Obama Offers Mortgage-Relief Plan: ‘We Can’t Wait’ for Congress

Whine, whine . .. . whine. Carp . .. . complain . .. whine. Blame, whine . .. . blame.

If he wans to make a difference give all that has credit probllems a second chance by clearing all bad credit and telling the banks that we bailed out and gave them a second chance they must loan . I had to clain bankruptcy almost 10 years ago now because of the goverment taking their time and was never given a second chance and I was a plus credit till then. I would love to buy the house we are in now but have to wait till credit goes up and I make way more money then then.

What about the $600 million he already got for a morgage bailout program? Oh yeah, I read it failed………..

Obama is an idiot

Its going to be nearly impossible for Obama to roll back the damage done by Barney Frank and his pals at Fannie Mae and Freddie Mac!!! They handed out millions of ” Liar’s Loans ” to people who can not afford to pay them back, so the banks and the tax payers will be forced to eat hundreds of billions in bad loans!!!

@ JGORE ============================ I have been right here watching the Republicans do NOTHING to create jobs. All they seem to be trying to do is make Obama a one-term President! Repubs are “tampering” with voter registration, trying to do away with unions, coming up with one abortion bill or another, cut taxes for the 1% while cutting everything they can. Bunch of pigs!! No matter what you or your Republican cronies say, the reason the country is in such a quandary is because of them. By the way, thanks for helping to re-elect Obama. Have a good life!

The collapsed housing market, and the millions of underwater mortgages are, in fact, the biggest impediment to reviving the economy. That part is on target. Reducing the interest rate on the mortgage of a house that can’t be sold without taking a bath or bankrupting, doesn’t do much. These people are trapped. They cannot move to find a better job, they cannot borrow on a house with negitive equity to start a business, and they cannot get a home improvement loan to try to help unload the place. The crash isn’t over yet folks, and until it does crash, incremental attempts at improvement will accomplish nothing.

Impeach him because he is trying to help the economy get back on its feet? Yet at the same time Republicans criticize him for not doing enough!!! ! This president has been the most mistreated, disrespected President in History! I can not believe the double standard they have for him. They criticize him on Libya for not acting fast enough, then the criticize him for acting at all!!!! The same goes for the economy–they bash him for not doing enough to help the economy but then they bash him for stepping in and not letting the “free markets” do their thing!!!!!

Hey Right Wing Extremist – do you really think those thoughts all by yourself? Do you really think that Obama is the problem? Have you not seen that the House has not bothered to send any legitimate jobs bill up the hill, but has, in their goodness and understanding and helpfulness passed SEVEN bills to take women’s reproductive rights away? Do you have any thoughts of your own, or are they all just Rush’s and your other idols who are willing to make all Americans pay more for the same things because our credit rating drops, and they are willing to let the entire economy sink and the stock market drop thousands of point…because the ONLY thing the Republicans want is for Obama to fail? At the cost of millions of working people becoming even more broke and having no hope for the future? You are a piece of work, aren’t you? You really believe the lies, don’t you? Wow.

What Obama is not saying is that the majority of foreclosures resulted from people who should have not been allowed the mortgages they were given. We see no indignation at the stupidity that was Fannie/Freddie in the early 2000′s, nor to the idiocy of Barney Frank stating “there is no housing crisis’ in 2005. This is all political – and of course, that’s what Obama does best. What are we going to do, give people bail-outs because they owe more than the house is worth? What the hell? This is always a risk when you invest in real estate. People don’t think it is fair, but then, not much is fair.l

This sounds exactly like the situation I’m in. My house has lost over $40,000 in its appraised value so I can’t get refinancing. I’m paying ridiculously high rates considering today’s standards and could afford a house twice as much as my current house based on today’s rates but can’t afford to sell my house because it’s lost so much value. On top of that, my house is deteriorating and I’m racking up credit card debt trying to keep up with the upkeep and am considering bankruptcy or foreclosure because of this money pit, despite having a good-paying job.

What’s in it for me?…..paying for someone else’s mortgage when I can hardly afford to pay my own, that is what is in it for me. I am sick of this man trying to spend my money and set up more and more entitlements so he can buy more votes. Who is going to help me?…No one, because I pay my own bills, even after having taken pay cuts in order to keep my job. It gets more and more difficult to keep up. What about the money that has already been dedicated to this? Where did that money go?

You people are sad! Stop whining and do something about it. Get rid of Boehner’s Bunch and watch how fast the country gets back on track. The Republicans will have us all sleeping in the streets if they get in the White House. Do you really believe they care about us???? How have they proven it??? Get your heads out of your butts and OPEN YOUR EYES AND EARS!! THEY DON’T CARE ABOUT YOU!!! I GUESS YOU’LL GET IT WHEN YOU ARE IN THE STREETS OR SLEEPING IN YOUR CARS… OH, WAIT…. YOU WON’T HAVE A CAR TO SLEEP IN!!

If 1 in 10 save more than $60 a month it’ll be a shock. Of course, first there has to be more than 6% of the potential users who can qualify for it like the current plan allows. Then you have to get past The Obozo behaving like Chavez and issuing executive fiats, creating legislation without approval of Congress. Just another log on the fire that is The Obozo’s record defeat in 2012.

Hey LORRIE were you sleeping in the streets while Bush was in office??? Are better off today than you were 3 years ago??? If your not doing better or doing worse now, BLAME Obama and the liberal democrats that have been running things for the last 3 years!

Republicans call for corporate tax breaks almost every day. It’s ironic how they sit on their hands when it comes to small business and middle class tax breaks. Americans better start paying close attention to who’s on the American peoples side and who’s only on the side of multi-national corporations and the super rich. When GOP politicians inject the term “the American people”, they are only talking about corporate America and the wealthy.

They fight against employee rights, employee benefits and anything that may help employees and mom and pop businesses. They don’t care about true small business otherwise they would have voted for the bill in 2010 that was a loan bill specifically FOR SMALL BUSINESS!! They ALL voted against it! Don’t you get it?? The GOP are in the pockets of people like the Koch brothers. Joe the plumber need not apply!!

Not going to do me a bit of good for two reasons

1. My mortage is current and not in danger of default

2. I didn’t buy more house than I could afford

The whole plan is bogus as far as I am concerned. Nothing but a reelection ploy which by the way isn’t going to work

What about the banks that pushed loans that were designed to fail. The financial sector is complicit in this great recession that we are experiencing. If it was ten families defaulting on their mortgages then you’d be right to assume that they made a bad financial decision and deserve to be foreclosed. If it were ten thousand families, or one hundred thousand families they deserve to lose their homes. In 2010 nearly THREE MILLION FAMILIES received foreclosure notices. This indicates that the problem is systemic. THE PROBLEM IS THE FINANCIAL SYSTEM. These loans were designed to fail and the banks didn’t care. All the banks wanted more product to sell to Wall Street. So if you could fog a mirror you got a loan, until the house of cards collapsed. AIG went bankrupt covering the losses. And the financial sector got bailed out by US taxpayers. You think those Occupy Wall Street protestors are out there for giggles and laughs? You think that movement is spreading across the planet because of irresponsible borrowers? Jeez America has a short attention span. SMDH

Hey Guys, TARP with its $750 billion was a George Bush program!!!! Remember?????????? Everyone thinks this was Obamas program, it wasn’t; look it up!!

We are in a big hole and the Republicans refuse to do anything to help!! Obama doesn’t have all the answers but at least he is trying. The republican’s strategy will back fire on them; just you watch.

You have to be an idiot to go along with Obama’s proposal. Why? Think about it: this is the exact same kind of action that got Fannie Mae and Freddie Mac under water, just prior to when the housing bubble burst – changing rules to put the banks in a situation where they can not say ‘no’ to loaning people money, when they do not qualify under current rules (because the current rules are designed to prevent banks from loaning money to people that are a bad risk). Of course, Obama does not care about this, as he’s in full campaign mode, and willing to do anything to “buy” votes. You want to fix the problem the right way? Get the economy moving, and get people back to work. Then they will be able to afford to pay their loans, or afford to refinance.

Nice houses. Nothing low income about them at all.

Not going to do me a bit of good for two reasons
1. My mortage is current and not in danger of default
2. I didn’t buy more house than I could afford
The whole plan is bogus as far as I am concerned. Nothing but a reelection ploy which by the way isn’t going to work

POSTED BY: DAVID | OCTOBER 24, 2011, 9:53 PM +++You got that right..

oldfart wrote:”Excuse me….wasn’t it something like this that caused the problem to start with? I’m confused.”
.
Yes it was… oBama is just proving that “you can’t fix STUPID”.

Dan, Barney Frank and other liberal members of Congress pushed and pressured to get those lower loan standards to become policy, Bush had nothing to do with it! I really do have a clue what happened, in fact I must look at the results of the mortgage melt down every day!!!

President Obama said: “I have to deal (with) the cards that I’m dealt”.. In my opinion, many Americans like finding new incentives for investing. Most people simply do not like it when limitations are implemented, weather people are investing in real estate,industry, or agriculture.. I would like to see “capitol hill” work to develop better infrastructure for America.. Some of America’s infrastructure is aging, and some places really need advanced technology to be applied for transportation of people and goods as well as for the future. Property values soar in some countries overseas, partly because of countries maintaining better infrastructure for their people and faster transportations systems. Many American’s would also like to see “capitol hill” take a closer look at creating and maintaining American jobs. .

“Barney Frank and other liberal members of Congress pushed and pressured to get those lower loan standards to become policy, Bush had nothing to do with it!”

I guess we weren’t aware that even though Bush was president and Republicans held all the majorities it was really Barney Frank who was setting policy and running the government.

-If that sounds silly it’s because it is.

People; just Like Big Banks, And Corporations Should Be Considered To Big And important To Fail. Even though their were some who spent more on homes than they should have, they at least made the Mortgage payments until they lost their jobs or got laid off by the Same People their Tax Dollars Help save. I’m just Happy It Was Not One of You Republicans or Tea Braggers that got caught in this mess, and lost your job or home.

People; just Like Big Banks, And Corporations Should Be Considered To Big And important To Fail. Even though their were some who spent more on homes than they should have, they at least made the Mortgage payments until they lost their jobs or got laid off by the Same People their Tax Dollars Help save. I’m just Happy It Was Not One of You Republicans or Tea Braggers that got caught in this mess, and lost your job or home.

No offense, but most of you naysayers clearly do not know what this stimulus is about. My situation is a perfect example. We own our home, which we purchased at the beginning of the recession with the help of an FHA loan because we did not have the full 20% down payment required for a conventional loan (plus there were great first time home-buyer credits available with the FHA). Because of the FHA loan, we pay a couple hundred dollars a month in mortgage insurance. We made this decision because within a few years after making our payments we SHOULD have been able to refinance into a conventional loan, as theoretically we would have had 20% equity. This would have garnered us a lower interest rate and would have done away with the mortgage insurance premiums, decreasing our monthly mortgage payments by nearly $1,000. Of course, due to the market continuing to nosedive, our home value is still currently about equal to what we owe on the house, We bought the house at a GREAT price, and have been making our payments each month without fail. We made what we thought were sound investment decisions….what SHOULD have been smart moves…but because of the reckless gambling of the big banks we are stuck with an exorbitant mortgage with no chance of refinancing…without this program. This is a BRILLIANT move on Obama’s part to help those who did all of the right things but have had their hands tied behind their backs because of the financial crisis. Anyone who doesn’t agree is frankly an ideologue or a moron who doesn’t understand what the President is trying to accomplish. Now, his METHODS for accomplishing it could be questioned, but I personally believe he doesn’t have any other choice. Our worthless Congress can’t do anything….they nearly let our country tumble into bankruptcy two months ago. At least Obama is doing SOMETHING and that’s more than I can say for Congress.

Many Americans are angry because few presidents have trampled the U.S. Constitution as often as Obama has

POSTED BY: RADIOMAN77 | OCTOBER 24, 2011, 11:34 PM 11:34 PM

And some are angry – like you – because they’re so poorly informed by right wing blogosphere nonsense.

“”"”FOR THOSE WHO QUALIFY”"” Famous last words of another failure waiting to happen. If you are current on your mortgage, is that not enough to qualify? My guess is if you make too much money you will not qualify. Another attempt at redistribution of wealth.

I’m glad Obama is doing this. It is unfair that people paying their mortgages faithfully are trapped in high-interest loans because the banks won’t let them refinance at lower rates.
This mortgage-relief plan will help many homeowners.
Congress is disfunctional now. Republicans just block everything, as they don’t want the economy to improve as that would lower their chance at the White House. It is a cold-hearted mentality, and a short-sighted one.

It seems like these folks are good credit risks, as they have stayed current on their mortgage payments despite owing more than their house is worth. The banks are really quite stupid to not realize they are making a mistake in not allowing these people to refinance.
Think about it, The bank has a loan out that is worth more than the property. If the people walk away and the house is foreclosed, the bank will lose out big-time. They aren’t going to be able to sell the house and recover the loan amount, they won’t even sell it for its current value, as most foreclosed properties fall into disrepair as they await the long process to be sold.
The banks would be wise to let the owners refinance, they will earn less interest but will recover the full amount loaned. Bank ceos are extemely short-sighted, thinking of this quarters profits, while ignoring that their decisions today are guaranteeing huge losses in future quarters.

HEY BOEHNER’S BUNCH?… WHERE IS YOU JOBS PLAN??? UMMM… DON’T HAVE ONE. LOL POSTED BY: LORRIE | OCTOBER 24, 2011, 9:11 PM 9:11 PM. Still on the bandwagon for the democrats, the republican put forth time after time jobsbills but the leader of the senate Senator Harry Reid will not let them come to the floor, he is afraid that some democrats would join and actually pass the bills. Democrats the party of NO is alive and well.

I wonder if this plan will actually help those who have build up huge debt to income ratios trying to do the right thing by making all their payments on time and using credit to survive. Now that this groups credit rating has plummeted they dont get the benefit of low rates on mortgages, but since they are not “under water” they have no future options. I really dont know if they get any releif in this plan but im sure if they did it would have the largest boost to the economy.

Daniel H. this plan is to level the playing field. Folks who can’t get a refinance loan with today’s lower interest rates because their mortgage is higher than the worth of their house is what this affects. Those who had good credit ratings, were not under water on their loans should have refinanced a long time ago. It makes a big difference in your monthly mortgage bill.

Did President Goldman Sachs bother to tell us why this mortgage bailout will work when all the others have, like his presidency, been miserable failures? Or does “we can’t wait” obviate explanations?

No one wants to take responsibility anymore for their own decisions. People bought homes at the top end of their credit and now that the economy tanked they have having trouble with the fact that they paid more for something that depreciated in value instead of growing. When I was looking into buying a home with my ex he wanted to do just that.. buy as much as we could afford. I kept telling him that we needed to make sure that we could afford the house if one of us lost our job. Finally we lucked out because we werent married and he wanted to use his VA loan to buy, my income couldnt be considered. We had to buy based on his income alone, which was still enough to get a decent place, maybe without all the bells and whistles he wanted but it was a good home.. and sure enough 5 months after moving in, he was fired from his job. We would never have been able to make it if we had done as he wanted, but because I made sure that we could afford to be on one income… we had enough.

Obama needs to start to realize that he is the boss. He is responsible for how his employees (Congress) act. Without a strong leader, chaos will rule. He is not a strong leader, he blames everyone, bad mouths everyone including his own party and closes his eyes to the truth. If Congress is not acting in the manner he wants, it is up to him to deal with it. I have seen a crew who was under a bad manager who blamed everyone for all failures (done under his directions) and steal the credit for anything good turn completely around once they had a decent, fair, hardworking manager and become the best crew working. Obama needs to grow up, this isnt jr. high.

“Unfortunately too many member of Congress instead represent the best interest of only the narrow slice of people who have given them big campaign contributions.”

It’s not just Congress. It’s anyone who accepts campaign donations. And who was it again who spent over $750 million on their campaign a few years back? Hmmm…I do wonder.

This executive order thing is really starting to look like “royal decrees” to me. Can’t wait for Congress? Why the hell does he think that congress exists?? It’s not his fault that Congress is little more than a day care center these days, it’s the voter’s fault. If they want things to be different, they’ll change it…but oddly enough these clowns are still running the circus. That’s what happens when you keep doing the same thing over and over (voting Republican/Democrat) and expect something different to happen each time. In fact, that’s one of the definitions of insanity.

This country was not designed to have a single man setting policy. That’s a dictatorship. Keep in mind that Saddam Hussein held elections, too.

That’s a laugh!!!

Americathepitiful, you can’t compare the donations Obama collected when such a big percentage of the total were many small contributions from ordinary folks.
It isn’t that we can’t wait for Congress to act, if they were able to actually compromise and get something done. But in the past year they are so polarized we can’t wait that long, because it just won’t happen until some of them are voted out of office.
Your objection to an executive order on such a something as needed as a mortgage relief plan is puzzling to say the least.
And then to bring up Saddam as if that is what his executive orders were about is simply a ridiculous comparison. Obama is working within the law, just as Bush was in his many executive orders.

What is a “Right Wing Extremist” anyway? Are those the people at Occupy Wall Street?

same ole same just another plan that does not do enough or help I am tired of trying to be part of the solution think i will just be part of the problem cant sell it so it can go to foreclosure.

Before you help those that are still in a home that they cannot afford or does not have any equity, give a tax credit for those who did the right thing already and sold their homes, lost their equity and in the process did the amazing thing of paying off their mortgage 100%. Why do essentially cramdown on the lenders or adds more burden of potential liability to shield lenders from refinancing what a lender with common sense would not otherwise consider. AGAIN, GIVE CREDIT WHERE CREDIT IS DUE AND HELP THOSE THAT SOLD THEIR HOMES, LOST THEIR EQUITY AND PAID OFF THEIR LOANS IN THE PROCESS. We already allow businesses and investors to offset their incomes for losses in real estate from deals gone bad. Why not extend the same to homeowners?

I think that there are so many misinformed people on this blog that it turns my stomach. I was an Obama supporter and I still am. That’s because I realize that this mess that we’re in is not a mess that was caused or created by our President, but a mess that has been in the works for years. People (namely republicans) are sooo afraid of working with the president to get something done that will actually help this economy because they think it just might get him re-elected. GROW UP YOU BUNCH OF NITWITS!!! Who flipping cares who the president is if we can get back to where we were economically?? I work in the mortgage industry and take from me….THIS BILL IS GREAT!! We will be worse off if these “paying” people get tired and just walk away from these homes….with no help, they will eventually cut their losses and walk away.

The GOP – lead by the Bushs put us in this mess by spending trillions on unfunded and unwarranted wars(lied to the American public) at the same time reduced taxes(revenue), The GOP is the problem they wrap themselves in Patroitism, and Religion as they lie to the public about their goals as they advance their support of the wealthy in support of Oil, the Military Industrial Complex, and Multi-National Corporations that only care about profits, not about America or her citizens. Wake Up America before our country is bankrupt following these Charlatons of the GOP – Liars!

people are funny on here, I like to simplify things to make them obvious. the Unions and the auto industry created the middle class back in the 40s, 50,s and 60,s. Now the republicans have tried to destroy bothand the demacrats have fought to save both this is how simple this is, all you have to do is look at this and this is pretty much how both sides go with all their decisions made in Washington so quit trying to act like you know what they are doing on Capitol hill and just look at the simple things they are trying to do, and its obvios who does and doesnt care about the middle class