Stimulus #2 in the works.

[snowmobiler]

Screwed with a capital S

 

[ruffryder]

geeeez.your hero was just on tv flapping his lips and you missed it

I don't have a tv... Obama promised me one though...

 

[snowmobiler]

digital boxes are free.but the free tvs are only for the homeless.

 

[Weekday Warrior]

Sorry I threw up some bad links, I watched it on TV as well.

Obama is talking about adjusting the principal amount on housing in AZ..

Stimulus spending is not done. The dems were throwing out hints and Obama himself threw out some hints. I'll dig harder for relevant links

http://www.google.com/hostednews/ap/article/ALeqM5hEx3tiPJhZQLVqjNmHR_oP6FZMuwD96DP72O0

White House press secretary Robert Gibbs, asked by reporters, would not rule out another stimulus in the future, though he said a sequel was not in the works "at this point." He added, "The president is going to do whatever he thinks is necessary to get our economy moving again."

We are f000ked!

 

[AZ800]

Obama is talking about adjusting the principal amount on housing in AZ..

That sucks! SO now I'll have to pay back the money I made on my house in Phoenix that some dipchit bought for $394,000!
(It was only a $178,000 house 2 yrs earlier )

 

[Weekday Warrior]

http://www.businessweek.com/ap/financialnews/D96E3MJ00.htm

 

[Sidehiller]

Took the words right out of my mouth! Do you have an answer RR? I would really like to hear your justification for helping with interest OR principal.

I just listened to all of Obama's speech. He said that mortgages that are in default are going to have THE PRINCIPAL ADJUSTED to match current market value instead of the value of the loan. Then interest rates will be adjusted also to make the mortgage payment equal to 31% of the homeowners income.

This is complete and utter bullsh*t!!! Why should my tax dollars go to readjust someone else's mortgage because they can't make their payment?? If they can't make their payments, it is because they bought something they couldn't afford, or signed a contract that they couldn't fulfill. Why is that MY problem? I saved for years to get a downpayment, and I bought a crappier house than everyone else because I knew I could afford it even if my income went down. Now my taxes are going to go up to reward the irresponsible behavior of others?? If not paying your bills results in financial gain, the solution is simple; I'm going to stop paying my bills!

 

[Ollie]

Now they could refinance the loans.
Go to a 40 or even 50 year loan.
It would make it a loan they would never pay off, but one they might be able to afford.

As for paying down the interest or devaluing homes, that is complete BS.
I couldn't afford to pay any points on my loan, why should I have to pay to pay down someone elses?

Face it people.
Hard work and dedication amount to nothing anymore.
We are ruled by socialists.

 

[ruffryder]

Took the words right out of my mouth! Do you have an answer RR? I would really like to hear your justification for helping with interest OR principal.

Interest... I could see if it was some crazy high amount from the arm's that people got into... then it would be reasonable..

There is no excuse for reducing principal though... Fricken shame.. That is what they are going to do... 1k a year for three or five years as long as making regular payments on time..

I wish the housing market will crash for another couple of years. That way I could finally afford to buy a house... if I stop blowing money on snowmobiling...

This is like a rock and a hard place.. With housing values continuing to drop, and baby boomers becoming of retirement age, some really interesting things are going to happen with house values dropping and also with 401k's depleted...

Part of me wants everything to just drop and fail... but then I do have a pretty secure job, it is not going anywhere anytime soon. (knock on wood) Though, I really don't want to have to support my parents if the economy keeps getting worse...

 

[ouch]

Wouldn't it make more sense to help the guys on the bottom instead of the guys that owe 10milllion on there house.... Imagine the guy that has a 10 m. house probbaly doesn't shop at walmart and target etc.. and doesn;t dream of buyin a new chevy pickup. with all the money there wasting they could pay off most ppls mortgages and then what are those ppl going to do, probably go buy a new domestic pickup- there goes the auto problems, and buy a new boat or a sled, etc... I dont know what they teach in college but im glad I didn't go cuz it sure looks to make you stupid about common sense. you help someone on the bottom the money goes up to the big guys... you help the big guys, well thats it. so stupid.