President Obama announces refinancing plan

[Barefootsies]

The president is bypassing Congress to enact the program with an executive order. He says he has no choice.

"We can't wait for an increasingly dysfunctional Congress to do its job," said President Obama.

Economists say the refinancing program is good news for some borrowers but it won't have a major effect on the overall economy.

Seems he is also taking on student loans.

http://money.cnn.com/2011/10/25/news...P_LN&hpt=hp_t2

[Sly]

Those evil Republicans strike again.

[baddog]

I thought making home loans too easy to get was the cause of our current problem. I do not see this new plan as something that will be good for our economy.

[IllTestYourGirls]

He just expanded the recession another 5 years.

[epitome]

I thought making home loans too easy to get was the cause of our current problem. I do not see this new plan as something that will be good for our economy.

I don't get this one either. Bad move. Let the housing market figure itself out first.

[Ethersync]

He just expanded the recession another 5 years.

Yeah. Not only is this is a horrible move the way he is going about it is totally unconstitutional.

[kristin]

As someone who has $100k in student loan debts, I hope they do something about it.

It's a killer and the loans have weird rules that the consolidating into one federal loan would be a lifesaver for so many.

[Ethersync]

As someone who has $100k in student loan debts, I hope they do something about it.

It's a killer and the loans have weird rules that the consolidating into one federal loan would be a lifesaver for so many.

That a student can go $100k in debt is insanity. This is only possible because of government guarantees and laws that say you can't bankrupt yourself out of the debt. Remove these two factors and tuition costs will drop like a rock.

[porno jew]

glad to see the gfy posting their opinions before reading crew is in full force today.

hint: it's about student loans.

and it's a good idea. there should be an option for payments based on income. that is just a sane and human thing to do, especially in a depression.

[porno jew]

That a student can go $100k in debt is insanity. This is only possible because of government guarantees and laws that say you can't bankrupt yourself out of the debt. Remove these two factors and tuition costs will drop like a rock.

well why is it the same in western countries where those factors don't apply? your theory is simple, naive and knee-jerk mises bullshit.

[Barefootsies]

glad to see the gfy posting their opinions before reading crew is in full force today.

hint: it's about student loans.

Here you go top notch....

http://abcnews.go.com/blogs/politics...ng-homeowners/

http://realtormag.realtor.org/daily-...financing-plan

[Ethersync]

and it's a good idea. there should be an option for payments based on income. that is just a sane and human thing to do, especially in a depression.

The best thing they can do for students is let them get rid of this debt through bankruptcy. That would fuck the banks though and this is what this really is. Another bank bailout under the guise of helping students. Without this the student loan bubble blows up.

[MaDalton]

studying is free here - damn socialists!

[Barefootsies]

The best thing they can do for students is let them get rid of this debt through bankruptcy.

Or........... you could revamp the tax structure, and all higher education would be free.

[porno jew]

The best thing they can do for students is let them get rid of this debt through bankruptcy. That would fuck the banks though and this is what this really is. Another bank bailout under the guise of helping students. Without this the student loan bubble blows up.

in other countries students with huge loans can do that. why did their bank system not collapse?

[porno jew]

it's all stupid anyway as yes, in any truly civilized society education should be free.

[Ethersync]

in other countries students with huge loans can do that. why did their bank system not collapse?

Specifically, what other countries do you mean?

[vsex]

I thought making home loans too easy to get was the cause of our current problem. I do not see this new plan as something that will be good for our economy.

nothing in there about home loans. it's all about student loans.

[12clicks]

That a student can go $100k in debt is insanity. This is only possible because of government guarantees and laws that say you can't bankrupt yourself out of the debt. Remove these two factors and tuition costs will drop like a rock.

absolutely correct.
Whenever a government gets into the BUSINESS of loans, all things bought by the loans get more and more expensive.
(see houses, see tuition)

[KillerK]

As someone who has $100k in student loan debts, I hope they do something about it.

It's a killer and the loans have weird rules that the consolidating into one federal loan would be a lifesaver for so many.

You must be an idiot to take on that kind of debt.

[2MuchMark]

Yeah. Not only is this is a horrible move the way he is going about it is totally unconstitutional.

Yeah right... !

I for one LOVE the guy. He's fucking smart, and now finally, he's done with being pushed around by the Tan Man BONER and his cronies. Go Obama!

[L-Pink]

As someone who has $100k in student loan debts, I hope they do something about it.

It's a killer and the loans have weird rules that the consolidating into one federal loan would be a lifesaver for so many.

To bad the first class you took wasn't economics.

.

[vsex]

To bad the first class you took wasn't economics.

.

[L-Pink]

So those of us that don't overextend ourselves have to pay for those who did? Fuck anyone who thinks I need to help them solve their personal bad decisions. Buying a house that cost to much or taking out a student loan are personal lifestyle decisions that don't concern the government or taxpayers.

.

[woj]

So those of us that don't overextend ourselves have to pay for those who did? Fuck anyone who thinks I need to help them solve their personal bad decisions.

.

Welcome to socialism

[kane]

You must be an idiot to take on that kind of debt.

That is not an insane amount of debt for a 4 year degree at a state school. A friend of mine has a son that started college this year. The school is 3 hours away (Oregon State University) so he will have to stay in a dorm. Total cost will be about $21K per year for tuition, room, books etc. I think that dollar amount also includes some meals.

So after 4 years he will have spent $84,000. That is if he doesn't borrow any extra money to live on, which he isn't going to do because his mom is going to pays his cell phone bill and give him some spending money each month.

He plans to work part time if he can and get summer jobs, but that is only going to take him so far in paying down the debt and he was told in advance that most of his senior year and the summer after his junior year he would be interning so the chances for him to work will be greatly reduced.

[epitome]

nothing in there about home loans. it's all about student loans.

It may not be that article but they are also opening up home refinancing for a lot of people that probably shouldn't get it.

[LiveDose]

Trying to secure his base for the upcoming election.

[baddog]

studying is free here - damn socialists!

We have free schools and private schools. You don't?

nothing in there about home loans. it's all about student loans.

Okay, maybe not that link, but he announced the same thing for home loans yesterday (or the day before) in NV.

As far as student loans are concerned, I am sorry but I am not prepared to bail out anyone that overextended themselves getting an education or a loan. I happen to know you can graduate with a Masters from UCLA without going into massive debt. You just have to be willing to work at it.

[kane]

It may not be that article but they are also opening up home refinancing for a lot of people that probably shouldn't get it.

I was reading yesterday about his home refinance plan and a lot of critics said it wouldn't really help that many people. The reason is you would have to be someone who could quality for a refinance if everything else other than the your home value was normal and many of the people who are underwater are also getting foreclosed on so they won't be eligible. The story I was reading said his whole plan will only effect a very small number of people.

[porno jew]

umm who is getting bailed out. the loans will still have to be paid back. it's can be just tied to income instead. better than a default no?

[porno jew]

reading these threads makes me realize america gets what it deserves. it truly is a small minded and petty country.

[12clicks]

That is not an insane amount of debt for a 4 year degree at a state school. A friend of mine has a son that started college this year. The school is 3 hours away (Oregon State University) so he will have to stay in a dorm. Total cost will be about $21K per year for tuition, room, books etc. I think that dollar amount also includes some meals.

So after 4 years he will have spent $84,000. That is if he doesn't borrow any extra money to live on, which he isn't going to do because his mom is going to pays his cell phone bill and give him some spending money each month.

He plans to work part time if he can and get summer jobs, but that is only going to take him so far in paying down the debt and he was told in advance that most of his senior year and the summer after his junior year he would be interning so the chances for him to work will be greatly reduced.

depends on the degree.
$100k in debt so you're eligible for a $40k a year job will lead most people into a life of just above poverty which is what a vast majority of college degrees lead to.
Its ridiculous and the entire system is propped up by government guaranteed loans.
now if that $100k of debt lead to a great job, different story but in all too many cases it doesn't

[12clicks]

reading these threads makes me realize america gets what it deserves. it truly is a small minded and petty country.

love to have a peek at what you've got going.
I'll bet we'd all be glad you've gotten what you deserve as well.

[stocktrader23]

depends on the degree.
$100k in debt so you're eligible for a $40k a year job will lead most people into a life of just above poverty which is what a vast majority of college degrees lead to.
Its ridiculous and the entire system is propped up by government guaranteed loans.
now if that $100k of debt lead to a great job, different story but in all too many cases it doesn't

Hey, we agree on something!

That said, this thread is full of idiots with no understanding of anything.

"So now those of us that were responsible have to pay for the idiots GRRRRRRRRRRRRRR."

Morons, all of you.

[Sly]

Somebody needed to say something about roofing... so I'm doing it... roofing.

Carry on.

[kane]

depends on the degree.
$100k in debt so you're eligible for a $40k a year job will lead most people into a life of just above poverty which is what a vast majority of college degrees lead to.
Its ridiculous and the entire system is propped up by government guaranteed loans.
now if that $100k of debt lead to a great job, different story but in all too many cases it doesn't

For sure. If you are going to rack up $100K in debt, but you are becoming and engineer or something that you can make an average of $90-$130K+ per year it is well worth it, but there are so many degrees that qualify you for little or nothing that they aren't worth the money. If you want a degree in a field where the chances of making a big salary are a lot smaller there are ways to get it a lot cheaper.

[Barefootsies]

Somebody needed to say something about roofing... so I'm doing it... roofing.

Carry on.

[MaDalton]

We have free schools and private schools. You don't?

very few private schools, even much less private universities

most schools and universities are free

[12clicks]

Somebody needed to say something about roofing... so I'm doing it... roofing.

Carry on.

someone else needed to say something about gay prostitution as well.

done and done, sailor

[Failed]

I think education and healthcare should be free for all Americans. I would be happy to have an increased tax, or part of my salary go towards these two programs to help Americans live healthy and educated.

[Sly]

someone else needed to say something about gay prostitution as well.

done and done, sailor

We use the skills we have!

[The Demon]

Hey, we agree on something!

That said, this thread is full of idiots with no understanding of anything.

"So now those of us that were responsible have to pay for the idiots GRRRRRRRRRRRRRR."

Morons, all of you.

Ironic that this is your message each and everytime and yet you've proven no basic understanding concerning any of the topics being discussed. At least the "morons" on both sides are attempting to debate it as much as they can, even the ignorant ones. You're just making a fool out of yourself as usual.

[TheSquealer]

Seems people don't understand what is happening. The student loans are the next housing bubble and its about to pop. They are packaged and sold in a similar manner as mortgage backed securities were. Student loans are backed by the federal government already and defaults are rising rapidly... that's currently over 1 trillion dollars floating out there in the hands of lazy, hapless retards with a growing sense of entitlement. When investors stop buying the loans because they no longer have faith in their value, this creates a very serious problem.

[crockett]

I thought making home loans too easy to get was the cause of our current problem. I do not see this new plan as something that will be good for our economy.

From what I saw it's not about letting anyone secure easy access to easy loans, but rather helping people get into lower interest loans that are still tied in to the fucked up loans the industry was dishing out prior to the bubble bursting.

[Vendzilla]

he did student loans before , he did home loans before , he did the stimulus before.

Maybe he could up with something new?

[Frank21]

As someone who has $100k in student loan debts, I hope they do something about it.

It's a killer and the loans have weird rules that the consolidating into one federal loan would be a lifesaver for so many.

Do the people who chose NOT to get that loan a 100.000 dollar gift as well?

[L-Pink]

Seems people don't understand what is happening. The student loans are the next housing bubble and its about to pop. They are packaged and sold in a similar manner as mortgage backed securities were. Student loans are backed by the federal government already and defaults are rising rapidly... that's currently over 1 trillion dollars floating out there in the hands of lazy, hapless retards with a growing sense of entitlement. When investors stop buying the loans because they no longer have faith in their value, this creates a very serious problem.

I know a dozen people with massive student loans. For a couple the money NEVER went toward an education. For some the money also covered food, housing, clothes, car payments, drugs. For some the jobs the education qualified for will never make the loans a good investment.

ALL of them still eat out frequently, live in nice houses/apts, party, and bitch about the debt. Conversely friends that don't have a college education are all self employed or work for small owner operated service businesses and are happy with their lives.

It all comes down to expectations ..... and grasping reality.

.

[Failed]

I know a dozen people with massive student loans. For a couple the money NEVER went toward an education. For some the money also covered food, housing, clothes, car payments, drugs. For some the jobs the education qualified for will never make the loans a good investment.

ALL of them still eat out frequently, live in nice houses/apts, party, and bitch about the debt. Conversely friends that don't have a college education are all self employed or work for small owner operated service businesses and are happy with their lives.

It all comes down to expectations ..... and grasping reality.

.

I'm currently paying out of my own pocket for my education, but am considering student loans for post graduate degrees, if I choose to go so far.

I had no idea you could use student loan money for anything but your education bill and books. So, this is nothing more than a personal loan with a different name?

[L-Pink]

I'm currently paying out of my own pocket for my education, but am considering student loans for post graduate degrees, if I choose to go so far.

I had no idea you could use student loan money for anything but your education bill and books. So, this is nothing more than a personal loan with a different name?

I know 2 people, my ex g/f being one, that used the money for down payments on houses. Basically they committed fraud.

.