Fed close to passing Mortgage Relief

[carpro]

http://www.usatoday.com/money/story...ge-settlement/53016420/1?loc=interstitialskip


Didn't know if this would go in current events or politics.

But anyways.

Thoughts on this?

I still hate the fact that it seems that it will not help people who are upside down but have been current and responsible with their payments.

It only seems to help those who are behind. I'm not saying that's bad, but it seems that, again, the responsible people are being punished...of sorts.

So what's in it for the millions that sweat blood to pay their mortgages, but always manage to get it done?

A pitchfork in the eye?

 

[carpro]

I'm not saying the banks should, per say.

What I am saying is this: Again, at the end of the day, no one put a guy to any one person's head and forced them to buy a house.

But when a person was approved for 100% financing for a home that cost 200K and they only made 30K a year...then we've got an issue.

On top of that, the 100% financing wasn't a true indication of market value, but an inflated cost to get a person into a home with no money down. Fudging current house values to close a loan absolutely creates a false market for everyone.


The banks aren't completely innocent by any stretch.

At the end of the day, I'll live. Would I like to have a mortgage payment that is about the same as what I'm paying now but slash from 24 years left to 15? Sure. All in God's will.

Are you saying that the person signing the loan papers didn't know thay couldn't handle the payments? Were they just greedy or stupid?

 

[billwald]

Yes, "greedy and stupid" is the new American norm.

 

[Bobby Hamilton]

So what's in it for the millions that sweat blood to pay their mortgages, but always manage to get it done?

A pitchfork in the eye?

I'm one of those. I feel you.

I'd love to get a refi though...because I feel that being responsible should lead to every once in a while getting a break.

 

[Bobby Hamilton]

Are you saying that the person signing the loan papers didn't know thay couldn't handle the payments? Were they just greedy or stupid?

Both, actually.

I knew I could handle my payments, and I can. If I can't refinance it won't break me. I've budgeted for it and I"m good to go. But I'd love to refinance at 2.5% lower, slash my length of term down, and do it without having to put more money down that I already have.

Sadly, I can't do that because I've been responsible. I can't do that because other people have been irresposible and bought houses they can't afford. And I can't do that because banks approved people and gave out 100% financing to people they never should have.

 

[carpro]

Sadly, I can't do that because I've been responsible. I can't do that because other people have been irresposible and bought houses they can't afford. And I can't do that because banks approved people and gave out 100% financing to people they never should have.

Therein lies the problem. You are being punished for being responsible and banks and mortgage companies should never have bent to the pressure of the federal government to make loans to poor risks, most of which now belong to fannie mae, for which taxpayers are apparently financially responsible.

 

[targus]

I listened to an interview on NPR this morning while driving.

It seem that this program will apply to about 5% of mortgage borrowers.

It will take about a year before they start contacting people by letter...

Letters that will be sent to the old foreclosed address. :laugh:

It should be about three years before anyone sees any money.

In the mean time the same old uninformed and unaware Democrat voters will think that Obama has done something wonderful to help them. :laugh:

 

[InTheLight]

It should be about three years before anyone sees any money.

In the mean time the same old uninformed and unaware Democrat voters will think that Obama has done something wonderful to help them. :laugh:

Typical Democrat outcomes. Their programs don't work, but they have good intentions. That's enough for most sheeple Dem voters.

 

[Bobby Hamilton]

Typical Democrat outcomes. Their programs don't work, but they have good intentions. That's enough for most sheeple Dem voters.

This particular system is set up to fail in either party system.

 

[billwald]

Which system since WW2 hasn't been designed to lengthen the food chain?

 

[mont974x4]

I'm one of those. I feel you.

I'd love to get a refi though...because I feel that being responsible should lead to every once in a while getting a break.

I am with you. I just turned in paperwork the other day for a refi. We'll have to see how the appraisal comes out but we are looking at a 15 year mortgage at 2.85%.


You might want to shop around and see if you have any options.

We lost some value on the house like most people, but we never had the hyper-inflated prices. It is not a done deal but looks more promising than it did 3 years when I tried last time.

 

[LadyEagle]

Closing this. Over 3 page limit and several days without a post! Thanks!