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Thread: About that “loan”: Obama team writes off $7 billion taxpayers loaned Chrysler

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    About that “loan”: Obama team writes off $7 billion taxpayers loaned Chrysler

    Seems that there is a double standard in place here. If you are a homeowner and can't pay your mortgage, there is no help for you. However, if you are a corporation, your debts can be forgiven, and billions of dollars are written off.

    Is it just me, or does anybody else see a problem here?

    Article is here.
    Last edited by danarhea; 05-06-09 at 02:16 AM.
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    Re: About that “loan”: Obama team writes off $7 billion taxpayers loaned Chrysler

    The way the Obama Administration has handled the auto companies (especially Chrysler) has been a disaster, and it's the first major screwup of his administration. Chrysler should've been allowed to go bankrupt under the normal legal process, which means that secured creditors get paid off before the unsecured creditors get anything. The government and the UAW now own this abomination. This can't end well.
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    Re: About that “loan”: Obama team writes off $7 billion taxpayers loaned Chrysler

    Quote Originally Posted by Kandahar View Post
    The way the Obama Administration has handled the auto companies (especially Chrysler) has been a disaster, and it's the first major screwup of his administration. Chrysler should've been allowed to go bankrupt under the normal legal process, which means that secured creditors get paid off before the unsecured creditors get anything. The government and the UAW now own this abomination. This can't end well.
    I'll go one more than you. Chrysler shouldn't exist anymore.

    Keeping a failing business on life support is just complete stupidity.
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    Re: About that “loan”: Obama team writes off $7 billion taxpayers loaned Chrysler

    Didn't Air Canada, Air India and a few other international airlines have similar economic problems a few years ago when gas prices started going up? I agree. The Obama administration should have told them file for Chapter 11 or Chapter 7.
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    Re: About that “loan”: Obama team writes off $7 billion taxpayers loaned Chrysler

    My preference has been not to assist the auto companies, as they do not pose systemic risk to the nation's economy. This latest development is disappointing and may well set a precedent that other companies aided by the U.S. government could seek to follow. The value of the equity stake likely will not approach that of the written-off loans, particularly on a present value basis.

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    Re: About that “loan”: Obama team writes off $7 billion taxpayers loaned Chrysler

    Quote Originally Posted by danarhea View Post
    Seems that there is a double standard in place here. If you are a homeowner and can't pay your mortgage, there is no help for you. However, if you are a corporation, your debts can be forgiven, and billions of dollars are written off.

    Is it just me, or does anybody else see a problem here?

    Article is here.
    It's just you, because you don't care about the facts. The government is committing much more than $4 billion to help homeowners.

    The Obama administration said Tuesday it is expanding its plan to stem the housing crisis by offering mortgage lenders incentives to lower borrowers' bills on second mortgages.

    During the housing boom, lenders readily gave out "piggyback" second loans that allowed consumers to make small down payments or avoid them entirely. While home prices soared, such mortgages were even extended to borrowers with poor credit scores and people who didn't provide proof of their incomes or assets.

    But those loans, which are attached to about half of all troubled mortgages, have been an obstacle to efforts to alleviate the housing crisis. That's because borrowers who are trying to get their primary mortgage modified at a lower monthly payment need the permission of the company holding the second mortgage.

    The new plan aims to get rid of that roadblock, administration officials said. "We're offering even more opportunities for borrowers," Treasury Secretary Timothy Geithner said in a statement.

    The new incentives are estimated to help up to 1.5 million borrowers with second mortgages, Housing Secretary Shaun Donovan said. While data on how many household have been helped by the Obama administration's housing plans are not available, Donovan told reporters there have been "hundreds of thousands of applications."

    The administration's second mortgage initiative will be funded out of $50 billion in financial rescue money already allocated. As an incentive to modify second loans at lower interest rates, mortgage companies would get $500 upfront for each modified loan, plus $250 a year for three years as long as the borrower doesn't default.
    Obama: Mortgage Help For Homeowners To Be Expanded

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    Re: About that “loan”: Obama team writes off $7 billion taxpayers loaned Chrysler

    Quote Originally Posted by WillRockwell View Post
    It's just you, because you don't care about the facts. The government is committing much more than $4 billion to help homeowners.



    Obama: Mortgage Help For Homeowners To Be Expanded
    Not homeowners. Homeowners who had bad credit and should never have been given loans. Or people who took second mortgages out on the houses they couldn't afford. The Obama administration is not helping homeowners that did things right. They are rewarding something that in most cases should not have happened in the first place.

    Those of us who bought a house in our budget, paid our mortgage on time every month and made sacrifices to ensure said payment, are not getting an ounce of help. We don't need it, either. It's just not fun watching deadbeats & overspenders get it.
    Quote Originally Posted by soccerboy22 View Post
    You guys are weird.

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    Re: About that “loan”: Obama team writes off $7 billion taxpayers loaned Chrysler

    Quote Originally Posted by StandUpChuck View Post
    Not homeowners. Homeowners who had bad credit and should never have been given loans. Or people who took second mortgages out on the houses they couldn't afford. The Obama administration is not helping homeowners that did things right. They are rewarding something that in most cases should not have happened in the first place.

    Those of us who bought a house in our budget, paid our mortgage on time every month and made sacrifices to ensure said payment, are not getting an ounce of help. We don't need it, either. It's just not fun watching deadbeats & overspenders get it.
    Like you said, you don't need it. And just because you don't is no reason to label those who do "deadbeats"...they are not.

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    Re: About that “loan”: Obama team writes off $7 billion taxpayers loaned Chrysler

    Quote Originally Posted by WillRockwell View Post
    Like you said, you don't need it. And just because you don't is no reason to label those who do "deadbeats"...they are not.
    You think people who bought houses they could not afford and now are looking for help from the gov't NOT deadbeats?
    Quote Originally Posted by soccerboy22 View Post
    You guys are weird.

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    Re: About that “loan”: Obama team writes off $7 billion taxpayers loaned Chrysler

    Quote Originally Posted by danarhea View Post
    Seems that there is a double standard in place here. If you are a homeowner and can't pay your mortgage, there is no help for you. However, if you are a corporation, your debts can be forgiven, and billions of dollars are written off.

    Is it just me, or does anybody else see a problem here?

    Article is here.
    The real story here is that this is just the beginning of many Obama failures to come. Wasn't it Obama who argued that we needed to bail out these companies because letting them fail was not an option?

    It is BAD/STUPID policy to EVER use the tax payer’s money to bail out ANYONE period.

    Now, along with the billions that went to GM, the taxpayers are once more going to be expected to BAIL out the Governments $1.8 trillion deficits by being taxed to death thanks to poorly informed, poorly thought out Liberal policy that never ever leads to a solution, just more of the same.

    But it won’t end here people, there is so much more to come and many more companies that will be bankrupt thanks to the bankrupt philosophy that now infests Washington DC.

    Only Liberals can believe that one can BORROW and PRINT money to the tune of $1.8 trillion to lead a nation out of recession. But let's all be honest here, this had nothing to do with SAVING the economy and EVERYTHING to do with re-structuring it into a Socialist welfare state.

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