$50,000.00 loans to unemployed homeowners....

[footdr]

or homeowners who have an illiness that makes them unable to work. Wow!
Now the idiots in an effort to save the housing market are giving loans to people that probably won't ever be able to pay them back. In fact, these loans are interest free and the terms say they that they if the homeowner doesn't become employed with two years they basically are forgiven.

What the F......! Home prices will stabilize on their own. There has been many times in the past 30 years that people owe more than then their home is worth. Homes are a long term investment. Everyone needs a place to live Either you pay rent or a mortgage. If you can a mortgage and future ownership is the way to go.

None of the previous "bailouts" have worked, why?., because, modifying loans for unemployed homeowners is stupid. If they don't have a job or means of income they can't pay no matter what the monthly mortgage payment. DAH!\\

So now, they are giving out these loans with our tax dollars. I say "f" you!.

I don't want to pay one more dollar of income tax for these assholes to waste.

How about you?

 

[winbig]

or homeowners who have an illiness that makes them unable to work. Wow!
Now the idiots in an effort to save the housing market are giving loans to people that probably won't ever be able to pay them back. In fact, these loans are interest free and the terms say they that they if the homeowner doesn't become employed with two years they basically are forgiven.

What the F......! Home prices will stabilize on their own. There has been many times in the past 30 years that people owe more than then their home is worth. Homes are a long term investment. Everyone needs a place to live Either you pay rent or a mortgage. If you can a mortgage and future ownership is the way to go.

None of the previous "bailouts" have worked, why?., because, modifying loans for unemployed homeowners is stupid. If they don't have a job or means of income they can't pay no matter what the monthly mortgage payment. DAH!\\

So now, they are giving out these loans with our tax dollars. I say "f" you!.

I don't want to pay one more dollar of income tax for these assholes to waste.

How about you?

Let's all start our own religion, have it recognized at the federal level, and we'll never have to pay taxes again.

 

[vinylweatherman]

or homeowners who have an illiness that makes them unable to work. Wow!
Now the idiots in an effort to save the housing market are giving loans to people that probably won't ever be able to pay them back. In fact, these loans are interest free and the terms say they that they if the homeowner doesn't become employed with two years they basically are forgiven.

What the F......! Home prices will stabilize on their own. There has been many times in the past 30 years that people owe more than then their home is worth. Homes are a long term investment. Everyone needs a place to live Either you pay rent or a mortgage. If you can a mortgage and future ownership is the way to go.

None of the previous "bailouts" have worked, why?., because, modifying loans for unemployed homeowners is stupid. If they don't have a job or means of income they can't pay no matter what the monthly mortgage payment. DAH!\\

So now, they are giving out these loans with our tax dollars. I say "f" you!.

I don't want to pay one more dollar of income tax for these assholes to waste.

How about you?

Surely it would have been better to keep people in their houses in the first place, rather than to spend $50K per person to fill up all the empty properties that resulted from so many people getting kicked out because they could no longer pay the mortgage.

Less could have been spent per household subsidising part of the payments, rather than effectively giving away houses now it is too late.

If people had been kept in their houses, there would not have been whole areas of boarded up properties, attracting vandals and worse. The properties would have been occupied, and kept in a reasonable state of repair. The smaller number of empty properties would have been more attractive to buyers, and this in turn would have kept the housing market "propped up".

Now, there are large numbers of empty properties, some so badly vandalised and neglected that they have to be pulled down & rebuilt.

I heard that you could get a house for $1 in some areas (though needing a fair bit of expensive remedial work because of the state it was in).

 

[RedAndi]

Then don't pay 'em

My issue is not so much with the government as with the lobbyists from companies who NEED these loans to be implemented in order to pump up the market. Until we stop the bullshit lobbying from big corporations nothing will ever be right in this country, period.
I doubt it will ever be changed though, too much money is flowing into campaigns because of these corporations. No sane politician is going to go against the grain and try to eliminate ALL funding of this type ( from EITHER party btw, this is not about Dems or Repubs, this about ALL of them).

 

[silcnlayc]

I find it interesting that so many forget that we have been through this before...I know I remember...somewhere I mentioned that I used to do VA foreclosures for close to 8 years...from start to finish (where we had to evict the owners). Many times it took up to 2 years to remove the owners...that did not pay a dime for living there the entire time. We had an average of 75-80 a month in our inventory during the down times and as they sold we continued getting them in...it took almost 5 years for this to trickle down to about 8-10 a month.

So, why in the world are they thinking this is anything different?? I sold my home after 2 years and was under water..I sold my next home when the market slipped again 15 years later and ended up with a few thousand left in equity..I should have sold during the peak time but we didn't...once again, living in my home for 17 years, I have a few bucks equity when I could have had quite a bit if I sold while the market was hot...

As I said once before..this market is no different than the other 2 I went through with my own homes or with working on others that chose not to pay because they too were "underwater" back then..

The cycle does change..it takes 5-7 years for it to recycle..I have been through it 3 time now...I just do not understand why anyone would think that they would have "instant" equity and then walk away when it doesn't happen. I believe it is called the instant gratification syndrome...and those people (the ones that walk away without a second thought) need to lose there homes as they did when I was working in the foreclosure section...as they lived rent/mortgage free for years for that is how long it took to evict them..

.

.

 

[footdr]

As a real estate agent I say....

yes it is good to keep the number of foreclosures from increasing. But to do it by "propping up" the market with government money in a way which result as it has already in inevitable forclosure of a home the owner can't afford and in many inistances never could ; is putting off the envitable at an extremely high cost.

When I sold a home I qualified my buyer. This was my responsibility. But beginning duriing the Clinton Admin. they wanted to give more low income famalies a chance for homeownership, problem, they made it easy to qualify for the loan not looking at the long term ability to pay the mortgage, taxes, and upkeep on that home.

Rather than provide subsidized housing via rentals to these individiuals they are assisting them in digging a deeper hole. Not to mention wasting our money.

Over the past 30+ years that I have sold and own a home, there has been many occassions where the value exceeded the loan. In the long run, letting the housing market correct on its own through supply and demand is the better route and always has been.

It was the Governments involvment that destroyed the housing market, period.

Homes are a long term investment as are stocks and bonds.

I am not willing to spend tax dollars to bail out others wrong decisions or the governments bad policies over which I had no control.

I add that too many home markets such as California, the East, Chicago and New York where totally overpriced to begin with and I for one would have never paid the price they asked for a home that I could have paid 1/3 the amount for elsewhere. Often, renting is a better choice and investing your money elsewhere is a better decision then investing in an over priced real estate market.

Now the good times have come to and end in those markets and the taxpayers are on the hook? I think not

 

[felicie]

"I find it interesting that so many forget that we have been through this before..."

We use to call that 'youth' as they were the only ones that thought every idea was a new idea. Now however I believe we can just call it 'been there done that stupid'

 

[footdr]

They Suck

So, why in the world are they thinking this is anything different?? I sold my home after 2 years and was under water..I sold my next home when the market slipped again 15 years later and ended up with a few thousand left in equity..I should have sold during the peak time but we didn't...once again, living in my home for 17 years, I have a few bucks equity when I could have had quite a bit if I sold while the market was hot...

Yep that is why unless you are buying a houses as investment, you should plan to stay put. The house market is hot and cold. It is not like the days of our grandparents or parents. We overbuilt, allowed people to purchase homes with 0 downpayment and created fannie and freddie, all of which destroyed the housing market.

They need to leave it alone and let the market work it out. So many of these homes are owned by the Government backed fannie and freddie, let them turn them into rental properties. I personally think they made their bed and now they can lay in it! But to expect other homeowners to help pay with tax dollars is not right!

They are also using our tax dollar to pay huge amounts of incentive to rewrite loans and to servicers. Also, the borrower of a modified loan can get big bucks if they pay ontime for a certain number of years(forget, but think its five years) I believe they get up to $5000.00 simply for paying the mortgage on time and complying with the terms.

Gee, those of us not needing a modification get nothing. There could be incentive to stop paying and request a modification, do you think?

What a crock of you know what!

Besides this if you watch the hearings regarding the mortgage bailout it is sickening as they report that billions have been wasted and they can't even account for where the money went.

Enough of this bull. They are out of there come Nov. or we are screwed!

 

[smittytime]

We should NEVER EVER EVER use tax money confiscated from one person to help promote a lifestyle of another. That is just WRONG. It is a HIDEOUS idea to "prop up" a market. It is artificial. It will blow up. The idea of giving your tax money to another person without a job so that they can stay in a house that they cannot afford is absolutely a dreadful idea. That is unfair. It gives the person receiving the money no incentive to go and earn his own.

If you cannot afford it then move.

Period.

It really irks me that it is even a possibility of a good idea to anyone. It is communism. socialism. It is bad. It is unwise.

 

[bryand]

Just another way to prop up the banks.

At least the money is being used here in the US. Can you believe this??????

Funding for Genital Hygiene

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