Great! I can refinance, spend the equity on toys and travel, and my kids can pay off my defaulted mortgage.
Posted on 04/10/2008 2:12:49 PM PDT by BGHater
The Bush administration yesterday unveiled a plan to rescue 100,000 homeowners at risk of foreclosure by relaxing eligibility standards for government-backed loans and encouraging lenders to forgive a portion of their debt.
The proposal was quickly criticized by consumer groups, who said it would do little to slow a mortgage meltdown that last year threw more than 1.5 million households into foreclosure. But it was embraced by key Democrats, who said the White House is acknowledging that more aggressive government action is needed to help the most hard-pressed borrowers who owe banks more than their homes are worth because of plunging prices.
"There's consensus forming around the notion that we're not going to get to the bottom of this without some plan that involves more government involvement than merely nudging borrowers and lenders to work it out," said Jared Bernstein, a senior economist at the Economic Policy Institute.
Under the White House proposal, subprime borrowers who cannot afford their loans and have missed two or three mortgage payments would be eligible for assistance from the Federal Housing Administration. Lenders would be encouraged to forgive a portion of those loans for some of the most troubled borrowers so that they can refinance.
"Our plan will help hundreds of thousands of desperate families who have no place else to turn for safer, lower cost ways to keep their homes," FHA Commissioner and Assistant Secretary of Housing Brian D. Montgomery said in a written statement. "We want to be able to help families who are in the right house, but the wrong mortgage."
(Excerpt) Read more at washingtonpost.com ...
Take a deep breath, folks. That’s compassionate conservatism in action!
This is why Government bonds should be rated at Junk as opposed to “above AAA”. My tax dollars are bailing out these morons. We shouldn’t be helping these people we should be laughing at them, or at the very least let the market make its own punishment.
So let me get this straight. If I quit paying my mortgage George Bush will pay it for me?
He can propose anything he wants but the Democrats will kill it even if it means it hurts their own constituents. The Democrats think that all these bills that they kill now can be brought back up if they win the White House but hopefully the GOP will maintain at least 45 Senators that will kill any attempt. The Rats are only shooting themselves in the foot.
Unbelievable!
What part of the Constitution gave citizens (and illegal aliens) the right not to fail?!
They both suck, with very few exceptions on either side left in DC.
But now....I'm just sick of him.
Gee, since I’m not an idiot and make payments on time, can I have my entire mortgage “forgiven”?
Our only hope for survival rest with the Senate and we better pray that our side keeps enough to filibusters everything that crosses their path.
“So let me get this straight. If I quit paying my mortgage George Bush will pay it for me?”
No. But he will make your neighbors pick up your tab. It’s called “compassionate conservatism”. It’s old name was Democratic Party liberalism.
I’m wondering about that myself. Our mortgage is probably considered sub-prime, even though we have not missed one payment in 3 years.
So if I blow off paying my mortgage for the next two out of three months, Uncle Sugar will take care of me?
Sometimes I wonder what it would be like to do something like an “Atlas Shrugged” thing — Say everybody with some iota of responsibility refrain for one month from paying their bills (including a mortgage), paying taxes, buying big ticket items, or making investments. Maybe 90 days. I am getting little tired of being taken for grtanted when I play by the rules and those that f’ something up getting some of my duckets and a kiss on the cheek from Uncle Sugar.
No, your grandchildren's grandchildren will be paying for it.
A conservative-led Congress and a Dem occupied White House is preferable in my view. The problem is, in the 1990s we had a Republican congress and a President with no allegiance to his own country but to “the international community.” I don’t like the idea of one party having total control of government, because it always leads to corruption. And I’d certainly rather have conservatives controlling the purse strings. But that’s just me.
Only if you have the good fortune to stop paying your mortgage at the time as 100,000 morons stop paying theirs.
Great! I can refinance, spend the equity on toys and travel, and my kids can pay off my defaulted mortgage.
Somehow, I think those of us who played by the rules are going to take it on the other cheeks courtesy of Uncle Sugar, if you know what I mean.
Yes. I am just sick and tired of these measures even being proposed!
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