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Thread: More Money for Struggling Homeowners

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    More Money for Struggling Homeowners

    For the roughly four million homeowners who have fallen behind on their mortgage payments, the federal government is offering yet another remedy: free money to catch up on their loans.

    The effort, called the Emergency Homeowners Loan Program, is the latest in the federal government's efforts to slow down the flood of foreclosures a necessary step to a meaningful recovery in the housing market, says a Department of Housing and Urban Development official. For people who have lost their jobs, the $1 billion program offers loans of up to $50,000 that don't actually need to be repaid, if applicants meet certain requirements.

    Link: more-money-for-struggling-homeowners-smartmoney: Personal Finance News from Yahoo! Finance


    Are you kidding me?


    Tim-
    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
    “Socialism is great until you run out of someone elses money” Margaret Thatcher

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    Re: More Money for Struggling Homeowners

    The proper answer is "Out on the street you bums". OTHER, honest tax paying, law abiding citizens that MAKE their payments on time merely get... more taxes, programs like this just encourage more folks to default in hope sof being "saved" by the government.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: More Money for Struggling Homeowners

    A lot of houses that were in pre-foreclosure were taken off the listings here recently because of government assistance. There are probably 20 foreclosures in the 4sq. mile area we're looking at homes in, though.
    "Hmmm...Can't decide if I want to watch "Four Houses" or give myself an Icy Hot pee hole enema..." - Blake Shelton


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    Re: More Money for Struggling Homeowners

    But...but...but more government spending is good for the economy.

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    Re: More Money for Struggling Homeowners

    Andrew Mellon famously quoted prior to the Great Depression, "Liquidate labor, liquidate stocks, liquidate farmers.” And they did...... Then we had a great depression.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: More Money for Struggling Homeowners

    I don't agree with the government being everyone's keeper but I will say this.......If we had truely wanted to help the economy a program lke this would have been more effective than the billions upon billions we gave Wall Street.

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    Re: More Money for Struggling Homeowners

    Quote Originally Posted by Goldenboy219 View Post
    Andrew Mellon famously quoted prior to the Great Depression, "Liquidate labor, liquidate stocks, liquidate farmers.” And they did...... Then we had a great depression.
    The problem with Mellon's policy proposal was that he failed to realize the fundamental changes that the Federal Reserve had brought to the system, as it replaced the private/state clearing houses that had acted as lenders of last resort and then failed to do what they would have. The Federal government failed to effectively do what evil businessman JP Morgan had in 1907.

    The Fed pumped money into the boom of the 20s to maintain price levels, which lead to malinvestment, a necessary adjustment and then the Fed completely reversed course. There was no reason to maintain price levels in dollars as dollars are not real money. Inflationary policies of the 20s were then suddenly reversed and without any time for the markets to soften the blow. Because this bad policy was centralized in the Fed it meant that the error of only one actor was necessary for the whole thing to come tumbling down.

    The Federal Reserve caused the Depression and made it worse than it would have been by eliminating the mechanisms that banks had previously used.

    If you are arguing that we should actively try to prop up malinvestment, then you understand far less than Mellon.
    Last edited by BayToBay; 06-30-11 at 05:18 PM.

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    Re: More Money for Struggling Homeowners

    Quote Originally Posted by Hicup View Post
    People should get into the process of short-selling before they enter into forclosure. Banks should be more lenient and approve short-sales more readily. Banks should also be more willing to assist people with buying a new home, but because their leniency to the excess over home-selling created this problem to begin with that won't change soon. They made mistakes and now everyone's regretting it.

    We're goin to be moving - and I'm not about to buy a foreclosed home because it feels morally wrong - some people have had to be evicted. I wouldn't want to face possible issues because of someone else's grudge and personal issues. . . .that is just a "keep away" sign for me. But I will buy a home listed as a short-sale without hesitation.
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    It has happened before, but there is nothing to compare it to now.
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    Re: More Money for Struggling Homeowners

    Quote Originally Posted by 1Perry View Post
    I don't agree with the government being everyone's keeper but I will say this.......If we had truely wanted to help the economy a program lke this would have been more effective than the billions upon billions we gave Wall Street.
    I agree, although I must say that I do NOT agree with this kind of thing, if TARP, and the Stimulus had to happen, the money would have been better spent giving it directly to the people. If that's what you meant?


    Tim-
    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
    “Socialism is great until you run out of someone elses money” Margaret Thatcher

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