House passes mortgage plan

AP via Yahoo! News ^ | 9/18/07 | MARCY GORDON

[libertarianPA]

Why not just pass a comprehensive bill that says there are no risks in life anymore! Not in a legally binding contract... nothing. That way, I can haul my butt over to Atlantic City and bet everything I have on one hand of poker and get it all back the next day by bleeding the taxpayers!

Utopia realized with the stroke of a congressional pen. Holy crap!

[mgstarr]

“Struggling homeowners” who had no business buying something they couldn’t afford in the first place.

Gotta keep that bubble inflated.

[absolootezer0]

so we should all quit paying our mortgages now so we can get these grants?

[oblomov]

Why not just pass a law voiding all contracts? Contracts are too picky and mean anyway, they force people to make tradeoffs, and they presuppose that both parties are moral agents. These draconian conditions are getting in the way of things like free health care for everybody!

[Shermy]

Corporate utopia. This is a move by the financers for a subsidy from the American public. They don’t want to foreclose and take the properties, for one, they allowed encouraged overvaluations in the first place. Also, why not get free money from the govt.? All one needs is a “crisis”.

[ladtx]

Dang it! I knew I shoulda bought that 6000 sq ft house with the 50 acre horse farm even if it was waaaay over my head. Will they bail me out if I do something stooopid now? Surely I can find something I can’t afford.

[GeorgefromGeorgia]

Right, bailouts just encourage more bad behavior.

[econjack]

Bend over, cuz here it comes! Another transfer payment from the productive members of society to the unproductive members. The gov’t has absolutely no business underwriting loans in the private sector...none. Furthermore, why should my money go to investors who put money into high-yield companies knowing full-well that high-risk accompanies high yields. Why should I subsidize them?

[oblomov]

The American dream is in peril for many families in this country as foreclosures rise and dreams shatter,"

Congress may not be able to stop foreclosures from rising, but they can damn well keep dreams from shattering. From this point forward, all dreams must be made of shatter-proof polycarbonate! Shards of shattered dreams are the leading cause of lacerations among obese children under the poverty line!

[Puppage]

The House on Tuesday approved a plan to expand federal backing of mortgages in hopes of helping struggling homeowners avoid foreclosure.

So, I should get MORE because I bought a home within my means & pay my mortgage every month, riiiight?

[abigailsmybaby]

Hurry! Maybe you’ll get in under the wire.

[ikka]

The scum in Congress probably figure that if they do this, it will prop up states’ proeprty taxes - thus delaying or deferring additional Federal taxes going to the states; allowing Congress more time to play with Federal dollars.

[goldstategop]

The margin is veto proof. I think the President will sign some form of the legislation when it reaches his desk. The political pressure to avert subprime foreclosures is too strong to avert.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[Hoffer Rand]

Exactly. How does this keep mortgage companies from issuing risky loans? It doesn’t. In fact, it encourages it, because our tax dollars guarantee the loan. And I love the double-speak. This is NOT designed to protect homeowners or keep them in their homes, it’s designed to bail out mortgage companies when homeowners default.

[biff]

Yep, just like today’s action by the Fed will do.

[umgud]

House Republicans sharply objected to a $300 million-a-year fund for grants for affordable rental housing and homeownership assistance for low-income families, which would be financed from FHA revenues

Ther just never seems to be enough welfare.

[RockinRight]

I’m OK with reasonable amending of FHA guidelines. The other stuff I’d toss.

[RockinRight]

FHA is FHA. It’s been around for years.

Lenders have already tightened non-FHA guidelines and this bill won’t affect that at all.

[Sybeck1]

They need to stop going to the casino and playing the lottery with their house payment.

[steve86]

so we should all quit paying our mortgages now so we can get these grants?

I guarantee I will quit paying my debts and declare bankruptcy if these speculators get bailed out (I technically could declare bk because retirement assets in my state aren't counted).