Obama says Bail-out Bill Must Allow deadbeat Homeowners to Keep Their Homes

CNBC | 9/24/08

[pabianice]

Obama on CNBC now. Has announced that he and McCain are suspending their campaigns to deal with financial mess. Obama says Dems will allow no bail-out bill that does not let "all homeowners in trouble" to keep their homes. This seems to mean that those millions of deadbeats who took mortgages they knew they couldn't honor will get their homes on the taxpayers' dime. This seems even worse than the government taking possession of bad loans. It suggests excusing the loans. Also, bill must contain some sort of punishment for business executives.

If this is as Obama says, it seems unlikely that any bill will occur before January and that whatever bill passes will punish the responsible and hard-working. If Obama wins the election, then all bets are off.

[commish]

NO!!!! to FREE HOMES!!!! PERIOD!!!!!!!!!!

Typical bitter insensitive Republican!!! You got yours so to hell with all those less fortunate who were taken advantage of!! < /sarc >

[TDT]

Nice try but the RATS aint THAT stupid.

If you have any capital assets or investments you will be ineligible. If you made regular payments and only defaulted recently you will be ineligible. If you have income you will be ineligible.

This will be just for poor borrowers. e.g. The RATS constituents.

[muawiyah]

BTW, we are now getting into a period where folks had mortgages of about 50% of appraised value, but the prices have fallen so much (due to the large number of foreclosures which created a glut of houses on the market) that those folks now have 30 year fixed rate mortgages of less than 7.5% which still exceed the sale price of their homes.

They are walking away from them, and that only adds to the glut.

The people in this boat did absolutely nothing irresponsible.

Never forget this happened under a Democrat Congress. They did it. The Corrupt Pelosi Machine now running the House of Representatives is 100% responsible for this.

[mewzilla]

If you have a problem with your neighbors who just lost their house, and all their equity,

I'll only have a problem with them if they expect me to pay for their penury. As for taking it up with Congress, Congress is the problem, not the market.

[sunmars]

The other thing is that McCain and Obama are both part of the “congress” and should be there sorting it out.

I think Obama forgets he is the junior senator from Illinois, McCain has’nt forgotten he’s the Senator from Arizona and besides, McCain should say, let the VP’s do their debate first on Fri while myself and Obama go to Washington.

[TDT]

What makes you think they won’t take over the banks and FED too abbreviating your ideas about recalcitrant lenders? We’re halfway there already.

[muawiyah]

No doubt your $300K home is more likely saleable at about $89,000 on the current model, and if everybody else in your neighborhood gets tossed on the street through foreclosure, it'll be worth about $45,000.

You'll walk away from your mortgage.

[bayliving]

If you have income you will be ineligible.

I am in luck then!

I just got laid off this past Friday and currently have NO income coming in.

So I guess I will be eligable then?

Don't worry about me just yet though, my wife and I have enough money to get us through a couple of months of us both not working so I am ok for now and I should have a job by the end of the week.

[avacado]

"No doubt your $300K home is more likely saleable at about $89,000 on the current model, and if everybody else in your neighborhood gets tossed on the street through foreclosure, it'll be worth about $45,000. You'll walk away from your mortgage. "

Nope! I am in Houston, Texas and the economy is growing. My house just keeps going up in appreciation value and there has been no spike in foreclosures in my area or much of Houston for that matter.

But thanks for your negativity without knowing the facts.

[johncocktoasten]

I can see the ad now:

Distraught husband: “The plant closed today because the bank called the company’s line of credit without notice. I am out of a job and I don’t know what we’re going to do.”

Comforting Wife or Domestic Partner: “Well, we do have this statement from Barack Obama. And he’s going to be in a debate on Friday night.”

Voiceover: “Barack Obama, when the world’s goin to hell, you can hit him on the cell.”

[muawiyah]

No doubt you are benefiting from the recent housing shortage in the Houston/Galvaston area.

[EEDUDE]

Thanks for being a voice of reason in the hysteria that prevails.

Regards,

EEDUDE

[TDT]

Believe me I’d love to do it too. I got two brand new empty houses sitting in Broken Arrow OK. One at $450,000 one at $525,000. I bet dollars to donuts builders won’t be saved. I’ll probably end up losing my modest home as it’s a personally guaranteed albeit paid for.

[Joe Boucher]

I am not a socialist.
I am not a supporter of the homosexual agenda.
This govt. is getting out of hand. What ever happened to the free enterprise system?
Time for a revolution? Getting close.

[Canticle_of_Deborah]

Gee, I never bought a house because I couldn’t afford one. Silly me!

[Labyrinthos]

Once this idea gets passed (which I’m afraid it will), do our insane politicians really expect that the market will fund future mortgages? Fat chance. If you eliminate the recourse for deadbeat borrowers, investors will simply find other places for their money.

Agreed, the problem is that lenders cannot afford to foreclose upon houses that they can't sell because of a hugh glut in the residential real estate market and a series credit crunch that prohibits buyers from buying the foreclosed properties.

[BilLies]

Because you are an honest person!

[bray]

His most important statement was, “now is not the time to point fingers”. Interesting he should say that when he is up to his ears in the scandal.

Pray for W, McCuda and Our Troops

[BilLies]

Or blacks to whites?
I personally believe they are whites fleeing cities to the suburbs, and taking the no down payment offers.
No cost is too great to get out of the City school systems,,,,at least what they think.

[BilLies]

Or blacks to whites?
I personally believe they are whites fleeing cities to the suburbs, and taking the no down payment offers.
No cost is too great to get out of the City school systems,,,,at least what they think.