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I love Christmas lights. They remind me of the people who voted for Obama. They all hang together; half of them don't work, and the ones that do, aren't that bright.
For those who understand, no explanation is needed. For those who do
not understand, no explanation is possible.
A golf course is a willful and deliberate misuse of a perfectly good rifle range.
Borrowers also agree to share any profits from future home-price appreciation with the FHA. To do that, they'll pay a "3% exit fee" of the mortgage principal to the FHA when they resell or refinance.
Plus, they'll agree to pay the FHA 100% of any profits they realize from higher home prices if they sell or refinance within a year. So if the original loan principal is $200,000 and the home sells for $250,000, the borrower will owe the FHA $50,000, minus costs.
After a year, borrowers will share 90% of the profits with the FHA. The percentage keeps dropping in 10% increments to 50% after the fifth year, where it stays.
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I love Christmas lights. They remind me of the people who voted for Obama. They all hang together; half of them don't work, and the ones that do, aren't that bright.
For those who understand, no explanation is needed. For those who do
not understand, no explanation is possible.
A golf course is a willful and deliberate misuse of a perfectly good rifle range.
I do not know the particulars so my opinion is just that, an opinion, without much foundation. I think the bailout is largely corporate welfare, and I'm against it. Let the lenders take their lumps as well as the home owners. They shouldn't make mortgages with children; adults are responsible for thier decisions. Why should I have to pay out of my pocket to shore these people up -- either the mortgage companies or the home owners? Who bailed my a$$ out from my foolish investments in high technology stocks back in 2001? JDS Uniphase, Nortel, need I continue the litany of failed investments? There is no obligation of the government to bail these guys out, so let them fend for themselves. This is what is needed, sometimes, for markets to correct. It is friggin' crazy what some real-estate markets did. I think it is an excellent correction and object lesson for future home purchasors to see these prices crash.
Additionally, you know there is another side of this. Let the homes forclose and some more astute individual finds a buying opportunity, maybe a family buys a home they can afford. Shore up these homes and this actually takes away a value from this family and unnaturally shores up an artificial price level in that area.
Location: On an Island in the west coast of New England
Posts: 13,133
RE: Housing rescue bill
I think it was done to head off a certain depression when the whole housing market tanks. The lenders can either go belly up or worse case call in the loans which puts all those people out of their houses.A bandade aproach but it might buy enough time for the economy to recover and eliminate the whirlpool effect of a failing economy.
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Too busy with fishing to spend much time here.
Its pretty tragic, but at the same time, could they have survived in a smaller, more affordable house? I have to imagine there were more issues there than the foreclosure....
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it's all of these things. THe problem with FNMA and FHLMC is these are the biggest mortgage holders
in the country. If either of these goes belly-up, we'd have a disaster on our hands when all those people
with mortgages held by either institution are asked to settle the bill in full...that can't be allowed to happen.
This, my friends, is something Americans SHOULD be willing to bail out, for the good of the country. It'd
be one thing if 1 or 10 or 20 companies go out of business. It'd be another thing if there were 10,000 or 100,000 or 1,000,000 mortgage holders who'd face foreclosure if FNMA or FHLMC bankrupted. But we'd be looking at about 70% of all people holding mortgages having to immediately pay the balance of their loans.
How many of you guys can afford to write a check to the mortgage company and just pay off your house tomorrow if the need arose ? A bailout is necessary...sure the industry was at fault, and they can be made
to suffer punitive measures when they are better able to shoulder the costs but for now, we need to keep this whole shootin' match afloat long enough for it to be resolved. I don't want to write a check for $350,000
to "First Federal" but I can if I had to. I'm in the minority, I'm sure.....
Housing rescue bill
