdate!!!

Ar-ar-ar-ar.

PS: Izzit true (as Rush just said [1:38 p, 2/19/09) that Putin has warned us and (Chavez) not to go down the socialist road to ruin? i.e. "Don't do this----look what it did to Russia!"

PPS: Don't tell me (same source as PS above) that O-frekin'-bama has ordered the statue (bust?) of Winston Churchill removed from the White House! CAN'T be true! But, if it is....well........it tells ya more than you want to know....

Carrion,