Obama’s Foreclosure Plan Gets Support from Various Sectors »
Posted By altnrg 9 months, 1 week ago in NewsThe foreclosure prevention initiative announced by President Obama has generated support from mortgage professionals, builders and realtors who are hopeful that it would stabilize the housing market.
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jerry999 months, 1 week ago
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Most of this mortgage crisis was Barney Frank and company forcing banks at gunpoint and Fanny Mae and Freddie Mac to give zero down liar loans to minorities. The last clip I saw on the CNBC special "Houe of Cards" was a hispanic man making 45K/year who got a 580K mortgage and now Obama and company want the bank to write down his loan and send him monthly payments so he can keep it.
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Remember, the homeowner signed on the dotted line to get the mortgage. Funny how some people can remember every deail of their lives but can't remember what they agreed to on the mortage.
According to the evening news clip on CNN on Friday night, 30% of homeowners own their own homes and 92% of the others pay their mortgage payments on time. So 75 million x 70% = 52.5 million with mortgages and of the others 8% do not pay/ cannot afford their mortgages (52.5 x .08= 4.2 million in foreclosure limbo). So 75,000 million $/4.2 million = $17, 857 per delinquent homeowner. In addition, Obama gave Fanny May/Freddy Mac 400 Billion dollars to buy “underwater” mortgages and give new ones to the same homeowners at the new “Appraised Value”. So someone with a 500K home, now worth 300K would get a 300K mortgage at a ~5% subsidized interest rate. ADD ANOTHER ~100,000$ IN WELFARE SUBSIDY PER DELINQUENT OR “AT RISK” DELINQUENT HOMEOWNER. THIS IS THE BIGGEST REDISTRIBUTION OF INCOME SINCE THE RUSSIAN REVOLUTION. Stop stealing our money to give it to the irresponsible homeowners that bought homes they could not afford.-
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Dionys9 months, 1 week ago
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"Most of this mortgage crisis was Barney Frank and company forcing banks at gunpoint and Fanny Mae and Freddie Mac to give zero down liar loans to minorities"
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That's the common, racist GOP line, yes.. Based in about as much fact as Obama being a Muslim plant from Mars.
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rwrnaeComment removed: Hard Banned
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xxddy4u9 months, 1 week ago
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I see MORE Whites in Foreclosure, so how can you say Minorities caused this Crisis? EVERYONE that bought a Home H A D a Job. You can't pay jack unemployed. So I wish they would stop this BS about minorities. Those that Makes a Difference SUPPORT the Plan, only those that sit on their behinds and blog stupid "S" has something negative to say.
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Mcpobob9 months, 1 week ago
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I see racism is still alive and well in this nation. If those of you were in the same position, you would want help. Get real, CitiGroup, Fanny Mae, Freddie Mac, Wachovia, etc. Just to name a few. They all got in trouble because of Greed, nothing else.
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