Unless you live in a box you have heard about the Democrat's Plan to prevent the foreclosure and loss of 9 million homes in America while not assisting the speculators and those undeserving. This plan sounds just like one of those 'liar' loans that got us into this problem in the first place. Where is their documentation and evidence that they can assist 9 million homeowners?
Current homeowners either purchased homes that they can afford or didn't. If they could afford them then the most common reasons for this changing is the loss of a job or some financial difficulty usually brought on by an unexpected large expense such as health care. Neither situation can be corrected for by the Democrat's plan although these are the individuals most deserving of assistance.
If the homeowners really couldn't afford the home when they purchased it then they deserve to lose the home. Since these folks were speculators in their own way they are not supposed to be helped.
Since we have just ruled everyone who is having trouble holding on to their home as ineligible where do the politicians get off claiming they will save up to 9 million homes? Sounds like all a liar loan to me and more of the same from Washington - so much for Hope and Change.
If only I were competent with graphic software I would 'borrow' the Hope Poster and add another word stretching from the lower left corner up to the right, 'DASHED'. Of course I would give the AP photographer and the artist who created the poster credit.
Showing posts with label Foreclosure. Show all posts
Showing posts with label Foreclosure. Show all posts
Thursday, March 12, 2009
Monday, February 23, 2009
Obama Foreclosure Plan
Donovan said 45 percent of home sales in December were "distressed," meaning either sellers were facing foreclosure or the homes were already seized by the bank, driving down home prices further in an already-battered market.
"We've got to make clear, here, that a foreclosure hurts every American," he told CNN.
Apparently Mr. Donovan does not consider those careful enough to avoid the housing bubble and wait for the collapse to make a reasonably priced purchase American.
I needed to move to make room for my first child in 2004. For various reasons we rented and a year later my wife started pressing to purchase. I resisted based upon the cost of houses in my area (southern California) and the obvious fact that we simply couldn't afford a home with a standard loan despite paying $2,200 a month in rent. Being from New England must make me old fashioned so an Option ARM just wasn't something I was going to use and was horrified that others would consider it for a $700,000 when they earned under $100K a year, frequently well under.
Prices in my area have finally fallen although I feel they are still high - I live in San Diego and not north in Riverside County where prices have collapsed and have no desire to live there, not sure why anyone does to be honest. If t he government is going to step in and artificially prop up values they better put something on the table for me. I am pretty sure the home buyer credit won't apply as I still own a condo that is rented, probably a disqualificaiton.
I am the middle class that everyone claims to want to help - and I feel screwed again. I can't buy a home and I have to pay for everyone else's.
Thank you Washington D.C.
While on the topic of the Housing Secretary - I happened to catch his interview on CBS News. The term News clearly did not apply to what I saw. It sure appeared that the Secretary was being lobbed questions that he and his team had prepared and presented to CBS to ask. Where is the hard hitting reporting and seriuos questions one expects from a true reporter and News show?
"We've got to make clear, here, that a foreclosure hurts every American," he told CNN.
Apparently Mr. Donovan does not consider those careful enough to avoid the housing bubble and wait for the collapse to make a reasonably priced purchase American.
I needed to move to make room for my first child in 2004. For various reasons we rented and a year later my wife started pressing to purchase. I resisted based upon the cost of houses in my area (southern California) and the obvious fact that we simply couldn't afford a home with a standard loan despite paying $2,200 a month in rent. Being from New England must make me old fashioned so an Option ARM just wasn't something I was going to use and was horrified that others would consider it for a $700,000 when they earned under $100K a year, frequently well under.
Prices in my area have finally fallen although I feel they are still high - I live in San Diego and not north in Riverside County where prices have collapsed and have no desire to live there, not sure why anyone does to be honest. If t he government is going to step in and artificially prop up values they better put something on the table for me. I am pretty sure the home buyer credit won't apply as I still own a condo that is rented, probably a disqualificaiton.
I am the middle class that everyone claims to want to help - and I feel screwed again. I can't buy a home and I have to pay for everyone else's.
Thank you Washington D.C.
While on the topic of the Housing Secretary - I happened to catch his interview on CBS News. The term News clearly did not apply to what I saw. It sure appeared that the Secretary was being lobbed questions that he and his team had prepared and presented to CBS to ask. Where is the hard hitting reporting and seriuos questions one expects from a true reporter and News show?
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