Posted on 08/05/2010 6:39:02 AM PDT by Daisyjane69
Edited on 08/05/2010 6:53:02 AM PDT by Admin Moderator. [history]
James Pethokoukis hears rumors of an August surprise coming from the White House, one that will attempt to win backs the hearts and minds of voters dismayed at the failing economic policies of the Obama administration. With the government fully in control of Fannie Mae and Freddie Mac, Barack Obama may issue an order to forgive portions of underwater mortgages processed through the GSEs, where negative equity approaches $800 billion overall. Some financial houses have begun quietly preparing for the possibility:
Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion. Recall that on Christmas Eve 2009, the Treasury Department waived a $400 billion limit on financial assistance to Fannie and Freddie, pledging unlimited help. The actual vehicle for the bailout could be the Bush-era Home Affordable Refinance Program, or HARP, a sister program to Obama’s loan modification effort. HARP was just extended through June 30, 2011.
The move, if it happens, would be a stunning political and economic bombshell less than 100 days before a midterm election in which Democrats are currently expected to suffer massive, if not historic losses. The key date to watch is August 17 when the Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie. …
>>Gee, I feel like a fool for paying off my mortgage
I don’t. No strings attached.
This is descrimination against those of us who have conventional mortgages.
What a great handle. What a beautiful tree. It's fantastic for making bows.
>>They will have to borrow the money from the fed.
Borrow? Borrow implies an intent to repay.
This looks more like a Ponzi-scheme, where there’s no intent repay the majority of investors (the American People) - with a never ending and increasing need for new suckers on the bottom of the pyramid; all to keep the scheme running for the benefit of the elitist few that game the system...from behind a curtain of Bullshyte and Disinformation.
Where’s Toto when you need him?
Extremely bad news.
florida news ping.
The key problem in North Carolina is high state taxes. The income tax structure is very flat but set at a very high rate. One can pay more to NC than to the Feds (though that may change over the next few years). The high local taxes keep business out, the Laffer Curve having never made it into UNC business school curricula apparently. And they keep raising the rates.
So, they offer sweetheart deals that always end up being cesspools of corruption (surprize, surprize). Just lowering tax rates never seems to occur to the meatheads in Raleigh or many of the county seats. Not sure how to get them to see sense.
.
It's a real pretty wood.
http://www.etsy.com/listing/13169427/large-osage-orange-wood-bowl
FRegards,
You’ll enjoy this series:
http://www.chrismartenson.com/crashcourse
It gives you a feel for where I am coming from.
in these cases you could ONLY have an appraisal from one of the banks approved appraisers.
those appraisers were on the list because they gave favorable appraisals to the BANKS SPECIFICATIONS.
If you did not obey the bank you were not on the list.
If you did not use the list, you loan was rejected.
these standards guarantee very few will partake.
most homes are more than 125%, some have even dropped 200% loan to value.
If the loan was current, why would they be in a mess?
This is another Obama pr scam.
What about the “dumb” people who paid cash for their house.
We’re “upsidedown / underwater” -— can we claim we loaned the money to ourselves -— we were our own bank -— why can’t we be bailed out ????
In a word... yes.
Eaten by Rats.
“You mean making payments month after month, year after year, just means that I’ve been a sucker?????”
Apparently.
AND......
you will be penalized for it as well.
“I would be surprised if he goes this far. This is way beyond the usual demagoguery.”
Sorry FRiend, but if you believe this then you haven’t been paying attention.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.