TIM'S FIXER UPPER (get out, Geithner---we can't afford your screw-ups)

CRITICS RIP TREASURY'S TIMID MORTGAGE PLAN Housing industry insiders say Obama's $75 billion rushed mortgage rescue plan is missing crucial elements that doom it to failure, .......doesn't include adequate property appraisals or risk management of reworked loans...... Without these safeguards, steadily declining home values will waste taxpayers money by putting homeowners back into over-valued homes with no equity and no free cash to maintain the home. One source poked fun at Obama's requirement that stimulus money must go to "shovel ready" projects to ensure the most immediate effect, calling the mortgage modification plan "not shovel ready." Secy Geithner plans to help homeowners behind on mortgages and to unburden payers who are current, but owe more than the house is worth......mortgage industry sources criticize the modification plan's intent to loan up to 105% of the property's value since the government doesn't factor in local foreclosed homes evaluation estimates. "The administration is desperately trying to put a floor on foreclosures. Let's hope it's not a trap door," said one source.

Here's how Obama's mortgage plan works (make that fails) in realtime.

DON'T 'BANK' ON MORTGAGE HELP By John Crudele, NY Post, 3/08/09

EXCERPT Dear John: My sister fell three months behind on her mortgage. Through hard work and some assistance from family, she repaid the back balance. Wells Fargo returned the money and would not accept payment b/c foreclosure had begun. The bank says she must come up with late charges, bank fees and legal fees that keep piling up (amid lawyers's threats of being thrown into the street) ......making a $17,500 payment to get up-to-date is not good enough?

ANSWER I contacted Wells Fargo which claims it is looking into this.....the account was turned over to a collection agency. Sometimes collectors aren't quite as attuned to political correctness and social niceties as bankers like Wells Fargo that have gotten government bailouts. But here's the rub. Pres Obama recently announced ways for people with mortgage problems to get monthly payments lowered. It's complicated and you have to prove you are undergoing hardship...........since family helped with payments you may not qualify for Obama's relief.......you may have to get in trouble again (and shun family assistance) in order to improve your ability to pay in the future. It's counter-intuitive and goes against everything we've learned about fairness...... SOURCE http://www.nypost.com/seven/03082009/business/dont_bank_on_mortgage_help_158581.htm

Who is going to work all these mortgage refi’s? Most are on the unemployment line. DUH! Great plan!

They'll hire back all the refi guys as govt. employees. Then about 20 billion of that 75 billion will actually make to mortgages - the rest will be lost in the ether of bad govt.

Obama is trying to make everyone dependent on Government, hence his desire to kill the charitable deduction, and not allowing families to get both familial help and gov’t help.

Their plan is to make sure 50% do not pay taxes and are dependent on gov’t largesse.

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