Homeowner Vitriol

seems like we need a new word to replace 'homeowner' given that for 20% of them it is a contradiction in terms.

too little too late, same old story, banks dont give a damn, they are profiting on foreclosing on the way down just like they profited on scam loans on the way up, and the public doesnt see any direct aid so calls Obama a communist and will vote for another Bush type disaster candidate like Palin, a total fascist ignoramus who will tank the economy worse than Bush but at least is not a commie.

They are too dumb to realize they have been screwed ever since Reagan, with suppression of wage/productivity parity and Wall Street M&A con artists selling off their jobs. It is a real abusive relationship, where the abused wants to stay with the smiling and affable SOB abuser like Bush/Reagan.

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/04/AR2009030400911_Comments.html

At least one in five U.S. homeowners with mortgages -- or about 8.3 million households -- owed more on their mortgage than their homes were worth by the end of 2008, according to data released yesterday by First American CoreLogic. The government program does not require lenders to cut the principal that homeowners owe to current values, a costly step advocated by nonprofit groups but rejected by most lenders.
"Until you find some way to come at that head-on, you are going to avoid some foreclosures, but you are also kicking the can down the road and hoping home prices go up," said Mike Larson, a housing analyst with the Weiss Group, an economic research firm in Florida. "That is a bet that I think is a little problematic."


dewaal2 wrote:
The problem with the free-fall in the value of residential real estate is, in my opinion, due to a saturation of the market that was already a fact a number of years before the collapse that triggered the economic crash. This caused the number of ordinary mortgages issued to drop and gave cause to the lending institutions to issue the sub-prime loans to bridge the gap in income until the prime market would become more robust. However, with the poor economic actions of the previous administrations, real income to the average American remained the same or declined and the market did not survive. Housing, like anything else, is subject to the laws of supply and demand. With the supply high and the demand low and getting lower, the sub-prime approach kept the housing industry going. But when the inevitable happened, i.e. defaults by the millions, the value of the housing stock collapsed as the real demand for houses by its natural market continued to decline. The decline was aggravated by the suddenness,as the market perceived it, even though some pundits had forecasted it, and prices of homes may go below actual cost of materials and construction. It will take a steadying of our economy, before solid buyers will come back in sufficient quantities to stabilize the market and eventually drive up the prices once again. If I were in the shoes of the Treasury/Federal Reserve officials, I would value the so-called toxic assets at their intrinsic cost and buy these properties for that, while the amounts provided the banks over that amount should be considered loans. Freddie Mac and Fannie May should certainly NOT consider helping people that have more than one home, because these are - without exception - speculators.
3/6/2009 3:13:34 PM
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rodreifus wrote:
Too little too late. This is lkike everything else that comes from Washington DC. The people that caused the original problem are financially benefitting but the average Aamerican? You are getting it in the rear. Change??? There is no real change just talk of change
3/6/2009 8:01:02 AM
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plattsmo wrote:
May I ask, being a stupid individual. Who the hell is going to pay for all this?? Certainly not the goon that is in office now!? His future is taken care of. What about yours?
3/6/2009 5:57:19 AM
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jbarro wrote:
I hear Obama cut a deal with the ruling elite to cut Social Security
3/5/2009 10:58:01 PM
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kypriotis wrote:
Obama needs to resign right now, before his marxist ideology destroys what little is left of America's economyand the savings that hundreds of millions of Ameriucans swated for over their lifetimes.Because Obama has ignored the financial crisis--except to EXPLOIT ITby ramming through his communist gulag society while all Americans are trembling over their jobs and their pensions--the USA is teetering on the precipice of extinction.Get out now, Mr. Obama, while there's still time for thenation to recover from the communist scam you're running!
3/5/2009 8:40:16 PM
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robtay12003 wrote:
Enough of the B.S.We already know the details of the plan.It's ludicrous.It's harmful.It's pure theft, and communism at its worse.
3/5/2009 8:32:14 PM
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NeoConVeteran wrote:
I think Thomas Jefferson should be manditory reading for thses people! "The democracy will cease to exist when you take away from those who are willing to work and give to those who would not!" OR how about... "It is incumbent on every generation to pay it's own debts as it goes."
3/5/2009 6:13:13 PM
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Geria wrote:
Waiting for banks to cooperate is taking too long; the foreclosures continue unabated. How about freezing foreclosures so no more take place and people stay in their homes until we can sort this thing out.
3/5/2009 5:02:05 PM
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dwdm wrote:
Am I missing something, or is Obama a complete moron? His plan gives these borrowers $1000/year as an incentive for making their mortgage payments.I'm sorry, but isn't the incentive that you get to keep your house? Why do we taxpayers have to reward them on top of that?Something is wrong with this picture. Even you Obama drones must be able to see that. Then again...
3/5/2009 4:58:48 PM
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PATWN wrote:
Excellent story -
3/5/2009 3:10:06 PM
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orange2299 wrote:
I didn't have to use your interactive tool, because I can't afford a home in my area, especially in this economic climate where I have to worry about my job.But I am glad to see that my tax dollars (which totaled over a third of my income last year) will be going to help out people's "second homes and investment properties, too".Something tells me the American dream is completely messed up.
3/5/2009 2:35:07 PM
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jvandeswaluw1 wrote:
Joe Liebermann wants to censor You Tube and Google! So much for American democracy!
3/5/2009 2:02:26 PM
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jvandeswaluw1 wrote:
Abolish global trade! Global trade is for the ones who control the money.
3/5/2009 1:31:43 PM
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jvandeswaluw1 wrote:
So you think you can tell, heaven from hell?
3/5/2009 1:22:01 PM
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jvandeswaluw1 wrote:
America is "controlled" by 1% of its population. Last night-on CNN- I was told that America has 2.4 million people behind bars. Most of them for minor offences, I was shocked, really. America counts for 5% of the earth's population, but has 25% counts for having total prison population behind bars. WHY??
3/5/2009 1:08:46 PM
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jvandeswaluw1 wrote:
Rich people hate clever/smart/gifted working class people.
3/5/2009 1:01:04 PM
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jabailo wrote:
Thanks, Obama, for "helping" homeowners -- and INCREASING MY RENT.Yeah, I know, I was dumb. I didn't get a loan I couldn't afford. I rent my apartment for a low fee, the lowest I can possibly find in my high priced metro region.But I should have gone out and bought a $1 M McMansion and defaulted. Because then you would "help" me.Instead, I'll see my rent rise as you falsely increase the value of property with your giveaways.Thanks a lot, buddy.
3/5/2009 12:53:04 PM