Bush Offers Wrong Digits On Housing Crisis

What’s the big deal about him giving out the wrong number?His whole life has been a wrong number.

Here is the crazy part– my household income is 190K per year. Our mortgage payment is $3250, adjustable. We have credit scores in the 700′s. We were plannning on and perfectly fine with our adjustable rising in 5/2008– in fact, we were going to refi into a fixed loan. However, I just called my service provider– guess what, I qualify for interest rate freeze– so now I keep paying what we are paying, skip the costs of refi. Have to love the government programs. Best part is, I live in a market (Portland) that is still appreciating.

WHY DOES THIS NOT SURPRISE ME?

Which is worse 8 years of him or living in a mess for the next 20+ years because there were millions of people that were just as stupid as him, enough to vote for him 2 x’s?

As a certifiable MORON with a subprime mortgage, I’d like to thank our beloved president (one of my kind of people!) for saving me tens of thousands of dollars in mortgage payments. I can now use the money I save with my extended 2% teaser rate to play the lotto, get more booze and drugs and maybe even buy that 52″ flat-panel HD TV I’ve always wanted.
Too bad for you suc’kers that have to pay full price on your mortgage. But if any of you financially responsible, high-IQ-types are having money trouble, just stop by – maybe I can loan you some of my savings at 20%!
Ha, ha, ha, ha….

As stupid as Bush’s middle class/upper middle class mortgage bail-out plan is…..the Democrats will cry that it is still not enough.
And all of us will pay higher mortgage rates to cover the costs/risks that are being passed over from outstanding adjustable rate mortgages that are suddenly not adjustable.
The same sentiment goes for creditors who loaned out money to higher risk borrowers. They, too, should feel the pain for pushing out high interest money too easily. NOT the taxpayers.

I just cannot believe Bush lasted through 2 terms. Dick and Bush – what a combo.

No Welfare you are so negative and totally blind to the real problem here. I am a hard working American that is putting a wife through nursing school and myself through my second degree on one income. I also am raising two beautiful children. My wife has no time to work, so that is the way it is.
The lender, the broker and the appraiser all worked together on my refinance to lock me into a predatory loan that also had a binding arbitration note in it that leaves us unable to even fight back. Basically I corporation, with care only for money got me with my guard down to sign away my most important rights given to me by the Constitution. How is it possible that a document can be slipped into my paperwork that somehow is gives a corporation the right to break the law on my signature?
I’m not sure, but with your attitude, you are probably wealthy, conservative, and forgot that it’s people like me that make the company I work for hundreds of thousands a year in profits, yet I still scrape by. God bless America all the same and shame on anyone who talks down about their fellow countryman.

anybody with a credit score of over 660 does NOT qualify for the freeze… lets not tell little stories here

aegno1, ofcourse they qualifiy for the freeze that’s where Bush’s dumb idea kicks in . See if your credit score is high and you are still stuggle with your house payment they will just want you to get an equity line of credit, or refinance with the home with the same bank ,, either way the client is trapped and enslaved to the bank for atleast 15 yrs . It’s all just sick and low down dirty .

Capri , not everyone is irresponsible. I am not . The reason I am stuggleing is because my value went up double on my home and so did my taxes . That does’nt make me irresponsible because i’m stuggleing . I had not planned for that to happen when I bought my house 7 years ago. And you have to figure that unless a person is rich they will not understand what a lot of us going through . I have to admitt my family did’nt have one money issue to worry about until after the war started when the price everything started going up . And I know I am not alone .

He made a mistake guys, chill out. I’m sure none of you guys have ever made an accident like messing up a phone number.
Also, I’m by no means a Bush supporter, but the ‘O MY GOD HEZ RUNIN THE COUNTREE’ comments are just idiotic.

Probably forgot his radio backpack, and actually had to read.

The problem is that this is totally unfair to people who took out 30 year fixed loans. Can we have our rates adjusted to 2% teasers for a few years too? I think we should start a class action law suit and make that happen.
It’s even worse for people in markets like California, who were responsible enough to realize they couldn’t afford a house. Now I guess they’re locked out forever.
I don’t think everyone that took a “teaser” loan is an idiot. BUT you did accept a higher risk in return for a lower rate. The risk turned out bad. That’s life and it is your responsibility.
I don’t see why those of us who’ve paid higher rates should be penalized. I’m going to be really mad if I have to pay one penny of tax money for this!

hey guys lets put some flash ties on…..

Praise the Lord for favors
Thank you Mr President
Some of us are greatful.
Thank you

Has anyone who sides against the borrowers considered the fact that a large number of foreclosures could potentially endanger their OWN property values? I am 14 years into a fixed 30-year (would never have considered a variable rate) and I understand the resentment of people saying that irresponsible people shouldn’t be rewarded when resposible borrowers don’t get a break. But I don’t want to see the value of my home degenerate due to the lowering of property values in my community due to multiple foreclosures. Flippers looking to make a fast buck can go to hell along with the greedy brokers who misrepresented the terms of some of these subprimes. Let’s also include people who bought these outrageous “McMansions” who could have gotten along in a smaller, simpler home. But I do feel bad for people who were trying to get their own first home who were scammed by unscrupulous brokers trying to make commissions. So much for the American Dream, huh?

You bunch of cowards some of you don’t have pain but you can feeled for others.
You are the one that make all these bad speculations and frustrated environment.
If you made a mistake accept it and move on.
Nobody is dying. Yiet. Many of those 100% financed loan. They deserved they did’nt want to bring anything down.

This mortgage deal has been good for me, just purchased a rental property at well below appraised market value here in Houston. Looking at another tomorrow. Two weeks ago I was driving through an area of low to middle income homes in NE Houston and happened upon an area where a number of Habitat for Humanity homes had been built, and I was simply amazed to see what was parked in the driveways and yards. This one house had a new Cadillac Escalade and a trailer with two ski-doo’s on it, sitting in the drive. Anyway, these mortgage lenders and equity companies who bought these risky mortgage packages are caught between a rock and a hard place. The borrowers on the front end going belly up and the investors on the backside who ponied up the investment money in order for the mortgage provider to purchase the risky loans are threatening lawsuits if they accept deals such as those Mr. Bush is proposing. The worst has yet to hit. Look for terrific fallout from companies such as Countrywide mortgage who borrowed heavily from the Atlanta Federal Home Loan Bank (51 billion) in order to purchase their portfolio of subprime. If Countrywide goes belly up, who do you think will be responsible for all that paper the Atlanta Fed. is holding. Paper that is guaranteed by the U.S. Government. US! It’s no wonder Bush is trying to work a deal. Countrywide is the largest, but there are a hundred smaller that will follow suit. H&R Block just closed their money losing mortgage arm, Option One, after failure of a sale to Cerberus Capital management. I might also mention the CEO of Countrywide managed to sell $130 million worth of his stock before the bottom started dropping. This is going to make Hillary’s Whitewater a mere drip.

I have been very cautious about buying a new home. With everything going up in price the last few years, I just thought it would be a very bad move to invest in a home….It sucks living in an apartment…but at least I have money to spend or save as I please.

This jerk is a total TRAIN WRECK…He just can not get any thing straight…And we still have to put up with him for 408 more days….We will never survive.

It seems that hardly anyone will qualify for a rate freeze:
I watched the presentation today and found it interesting that the plan details were not really discussed on camera. After everyone spoke in generalities, they seemed to take a break before going somewhere else for a technical discussion. It seems the details were buried.
Among the specific details are the 97% OR HIGHER LTV limit (no more than 3% equity) which didn’t seem to be mentioned by anyone that I heard:
The much-talked-about five-year rate freeze, on the other hand, will be available to anyone who doesn’t qualify for a refinance, particularly folks with low credit scores and little or no equity in their homes.
To qualify for a rate freeze, the loan-to-value ratio on your home must be 97% or higher, which means you must have no more than 3% equity in your home. (This is the loan-to-value ratio during the origination of the loan, so the recent decline in housing values doesn’t come into play here.) Then, mortgage servicers will apply a newly-created FICO test. Basically, if your FICO score is 660 or below (scores range between 300 and 850), and it hasn’t increased by at least 10% or more since your score at the time you took out the mortgage, you pass the test and qualify for a five-year freeze.
If your score is above 660, or has improved by 10% or more since loan origination, the servicer will look into your financial situation more closely to determine if you qualify. They might consider your income, current debt levels, and any other factors the servicer may deem necessary. This, of course, will take time since such cases will need to be reviewed individually.
What’s even stranger is in this report that gives a great amount of detail of composition of the subprime market (as of December 2006)
On page 47 of the PDF file, Appendix 3 it shows for 1998 – 2004 how much of each type of subprime loan was made. So using the latest year, 2004 as the guide:
-Only 5% of subprime had an LTV greater than 97%.
So for the 5% who pass that hurdle, I would have to imagine these were not likely to be the under 660 FICO’s.
But suppose they were just as likely to be.
Then:
-About 60% had a FICO less than 660.
So, we’re down to about 3% who might qualify (5% x .6).
And then, 3/4 of those who were not fixed rate:
-About 75% were not fixed rate.
So we’re down to about 2%.
Someone check my math on this, but it sounds like best case we’re looking at 2% who qualify based on the info in this report. And maybe even less if you assume only the higher FICO’s could get 97%+ LTV.

I think the conditions to qualify for the freeze are telling. It is basically people who have no incentive to make payments, and every reason to walk away from their home. Hard working people with good credit, who took on “predatory” loans do not qualify. Seems to me this is about protecting the lendors, not the homeowners.

OK, OK, I get it. Realtors encouraged borderline credit risk people to buy homes, lenders encouraged appraisers to up the values so they could make greater fees on overpriced homes and give the lousy credit risk people risky type loans, title companies made greater title fees on overpriced homes, appraisers enjoyed all the extra work and special kick backs from realtors,lenders and buyers. Home values shot way up and home sellers everywhere made super profits if they sold during the inflated market, and builders jacked their prices way up on new builds to make excessive profits! So, guess what? IT’S ALL BUSH’S FAULT! Greedy Realtors, Investors, Lenders, Sellers, Buyers, Builders, Appraisers? NOPE IT’s ALL BUSH’s fault! I mean jee-whiz, he got the telephone number wrong so it MUST BE HIS FAULT! And, how dare he try to help any of these greedy people now that they are hurting from the greed game!

I will have to agree with the majority on this. People who knew they could not afford to buy a house were given the chance to do so for the sole reason of boosting our failing economy. Now that the bills come due, they sit with their hands out asking the government for help. I say either pay your mortgage, or move out. They had to have known about the increase when they signed their names on the dotted line.
The main reason Bush is pushing for this so hard is to cover up just how bad he has made our economy. With all the upcoming foreclosures, people will finally get a real picture of the Bush Economy that he has reminded us so many times is in great shape, other than the 3 trillion dollars he has added to the National Debt since he was appointed to office.
Free Tibet, for China will take over the world.

“Now these idiots are whining that their house payments are going up and they can’t get by. Well, SHUT UP and manage your finances better. Save more and spend less. You should have locked into a fixed rate mortgage and bought a smaller SUV, or no boat, or avoided whatever useless luxury you felt you needed more than a secure financial future for your family. IRRESPONSIBLE borrowers should be accountable for their own decisions when they sign a contract.”,
_____________________________________
Remember you said this when China wants their money back!

It is a common mistake to just say “800″ when giving out toll free numbers. We all have done things like that so we need to remember that he is human just like us. I understand that this will be an inconvenience for whoever is receiving the calls at the misquoted number but it’s not the end of the world. We should be thankful that we live in a country that does offer assistance to it’s residents when needed. I would rather my tax dollars go to programs that help US citizens keep the homes they have worked hard to get instead of spending it on healthcare/welfare/housing etc. for illegal aliens who not only invade our country but invade the pocket book of all honest, tax paying US citizens!!

People do not have to be irresponsible or idiots to need this help. They can be good, honest working people who had a desire for home ownership and could not own a home any other way. They could be people that planned on paying off bills or working to raise their credit scores beore the adjustable rates kicked in. They could have planned to re-finance, but couldn’t at the last minute. There are people in this predicament that are really thankful for this help. So many things can affect what a person may have intended to do. I know that there are so many thankful people out there President Bush, and you have come to their aid in helping to save their homes. May God Truly Bless You! You Are Wonderful!

it is Christmas and maybe we can revive an old jewish custom of forgiving the debt. Anything will be better then stomping on the weak minded financial wizards.

Solution for Coming Due Arms that you cannot afford the payments. http://www.myrecast.com
Process:Step 1
*Create Free Web Account
*Web Software Determines Qualification
*Login to New Account
Step 2
*Free Consultation with Attorney
*View Free Evaluation for Consumer
*Your account that you created for Free has a “Do It Yourself Guide” within the system to print off is offered from Attorney.
Step 3
*If you Opt In For Attorney Representation Borrower Pays ONLY $300 Upon modification of note a final payment of $425 will be due. If negotiations fail attorneys will file a stay to avoid foreclosure or acceleration of the loan and litigation in behalf of the consumer will be available.
*Fax in required documents via exclusive Barcode Fax and the process starts. See below for details of the Recasting Process through Myrecast System.
MyRecast Requests Original Mortgage File from Lender to be Audited – Power of Attorney Agreement Faxed into System for Acting Attorney – Cease and Desist filed with Lender – Once file is received from Lender MyRecast will audit mortgage file for Predatory Lending and Deceptive practices violations from the lender. Software Program has Original Subprime Lender Matrix and Guidelines Underwriters used in qualifying consumers loans. If a Lender refuses to negotiate attorney will request a HUD Expert Professional Witness to review file and File HUD and or RESPA violations against Lender. If necessary additional fee of $250 will be required.Completion to Modify Lenders Loan for Consumer. Upon modification of note a final payment of $425 will be due. If negotiations fail attorneys will file a stay to avoid foreclosure or acceleration of the loan and litigation in behalf of the consumer will be available.

Sounds like the ones who called, called truely the only help there is. I’m amazed that so few people have acknowledged the blaming that goes on and how unhealthy it is. If any one of us has put our faith in other human beings for results or solutions, we have made the mistake. Not anyone else. At the end of our lives, I pray we have found happiness for more than 50% of our days. Worry does not add 1 day to our lives. Hold your family close and tell them you love them and Hold your enemies even closer. T