Obama's Housing Plan

[one...two...tree 2,762]

alc - there are many factors effecting the home values, but if we simply continue to let millions of American families walk away from their mortgages the repercussions will continue to throw our economy deeper into recession. We have to stop the bleeding. On the other side, the banking industry needs tighter regulations on their lending practices. There's no easy way out of this.

Ddin't answer my question about jacking up housing prices. As far as people moving out of their homes, can't they just short sell and rent an apartment and live like I have for decades? My 401K and 457K have lost value so will Uncle Sam pay me the difference to stabilize the stock market?

I hope Obama fails in the short term so I can buy a house at a reasonable price but encouraging people to invest heavily in housing again is like a drug addict who ODs then goes clean until he gets the urge to get high again. It's better to scare people off their housing fix for long time and put their time and money into increasing productivity or even energy independence.

You're probably right about the banking regulations since it's clear bankers look more like gamblers than the sober bankers of yesteryear.

I'm all for a restructuring of the housing market in terms of housing prices, but I'm not sure how you do that. We can prevent people from taking risky loans and we can eliminate predatory lending. We can and should also have tighter restriction on home equity loans, or second mortgages - which used to be a last resort but have over the last 15 yrs., a common practice (because the conventional wisdom of your home value never going down and you could potentially save a lot by consolidating existing loans into one low interest payment). A home, IMO, should be something that most Americans can afford and something that builds gradual equity over a long time - like a stable investment. But all the newly creative ways in finances have taken the value of homes and turned it into a roulette game.

Such is life, a total ####### shoot.

Life is a ####### shoot when you have multiple sex partners and you don't wear a condom.

[Craneman 2]

alc - there are many factors effecting the home values, but if we simply continue to let millions of American families walk away from their mortgages the repercussions will continue to throw our economy deeper into recession. We have to stop the bleeding. On the other side, the banking industry needs tighter regulations on their lending practices. There's no easy way out of this.

Ddin't answer my question about jacking up housing prices. As far as people moving out of their homes, can't they just short sell and rent an apartment and live like I have for decades? My 401K and 457K have lost value so will Uncle Sam pay me the difference to stabilize the stock market?

I hope Obama fails in the short term so I can buy a house at a reasonable price but encouraging people to invest heavily in housing again is like a drug addict who ODs then goes clean until he gets the urge to get high again. It's better to scare people off their housing fix for long time and put their time and money into increasing productivity or even energy independence.

You're probably right about the banking regulations since it's clear bankers look more like gamblers than the sober bankers of yesteryear.

I'm all for a restructuring of the housing market in terms of housing prices, but I'm not sure how you do that. We can prevent people from taking risky loans and we can eliminate predatory lending. We can and should also have tighter restriction on home equity loans, or second mortgages - which used to be a last resort but have over the last 15 yrs., a common practice (because the conventional wisdom of your home value never going down and you could potentially save a lot by consolidating existing loans into one low interest payment). A home, IMO, should be something that most Americans can afford and something that builds gradual equity over a long time - like a stable investment. But all the newly creative ways in finances have taken the value of homes and turned it into a roulette game.

Such is life, a total ####### shoot.

Life is a ####### shoot when you have multiple sex partners and you don't wear a condom.

If you do not wear a condom they foreclose your house and you get a rebate on your taxes?

Then you are forced to refinace you mortgae at a lower rate for more years and you pay the same.

Watch out for the chimpanzeese, and the headcheese.

Edited February 18, 2009 by Craneman

[one...two...tree 2,762]

alc - there are many factors effecting the home values, but if we simply continue to let millions of American families walk away from their mortgages the repercussions will continue to throw our economy deeper into recession. We have to stop the bleeding. On the other side, the banking industry needs tighter regulations on their lending practices. There's no easy way out of this.

Ddin't answer my question about jacking up housing prices. As far as people moving out of their homes, can't they just short sell and rent an apartment and live like I have for decades? My 401K and 457K have lost value so will Uncle Sam pay me the difference to stabilize the stock market?

I hope Obama fails in the short term so I can buy a house at a reasonable price but encouraging people to invest heavily in housing again is like a drug addict who ODs then goes clean until he gets the urge to get high again. It's better to scare people off their housing fix for long time and put their time and money into increasing productivity or even energy independence.

You're probably right about the banking regulations since it's clear bankers look more like gamblers than the sober bankers of yesteryear.

I'm all for a restructuring of the housing market in terms of housing prices, but I'm not sure how you do that. We can prevent people from taking risky loans and we can eliminate predatory lending. We can and should also have tighter restriction on home equity loans, or second mortgages - which used to be a last resort but have over the last 15 yrs., a common practice (because the conventional wisdom of your home value never going down and you could potentially save a lot by consolidating existing loans into one low interest payment). A home, IMO, should be something that most Americans can afford and something that builds gradual equity over a long time - like a stable investment. But all the newly creative ways in finances have taken the value of homes and turned it into a roulette game.

Such is life, a total ####### shoot.

Life is a ####### shoot when you have multiple sex partners and you don't wear a condom.

If you do not wear a condom they foreclose your house and you get a rebate on your taxes?

Then you are forced to refinace you mortgae at a lower rate for more years and you pay the same.

Watch out for the chimpanzeese, and the headcheese.

Somewhere you got lost in the translation.

[Tsup2 0]

Let's reward all the irresponsible people who financed homes they couldn't afford with adjustable rate mortages. The Democrats always want to have the responsible subsidize the irresponsible. Let the market take care of home prices. The value of homes is very inflated and needs to come down. I sold my house before the market crashed and am happily renting.

[one...two...tree 2,762]

Let's reward all the irresponsible people who financed homes they couldn't afford with adjustable rate mortages. The Democrats always want to have the responsible subsidize the irresponsible. Let the market take care of home prices. The value of homes is very inflated and needs to come down. I sold my house before the market crashed and am happily renting.

Where were you during the elections when McCain proposed a $300 billion bailout for homeowners? Or Bush's Wall Street bailout? Labeling this as something only Democrats do is beyond silly.

[almaty 19]

Let's reward all the irresponsible people who financed homes they couldn't afford with adjustable rate mortages. The Democrats always want to have the responsible subsidize the irresponsible. Let the market take care of home prices. The value of homes is very inflated and needs to come down. I sold my house before the market crashed and am happily renting.

Where were you during the elections when McCain proposed a $300 billion bailout for homeowners? Or Bush's Wall Street bailout? Labeling this as something only Democrats do is beyond silly.

he was busy looking at sarah palin's profile

[Teacher Mark 53]

Let's reward all the irresponsible people who financed homes they couldn't afford with adjustable rate mortages. The Democrats always want to have the responsible subsidize the irresponsible. Let the market take care of home prices. The value of homes is very inflated and needs to come down. I sold my house before the market crashed and am happily renting.

Where were you during the elections when McCain proposed a $300 billion bailout for homeowners? Or Bush's Wall Street bailout? Labeling this as something only Democrats do is beyond silly.

he was busy looking at sarah palin's profile

[alienlovechild 75]

Where were you during the elections when McCain proposed a $300 billion bailout for homeowners? Or Bush's Wall Street bailout? Labeling this as something only Democrats do is beyond silly.

The difference was the Dems were either silient then or arguing it wasn't big enough.

[one...two...tree 2,762]

Where were you during the elections when McCain proposed a $300 billion bailout for homeowners? Or Bush's Wall Street bailout? Labeling this as something only Democrats do is beyond silly.

The difference was the Dems were either silient then or arguing it wasn't big enough.

Ok...partisan politics aside - Obama's idea isn't solely his own, nor is it exclusive to the Democratic Party.

Does anyone remember Bush's Mortgage Bailout Plan?

The Mortgage Bailout Plan in the United States (also referred to as a Mortgage Relief Plan) is a proposal from the Bush administration to resolve the current mortgage crisis in the United States. On December 6th 2007, President George Bush and Treasury Secretary Henry Paulson unveiled a plan to assist homeowners who were victims of mortgage loan fraud and confusion. The plan, however, was not designed to help everyone.

http://www.mortgage-bailout.com/what_is_th...ilout_plan.html