Posted on 07/30/2010 8:37:07 AM PDT by Qbert
Criticism of the Obama Administration's mortgage bailout, the Home Affordable Modification Program, is reaching a fever pitch, and I know this because, among other things, the Administration itself appears to be mounting a defense.
Recently, reporters who cover housing were called to the Treasury Department for a "background briefing" by Administration officials, who tried to focus attention on the many, varied Administration efforts to stabilize housing; the message was...it's not all about our modification program.
Yesterday I received several emailed announcements from both HUD and the Treasury. One alerted us to a "Conference on the Future of Housing Finance," set for quite possibly the slowest news week near the end of August.
“Now is the time to build on the foundation we laid with the historic Wall Street Reform legislation President Obama signed last week and aggressively move forward to improve our nation’s housing finance system," reads the statement from Treasury Secretary Tim Geithner. "The Obama Administration is committed to delivering a comprehensive reform proposal that protects taxpayers, institutes tough oversight, restores the long-term health of our housing market, and strengthens our nation’s economic recovery.”
(Excerpt) Read more at cnbc.com ...
I hate this program. My taxes are continuing to help people who cannot afford housing to “buy” houses and meanwhile I couldn’t get a refinance loan if my life depended on it.
The fools at the IRS look at mortgage payments to determine “ownership” even though the law clearly states that the $8K tax credit is available to anyone who has not owned a PRINCIPAL RESIDENCE for 3 years!
What if the Ex could not refinance, and get you off of the mortgage? Mortgage payments are EVIDENCE, but not positive proof of ownership.
Many, many people who have legally applied for this credit are getting the run around by the IRS!
The only way for them to do that would be to resign!
I’m in somewhat the same boat.....
I can’t qualify to get a better loan but they expect me to continue to pay on the one I have.
“the administration itself seems to be mounting a defense”
Good. Keep the fire to obamaloser’s feet. Maybe he’ll finally throw Dodd and Frank under the bus for causing the whole thing in the first place.
Earlier this week I did a quick and dirty analysis to calculate the number of sales in the Atlanta market (Atlanta proper is a good indicator of the entire metro area).
There was an average month to month unit sales volume decline in 2010 over 2009 (which was itself a bad year) of 16%.
Duh, give me yours and your childrens money and I’ll make the world good and whole and whatever else you want to hear.. Go suck a rotted egg wuus
Real Estate buyers are not looking and real estate is not selling.
We are seeing the effects of big shot intellectuals, like Timmy, working only from their inexperienced perspectives in a real world that demands experience to operate with any reasonable continuity, much less prospering.
“I hate this program. My taxes are continuing to help people who cannot afford housing to “buy” houses and meanwhile I couldn’t get a refinance loan if my life depended on it.”
I’ve lost count of the number of times I’ve heard people saying the exact same thing.
And as long as the government intervenes in this manner in the housing market, prices will never find their appropriate level, and the recession will continue. But the administration will just keep dragging this out as long as they can so they can pick effectively pick winners and losers.
I sometimes think Dodd and Frank have done more lasting damage to this country than nobama and all his thugs.
“And, from what I read, they are still writing mortgages for people that can’t afford it...”
Indeed:
They treat the markets like a college experiment.
"Slow auto sales...provide a cash-for-clunkers credit."
"Slow real estate market...how bout a first time buyer's credit."
Without any real experience, they assume experience has no value. They are like summer interns and new hires right out of college--full of big ideas that an experienced person would laugh at.
That article if from Dec, 2009.
I’m talking about a RECENT article about making subprime loans. I tried to find the link but can’t.
I sincerely hope Frank & Dodd soon receive their just reward.
The program was NEVER designed to help people. It is there to protect the banks and the insider Wall Street DEFAULT SWAP investors.
We would have had better results of giving every mortgage holder a cash bailout voucher (ala digital converters)
God Duh_bummer is a lying eveil being..
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