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total of 8.1 million U.S. homes, or 16 percent of all households with mortgages, could fall into foreclosure by 2012, according to a report by Credit Suisse. An Obama administration official said the total plan commits up to $275 billion for housing, including $50 billion from funds already committed in the country's financial sector bailout. It aims to help up to 9 million American families. I paid off my home in 5 years. I'm thinking of taking out a half million dollar mortgage on it and NOT PAYING it so Obama helps new-jersey too.
The only justification is to angry about ANY and ALL bailouts. Here's an interesting article about this bailout culture. first half of that bailout has already been spent and it did not unfreeze the credit market so it did not help to stem the foreclosures, which in turn are decreasing property values and eroding the local tax revenues that pay for schools, essential services (police, fire protection), etc. Basically, the money was funneled to the top and did not 'trickle down' to the root problems. So now, the second half is supposed to go towards rewriting loans to hopefully stem the tide of foreclosures. Will it work? I have no idea, but I do think that it stands a better chance of solving the local community problems than the first half did by going towards retreats, CEO bonuses and dividends.
The 9 million families being helped are not getting anything for free, as you are implying. The money will be spent to help the lending institutions modify the mortgages - which is very much like a refinancing. I assume that the money will be spent on closing costs so that the bank won't lose money and the mortgagors will not have to come up with a lot of up-front money (which would be impossible for people who have lost their jobs and can't find new jobs which pay enough to make the pmts.) The modifications will lower the interest rate and lengthen the life of the loan. If you take out a half million dollar mortgage, you will have to qualify for it - as I assume you can - and make regular payments, just like the people who are receiving govt-funded refinance deals. One justification for the aid is that if homes are saved from foreclosure, then the value of the neighboring properties will not diminish. In other words, if a few of your tax dollars helps some of your neighbors stay in their homes, then your property will not lose its value. So, the mortgage stimulus will help another 100 million people, or more, to keep their property values from sinking. Hey, if you really want to take out a home equity loan, now is the time to do it. You can get some very low rates if your credit rating is high. But don't expect the government to pay it off for you - that's not what is happening, and you should know it.
It is a drop in the bucket compared to the give aways their taxdollars have paid out leaving them with nothing but under water home values , no job to pay what they owe or reduced wages with higher costs of everything. Bonus bucks and power help "leaders" that do not represent the people they were elected by , rather sell them out to business and lobbyist friends whom have no ethics and are quite pleased to make as much as possible at the expense of others regardless of how damaging it is to the destruction of others livelyhood. It is wonderful to have a country support the extravagant favors of being in position of one of the wealthiest nations in the world and being able to take complete advantage of good people that entrusted them to work for them to have them have complete advantage and miscarriage of justice to benefit their own agenda in return for the hard work and dreams of futures that will become a living nightmare from the hands holding the power to fool them into permitting them to permit it to be stolen from them by abusing trust claiming to be looking out for the nations safety when they are no more then legal thugs hoping to take all and scorn the objections for trying to stand up for what is left of their hard earned efforts and work to have scraps of crumbs left and tell them what has happened to their life is their stupidity and laziness when it is just not so. You may as well join the rest of the ones that sucessfully scammed the American people with their hands held out and there pockets full and walk away with them and congratulate selves on how smart to gain over those not smart enough to see tha some are capable of anythng if they can think of it no matter if people never suspect the ax hanging in the background it just the begining to a wonderful thanksgiving dinner about to be had, not realizing that they are the sacrifice
Well if it wasnt for all those damn mortgage brokers who pushed the mortgagaes through they would not be in this postion right now,you people are saying why did these people buy houses they could not afford what YOU PEOPLE dont realize is that they WERE TOLD that after their arm is up they can refi into a fixed rate what should been illegal in the first place was those damn arm motgages so its not that they bought a house they couldnt afford they should of got a 30 yr fixed rate and they wouldnt not be in this situation right now unless of course they lost their job and lost the house.
I imagine the same way that they justified $700 billion for the banks that wrote those mortgages to begin with.
Well lets see, 90 million families would get 275 million? Boy I wish I could get this help I would then have a $30,000,000 thirty million dollar home.
That's potentially 18 million votes in 2010!!
You paid off a 500,000 mortgage in 5 years? That was a complete waste of money, but its yours I guess... Its up to, meaning if everything completely goes to shyte they'll hit that number.
Probably in the same way Bush justified spending $3 Trillion on the Iraq war.
Because it would cost the country MORE money in the long run if we didn't do anything at all. Sucks, but that's the way it is.