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Thread: Nearly 50 percent leave Obama mortgage-aid program

  1. #11
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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by Cyberhwk View Post
    :::Sigh:::

    Program doesn't work, you call it a failure. It DOES work, you call it wasteful spending.

    He really can't win, can he?
    You mean he succeeded in bribing some families and make little bleeding heart liberals who think people are entitled to live off others hard work (that'd be those folks in homes they cannot afford still there because Obama is throwing other peoples money at them) think Obama is wonderful?

    It's frankly disgusting. Where is the relief the MILLIONS of homeowners that struggle, but PAY their bills? PAY their mortgages? Eh? Where is the relief for them? Oh that's right, tax hikes cause obviously they don't need that money!

    Sickening.

    "The American Experiment in Democracy will fail when the Politicians realize they can bribe the public with gold from the Treasury."
    *Paraphrased de Tocqville.
    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: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by MrVicchio View Post
    The plan should be shutdown IMMEDIATELY. Those 52%? So sad, too bad, you're in a home you DO NOT DESERVE, and you have no RIGHT to Tax Payer Money to keep you there.
    I am in agreement with you that the program has been unsuccessfull. However, I am tired of these ignorant statements about people not deserving a home. Do you honestly think this many people are missing payments because they simply lived beyond their means? I suggest you look at what home prices were during the peak of the bubble in places like california, nevada, etc, and compare them to now. Hopefully then you will realize what has happened and you will realize what it would be like to be in their shoes.

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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by drz-400 View Post
    Do you honestly think this many people are missing payments because they simply lived beyond their means?
    Yes, I'd say that the vast majority are there because they lived beyond their means.

    What percent of people in this program do you think made a 20% down payment and had a total mortgage of less than 2X their annual salary?
    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: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by Areopagitican View Post
    If you can't pay your mortgage, you can't pay your mortgage. It's not like a few months of coverage for your loan will somehow make your financial insolubility 'disappear.' The idea, when initiated, was poorly thought out. Now, it is only painfully obvious.
    You mean the finances of Americans DON'T run on wishes and lollipops!!!! O_o

    I think that means we need to rethink a lot of things in America then

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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by RightinNYC View Post
    Yes, I'd say that the vast majority are there because they lived beyond their means.

    What percent of people in this program do you think made a 20% down payment and had a total mortgage of less than 2X their annual salary?
    I don't know where to find a statistic on the down payment.

    From the most recent HAMP report:

    Median Ratio of housing expenses to income is 44.8%.

    The reason for hardship for the majority (60.2%) of those who have gotten permanent mods is loss of income.

    and the cancellations:

    "The most common causes of cancellations include insufficient documentation, missed trial payments, or mortgage payments already less than 31% of the homeowner’s income.

    Servicers reported that more than half of homeowners in canceled trials receive alternative modifications, become current, or pay off the loan completely."

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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by drz-400 View Post
    I am in agreement with you that the program has been unsuccessfull. However, I am tired of these ignorant statements about people not deserving a home. Do you honestly think this many people are missing payments because they simply lived beyond their means? I suggest you look at what home prices were during the peak of the bubble in places like california, nevada, etc, and compare them to now. Hopefully then you will realize what has happened and you will realize what it would be like to be in their shoes.
    I don't give a DAMN what the prices were like at the peak. The PEAK was caused by too many people buying homes they couldn't AFFORD and now these people are getting bailed out by US, the taxpayers.

    It would SUCK to be in their shoes, I'd like to think I wouldn't be so stupid as to GET THERE in the first place.

    The real ignorance, is your position that I don't believe people "Deserve" a home. They do, however they do not DESERVE one they cannot afford. Nor do they deserve tax payer monies to keep them in homes beyond their means.
    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: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by MrVicchio View Post
    I don't give a DAMN what the prices were like at the peak. The PEAK was caused by too many people buying homes they couldn't AFFORD and now these people are getting bailed out by US, the taxpayers.

    It would SUCK to be in their shoes, I'd like to think I wouldn't be so stupid as to GET THERE in the first place.

    The real ignorance, is your position that I don't believe people "Deserve" a home. They do, however they do not DESERVE one they cannot afford. Nor do they deserve tax payer monies to keep them in homes beyond their means.
    The point is a lot of people could have been responsible, and afforded it at the time of the purchase, but due to circumstances beyond their control they have defaulted on their home loans. A lot of people have lost a job, had their hours/pay cut, and house prices have fallen so much they cannot refinance.
    Last edited by drz-400; 08-22-10 at 06:28 AM.

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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by drz-400 View Post
    The point is a lot of people could have been responsible, and afforded it at the time of the purchase, but due to circumstances beyond their control they have defaulted on their home loans. A lot of people have lost a job, had their hours/pay cut, and house prices have fallen so much they cannot refinance.
    Hey buddy, guess what? Life, it ain't fair. Not only that, but the more "Gov't" helps, the worse things get!!! Not in the short term, in the long term. Did you learn nothing from the Great Depression?
    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.



  9. #19
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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by drz-400 View Post
    I don't know where to find a statistic on the down payment.

    From the most recent HAMP report:

    Median Ratio of housing expenses to income is 44.8%.

    The reason for hardship for the majority (60.2%) of those who have gotten permanent mods is loss of income.

    and the cancellations:

    "The most common causes of cancellations include insufficient documentation, missed trial payments, or mortgage payments already less than 31% of the homeowner’s income.

    Servicers reported that more than half of homeowners in canceled trials receive alternative modifications, become current, or pay off the loan completely."
    That's not really on point to what I'm arguing. I'm saying that I bet that the vast majority of people in this program did not exercise prudent fiscal restraint when they purchased their houses. To the contrary, I bet that the vast majority of them put too little down and borrowed far too much when compared to their income. In light of that, I think it's perfectly reasonable to place a substantial portion of the blame for their situation on the people who fit within that category. Nobody forced them to put 5% down instead of 20% and nobody forced them to borrow $300k instead of $150k.
    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: Nearly 50 percent leave Obama mortgage-aid program

    You can view these 50% droppers as:

    1. They can not manage their own financial situation and buy something they can't afford to. They can't afford to buy house even with the help from obama mortgage.

    2. Those banks who should examine the buyers qualification - when the buyers bought the house and later applied for help - failed to do their job.

    Who should be blamed? The buyers and the bank. Who suffered? Decent people who paid the tax.

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