Comments for Obama unveils $75 billion mortgage relief plan »
Posted By STONERS 10 months, 3 weeks ago in Business & FinancePresident Barack Obama says his $75 billion plan to tackle "a crisis unlike any we've ever known" in home foreclosures is necessary to help save the economy.
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STONERS10 months, 3 weeks ago
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"Obama unveiled the plan in Arizona, hard-hit by the housing crunch. More expensive than expected, it aims to keep 9 million people from losing their homes."
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"One part will ease refinancing for people who owe more on their mortgages than their homes are currently worth. Another provides incentives for mortgage lenders to help those on the verge of foreclosure." -
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slate10 months, 3 weeks ago
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What about people that took out loans and have paid their bills, why do they now need to kick in for those that took out loans they couldn't afford?
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I lost my house and everything else during the crunch in the 80s, not one dime was spent for me to keep my house and I didn't ask for it either. Now I and others are expected to pay more taxes to ensure others keep their house after I lost mine and rented until I could get back into a house?
What's nest a House and a Lexus in every pot?-
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jaern10 months, 3 weeks ago
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I guess the way I'm looking at it as that while we are making our house payments- there are 10 foreclosures in our neighborhood and a total of 450 in our township. Our home has depreciated in value by $60,000.00. I'm hoping that with bailouts for homeowners it will help stop foreclosures and in the long run help the value of my home stabilize.
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crghss10 months, 3 weeks ago
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Well you can always hope. Here's the thing. Housing prices need to be in line with salaries. By artificially inflating housing price it just delays the inevitable. Back at the peak of the housing market there was $700K houses everywhere but how many people had salaries that could afford them. They didn't exist. The average house has to be priced at the average price. Housing price must fall to the level that people can afford them on the salary they make. Period. As more people get laid off that level drops. And to get to that level will be very painful.
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slate10 months, 3 weeks ago
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A mud hut goes for 200K in California now people are leaving that state at a rate of a net loss of population, which means fewer tax payers. For the most part inflated house prices are there to help people make money but to increase the revenue to the states in taxes paid each year.
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dgoodii10 months, 3 weeks ago
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The House market has a way to go till it corrects to true values, in some ares. With bailouts that may take years, house was way overpriced due to cheap interest and a false demand. Look at values 10 to 15 years ago add 2 to 4 percent a year, if close to that then market is close to where it should be.
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nostalgia10 months, 3 weeks ago
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"The House market has a way to go till it corrects to true values, in some areas. With bailouts that may take years"
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The bailouts are an attempt to prop up housing prices
If you keep housing prices artificially high who can afford them without creative financing?
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orndorffter10 months, 3 weeks ago
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slate, I am sorry to hear that you lost your house! I am glad that you have a house now. It must have been rough on you at that time. When I lost the Apartment building that I renting out , they promised to let the tenats stay and not raise their rent, but they lied and the people had to move because they raised their rent on them. Soon after they tore the building down for College and Doctors offices, it was rough on me I wouldnt sell so they took it .
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slate10 months, 3 weeks ago
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Sorry to hear about that Orn,,,,,,
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Yeah back then you couldn't buy a job in Houston, and instead of just pushing the loan for a few months they foreclosed and got cents on the dollar when they auctioned the house.
It makes no sense they would have been better off extending the loan from 30 years to 31 than taking 1/4 the worth of the house in cash.
We survived then and we will now. -
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nostalgia10 months, 3 weeks ago
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"What about people that took out loans and have paid their bills, why do they now need to kick in for those that took out loans they couldn't afford?"
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Slate I keep saying we are about to reach an Atlas Shrugged moment in our history
Why bother being responsible when you will just get to bailout the irresponsible
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PatrioticAmerican10 months, 3 weeks ago
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i wonder how much money obama has to take from the taxpayers (stimulus) (mortgage relief) before those that support him and bashed Bush for his spending will say enough??? after all i thought those that voted for Obama wanted to STOP the spending.
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billeaterComment removed: Hard Banned
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nostalgia10 months, 3 weeks ago
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The "$75 billion mortgage relief plan" is a little misleading
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The U.S. Treasury doubled its $200-billion capital commitment to Fannie Mae and Freddie Mac as President Barack Obama called on the mortgage-finance companies to assist in an "ambitious" effort to help as many as 9 million Americans keep their homes.
The expanded commitment, to a total of as much as $400 billion of preferred-stock purchases, reflects the critical importance of Fannie Mae and Freddie Mac, Geithner said.
http://www.newsday.com/services/newspaper/printedi...
It's a lot more than $75 billion
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