Barack Obama Promises To Do A Better Job In Resolving Foreclosure Crisis »
Posted By altnrg 11 months, 1 week ago in NewsBarack Obama promised a more transparent and effective foreclosure prevention program under his administration. To start off, he requested the second half of the bailout fund.
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stalemateComment removed: Retracted by user13 Replies
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jiants198611 months, 1 week ago
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The forclosure problem will never be fixed until new jobs are created. Lowering loan rates and adjusting terms for those nearing forclosure due to job losses will only delay the inevitable if they can't find work. Those nearing foreclsure simply due to adjustable loans resetting I have no sympathy for. Most of them knew what they were getting into and chose to ignore the loan details and bought houses they really couldn't afford to begin with. They expected rates to stay low(even though they were at 45 yr lows) and home prices to continue their unsustainable rise. They made an investment decision and were wrong. It happens every day in markets all over the world. I do not want my tax $ going to those folks.
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Concentrate the effort on the unemployed workers in danger. They deserve it. Stay the forclosure for a certain period and once they are working again help them to reestablish their credit rating by lessening the impact of past due payments caused by unemployment on their credit scores. -
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eclubamerica11 months, 1 week ago
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You people and all your "hopes." What you did was elect a big windbag, an empty suit. You followed your little messiah like sheep. We'll see how fast you all start crying when you realize what a big mistake you made. Thank God a Republican will come along to clean up his mess in four years.
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UpholdOurConsitution11 months, 1 week ago
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First rule of making a promise... Be sure you can keep it. Obama is taking a HUGE risk here in promising Americans he will do a better job in resolving foreclosures. Not only because he has no way of knowing for sure if his plan will work, but also because people's perceptions of the success of said 'plan' will vary greatly, depending on which side of the fence they're on.
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So far, I have to say that Obama's 'plan' is moot, at best. On the one hand, it talks about creating jobs, but on the other hand, there's still no existing method of stringent accountability. I've said it once and I'll say it again... The Federal Government has no place in the private sector! When businesses take on risky debt, they have to be held accountable to the consequences of said risk. It's that simple. Giving them more money to play with is only perpetuating the problem.
That's right, NO AMOUNT OF MONEY WILL FIX THIS MESS... It's merely postponing the inevitable collapse of our nation as we know it and clearing a path for hyperinflation along the way. This national collpase is the result of many, many, many things that have come to a head over the course of the last hundred years or so and is most likely an inevitable consequence of the culture of excess that has endured throughout America over the last few decades. The Great Depression is going to look like a vacation compared to what we're about to be faced with, so brace yourselves!-
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4thchance11 months, 1 week ago
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I couldn't have said that any better myself!
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I beleive we may be in for a very rough ride soon. If we can compare somehow, how things are right now, to how BAD they could get, well, right now we're still in the party mode. I don't have alot of confidence that all these bailouts are going to work. If they do not, then we will be in BIG TROUBLE, as in, we ain't seen nothin' yet! -
stalemateComment removed: Retracted by user
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4thchance11 months, 1 week ago
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"The great Depression is going to look like a vacation compared to what we're about to be faced with, so brace yourselves!"
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Some insight here.
If our banks fail, then employers will no longer be able to get the needed funds to pay their employees. Think about that. The folks who work to process our food will no longer get paid, so they will no longer be working. The folks who transport that food, will no longer be working. Now think about this. Our cities have millions of people in them. What will it look like if there is no food for anyone? Keep in mind, money will not necessarily help you much either. If there's nothing to buy, then what good is money going to do you. Also keep in mind, people will get very aggravated when they are hungry with no prospects in sight. YES, you should get a plan in order for you and your family, just in case! If I lived in the city, I'd have a plan to get out ahead of time, before the economy melts down, you will see it coming. And don't you think for one minute, the incoming administration will be there for you. They will not be. ONLY YOU are responsible for yourselves, you should never forget that.
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paramale11 months, 1 week ago
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I think this highlights what has always been the fundamental difference between the two parties in my lifetime, and what will be the fundamental difference in the inept Bush Administration and the incoming Obama Administration.
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Bush spent essentially 8 years in hiding and conducted the most secretive Administration in history. In contrast, the Democrats have always placed a high priority on communicating with the American people. The Bush Administration (and shame on Congress for letting him) gave a pile of money to the banks without any requirement that they account for the cash, and while I hear about executives who failed to do a good job still getting fabulous bonuses, I don't hear about any homeowners being helped. Barbara Boxer is right to be mad. I think Obama will put the homeowners first and try to stop the foreclosures, and I do not think he will allow huge corporations to spend billions of dollars of OUR money without accounting for every dime they spend.
I think the reason this inauguration is turning out to be the largest celebration in American history is that there really is a 180 degree difference in the dismal way things have been for the last years, as opposed to the good intentions to do things better for the average American in the coming years. Each of us has to keep the faith and do what we can to help. -
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donnanewman11 months, 1 week ago
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Ahhh Paramade---finally a voice of reason and filled with optimism for the future! Look what has happened under the control of the republicans and the idiot we called our president!!! Remember people--Obama did not create this mess we are in---if we had elected someone else they would be facing the same thing. So if you disagree with his plans to clean up the mess left by the idiot and the republican party--write to him with your solution to fix it or else shut the heck up!!!!!
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Daylight11 months, 1 week ago
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America will never give up its wrong attitudes towards weaker nations because it is a nation of predators. America is a nation that oppress other nations under the pretext of freedom and Democracy and also help nations that kill innocent people. America wage wars through its proxies when countries do not surrender to the dictates of its arrogant and stupid leaders. Can Zionist Obama change the direction of America and bring back the respect America enjoyed in the world? America needs a very big change, not just a change which Obama talks about.
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nevrln61911 months, 1 week ago
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This has to be a 'bottom up' type of solution..The banks are simply sitting on the money from the bailout or allowing people to take advantage of it to refinance at very low rates ....people who aren't a part of this foreclosure crisis..In the end, there'll probably have to be a little loss on everyone's part...That is fairest...the homeowners only get a moratorium or a low rate til they sell their house or qualify for a refinance that is affordable and the bank will have to take a write-down on the value of the house and therefore the mortgage, and of course, the government would have to be the lender....The banks are only going to hoard this cash from TARP....It's despicable and has made the whole recession much worse than necessary....It will get worse if this type of solution isn't applied soon....
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buckncindykill11 months, 1 week ago
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One thing is clear: Obama and the Democrats have seized on our economic crisis to make good on virtually all of their campaign spending promises. Whatever Obama promised; whatever powerful Democrats promised by way of government spending programs;, has suddenly become spending that is critical and absolutely necessary if we are to recover from this economic crisis. The economy has given Obama a blank check.
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Something else is clear, and that would be Obama's belief that spending by government is almost always good; while spending by the people is often suspect. We now have a president and a political party in charge that believes it can do a better job of spending the money that you earn than you can. We'll see how that works out for us. -
Locky12Comment removed: Spammer, Abusive
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frctm511 months, 1 week ago
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I for one have faith that Obama will do well in turning around the economy. First, most Americans are behind him. We all have a vested interest in his success. Second, he is a pragmatist and if something isn't working, he will change course. Third, I think he genuinely gives a crap about the American people and that is a big plus right there. One should never underestimate the power of charisma and a positive attitude. Obama got where he is by running a mostly positive campaign that invited everyone to the table to make a difference for a better future. If the Republicans want to be spoil sports and be negative and act as blockers and log jammers, they will find themselves put even further out to political pasture. Its like a bucket brigade to put out a house fire. Those who don't help can get the hell out of the way. The rest of us are going to work.
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singsima811 months, 1 week ago
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these stupid republican will never learn them and george bush mess up the economy for 8 long years and come here talking crap i think all who tooting for bush and his dumb head they must be rich as hell george bush gave them some of the money he took from the we the people , ive never seen these dummy george bush did nothing for us more than bush us all in dept and fight uncall for war , obama will do good for the country so all the talk u republican talking u all are gas bag aint no one listening to u 8 years of suffering u guys must be out ur mine guess what you guys have 8 more years to wait and even better hilary will take over after watch how its going to play out mark my word 16 years of democrat history republican watch i promiss u
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joelpietersen8 months, 1 week ago
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I don't understand this cultural acceptance of borrowing money to pay bills etc. If you can't afford what you have-downsize, or stop smoking, drinking and/or buying crap until you can afford it - with your OWN money, stop relying on the government or the banks to bail you out. This will hopefully extend to the Government.
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