Page 4 of 11 FirstFirst ... 23456 ... LastLast
Results 31 to 40 of 102

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

  1. #31
    You kids get off my lawn!
    Glinda's Avatar
    Join Date
    May 2009
    Last Seen
    06-11-11 @ 02:01 AM
    Lean
    Undisclosed
    Posts
    1,716

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

    Quote Originally Posted by Catz Part Deux View Post
    By all means, we want to encourage homeowners to continue IN THEIR HOMES. Our economy cannot handle another glut of foreclosures because homeowners are in underwater mortgages...and a lot are.
    And through no fault of their own, but rather as a direct result of the greedy and unscrupulous mortgage brokers and lenders who set the foreclosure extravaganza in motion by trading hyper-inflated junk.

    Quote Originally Posted by braindrain View Post
    We should not be rewarding bad behavior by letting people keep the houses that they should have never got in the first place.
    Let me tell you a story...

    In 2004, I purchased my home for $194,000. Over the course of the last six years, I've invested a lot of sweat and at least $50,000 toward improvements - completely rebuilt the gutted 1/5-mile gravel road, planted an enormous lawn, fruit trees, arbor vitae, 30+ rose bushes and hundreds of bulbs and assorted other plants, built an 8 x 12' greenhouse, three raised vegetable beds, an 8 x 12' Tuffshed, added a large deck on the front of the house and a roof and enclosure for the back deck, put in new carpet, new interior paint, new water heater, new kitchen sink/fixtures and Insinkerator, ran electrical lines to the outbuildings, new septic pump, completely rewired the garage, and on and on and on.

    Two years ago, my home was assessed at $269,000 (before the roof/room was added to the back deck).

    Today, the state assessor values my place at $187,000. Imagine its current "value" had I never invested a dime.

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

    I'm all ears.

    Quote Originally Posted by braindrain View Post
    They should have to sell the house and get something they can afford.
    Pray tell, who do you suppose is going to buy it? All the unemployed people out there whose homes are being foreclosed upon?

    Quote Originally Posted by braindrain View Post
    If you want to own a house or a bigger house than you should get a better job
    And when millions of jobs disappear because the economy is in a pit... Then what?

    Quote Originally Posted by braindrain View Post
    This everyone should own a home thinking is a big part of the reason that we are in the mess we are in.
    I think it's clear you have no real understanding of how we've come to the point we have.

  2. #32
    Banned
    Join Date
    May 2009
    Location
    Redneck Riviera
    Last Seen
    07-09-11 @ 06:11 PM
    Gender
    Lean
    Moderate
    Posts
    28,728

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

    Quote Originally Posted by MrVicchio View Post
    I read the article, obviously you have no clue about how economics or business works.
    Here's another article on it. If you'd read the original article, you'd realize that no new funds are being allocated to "rescue" homeowners. Instead, banks are being encouraged to adjust mortgage balances and/or work with homeowners to help them stay out of foreclosure.

    Interestingly enough, Bank of America announced today a program that is virtually IDENTICAL in some regards to what Obama proposed doing. If ALL banks were doing this on their own, it's likely the government wouldn't be stepping in to ask them to do it.

    Unfortunately, some banks' shortsighted policies have brought us to this place, from irresponsible/predatory lending to overvalued portfolios.

  3. #33
    Noblesse oblige
    Ockham's Avatar
    Join Date
    Oct 2009
    Location
    New Jersey
    Last Seen
    01-27-17 @ 07:23 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    23,909
    Blog Entries
    4

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

    It would be better for the financial institutions to keep these people in their homes and paying on their homes rather than walk away and take the hit. The banks however, will get their money either way - though they may not get as much. So the thought that this is saving our financial institutions isn't really a valid point. The point that people will be taking personal hits on their credit scores is a valid point.

    But neither leaving things as they are, or addressing them the way Obama wants to leads to the bigger issue: American's are not all entitled to own a home. My issue here is the banks and lenders got whacked with overextending risk to people they knew could not pay, on homes that were WAY above thier heads. Congressional members urged banks to lend like this then denied it all. The over-arching issue about lending money lurched to a crawl and now is getting a little better - but wasn't fully addressed. Until it is, this housing bubble may yet occur in the future. Standard lending practices need to be adopted and the high risk quick resell of mortgages to people who have no business owning a home is a bad practice I fear we'll see again in the future.
    “I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


  4. #34
    Banned
    Join Date
    May 2009
    Location
    Redneck Riviera
    Last Seen
    07-09-11 @ 06:11 PM
    Gender
    Lean
    Moderate
    Posts
    28,728

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

    Quote Originally Posted by Ockham View Post
    It would be better for the financial institutions to keep these people in their homes and paying on their homes rather than walk away and take the hit. The banks however, will get their money either way - though they may not get as much. So the thought that this is saving our financial institutions isn't really a valid point. The point that people will be taking personal hits on their credit scores is a valid point.

    But neither leaving things as they are, or addressing them the way Obama wants to leads to the bigger issue: American's are not all entitled to own a home. My issue here is the banks and lenders got whacked with overextending risk to people they knew could not pay, on homes that were WAY above thier heads. Congressional members urged banks to lend like this then denied it all. The over-arching issue about lending money lurched to a crawl and now is getting a little better - but wasn't fully addressed. Until it is, this housing bubble may yet occur in the future. Standard lending practices need to be adopted and the high risk quick resell of mortgages to people who have no business owning a home is a bad practice I fear we'll see again in the future.
    None of this addresses the people who are underwater in mortgages because of inflated property values, or the issue of people who've lost their jobs as the result of the recession and can't sell their homes...because of the recession. So, while I ddon't necessarily disagree with your points, they largely have nothing to do with the topic of the thread.

  5. #35
    Traditionalist
    phattonez's Avatar
    Join Date
    Jun 2009
    Location
    Los Angeles, CA
    Last Seen
    12-05-17 @ 03:45 PM
    Gender
    Lean
    Other
    Posts
    20,072

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

    Quote Originally Posted by Glinda View Post
    And through no fault of their own, but rather as a direct result of the greedy and unscrupulous mortgage brokers and lenders who set the foreclosure extravaganza in motion by trading hyper-inflated junk.
    BS! They took out loans that they couldn't pay back. At the very least both lenders and borrowers are to blame.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

  6. #36
    Sage

    Join Date
    Jul 2009
    Last Seen
    05-16-15 @ 02:32 PM
    Lean
    Undisclosed
    Posts
    12,537

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

    we've already addressed these poor underwater suckers AND the topic of this thread

    the FORECLOSURE CRISIS is significantly WORSE under obama

    that's AP pontificating, not the pleasant prof

    obama's HOME AFFORDABLE MODIFICATION PROGRAM has "failed and failed miserably," says JACKIE SPEIER

    2.82M homes went under in 09, we're looking at 4.5M in 2010

    obama promised to keep 4M americans in their homes thru his bailout efforts, only 170,000 were serviced

    HALF of those who received aid have ALREADY defaulted

    get real

    the housing market which more than anything else led us HERE is FAR WORSE today after a year of ahab obama, the chaser of the great white whale of health care

    Obama's HAMP program 'failed miserably' at preventing foreclosures | OregonLive.com

  7. #37
    You kids get off my lawn!
    Glinda's Avatar
    Join Date
    May 2009
    Last Seen
    06-11-11 @ 02:01 AM
    Lean
    Undisclosed
    Posts
    1,716

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

    Quote Originally Posted by phattonez View Post
    BS! They took out loans that they couldn't pay back. At the very least both lenders and borrowers are to blame.
    You, too, seem to have a very limited understanding of how we came to this place. This article may help you to understand the role Greenspan, Phil Gramm, GWBush, et al played in the housing/lending debacle, which created and allowed mortgage fraud on a national scale.

    Alan Greenspan’s Financial History For Lobotomy Victims

  8. #38
    Noblesse oblige
    Ockham's Avatar
    Join Date
    Oct 2009
    Location
    New Jersey
    Last Seen
    01-27-17 @ 07:23 PM
    Gender
    Lean
    Libertarian - Right
    Posts
    23,909
    Blog Entries
    4

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

    Quote Originally Posted by Glinda View Post
    You, too, seem to have a very limited understanding of how we came to this place. This article may help you to understand the role Greenspan, Phil Gramm, GWBush, et al played in the housing/lending debacle, which created and allowed mortgage fraud on a national scale.

    Alan Greenspan’s Financial History For Lobotomy Victims

    Wait - no one put a gun to your head and forced you to sign the mortgage and I assume you knew that, however slight the chances, that housing prices do not always go up in the short term and value may go down. There is some accountability here by the home owners and while I know you're not saying this is 100% Greenspan's, Bush, Gramm's fault - and I might add, culpability by Congress on both sides of the isle, the rest of us who have seen our homes value drop is not due to the owners doing. We're at the mercy of the market and the forces that drive it.

    We still always have a choice...
    “I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


  9. #39
    Sage
    Harry Guerrilla's Avatar
    Join Date
    Dec 2008
    Location
    Not affiliated with other libertarians.
    Last Seen
    09-01-17 @ 02:38 PM
    Gender
    Lean
    Libertarian
    Posts
    28,955

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

    Quote Originally Posted by Glinda View Post
    And through no fault of their own, but rather as a direct result of the greedy and unscrupulous mortgage brokers and lenders who set the foreclosure extravaganza in motion by trading hyper-inflated junk.
    If you totally alleviate the negligence of the home buyers, this crap will happen all over again.

    Your supposed to make sure you have enough money to continue your payments even if you loose your job.
    It's called financial planning.

    Quote Originally Posted by Glinda View Post
    Let me tell you a story...

    In 2004, I purchased my home for $194,000. Over the course of the last six years, I've invested a lot of sweat and at least $50,000 toward improvements - completely rebuilt the gutted 1/5-mile gravel road, planted an enormous lawn, fruit trees, arbor vitae, 30+ rose bushes and hundreds of bulbs and assorted other plants, built an 8 x 12' greenhouse, three raised vegetable beds, an 8 x 12' Tuffshed, added a large deck on the front of the house and a roof and enclosure for the back deck, put in new carpet, new interior paint, new water heater, new kitchen sink/fixtures and Insinkerator, ran electrical lines to the outbuildings, new septic pump, completely rewired the garage, and on and on and on.

    Two years ago, my home was assessed at $269,000 (before the roof/room was added to the back deck).

    Today, the state assessor values my place at $187,000. Imagine its current "value" had I never invested a dime.

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

    I'm all ears.
    So the government is supposed to insure your investment?

    Yes your house is an investment.
    Just like stocks, the value goes up, the value goes down.

    Your investment shouldn't be propped up by the government.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

  10. #40
    Traditionalist
    phattonez's Avatar
    Join Date
    Jun 2009
    Location
    Los Angeles, CA
    Last Seen
    12-05-17 @ 03:45 PM
    Gender
    Lean
    Other
    Posts
    20,072

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

    Quote Originally Posted by Glinda View Post
    You, too, seem to have a very limited understanding of how we came to this place. This article may help you to understand the role Greenspan, Phil Gramm, GWBush, et al played in the housing/lending debacle, which created and allowed mortgage fraud on a national scale.

    Alan Greenspan’s Financial History For Lobotomy Victims
    So you're really going to tell me that people didn't know what they were getting themselves into? They didn't know the risk with adjustable rate mortgages? Come on. People are not stupid.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

Page 4 of 11 FirstFirst ... 23456 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •