Re : New Obama Housing Plan: Same as the Old One?
yalanand
9/2/2011 2:12:52 AM
The new plan is essentially an extension of the old plan. And that one never lived up to expectations.
Just wonder what is the point in extending the same old plan which never worked. Have we run out of ideas to tackle this issue or are they playing it safe ?
housing
AskAsa
9/2/2011 1:09:22 AM
Sounds like one more program designed to penalize the productive people by simply ignoring their needs.
Thanks for the information, I just checked my mortgage, and found who is the owner of my mortgage even I don't think I am qualified to remodify my loan,
You're absolutely right. If one neighbor has an FHA mortgage and the other neighnbor's mortgage is held by, say, Bank of America, the second guy is out of luck.
Our mothers were right: "Fair" is only a description for a place where you play games and eat cotton candy, It's not something we should expect from life.
I'll preface this to say that I don't know much about the current or future plans. But, f I understand correctly, the following is true:
If there were two neighbors who's circumstances are identical: Same home values, same mortgage amounts, same payment history, same crisis (job loss, let's say), etcetera. One could be eligible for help and the other inelibible - depending on who funded their loan? Is that right?
This doesn't seem fair and it doesn't seem like the program is really an effort to help the little guy who is trying to pay her/his mortgage and keep a house out of foreclosure. If it was, it wouldn't matter who was funding the loan - how would that be relevant to helping an individual with a mortgage?
Re: More BS
tokyogai
9/1/2011 1:24:37 PM
A bad plan is a bad plan. It doesn't matter if you change the name or ignore previous poor results. Newness does not equate to effectiveness.
More BS
BigJim
9/1/2011 9:02:56 AM
I'm impressed with this analysis, but I'm not impressed with this plan. More hype from our illustrious leaders.
For a sustained, viable recovery in the housing sector, politicians need to get out of the bubbles in which they live and get in touch with the people they allegedly represent. I understand the Obama plan may seem like a good idea from the lofty perch of the Oval Office. But it doesn't look so good from the front porches of a dang high percentage of American homes.
We need a broad based plan focused on people who have done their best to help themselves during this recession--not a plan limited to a select group of mortgage holders, including those with govt. backed loans, or delinquent loans or who fit some select income parameters.
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