Why do I have to pay for her house and mine?

[burniegoeasily]

Why did a bank give a morgage of 800 K to a school bus driver?

Hell, if I knew this was how the game was paid, I would havegot a 2 million dollar morgage and let yall bail me out.

http://www.cnn.com/video/#/video/us/2009/03/05/acosta.foreclosure.outrage.cnn

[Fieldmouse]

Why do we have to pay for anyone's mortgage. From what I understand, 84% of the foreclosures are limited to only 5 states. Why should the rest of the 45 states (52 states if your Obama) care or be on the dole for this? We don't vote there. We don't set up local zoning laws that drive up the cost of homes.

[kevin1]

Any lending institution that would loan an amount that large to an obviously unqualified recipient should be prosecuted for predatory lending.

[etothepii]

ORIGINAL: kevin1

Any lending institution that would loan an amount that large to an obviously unqualified recipient should be prosecuted for predatory lending.

And the law makers who told that institution, "If you don't lend to such and such minority...if you don't lend to such and such income level..." what should become of them?

I say, we need some punitive measures against horrible lawmakers.

[bugsNbows]

Hmm, I'm a little thin this month due to some medical bills. I believe I'll give Presbo a call and get a stimulus check to pay off my mortgage. OH wait, no can do. I'm not a minority, didn't get hoodwinked into a ARM or other stupid loan and didn't borrow more than I could afford or need. Guess I'm S.O.L.

[Lanse couche couche]

Like Barney Frank went on record as saying, sometimes you just gotta roll the dice in terms of handing out loans to folks who are, at best, marginally qualified for them.

[Alsatian]

A lot depends on how this mortgage relief is rolled out by the Obama administration. As always, the devil is in the details. I think it is very dangerous, any way they play it.

If they spend public money bailing out individuals, it gets into the issue you point out -- why do I have to pay my mortgage PLUS yours! This is fundamentally offensive to everyone. The image -- which would make a good Republican campaign poster -- is of a middle class worker trudging up a mountain slope carrying their own mortgage PLUS the mortgage of some irresponsible lout bailed out by the Obama plan.

If the plan is different and is directed to promoting these folks refinancing -- at lower fixed interest rates than they currently have -- the possible hang-up is that the government may need to guarantee some difference between the value of the house versus the loan amount. For example, maybe the bank won't refinance you if your loan amount is 95% of the value of your house; maybe they only refinance 80% of current value of the house (as a protection of their interest in the house). If the government guarantees the difference . . . and default happens anyway, as is possible, then the government is on the hook for more BIG losses, thanks to you know who (Obama).

Personally, my view on mortgages is no relief to individuals. Most of these bad mortgages are the result of bad financial decisions and greed. Let these guys fail: the lessons will be learned better this way, the failings in the system will the more readily be corrected. Remember, not only does the home owner lose their home, the bank is stuck with the property which is probably less than their stake in the property -- so the bank suffers and learns from their foolishness as well. My view is that if you coddle adults and release them from suffering the pain from their mistakes, they repeat their mistakes.

[Fieldmouse]

Which Americans can qualify for housing help?



http://www.usatoday.com/money/economy/housing/2009-03-04-housing-questions-answers_N.htm
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By Stephanie Armour, USA TODAY[/align]Q: Why is the Obama administration coming out with the housing affordability plan?[/align]A: As many as 6 million families are expected to face foreclosure in coming years. The Obama administration in February unveiled a rescue plan designed to help up to 9 million Americans stay in their homes by refinancing loans or modifying them to more affordable terms. The price tag is estimated at $75 billion. Details about the plan were released Wednesday.

HOUSING HELP: Obama's plan 'should get ball rolling'[/align]
Q: How do I know if I qualify for refinancing under the plan?
A: The program is designed to help homeowners who might not otherwise be able to refinance. Under current rules, most families who owe more than 80% of the value of their homes have a difficult time refinancing. (For example, if a borrower's home was worth $200,000, he or she would have limited refinancing options if owing more than $160,000.)
FIND MORE STORIES IN:Barack Obama | Freddie Mac | Fannie Mae | Q How [/align]If you have a loan owned or guaranteed by Freddie Mac or Fannie Mae, the plan will let those who qualify refinance through the two institutions. Eligible loans will include those where the first mortgage will not exceed 105% of the current market value of the property.
Q: How would that lower my payments?
A: Refinancing could reduce mortgage payments by thousands of dollars per year. For example, consider a family that took a 30-year fixed-rate mortgage of $207,000 with an interest rate of 6.50% on a house worth $260,000 at the time. Today, that family has $200,000 remaining on its mortgage, but the value of that home has fallen 15% to $221,000 "” making them ineligible for today's low interest rates. Under the plan, that family could refinance to a rate near 5.16%. That would reduce their annual payments by over $2,300.
Q: My mortgage payments are too high. Can I get help now from my lender?
A: As long as you meet eligibility requirements. But the program is especially geared toward those who are facing financial hardship or who are at risk, such as homeowners who owe more than their homes are worth and those who could fall behind on payments. Eligibility for the program will sunset at the end of three years.
One key element is that delinquency will not be a requirement for a modification. But all borrowers must document income, which includes providing information such as two most recent pay stubs and an affidavit of financial hardship, to avoid fraud and demonstrate need.
Q: What if I have a lot of other debt?
A: You can still qualify. Specifically, homeowners with total debt payments (which include car loans and credit card debt) equal to 55% or more of their income will be required to agree to enter a federally certified counseling program as a condition for a modification.
Q: Who isn't eligible for a modification?
A: Only owner-occupied homes qualify; no home mortgages larger than the conforming limit of $729,750 are eligible.
Q: Where can I get more information?
A: Go to financialstability.gov. There is no fee to apply. Borrowers are encouraged to contact lenders directly. Federal officials say borrowers should also contact their lenders to find out if their loans are held or guaranteed by Freddie or Fannie. The guidelines released Wednesday are detailed on the Treasury website.

[kevin1]

ORIGINAL: etothepii

And the law makers who told that institution, "If you don't lend to such and such minority...if you don't lend to such and such income level..." what should become of them?

I say, we need some punitive measures against horrible lawmakers.

Agreed, and we have that power, it's called the vote.

[Doe Dumper]

Ahhh you gotta love it!!! Washington is gonna save us all!!! Hallelujah!!!! Just gimme my 40 acres and a mule mastuh!!!