Posted on 02/22/2009 7:06:25 PM PST by tobyhill
The Obama administration's efforts to help struggling homeowners will aid "responsible" borrowers, not deadbeats or speculators, Housing Secretary Shaun Donovan said Sunday.
President Barack Obama announced the plan Wednesday, saying it will help up to 9 million people keep their homes in a housing market ravaged by foreclosures. But critics, including several leading Republicans and some commentators, said the $75 billion proposal will unfairly help some people at the expense of others.
White House spokesman Robert Gibbs acknowledged Friday that some people who made "bad decisions" might end up getting help under the proposal. But Donovan, Obama's secretary of housing and urban development, told CNN's "State of the Union" on Sunday that "there are no 'flippers,' investor-owners or scammers that are eligible for this program."
"We're going check everybody's income when they come into this program. We're going to make sure that people are paying their bills. And more than anything, we're targeting the folks who are playing by the rules," Donovan said.
(Excerpt) Read more at cnn.com ...
Obama = Bullshit
My brother used to do this work after being laid off from the airlines. He always took a dump and made it a really nice place to live. I’ve done it with apartment buildings, buying places filled with drugs and prostitution, cleaning them out, fixing them up and renting them to nice people. It was really hard, disgusting work. The money made in resale was only fair for the work I did.
I’m tired of hearing about investors and flippers and the implication they are bad guys because they make some money when the task is done.
i think it was mora liason (sp?) on his show today. Seems obama administration sources are panicing over this. Hence gibb’s caustic outburst.
Unchecked - the bastards will push America to banana republic status.....
Yep, they sure are. Look at it this way:
You and I have the same salary, same financial obligations, same job. I buy a $400,000 house I can't really afford. You buy a $200,000 house you *can* afford.
I fall behind in my payments, you do not.
The Government then creates a law that says the bankruptcy courts can modify the mortgages of irresponsible people like me, reducing my interest and principal to the point where I can actually afford the house.
That means the bank or institution that holds my mortgage note is now screwed out of the principal and interest I agreed to pay when I signed my mortgage note. I get a huge financial break.
You on the other hand, aren't eligible for any such break because you did the responsible thing and bought a house you could afford. Not only do you not get a break, your taxpayer dollars are helping to modify my loan and reduce my payments.
On top of that, the bank or other institution that holds my mortgage has to make up the difference for their loss in my morgage somewhere, so they raise interest rates, fees, penalties, surcharges, and everything else they possibly can on their customers that DO pay in order to make up for the loss. You have a credit card with the Bank that holds my mortgage which they just took a huge write-down on. Your credit card rate which was 7.9% because you were a responsible customer is jacked up to 17.9% because of "economic conditions." (Note: Capital One just did this very thing to ALL it's low interest rate card holders for this very reason.)
I don't know about you, but I don't know anyone who's happy with that arrangement.
soros does not understand the socialist will confiscate him first.
We do have a choice. Give me liberty or...
They should be panicking over this and a number of other things. His administration is an absolute disaster.
I've heard a lot of people arguing, even on this board, that the big banks are just getting what they deserve. This is the new America.
Tax Revolt? Yea, it should cause a tax revolt and every other kind of revolt we can think of.
Read
Playing by the rules is not a “Democrat” phrase
It comes from the traditional way of doing things via the American Dream.
Work hard, sacrifice, save, pay your bills, buy a home, then pay for it.
The rules in that are: No one owes you a thing in this life. If you want it, work for it. etc.
Some folks have children and are already just getting by. Some folks have debt and are just getting by. But many of us can find ways to reduce our income. Work fewer hours. Take a month of leave without pay. Be creative.
regardless of the idiots in the house, all those homes should be valued FIRST.
THEN and only then should the ability to pay become examinied.
can this person afford the home at real market value? if not they don’t keep the house. no subjectivity.
don’t forget it also wipes out all the credit card debt that was issued because they had a massivly over valued house.
Great job keepin tabs!!
BuMP for continuing pressure, glad they’re in panic mode. They need to be in one!!
What a bald-faced lie. They've already said that they won't turn away illegals from other bailout programs so they can't sit there and tell me that folks not "eligible" for yet more gov't largess will be turned away.
OK - so who's opinion of what constitutes "responsible"? Someone who borrowed within what they could logically repay but lost their job? Or someone of a specific race who signed for more than they could afford - but where just trying to gain the "American Dream" of home ownership and were talked into going for broke by "the man" who "pushed" him into more than he could chew?
Or maybe the illegal alien who got a mortgage with zero documentation... who now is facing job loss because construction is slacking?
Things are going his way pretty much, nothing but ordinary levels of grumbling from the flock so far. Media whores continue to spread their legs and cover for him, so that part is working. Hillary is out of the country somewhere, so his back is fairly safe. Beltway hothouse republicans are dutifully debasing themselves, with clueless bleats of wanting to work together.
Yep, so far so good for the turd world socialistas. As long as they can fool the masses into thinking he has recovery in mind, he has a pretty open field ahead to take down America and stomp on her hated liberties.
There is a distinct possibility it may come down to something very like that.
Why do they need bailing out? You haven’t heard?
Crisis, crisis, crisis.
A crisis of historic proportions.
Worst economic crisis since the Depression
Failed Bush administration crisis
Obama tackles the US housing crisis,
Obama Handles the Crisis of the crisis
Obama’s crisis plan.
Obama will heal the crisis.
Obama feels another crisis coming on.
Obama bails out the crisis.
It’s a CRISIS damn*t!!
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