Homeowners who refinance under Obama’s plan and stay current for one year get a $1,000 reduction in their principal balance.
Don’t people get that for every dollar the feds give someone (for being responsible), it is taking a dollar away from a taxpayer who has ALWAYS been responsible and didn’t need a refinance.
Outrageous.
We’re creating a total entitlement system in the mortgage business.
Posted by: Peach | February 19, 2009, 10:38 am 10:38 am
This is what America gets for electing such an inexperienced person to the presidency.
We’re watching the most expensive learning curve in American history.
Posted by: Peach | February 19, 2009, 10:43 am 10:43 am
principal s/b principle
Posted by: Peach | February 19, 2009, 10:47 am 10:47 am
Yep.
Rewriting people’s mortgages, who were dumb enough to not understand the simplest terms, like “variable interest rate” and having judges interfere in private contracts by changing the principle amount is how we became the most powerful economy in the world.
Definitely.
Truly, it’s sickening. But your average Obama supporter thinks that government’s primary role is to help people, at the expense of our future.
Not that Bush’s deficits/presocializing the banking system were any better.
Posted by: milton friedman | February 19, 2009, 11:03 am 11:03 am
The credit collapse following the massive number of home foreclosures due to the subprime flexible mortgage fiasco associated with the downturn in the housing market was the main cause of our current economic crisis. Correcting THAT problem should have been the top priority rather than trying to spend our way out of this crisis. No amount of government spending can get us out of this mess if the underlying cause remains unfixed.
It would be very much like a newly diagnosed cancer patient receiving a new car, a new house, a newly paved driveway, and even STD education for the patient’s children. All may be good things on their own merits, but none of those things address the patient’s immediate medical needs.
Posted by: James Danley | February 19, 2009, 11:13 am 11:13 am
Thank you for recognizing this crap for what it is! Who’s surprised that Obama would reward this company that contributed to him SO LARGELY!!! Where is that reported by anyone? We’re hosed!
Posted by: Truthsayer | February 19, 2009, 11:24 am 11:24 am
CNBC trader says: “The government is promoting bad behavior. Do we really want to subsidize the loser’s mortgages. This is America! How many of you people want to pay for your neighbor’s mortgage? President Obama are you listening?! How about we all stop paying our mortage!”
Yeah! There is an adult left with common sense in the country after all.
Posted by: Peach | February 19, 2009, 11:32 am 11:32 am
Does anyone else think this housing bill is a stealth reparations bill?
Posted by: Roger | February 19, 2009, 11:46 am 11:46 am
Our national politicians are now in the business of constructing financial featherbeds for the foolish.
Posted by: Peach | February 19, 2009, 11:48 am 11:48 am
CNBC economist just now:
There is nothing in this proposal that gives investors confidence.
Posted by: Peach | February 19, 2009, 11:51 am 11:51 am
More lies campaign style! Obama has been wearing thin for some time now. He needs to stop the obfuscating, fear-mongering really big show! Or is he dependent on applause? :(
The salesman,show-boating routine is quite demeaning! Governing and leading may not be your strength but it is your job Obama!
Right Wingers on Board go check out the Leader of your Party Michael Steel WHAT AN IDIOT! Rush is probably Gonna Od as we Speak,As far as President Obamas Housing Plan I think its Great people get to Refinance, Banks still Get their Money and Foreclosures Will be Lessened And Hopefully Home Values will start to Go back up. Whats the Problem Haters? what would Bush or Mccain do?
“Skyrocketing interest rates”??
I love it when Obama says collosally stupid things like this and no one nails him with it.
What are home rates- 6%???
Anyone remember the interest rates under Carter?
21%
It’s another crisis! This will be another one of those “emergency” bills that no one will be able to inspect and HAS to be passed else the world end.
There are enough brain-dead Democrats to get it done.
“The government is promoting bad behavior. Do we really want to subsidize the loser’s mortgages. This is America! How many of you people want to pay for your neighbor’s mortgage? President Obama are you listening?! How about we all stop paying our mortage!”
Will this country ever again reward good behavior?
There are no breaks for those of us who have conducted ourselves responsibly. Obama hands us the bill so he can save those who were irresponsible.
That is an atrocity. I despise that moron.
It used to be difficult to get a mortgage. After my husband and I graduated from college in the 70′s, we tried to buy a modest home.
The banks wanted to make sure you could pay the money back. Novel idea!
Even though I was a teacher and my husband held a steady office job, our first application was turned down! We were told that we hadn’t worked in our jobs long enough, which had just been a few years.
We eventually did get a mortgage approved later elsewhere but the point is: there was scrutiny on the part of the banks.
You had to have a steady job and several years of full-time work under your belt.
You needed a decent down payment and a form filled our by your employer that verified your job position and even asked a question regarding how secure your employment was.
“There are no breaks for those of us who have conducted ourselves responsibly.”
Perhaps you think its a good idea for your street to have a few foreclosures on it.
That should do wonders for your home;s value.
Posted by: Ryan C | February 19, 2009, 3:44 pm 3:44 pm
Michelle, I know what you mean. Our bank said they could give us the mortgage if we got a cosigner or make a larger down payment. At the time there were very few homes in our price range on the market. In fact there were very few homes on the market. Fortunately time was on our side and a small bungalow came on the market that was perfect. We were able to get the mortgage on our own.
Posted by: George | February 19, 2009, 3:50 pm 3:50 pm
Too bad the Tony-Rez.. cannot solve everyone’s housing issues…
Phil Graham had a point… When did we become a nation of whinners??? Not one idea being offered just a bunch of whinning.. I paid my morgage they didn’t why are they getting a break? Never mind that when the fall they take some of you with them. It is OK as long as they have a harder fall than you do… Sad!!! Anyway here is an idea. Why don’t the govt and the baks take an upside stake in any one who gets a break on there mortgage.. If you have a 200K loan you cannot afford and the bank is going the write it down to 150K so that you can now afford it, and Govt is going to put up the cash to help you and the bank, then once the market recovers and your home starts increasing in value, any gain above 150K should be split with the homeowner the Gov’t and the Bank when and if you sell that home. That way tax payers get there money back, banks get some of there write down back and home owner get to keep their home and make some money when things recover.. Everybody wins…
Posted by: Offer up ideas | February 20, 2009, 8:05 am 8:05 am
Angie said,
As far as President Obamas Housing Plan I think its Great people get to Refinance, Banks still Get their Money and Foreclosures Will be Lessened And Hopefully Home Values will start to Go back up.
Obama’s plan only helps 5 million at the most. There are over 28 million bad mortgages out there, not all “people get to refinance” as a matter of fact a very small percentage will.
What’s next Angie? Another bail out and then another? How much of other people’s money is it going to take to keep you in your fuzzy little Obama world? http://www.zillowblog.com/refinancing-requests-surge-after-obama-announces-housing-plan/2009/02/
Posted by: Rio | February 20, 2009, 1:14 pm 1:14 pm
Email
CPAC: Romney Struggles to Convince Voters 
Obama Backs Off Birth Control Battle?
Homeowners who refinance under Obama’s plan and stay current for one year get a $1,000 reduction in their principal balance.
Don’t people get that for every dollar the feds give someone (for being responsible), it is taking a dollar away from a taxpayer who has ALWAYS been responsible and didn’t need a refinance.
Outrageous.
We’re creating a total entitlement system in the mortgage business.
Posted by: Peach | February 19, 2009, 10:38 am 10:38 am
This is what America gets for electing such an inexperienced person to the presidency.
We’re watching the most expensive learning curve in American history.
Posted by: Peach | February 19, 2009, 10:43 am 10:43 am
principal s/b principle
Posted by: Peach | February 19, 2009, 10:47 am 10:47 am
Yep.
Rewriting people’s mortgages, who were dumb enough to not understand the simplest terms, like “variable interest rate” and having judges interfere in private contracts by changing the principle amount is how we became the most powerful economy in the world.
Definitely.
Truly, it’s sickening. But your average Obama supporter thinks that government’s primary role is to help people, at the expense of our future.
Not that Bush’s deficits/presocializing the banking system were any better.
Posted by: milton friedman | February 19, 2009, 11:03 am 11:03 am
The credit collapse following the massive number of home foreclosures due to the subprime flexible mortgage fiasco associated with the downturn in the housing market was the main cause of our current economic crisis. Correcting THAT problem should have been the top priority rather than trying to spend our way out of this crisis. No amount of government spending can get us out of this mess if the underlying cause remains unfixed.
It would be very much like a newly diagnosed cancer patient receiving a new car, a new house, a newly paved driveway, and even STD education for the patient’s children. All may be good things on their own merits, but none of those things address the patient’s immediate medical needs.
Posted by: James Danley | February 19, 2009, 11:13 am 11:13 am
Thank you for recognizing this crap for what it is! Who’s surprised that Obama would reward this company that contributed to him SO LARGELY!!! Where is that reported by anyone? We’re hosed!
Posted by: Truthsayer | February 19, 2009, 11:24 am 11:24 am
CNBC trader says: “The government is promoting bad behavior. Do we really want to subsidize the loser’s mortgages. This is America! How many of you people want to pay for your neighbor’s mortgage? President Obama are you listening?! How about we all stop paying our mortage!”
Yeah! There is an adult left with common sense in the country after all.
Posted by: Peach | February 19, 2009, 11:32 am 11:32 am
Does anyone else think this housing bill is a stealth reparations bill?
Posted by: Roger | February 19, 2009, 11:46 am 11:46 am
Our national politicians are now in the business of constructing financial featherbeds for the foolish.
Posted by: Peach | February 19, 2009, 11:48 am 11:48 am
CNBC economist just now:
There is nothing in this proposal that gives investors confidence.
Posted by: Peach | February 19, 2009, 11:51 am 11:51 am
More lies campaign style! Obama has been wearing thin for some time now. He needs to stop the obfuscating, fear-mongering really big show! Or is he dependent on applause? :(
The salesman,show-boating routine is quite demeaning! Governing and leading may not be your strength but it is your job Obama!
Posted by: aware2u | February 19, 2009, 12:51 pm 12:51 pm
Right Wingers on Board go check out the Leader of your Party Michael Steel WHAT AN IDIOT! Rush is probably Gonna Od as we Speak,As far as President Obamas Housing Plan I think its Great people get to Refinance, Banks still Get their Money and Foreclosures Will be Lessened And Hopefully Home Values will start to Go back up. Whats the Problem Haters? what would Bush or Mccain do?
Posted by: Angie | February 19, 2009, 12:56 pm 12:56 pm
“Skyrocketing interest rates”??
I love it when Obama says collosally stupid things like this and no one nails him with it.
What are home rates- 6%???
Anyone remember the interest rates under Carter?
21%
It’s another crisis! This will be another one of those “emergency” bills that no one will be able to inspect and HAS to be passed else the world end.
There are enough brain-dead Democrats to get it done.
Posted by: drjohn | February 19, 2009, 1:49 pm 1:49 pm
“The government is promoting bad behavior. Do we really want to subsidize the loser’s mortgages. This is America! How many of you people want to pay for your neighbor’s mortgage? President Obama are you listening?! How about we all stop paying our mortage!”
Will this country ever again reward good behavior?
There are no breaks for those of us who have conducted ourselves responsibly. Obama hands us the bill so he can save those who were irresponsible.
That is an atrocity. I despise that moron.
Posted by: drjohn | February 19, 2009, 1:52 pm 1:52 pm
It used to be difficult to get a mortgage. After my husband and I graduated from college in the 70′s, we tried to buy a modest home.
The banks wanted to make sure you could pay the money back. Novel idea!
Even though I was a teacher and my husband held a steady office job, our first application was turned down! We were told that we hadn’t worked in our jobs long enough, which had just been a few years.
We eventually did get a mortgage approved later elsewhere but the point is: there was scrutiny on the part of the banks.
You had to have a steady job and several years of full-time work under your belt.
You needed a decent down payment and a form filled our by your employer that verified your job position and even asked a question regarding how secure your employment was.
Posted by: Michelle | February 19, 2009, 3:36 pm 3:36 pm
typo:
form filled OUT by your employer
Posted by: Michelle | February 19, 2009, 3:42 pm 3:42 pm
“There are no breaks for those of us who have conducted ourselves responsibly.”
Perhaps you think its a good idea for your street to have a few foreclosures on it.
That should do wonders for your home;s value.
Posted by: Ryan C | February 19, 2009, 3:44 pm 3:44 pm
Michelle, I know what you mean. Our bank said they could give us the mortgage if we got a cosigner or make a larger down payment. At the time there were very few homes in our price range on the market. In fact there were very few homes on the market. Fortunately time was on our side and a small bungalow came on the market that was perfect. We were able to get the mortgage on our own.
Posted by: George | February 19, 2009, 3:50 pm 3:50 pm
Too bad the Tony-Rez.. cannot solve everyone’s housing issues…
Posted by: DontGet818OnMeNow | February 19, 2009, 4:00 pm 4:00 pm
Phil Graham had a point… When did we become a nation of whinners??? Not one idea being offered just a bunch of whinning.. I paid my morgage they didn’t why are they getting a break? Never mind that when the fall they take some of you with them. It is OK as long as they have a harder fall than you do… Sad!!! Anyway here is an idea. Why don’t the govt and the baks take an upside stake in any one who gets a break on there mortgage.. If you have a 200K loan you cannot afford and the bank is going the write it down to 150K so that you can now afford it, and Govt is going to put up the cash to help you and the bank, then once the market recovers and your home starts increasing in value, any gain above 150K should be split with the homeowner the Gov’t and the Bank when and if you sell that home. That way tax payers get there money back, banks get some of there write down back and home owner get to keep their home and make some money when things recover.. Everybody wins…
Posted by: Offer up ideas | February 20, 2009, 8:05 am 8:05 am
Angie said,
As far as President Obamas Housing Plan I think its Great people get to Refinance, Banks still Get their Money and Foreclosures Will be Lessened And Hopefully Home Values will start to Go back up.
Obama’s plan only helps 5 million at the most. There are over 28 million bad mortgages out there, not all “people get to refinance” as a matter of fact a very small percentage will.
What’s next Angie? Another bail out and then another? How much of other people’s money is it going to take to keep you in your fuzzy little Obama world?
http://www.zillowblog.com/refinancing-requests-surge-after-obama-announces-housing-plan/2009/02/
Posted by: Rio | February 20, 2009, 1:14 pm 1:14 pm