Plus this plan is really fair:
Already behind on your mortgage payments? No help there.
Able to make payments even after the rate on your adjustable mortgage moves higher? You can manage on your own.
Have an option arm??? no help there
Investor "flipper", second home?? nope
I`m fine in my house and will be there no matter what. Katrina (I stayed and rode the biotch out) taught me alot. 2 words my brothas from a different motha that are paying and wont let crime run their ace! Claymore Mine. Its 750 reasons not to be stoopid!
So let me see the investors that have put all this money up are now going to need to wait. How much of that money is with your local bank, give you one guess.
In the end I think it will dry up loans right now and lending will get even harder. Think about it...
If you were an investor would you lend anymore money right now?
Bad idea in the long run, but hey it will get the economy past the next election...right?
It has nothing to do with the local banks. where do you think the lending companys get there money if we just let all the houses go into forclosure then the investers are going to get that much less money back. the less money they get back the less money they can invest somewhere else if at all.
if it keeps getting worse they wont want to put money out anywhere. thats how we get into recessions. The money that supports the economy doesnt come from the government or tax payers it comes from investers and people that need to invest because they have to much money and need to put it somwhere so they dont get taxed on it or even for a loss to right it off.
People show their true colors when others are in trouble. That's all I'm going to say about that.
Yeah,,,a white man who again has to "foot the bill". That`s all I`m going to say about that as well.
Put a fork in that mutha phuca,,,,,it`s BURNT!
I know people that could use the help. ive got friends that jumped on the band wagon and bought because it was there only chance.Some were lucky and got out of there arm and subprime loans and locked in a decent rates. and i know some that are struggling and might make it if they had a little extra time to move finances around how could it hurt to put it back on the banks for a little while they will still make the interest just not as much.
You know i dont know a ton about this stuff ,just what would make sence to me.and it cracks me up how people just want to talk about how bad things are instead of finding and trying things that may have a chance. i like the economy to be in a good position, why just throw your hands up in the air and say well i guess thats it lets just watch it take a sh$t?
I agree it isn't quite fair for these borrowers to catch a break due to their own poor choices, but the hard lesson will be painful for all of us if there isn't something done.
Values drop, property taxes drop, and suddenly your local government has to cut back cuz they're overbudget... keeping home values from dropping will benefit everyone.
I respectfully disagree. Values are highly inflated (still). That is not healthy for anyone nor is artificially propping them up. I don't care if my home value falls as long as they all fall, which they will. It's all relative. Government having to cut back I don't see as a bad thing. They overspend every dollar they get their hands on anyway worse than any consumer with a home equity line ever could. At least consumers are limited by their home's inflated value as to what they borrow and spend. Government makes an overextended consumer look like a financial saint as they just spend into the stratosphere when their credit's exceeded (that one we do all pay for).
The only pain that will be felt is by the institutions that made stupid loans, those foolish enough to be in those industries while believing the bubble would never end and not making a plan for when that happened, those who took loans for more they could afford, and those who anchored their businesses around servicing and supporting all these artificially inflated home prices with no alternative plan to make money in the down cycle.
Let it crash. Maybe then a would be first time home buyer will actually be able to afford to buy a home. Right now they certainly cannot and never will if prices are artificially and continually propped up. Get home prices back into reality compared to average incomes at least.
It's called a correction. The bigger the inflated error, the bigger the correction. It's course should be left alone imo.
I know in my business when I make stupid decisions and don't plan for lean times, spend too much for non essentials, etc., I pay the price and suffer the consequenses, no one else. Why should this industry get special treatment and bailout? I think it's bs.
I'm not an expert on this home loan deal, but I don't think there will be as many happening as you think... There are some rules involved which will rule out most all.. Its just politicians trying to make themselves look good.
I only remember 2 rules and I think there are 4
1. you cannot have missed any payments before
2. your home has to be worth more then the loan.
3. I also think you have to qualify from the lending institute who has your
loan.
4. theres only 3 or 4 places agreeing to do this now, and they probably have sold off a lot of their loans
numbers 1 & 2 will rule out most anyways.
These are the rules I was told by someone in the industry who is doing foreclosures
I respectfully disagree. Values are highly inflated (still). That is not healthy for anyone nor is artificially propping them up. I don't care if my home value falls as long as they all fall, which they will. It's all relative. Government having to cut back I don't see as a bad thing. They overspend every dollar they get their hands on anyway worse than any consumer with a home equity line ever could. At least consumers are limited by their home's inflated value as to what they borrow and spend. Government makes an overextended consumer look like a financial saint as they just spend into the stratosphere when their credit's exceeded (that one we do all pay for).
The only pain that will be felt is by the institutions that made stupid loans, those foolish enough to be in those industries while believing the bubble would never end and not making a plan for when that happened, those who took loans for more they could afford, and those who anchored their businesses around servicing and supporting all these artificially inflated home prices with no alternative plan to make money in the down cycle.
Let it crash. Maybe then a would be first time home buyer will actually be able to afford to buy a home. Right now they certainly cannot and never will if prices are artificially and continually propped up. Get home prices back into reality compared to average incomes at least.
It's called a correction. The bigger the inflated error, the bigger the correction. It's course should be left alone imo.
I know in my business when I make stupid decisions and don't plan for lean times, spend too much for non essentials, etc., I pay the price and suffer the consequenses, no one else. Why should this industry get special treatment and bailout? I think it's bs.
i agree with the responsability aspect of your statement but the rest means that just because you bought a house in the last 5-6 years you should pay for there mistakes. i bought mine 3 years ago and i can afford it and will be able to no matter what but if things went your way i would be so upside down i may as well give it back. I couldnt do anything about the market prices when i bought i was young and i had to buy where i did because that was where my buisness is, So i should be punished for that?
We haven't even seen the Feds plan yet and we're jumping to conclusions all over the place. I would rather bail out the "qualified" home buyers, than have our tax dollars bail out the S & L's and banks. Its not going to work for everyone, and mostly those who have already lost their homes and moved on. But if the new plan actually freezes the current interest rates for 5 years (or so) it should give many people a chance to re-organize (like a chapter 11). The last thing we need are thousands of vacant homes driving prices down and being vandalized by who ever. For once if our government does something for the people with little or no big tax hit, I'm all for it...
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