You mean these folks will not get ANOTHER "piece o' the pie"?
Posted on 02/25/2011 4:55:49 PM PST by pissant
WASHINGTON (CNNMoney) -- In the latest blow to Obama signature programs, Republicans are now aiming to kill several White House plans aimed at keeping underwater borrowers in their homes.
The House GOP announced hearings for next week aimed at ending "failed and ineffective" housing programs.
The four plans on the chopping block include the Home Affordable Modification Program (HAMP), the Neighborhood Stabilization Program, the Federal Housing Administration Refinance Programs and the Emergency Homeowner Relief Fund. The move would save about $38 billion remaining and unspent by the four programs, according to House Republicans.
"In an era of record-breaking deficits, it's time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners," Rep. Spencer Bachus, an Alabama Republican who chairs the House Financial Services Committee, said in a statement.
(Excerpt) Read more at money.cnn.com ...
You mean these folks will not get ANOTHER "piece o' the pie"?
Great news. No amount of money is going to solve the problem of way too much housing stock.
I wonder if the building materials of the “ghost subdivisions” will be salvaged someday, or if it will be a less-stylish repeat of the “Ruins of Detroit.”
Considering that most of the people who went through these programs were bck in foreclosure witin 6 motnhs I’d say canceling them is a very good idea.Just let it all fall and get it over with,
You can’t keep up on the corruption in the real estate and financial markets.
I’ve made offers on 5 homes in the last 6 months during a period of foreclosures and nearly all play the same game, but there are variations on theme every 2-4wks.
The prevailing game at present is for those who foreclose, stop making payments, lien-holder takes over. 3-10 times as many foreclosures out there than what are shown on the market. This is being intentionally done so as not to crash the financial institutions and public value of the market.
Those owners who have their properties foreclosed, are allowed to stay in the homes in many cases, because the cost of security is less to the lien-holders than evicting them.
Some, who can afford to make std market payments, though locked into high value loans, appear to follow this game, which is probably illegal, or should be.
Owner vacates. Lienholder or a interest drops $6-$20k in cosmetics on the property to make it attractive in a sales market. Offers are made as a foreclosure. Offer is then used as a basis of a new competitive assessment. New loan papers drawn up with original home owner at the offer rate, plus about $12k-$20k admin costs for all administrative parties involved, each earning about $500-$5k on the transaction. Property is then sold again to the new home owner, generally related to or the original owner.
I’ve seen this happen 5 times since Oct10 in a market, where this would account for about 1% of all sales in that time period.
From speaking to Brokers, the game is changing monthly.
“WTF?”
They are “winning the future”.
It is called “BUYING THE 2012 VOTE” with taxpayer money that does not exist.....do any of these people understand how dangerous this kind of scam is to what is left of our country??
Under water or over the dam, I don't care which. If you owe on your mortgage, make your payments, like the rest of us! You signed the contract! Oh, I forgot! In this day and age, contracts aren't worth the paper they are written on. Ask GM and Chrysler bond holders!
Good now how about the Banks dumping their toxic loans on the taxpayers through the GSE's? We already have $6.3 Trillion in those that obama left off his budget.
It takes this MCM bunny awile, but finally she admits, “But unlike other Obama programs that the GOP is targeting — such as the Consumer Financial Protection Bureau and health care reforms — the mortgage modification program, in particular, has faced criticism that transcends party lines.”
The first act this congress should have taken is to end this BS under TARP and return all funds. They have been really behind the ball about 99.9 % of the time.
I’m amazed that the program has handed out or could hand out that much money—it seems to be almost impossible to qualify.
Buy ammo now for when the trough goes empty it will be too late.
Ammo will be useful, but you can'gt eat it. Get some nonperishable food, as well.
Good. Those programs should have not existed in the first place. Time to take a temporary market value hit and get those houses on the market and back in strong hands.
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