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Thread: Obama administration to order lenders to cut mortgage payments for jobless

  1. #91
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Glinda View Post
    Um. Yeah.

    See where I said the same thing to Catz in post 31?



    I then responded to braindrain, who said:



    … by giving her a simple example of how the market and economy affect the value of a home regardless of a homeowner's actions. As for "bad behavior," that belongs to the unscrupulous mortgage brokers and lenders who set the foreclosure extravaganza in motion by trading hyper-inflated junk.

    The value of the house changing does not effect the homeowners inability to make thier payments. I agree that paying 500000 for a house that is worth 25000 sucks but that is life. Maybe they shouldnt have bought that house.

    I'm not advocating "totally alleviating the negligence of the home buyers." Where did you get that idea?



    Who said I don't "have enough money to continue my payments?" Where is this coming from?



    No. I didn't say that either. This odd penchant you have for reading things that simply aren't there is quite annoying.




    WTF? Do you people know how to read? Do you know the meanings of all the words or do you just make it up as you go along?

    Where in the hell did I say the government should pay my mortgage for me? Direct quote, please. Thanks.

    Well the GOV is going to help people by getting banks to lower or eliminate some payments and you said you agreed with this policy so that is probably where people are getting this idea.


    Actually, the house was in great condition. Just six years old and nicely maintained, but it was just a fairly basic structure without many bells and whistles. I upgraded everything inside and out, but the house was in fine shape to start with (although the road and the yard were not).



    Good grief, people! Follow the conversation!

    I told the story of how my home value dropped to show braindead that his/her "solutions" ("get a better job, sell your house, don't behave badly") were not only silly, but ignorant; that the market (and how lack of government regulation on the industry allowed it to be manipulated by unscrupulous mortgage brokers) caused my home value to drop, NOT anything I did wrong or foolishly or without proper caution and consideration.

    Did your home value droping make your mortgage payments go up? If not than I dont see how that changes anything.
    Sheesh!
    I never said that is a solution to the mess we are in. It is what should have been done before we got into this mess. And now that we are in this mess we have to all live with the choices we made. If that means you lose your house and lots of money well that is life. Sucks but that is the way it is in a free society. And once again what does home value have to do with the GOV helping people make payments to thier house which is what the thread is about. People signed the contract that sayed they were going to make x amount of payments of x amount of dollars. And now they want to make other people help them pay for thier house. Well that is not the way it is supposed to work.
    Last edited by braindrain; 03-27-10 at 05:16 PM.
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  2. #92
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Dezaad View Post
    I believe you are supposed to use the title of the article for the thread title when posting in the Breaking News forum. In this case, it would be:

    "Obama readies steps to fight foreclosures, particularly for unemployed"

    rather than the transparently partisan one you used.
    I did use the actual Title of this news article.

    Had I not done so I think you may rest assured that a mod would have, by now sent me an admonishing email.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Dezaad View Post
    If you would have read even the actual title for the article, you would know:
    1. That the assistance would be for the unemployed. Therefore:
    2. That the people being talked about probably can afford the house they are in once the economy generates enough jobs for everyone. And:
    3. That they probably can't buy another house right now, or even rent an apartment. Some of these people might end up homeless. How's about they live on the corner at the end of your street, eh?
    If you would have read a few articles about Republican philosophy in the last, oh 7 years, you would have heard the slogan "ownership society" where they were encouraging, among other things, home ownership.

    Home ownership for the many is hugely beneficial to society. The way it was to have gone about may have contributed a miniscule amount to the financial crisis, unfortunately. But, it isn't "the reason" that we're in the mess we are in today.
    IMO one of the reasons for the mess we are in is that Fanny & Freddie were given free rein to loan money to anyone without Fanny & Freddy determining whether they were able to afford these mortgages after the initial teaser period was over.

    Now all you need do is decide who loosed the purse strings of Fanny & Freddy.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Glinda View Post
    I'm not advocating "totally alleviating the negligence of the home buyers." Where did you get that idea?
    They bought to much house than they really could afford, that is the moral of the story.


    Quote Originally Posted by Glinda View Post
    Who said I don't "have enough money to continue my payments?" Where is this coming from?
    It was a general reference, if someone buys a house they can't afford to keep paying on when they loose their job, they couldn't afford it at all.

    What you can afford should be a factor of when things are there best and worst.
    If you loose your job will your unemployment benefits and savings cover the payments?
    If the answer is no, you can't afford that house.


    Quote Originally Posted by Glinda View Post
    No. I didn't say that either. This odd penchant you have for reading things that simply aren't there is quite annoying.
    That's what the problem is though, people think the government should save them from a stupid investment decision.
    That was a choice they made, if they didn't study the risks of what they were doing, they need to learn the lesson the hard way.
    Last edited by Harry Guerrilla; 03-27-10 at 07:24 PM.
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Glinda View Post

    Now explain to me how I can possibly be faulted for the loss of value to my home. Please.

    I'm all ears.
    Explain to me why my tax dollars have to be used to cover your bad investment. I'm all ears.
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Lord Tammerlain View Post
    Obama caused these foreclosures?
    mom don't know and mom don't care

    he was elected to fix it

    This economic mess is far beyond anything Obama, has done or could have done.
    maybe, maybe not

    but he'll take the blame either way, fair or not

    he's president, that's just the way it works

    if he can't handle it, he shouldn't have run

    Everything he has done so far has made the situation less severe in the short term
    Half of U.S. Home Loan Modifications Default Again (Update1) - Bloomberg.com

    Obama's HAMP program 'failed miserably' at preventing foreclosures | OregonLive.com
    Last edited by The Prof; 03-27-10 at 09:02 PM.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by apdst View Post
    Explain to me why my tax dollars have to be used to cover your bad investment. I'm all ears.
    The same reason MY tax dollars have to go for wars that YOU want. Not everything the government spends money on is what YOU or I want it to be spent on. DEAL with it or vote against YOUR representatives if you don't like it.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by The Prof View Post
    mom don't know and mom don't care

    he was elected to fix it



    maybe, maybe not

    but he'll take the blame either way, fair or not

    he's president, that's just the way it works

    if he can't handle it, he shouldn't have run



    Half of U.S. Home Loan Modifications Default Again (Update1) - Bloomberg.com

    Obama's HAMP program 'failed miserably' at preventing foreclosures | OregonLive.com
    That Obama will take the blame I have no doubt. That is the way politics rolls.

    Obama knows this, which is why you have the massive stimulus, the bailouts. If somehow the economy is improved by the 2012 election then he will be reelected. If it sinks somemore he wont. All that almost any politician cares about is that the negative effects of their policies dont come home to roost untill the next person is in their spot
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by jujuman13 View Post
    Link
    washingtonpost.com

    Does the President of the USA have the power and the right to legally make this happen.
    I ask because I have no idea as to the extent of his powers.
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    They bought to much house than they really could afford, that is the moral of the story.
    You could say that banks issued more loans than they could cover. Or real estate agencies took on more case loads than they could move. Since everybody is engaged in market activity, it is the businesses and not the consumers that must be held responsible, because the businesses have more knowledge of the economics and legalities of their market. When an adult and a child are participating in a dubious activity, we hold the adult and not the child more responsible because they are the ones who have more knowledge of appropriate behavior.
    Last edited by Morality Games; 03-28-10 at 08:09 PM.
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