freedomCM_IHB
New member
wow, you might actually be someone who will benefit from the new program!
you might be just enough underwater, and still have the means.
you might be just enough underwater, and still have the means.
What do you think about Obamas Plan to stop foreclosures?
- Thread starter theBigD_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
stepping_up_IHB
New member
actually, we're not underwater as of the appraisal, but lacked the equity to get the refi down to 95%. The thing about the appraisal though is that I don't think if it were for sale at that amount that it would get any offers at asking. I think appraisals are different from what price would you have to sell at to get it sold TODAY. Based on the average equity burn, we'll be underwater by April.
Anonymous_IHB
New member
[quote author="No_Such_Reality" date=1234708515][quote author="Anonymous" date=1234608207]
Wow. Well then, I hope you live by your creed then and leave behind more created wealth (and by that, I mean actual physical or intellectual things than you consumed in your lifetime), rather than just shuffling money around, which creates nothing and benefits no one.</blockquote>
Not to just nitpick but... the entire recession and global crisis is the result of a credit crunch being caused by insolvency.
That credit crunch is quite simply caused by people no longer "the just shuffling money around"...</blockquote>
When the money was reshuffled:
1. Financial crisis = fear of passing money though or lending to people or institutions that might be insolvent
2. The recession = people who actually needed the money (which is why they bothered to save it), now realize its gone and cut back spending. It was prespent during the boom by the spendthrifts the money shufflers sent it to and collected a commision on. The spendthrifts also can no longer get free shuffled money, and so their consumption is cut back as well.
The whole shebang is caused by the money shufflers, who figured out how to shuffle the money from savers A to spenders B and collect a commision on the money they shuffled.
Wow. Well then, I hope you live by your creed then and leave behind more created wealth (and by that, I mean actual physical or intellectual things than you consumed in your lifetime), rather than just shuffling money around, which creates nothing and benefits no one.</blockquote>
Not to just nitpick but... the entire recession and global crisis is the result of a credit crunch being caused by insolvency.
That credit crunch is quite simply caused by people no longer "the just shuffling money around"...</blockquote>
When the money was reshuffled:
1. Financial crisis = fear of passing money though or lending to people or institutions that might be insolvent
2. The recession = people who actually needed the money (which is why they bothered to save it), now realize its gone and cut back spending. It was prespent during the boom by the spendthrifts the money shufflers sent it to and collected a commision on. The spendthrifts also can no longer get free shuffled money, and so their consumption is cut back as well.
The whole shebang is caused by the money shufflers, who figured out how to shuffle the money from savers A to spenders B and collect a commision on the money they shuffled.
FairEconomist_IHB
New member
[quote author="trrenter" date=1235015864]
Who would lend someone money when the collateral is worth less then the loan? If you are marginally underwater this may make sense but wouldn't you need a reduction in principle? Oh that is taken care of in the next part of the plan...</blockquote>
This is for loans already guaranteed by Fannie and Freddie. The government is already on the hook for an undercollateralized loan and can't get off, so they might as well make use of the current interest rates. It would be questionable to offer this for loans not already guaranteed, but they're not doing that.
[quote author="trrenter" date=1235015864]If judges can reduce mortgages who would want to make mortgage loans? Wouldn't this make those loans very risky. Raising interest rates and limiting the amount of companies willing to make these loans.</blockquote>
No, it won't make the loans risky. Every other kind of securitized loan can already be crammed down, and first-lien owner-occupied residential mortgage loans could be crammed down until 1993. Creating the special cramdown exemption on first-lien owner-occupied residential mortgage loans had no effect on loans rates or availability and restoring the traditional system won't either.
Who would lend someone money when the collateral is worth less then the loan? If you are marginally underwater this may make sense but wouldn't you need a reduction in principle? Oh that is taken care of in the next part of the plan...</blockquote>
This is for loans already guaranteed by Fannie and Freddie. The government is already on the hook for an undercollateralized loan and can't get off, so they might as well make use of the current interest rates. It would be questionable to offer this for loans not already guaranteed, but they're not doing that.
[quote author="trrenter" date=1235015864]If judges can reduce mortgages who would want to make mortgage loans? Wouldn't this make those loans very risky. Raising interest rates and limiting the amount of companies willing to make these loans.</blockquote>
No, it won't make the loans risky. Every other kind of securitized loan can already be crammed down, and first-lien owner-occupied residential mortgage loans could be crammed down until 1993. Creating the special cramdown exemption on first-lien owner-occupied residential mortgage loans had no effect on loans rates or availability and restoring the traditional system won't either.
awgee_IHB
New member
[quote author="xsocal land merchant" date=1235033379]I have a question relating to the reduction of payments or principle and who should receive benifits of those reductions.
<strong>If one had paid cash for a property in 2006 near the top of the market and according to comps it has lost value then should the government give a cash refund to the owner? If not then explain why not since the owner has lost "value" due to the falling market. </strong>
Why should the people who made bad decisions be rewarded and those who made what was at the time a prudent choice be penalized?
This is not hypothetical since I own 3 properties free of mortgages and certainly could have leveraged up to multi million dollar properties during the run up rather than be frugal and buy several smaller homes for cash.
Needless to say I have little empathy for those who overextended themselves or refied cash out of home that they have owned for a long period.
I really hope to see someone defend the government bailing out some people who according to Darwin really shouldn't have bought in the first place.
Have a warm and fuzzy day!</blockquote>
I am pissed.
Bottom line. This plan is taking money from my children to pay for the financial mistakes of the present generation. Obama is an idiot. And anybody who supports this plan is a ____.
<strong>If one had paid cash for a property in 2006 near the top of the market and according to comps it has lost value then should the government give a cash refund to the owner? If not then explain why not since the owner has lost "value" due to the falling market. </strong>
Why should the people who made bad decisions be rewarded and those who made what was at the time a prudent choice be penalized?
This is not hypothetical since I own 3 properties free of mortgages and certainly could have leveraged up to multi million dollar properties during the run up rather than be frugal and buy several smaller homes for cash.
Needless to say I have little empathy for those who overextended themselves or refied cash out of home that they have owned for a long period.
I really hope to see someone defend the government bailing out some people who according to Darwin really shouldn't have bought in the first place.
Have a warm and fuzzy day!</blockquote>
I am pissed.
Bottom line. This plan is taking money from my children to pay for the financial mistakes of the present generation. Obama is an idiot. And anybody who supports this plan is a ____.
[quote author="skek" date=1235097121]I'm not looking for a handout. You don't seem to be looking for a handout. Oscar, awgee and others here don't seem to be looking for a handout. There's hope still.</blockquote>
You have no idea how hard it is at times like this for me to ignore genetics and heritage and just take over the world. Are you guys in if I start a new country?
You have no idea how hard it is at times like this for me to ignore genetics and heritage and just take over the world. Are you guys in if I start a new country?
awgee_IHB
New member
[quote author="WINEX" date=1235097298][quote author="skek" date=1235097121]I'm not looking for a handout. You don't seem to be looking for a handout. Oscar, awgee and others here don't seem to be looking for a handout. There's hope still.</blockquote>
You have no idea how hard it is at times like this for me to ignore genetics and heritage and just take over the world. Are you guys in if I start a new country?</blockquote>
I love this country. Could we just require an passing grade on an exam about The Constitution to graduate from high school and vote and serve on a jury? I volunteer to do the grading.
You have no idea how hard it is at times like this for me to ignore genetics and heritage and just take over the world. Are you guys in if I start a new country?</blockquote>
I love this country. Could we just require an passing grade on an exam about The Constitution to graduate from high school and vote and serve on a jury? I volunteer to do the grading.
O
Oscar_IHB
Guest
[quote author="WINEX" date=1235097298][quote author="skek" date=1235097121]I'm not looking for a handout. You don't seem to be looking for a handout. Oscar, awgee and others here don't seem to be looking for a handout. There's hope still.</blockquote>
You have no idea how hard it is at times like this for me to ignore genetics and heritage and just take over the world. Are you guys in if I start a new country?</blockquote>
There has to be an island for sale somewhere.
You have no idea how hard it is at times like this for me to ignore genetics and heritage and just take over the world. Are you guys in if I start a new country?</blockquote>
There has to be an island for sale somewhere.
O
Oscar_IHB
Guest
[quote author="awgee" date=1235094358]This plan is taking money from my children to pay for the financial mistakes of the present generation. Obama is an idiot. And anybody who supports this plan is a ____.</blockquote>
awgee, you obviously don't appreciate the finer points of the Obama Doctrine. He is simply offering your children a chance to invest in their past, rather than having you invest in their future in these, the worst economic times since the Great Depression.
awgee, you obviously don't appreciate the finer points of the Obama Doctrine. He is simply offering your children a chance to invest in their past, rather than having you invest in their future in these, the worst economic times since the Great Depression.
no_vaseline_IHB
New member
And at the end of the day, it's all whistling past the graveyard isn't it?
The hows and whys aren't important. What is important is it's a sad day to be an American.
The hows and whys aren't important. What is important is it's a sad day to be an American.
[quote author="no_vaseline" date=1235098936]And at the end of the day, it's all whistling past the graveyard isn't it?
The hows and whys aren't important. What is important is it's a sad day to be an American.</blockquote>
You are dead wrong.
If we ignore the "hows and whys", then there is no hope of fixing the problem.
The hows and whys aren't important. What is important is it's a sad day to be an American.</blockquote>
You are dead wrong.
If we ignore the "hows and whys", then there is no hope of fixing the problem.
usctrojanman29_IHB
New member
I was talking to my dad last night about what's going on with the economy. Mind you, my dad was born and raised in Poland and left with my mom and I back in 1980 so that they could have a better life. He mentioned to me that a lot of the things that the US gov't is doing giving him cold chills because it reminds him of what the communist Polish gov't used to do to prop things up.
bltserv_IHB
New member
[quote author="WINEX" date=1235099136][quote author="no_vaseline" date=1235098936]And at the end of the day, it's all whistling past the graveyard isn't it?
The hows and whys aren't important. What is important is it's a sad day to be an American.</blockquote>
You are dead wrong.
If we ignore the "hows and whys", then there is no hope of fixing the problem.</blockquote>
Here is the HOW and WHY.
<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
The hows and whys aren't important. What is important is it's a sad day to be an American.</blockquote>
You are dead wrong.
If we ignore the "hows and whys", then there is no hope of fixing the problem.</blockquote>
Here is the HOW and WHY.
<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
[quote author="bltserv" date=1235118618][quote author="WINEX" date=1235099136][quote author="no_vaseline" date=1235098936]And at the end of the day, it's all whistling past the graveyard isn't it?
The hows and whys aren't important. What is important is it's a sad day to be an American.</blockquote>
You are dead wrong.
If we ignore the "hows and whys", then there is no hope of fixing the problem.</blockquote>
Here is the HOW and WHY.</blockquote>
I always expect you to say something stupid, and you never disappoint me.
The hows and whys aren't important. What is important is it's a sad day to be an American.</blockquote>
You are dead wrong.
If we ignore the "hows and whys", then there is no hope of fixing the problem.</blockquote>
Here is the HOW and WHY.</blockquote>
I always expect you to say something stupid, and you never disappoint me.
O
Oscar_IHB
Guest
bltserv, let's (for the sake of argument) say that Bush was responsible for EVERY part of the economic problem we face. That does not abrogate Obama's responsibility for the actions taken and bills signed and plans announced since he took office.
Meh, nevermind, you are constitutionally incapable of accepting any other view than your own.
Meh, nevermind, you are constitutionally incapable of accepting any other view than your own.