Hooray - Help for Homeowners is on the way!

[wurm]

How about this for a simple solution?

Since the government pretty much owns all the banks, anyone who wants to can refinance their mortgage to a fixed 4% rate, payable to Uncle Sam. The government makes 4% and the banks get out of the mortgage business (unless they're willing to also refinance at the fixed 4%).

Now if someone still can't afford to make their payment, the loan in refinanced to as long a term as is necessary to bring the payment down to one they can afford. I'd even be willing to see a one year no-payment plan, as long as that addition year is added on to the end. If the market changes or their situation changes, they can make extra payments to make up the time added. People can stay in their homes, the lenders can still make a little profit, and no one feels as if (s)he's getting screwed. At least not as much as they do now.

[swampy]

I'd pretty much go along with that, wurm with the priviso that the new loan be fully vetted. No more NINJA loans.

RgrF..."So GM, Chrysler, Ford, CitiBank and Bank of America should die? Just say so and I'll believe you are sincere."

Let 'em go belly up. I sure can't afford to keep them in business and neither can my children or grand children.

[$tevie]

Now, as tragic as this has been, we believe that there are some who shouldn’t be helped in this plan. Some homeowners simply went well beyond their means, some bought additional property as a risky investment – these people will not be eligible for this plan.

http://www.whitehouse.gov/blog/09/02/19/...o-Step-Up/

[Mac1337]

$tevie wrote:

these people will not be eligible for this plan.

There is no plan. They admit they don't have one until sometime in March.

[kj]

$tevie wrote:

Now, as tragic as this has been, we believe that there are some who shouldn’t be helped in this plan. Some homeowners simply went well beyond their means, some bought additional property as a risky investment – these people will not be eligible for this plan.

http://www.whitehouse.gov/blog/09/02/19/...o-Step-Up/

If the whitehouse says it's true, it must be. Obama also said this will happen at no cost to the taxpayer. What he might have meant is at _no additional_ cost to the taxpayer, and even that is untrue. kj.

[$tevie]

Good grief. I prove your assertion wrong so you show up with another complaint.

Obviously some people are just getting off on b!tching.

[kj]

That proves my assertion wrong? You're funny. I was happy to see that it's only available for primary residences though (not in your link, that I saw). kj.

[$tevie]

It's right there in the part that I quoted: "Some homeowners simply went well beyond their means, some bought additional property as a risky investment – these people will not be eligible for this plan"

[kj]

Politicians always tell the truth? How will they tell if someone "went beyond their means". It's looking like a sham to me. If you have anything going for you at all, you can refinance right now. kj.

[$tevie]

Simply not true. You are determined to be opposed to this program, however, so I am not going to bother with any links that explain the plan more clearly: if you weren't so determined to dislike it, you would have found them by now.