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Thread: Obama seeks to aid 9 million homeowners

  1. #41
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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by independent_thinker2002 View Post
    Our tax money is going to go somewhere. It's inevitable.
    No. Its not.

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    Re: Obama seeks to aid 9 million homeowners

    HUD Secretary Shaun Donovan said that, absent the program, as many as 6 million homes are projected to go into foreclosure over the next three years. "We believe we can help a very large share of these," he said. "We believe we can get to the majority of the foreclosures."

    He emphasized that the program will help homeowners who are not in mortgage trouble by propping up home values. "The average home across the country would gain $6,000 in value," he said.
    $75B Program Aims to Lower Mortgages, Foreclosures - washingtonpost.com

    Sweet! Let's keep on artificially inflating home values! What POSSIBLE negative impact could THAT have?
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: Obama seeks to aid 9 million homeowners

    An Obama representative was on the Today Show. Today.

    Rewarding the bad behavior of borrowers is better than not rewarding them.

    Spending $250,000 per job created is better than not spending it.

    Got that?

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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by sazerac View Post
    An Obama representative was on the Today Show. Today.

    Rewarding the bad behavior of borrowers is better than not rewarding them.

    Spending $250,000 per job created is better than not spending it.

    Got that?

    Give me $5M and I'll create at LEAST 20 jobs in the next year.

  5. #45
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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Goobieman View Post
    Maybe I misunderstood something.

    I heard that the FedGvmnt was going to spend $x to help people out of foreclosures, by getting/forcing lenders to lower interest rates and re-finance houses based on their current value.

    So... I refinance my house at, say, 60% of what I bought it.

    5 years from now, when real estate process go back up, it might be worth 25% more than what I bought it.

    What keeps me from selling that house at a HUGE profit?

    Obviously, I am not in that situation but I am paying for people who are -- and thery stand to make a LOT of money off of it.

    Anyone else have a problem with this?
    If it turns out to be like you presented it then I will agree with you 1000%, however I think you might be misreading what is going on. I think what's going to happen is that they will refinance the house at the same value of their mortgage, but with a longer payment schedule. So say you started at a 15 year repayment rate, you will now be able to refinance to a 30 year rate and reduce your payments by say 35%. I could be wrong though.
    Affiant further sayeth not.

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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by independent_thinker2002 View Post
    Our tax money is going to go somewhere. It's inevitable.
    That flushing sound you hear...
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

  7. #47
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    Re: Obama seeks to aid 9 million homeowners

    MORAL HAZARD

    That's all i have to say about that...
    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: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by RightinNYC View Post
    Sweet! Let's keep on artificially inflating home values! What POSSIBLE negative impact could THAT have?
    If the value of a home is decreased to reflect its real market price, how is it being artificially inflated? Do you even try to understand these issues?

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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by WillRockwell View Post
    If the value of a home is decreased to reflect its real market price, how is it being artificially inflated? Do you even try to understand these issues?
    This piece of legislation aims to alleviate the instances of foreclosure. While it might lack the short run ability to drive prices up, a decreased propensity of foreclosure would do wonders to end the drop in housing prices.

    Which is a bad thing IMHO, because there is a fundamental reason why people are not buying houses. The prices are way to high for the given supply.
    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

  10. #50
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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Goldenboy219 View Post
    This piece of legislation aims to alleviate the instances of foreclosure. While it might lack the short run ability to drive prices up, a decreased propensity of foreclosure would do wonders to end the drop in housing prices.

    Which is a bad thing IMHO, because there is a fundamental reason why people are not buying houses. The prices are way to high for the given supply.
    Yeo.
    People have little idea what the game is or what will happen.
    There are a lot of other places for people to put their money at the moment, and when the rules of the game are not clear... why play against the government?
    The Clintons are what happens...
    when you have NO MORAL COMPASS.

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