President Obama Announces New Program to Help Struggling Homeowners

Hello America, it appears that Obama is again attempting to help pressure on Homeowners such as Al Gore, and this is what he proposes to help Al, quote: ” Fisker Automotive, backed by a powerhouse venture capital firm whose partners include former Vice President Al Gore, predicts it will eventually be churning out tens of thousands of electric sports sedans at the shuttered GM factory it bought in Delaware” the price tag was over $550 Million dollars, this did indeed help Al Gore and over 5000 Finnish Home owners. sincerely Fezzy Bear

Once again, OBOZO-the-Clown doubles down on STUPID by dictatorially planning to do the same irresponsible, reckless, guaranteed-to-fail-and stick-it-to-taxpayers mortgage insanity that “countrywide-sweetheart-loan” dodd and buffoon barney frank used to create the current financial disaster.

At the end of the day, many, many people bought more house than they could really afford. I know that many of them were pushed by realtors and mortgage brokers, but you have to use common sense. Not a fan of Obama’s proposals here, because they ignore obvious facts. Of course, the real answer to the housing crisis is to help the economy by making the US a more favorable place for companies to do business (gasp! he said it!).

Premier Obama says he will save the People’s housing. Prosit. He did what Comrade’s Reid and Pelosi (Is Nice) could not do.

How many of you still dont believe the Obama administration is out to prolong and complicate our economic crisis so they can exploit it for money for the democratic party?

Why not take those who are behind on their mortgage and force banks to restructure the mortgage. Don’t spend money to refinance but instead restructure for a longer period, beyond 30 years at homeowners current rate. Then focus on getting economy healthy. Once economy is healthy then homeowner can spend their own money to refinance for lower interest/less years etc. I have no sympathy for someone who bought a home they could not afford. I do have sympathy for those who fall behind because of jobs loss etc.

Again the stupid remarks. NO matter what he does people will blast him. He got Osama and some will say Bush did it…oh yeah right! He did not go into a war in Libia but supported them and now they got the other nut. He saved the banks and auto industry and going into a Depression. He is bringing all troops out of Iraq…but of course some will say Bush was going to do it by Dec. 2011 and others will say he is wrong, he shouldn’t be doing that. Well if he’s wrong then Bush was wrong too! The majority of Americans want us out of there, we should stay and keep helping them while we need the help in our own country? I’m really disgusted with some of the remarks. No matter what he does or says he is wrong from day one. Well guess what, we would be in this mess if it weren’t for the Bush Aministration and DECADES of fraud by BOTH PARTIES. Wake up!

Too late.

jakechadwick: you are pretty much on the money. just do the math folks, just do the math then you will see it is pretty much smoke and mirrors. makes for great sound bites while campaigning. speaking of saving money, how much have taxpayers spent in the last two months driving that bus around the country? tens of thousands I suspect. if Frank and Dodd are involved in this latest foray, double check your wallets. Finally, SolyndraGate, SunPower, Guns to Mexico, and Cars for Finland would have all made a very nice contribution to this mortgage situation.

I completely agree with the posting by Barb…just more to add. It is so true that no matter what the president does or doesn’t do, it will never be the right thing or even good enough!!!! I mean any President who will sit in that position. People always just blame the one person on top…THE PRESIDENT!! But all these people seem to forget about the remaining 535 people that make decisions before it gets to the President…if at all! So wake up people, stop blaming just one person…it is the 535 that sit in the house & senate that put a kabosh on most things….raise our taxes…make big bucks(most are millionaires)….fight like children and never get things accomplished!!!! YES 535 PEOPLE, NOT JUST ONE!!! THOSE 535 PEOPLE DO NOT HAVE ANY OF OUR BEST INTERESTS AT HEART. IT IS ALL ABOUT THEM AND WHAT THEY GET OUT OF IT. Why don’t they take a pay cut, or even better, not get paid for a year….live on food stamps, have no medical etc…LET’S SEE HOW THOSE 535 PEOPLE COULD DO IT…
WAKE UP AMERICANS!!!! IF YOU ARE GOING TO PLAY THE BLAME GAME…BLAME THE 535 PEOPLE, NOT JUST ONE (THE PRESIDENT!)

It’s now official. Obama joins the insane crowd. By allowing people to refinance principal that in many cases was based on the Frank/Dodd crime of lending up to 125% of the then appraised value, at a non-appraised rate, he ensures that the same legislation that caused the problem will just keep giving the same results to the same country. A mortgage that was 25% above a property value in 2008 is now likely 65% above an appraisal value, violating every rule of reliable lending. But never mind, they will all bee government backed and we know who will get to pay yet one more time.

I-VOTE, your post in pure BULL! Most every state REQUIRES voters to have government issued ID’s in order to vote! In many states low income and retired folks can get state ID’s free of charge!
Its not a POLL TAX to require a valid ID to vote! Thats just left wing liberal misinformation!!!!

Obama’s “NEW” plan is just the same as what led to the Bank crisis in the first place. We all know that he does’t have a clue about even the basic economics but you would think he has at least one advisor that could point this out to him. How much more of his incompetency must we tolerate? The Democrats need to find a qualified candidate to run against Republican candidate then no matter which party wins the election the American people and the economy will be the real winners.

I can see the government helping with the appraisal problem since the mortgagees can not control the value of their house, but NOT with avoiding credit checks in terms of employment. The ability to get new mortgage terms should be based on the ability to pay – otherwise the government is prolonging the agony of the housing problem by setting up future defaults.

Helping homeowners stay in a house they clearly cannot afford really does not help them at all, it simply perpetuates a bad situation. This silly belief that home ownership is the American Dream, which every politician for the past 50 years has peddled, is at the root of the housing crisis. The fact is a house is nothing more than wood, nails and paint. A family can be happy and thrive – and in many cases be better off – in a nicely rented home. They can achieve the real American Dream without chasing after a material object.Not every one should own a house. Not everyone is in a position to handle the responsibility and obligations that go with owning a house and the more we perpetuate the false belief that home ownership is what Americans should aspire to, the more people will fall victim to predatory lenders, bad loans and silly government programs aimed at keeping them in a house when they would be far better off renting. Instead, why not help these people get out of a bad loan without risking a ding to their credit? Help them into an affordable rental and help investors buy these abandoned homes and transform them into nice, affordable rentals? That would spur the economy and actually help people.

Too little too late – this is nothing more than another false promise of “hope” to desperate homeowners. Banks are moving fast to foreclose; people need to STOP listening to the talking heads on TV that claim that banks don’t really want your house because they are tossing families out.

I find it hard to believe people still think Obama is doing a good job ! The Democratic party always for the deadbeats and never for the honest hard working people ! I guess you get what you vote for, a sorry excuse of a President named Obama ! SAD !!!!!!!

I’m a consumer with great credit, assets, equity in my home and no debt aside from my mortgage. I have never been late on my mortgage since I obtained years the loan… I cannot refinance to a lower rate because I cannot qualify on paper. I am able to afford my current mortgage – why is it that I cannot take advantage of a new loan or a restructured loan to lower my rate – without having to be late or facing foreclosure? Also, why can one qualify if you had a mortgage after 2009 that is owned by Fannie or Freddie Mac? There are many of us out there with good credit and asset and equity standing – and we cannot take advantage of lower rates. What a bunch of screwballs in congress (Republicans and Democrats alike)… Unreal!!!!!!!!!!

To Fox News types—the GOP has NO PLAN to fix the economy except to cut taxes for the super rich (who have not created any jobs in the past 8 years, in spite of the fact their taxes are at 50 year lows now) and to drastically cut spending which would put the fragile economy (caused by greed in the housing crisis) into a depression. The GOP does, however, want to increase taxes for the middle class, go figure??? The GOP wants Obama out so they can put one of the pathetically stupid candidates in, like Bachmann who rivals Palin for lack of knowledge and education, or Perry who all but flunked out of A&M, or Cain who wants a massive tax cut for the rich and a tax increase for the middle class, etc. The GOP candidates are an insult to the office of President. Their next bozo will be Donald Duck.

Better late than never, This is a win/win no brainer!!

USA8888….Rep. Bachmann was a federal tax attorney. What’s on your resume, brainiac? You think the answer is MORE government spending? How’s that workin’ out for ya. Obviously, EVERYONE is going to pay higher taxes given the trillions added to the debt when Pelosi and Reid reigned over the spending. If you think all that debt service just magically gets paid, you’re delusional. Given that two-thirds of our economy is driven by CONSUMER activity, helping Americans keep more of their paycheck seems to be a sensible, logical thing to do, does it not? You would continue to allow 48% of Americans to pay nothing in personal, federal income tax while the top 5% pay 39% OF ALL TAXES PAID? Gov’t is not the engine of growth for the private sector. Will liberals EVER understand this fundamental component of our market-based, capitalistic economy? Judging by this president and his yes-men all over Congress, I seriously doubt it. When you and your people say cutting ANYTHING from our bloated Obama budget is draconian, we should all be very worried.

Why is it that ABC News only tells a portion of the story? they talk about how good a job Obama is doing when hes not. His new House Mortgage Bill really does nothing for the consumer, because the banks still have the option to turn you down. For the average hard working, honest citizen, Obama has done nothing. Im a small buisness owner, and three years ago i was doing great. Today im on the verge of bankruptcy. Where is my bailout? Where are my millions? I hope next November that most Americans have had all this “change” they want. I know i have.

I didn’t see it in the story. Is this for confirming loans only? One of the problems that no one seems to talk about (and is in line with the comment that people bought more home than they could probably afford) is that there are so many “jumbo” loans in play, and even fewer solutions to help those stuck in an under water situation with at “jumbo” loan. Do any of these plans help those people?

“But economists disagree on the number of people who would actually benefit. Some say it wouldn’t affect more than a 1 million households, a relatively small number given that more than 6 million homeowners are facing foreclosure or have delinquent payments. Others say the restrictions are too stringent and automatically cut out those under-water homeowners who have bad credit.”

Is this bill trying to help people that don’t need help? If you have good credit and not behind on your payment why do you need help? What kind of idiocy is this? Another trick to fleece middle class american making those who don’t really need the help that much richer.

Bull! He can’t even step in for Lake of the ozarks and the FERC ruling to destroy 1260 homes and 4000 structures on the lake. Many have written and Obama has not said one thing. Saving homes? Believe me, I am not buying it. No way I want this guy back. He appointed the 5 Commissioners at Ferc and he is accountable. See docket P-459 on Ferc, elibrary. shame on him for such neglect.

I don’t wanna see it but I have to say it, if the next president is not Obama, this country would probably turn in to the 3rd world direction. This mess has been piled up since Bushs’ time … just when it seems like things are taking a straight path, everybody complains and … stop playing a blame-it-on game and think positive. Obviously this program helps some of us who can barely afford to pay our mortgage and definitely don’t harm nobody.

Well I for one can say I think it’s a good plan because it effects me directly. I lost my job and have ran out of unemployment and this bill would help lower our house payment and keep us from losing our home. How is that a negative? Wouldn’t that be better for our economy than for us to have to lose our home to foreclosure? I don’t know alot about the financial world but this makes sense to me. I wonder if the majority of the people commenting on here can truly relate to this subject.

“Some people bought more than they could afford.” is an easy out.. a great many people like myself bought a home they could easily afford while working. Job loss is rampant and a home within your means before a job loss is completely different. The good credit requirement and the “one late payment” requirement makes this program useless. And saying that “these folks should be renting.” shows how out of touch he is with the rental market. It is cheaper to buy if you have good credit….this is why I bought in the first place. In addition rent prices are on the rise and people that have had problems paying mortgages and are unemployed or underemployed are not going to be approved. Nor will they have the funds to pay a huge deposit. They need to rent out the homes that have been foreclosed on to individuals that have lost their homes for the escrow price alone. I saw the other day where they were tearing down foreclosuers. Just crazy with so many people without homes now…..tired in Texas.

All these comments about President Obama being stupid, think about hes the president and your not.You guys are just bunch of stupid Republican, who can’t except anything a Democrat politician do for this country. This is whats wrong with this country its totally devided, a republican will never vote or agree for democrat candidates and the same with democrats. Wake up and for once put aside your party and do whats right for your country. By the way im not Republican nor Democrat. I vote for the right candidate and agree for the people.

Wake up America!! This whole HOPE for homeowners is a joke. A majical act right in front of your face. You better do a little research before you go thru with any of the lines of help. It is absolutely no different than going into foreclosure and going thru a debt solution agency! Yes your credit report will not show a foreclosure on your record but it will hit your credit hard for the same length of time as a foreclosure and is reported to credit companies as a forgiveness of debts which is no different than a written off foreclosure on your record. The only plus side is you keep your house that is underwater severely with a lower payment and who knows or can forecast when your house will ever rebound if it does. Even to refi at the current rates they screw you because if you do your research the new rate will be lower with a refi rate but they have jacked up the mortgage insurance which eats up almost any of the savings you could had saved plus you get the closing costs added onto the loan or pay up front. Again the positive side is that when your home loan value becomes 85% of the actual value the insurance come off and your payment will be much lower but who knows when that is. If you go thru the government website affordable homes act ask questions. they do not and will not say they are not a government employee rather non profit and when asked if they are a debt solution company they will admit such. You go to that kind of service when you have no other options to deal with debt issues right before a bankruptcy! A majority of you, admittingly or not, are in a mortgage that you should have never gotten into. May it be the banks allowed or you had to have that more expensive home than the alternative. Myself, I chose a house half the value I could afford to protect from a situation like this and am pleased with my choices. What pisses me off is the fact that everyone alound me has severely devalued my home because they couldnt pay for theirs! Now I am underwater and cannot upgrade as planned due to the irrisponsibilities of others including banks. And for Obama to put out this homeowner help with false pretenses thru the media and the campaign is disgusting! Either way I am sorry to say all of us are screwed if you take the programs help or continue to pay on a dead note. Bad creidit stays for 7 years now so consider that before you take the help!