Quote:
Originally Posted by sherm
Why is it that once again, people who overexerted themselves financially are getting a pickup from the government? If people hadn't bought homes that they could not afford, the housing market wouldn't be in the mess that it is in today.
I have a hard time cheering on a plan that rewards poor planning. Yes, it may help get things back in line after a while, but I have no sympathy for people who make large purchases that they shouldn't make. I don't see rewards for home buyers that did things as they should have, and have contributed to what little stability the market has left (and are paying high interest HELOC loans). 
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" WASHINGTON (Reuters) - President George W. Bush said on Saturday he is looking to expand U.S. efforts to help struggling homeowners reduce their mortgage payments, as Democrats pressed for a more substantial federal role.
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Bush said some 130,000 homeowners have used a Federal Housing Administration program to refinance unaffordable mortgages since it was announced last August.
"This is a good start, and my administration is committed to building on it," Bush said in his weekly radio address. "So we're exploring ways this program can help more qualified home buyers."
Bush said 300,000 homeowners are expected to use the program by the end of this year, more than the FHA's initial estimate of 240,000 homeowners.
That is a fraction of the 10.3 percent of U.S. homeowners, some 8.8 million in all, who owe more than their houses are worth, according to Moody's Economy.com."
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More on http://news.yahoo.com/s/nm/20080329/...omy_housing_dc
Oh well... At least it's better than sending everybody who makes over $3k a year a $600 check (while fazing rebates out for the top 25% of tax payers). |
Frankly, sherm, your talking out of your ass here.
I happen to be one of the people effected by this. I bought a home 2 years ago at 7.1%, The note was immediately sold to another bank, who has now raise the interest to over 12%. My mortgage payment went from 830.00 to over 1500.00 per month.. In the 2 years I have lived here, they have applied 127 dollars toward the principle. As my note stands now, the original amount I financed, 119.000 is now sitting at 124,000 after 2 years of paying. PLUS in the current market my homes value went from 138,000 to around 90,000.
This is why 11 homes currently are in the exact same situation as myself within 1 block of me. WTF are we to do? At the current rate I would spend something like 420,000 dollars on the home I bought for 119,000... What is going on is almost criminal at this point.
So you can take your opinions on this and shove them right up your ass for all I care.