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Old August 31st, 2007, 11:16 AM   #1
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Default Bush proposes aid to mortage holders

The initiatives, to be formally unveiled by President Bush, were intended to help homeowners with risky mortgages keep their homes.

There is a reason they are called RISKY. You gamble, you either save money or LOSE YOUR HOUSE. Holy shit. Do we have to coddle every fucking idiot on this planet??? If you are too stupid to read a mortgage contract, then you should suffer the consequences.
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Old August 31st, 2007, 11:28 AM   #2
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His answer is to have people do FHA mortgages which would carry a higher insurance premium than FHA aready has, it would be risk based also FHA has an upfront fee of about 1.5% which is no longer refundable as of Jan 06. He also said he would have a plan for people that had good credit, if your getting foreclosed on you don't have good credit. Conventional mortgage programs don't allow for any mortgage lates so I don't know how his plan will help many people.
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Old August 31st, 2007, 12:23 PM   #3
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People are being booted from their homes because they bought more home than they could afford using ARM gimmicks. The answer is not more government help. Let free markets work!.
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Old August 31st, 2007, 01:41 PM   #4
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I have seen some legitimately hard working peepz get into trouble because of the ARM loan/failing housing market combo. I dont think it is a hand out for the government to give loans to people at a fixed rate. It is not like the government is paying off their houses for free.
Now on the other hand, do I think that this is something the government is obligated to do? No, but if they want to use it to make money off the interest of the loans then so be it.
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Old August 31st, 2007, 01:53 PM   #5
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Alot of it has to do with economy. 5 years ago jobs were booming people were doing good. Interest rates were down. People had jobs and decided to get out of the apartment and buy a house. Now they are out of a job, trying to make ends meet and just can't do it and foreclosing is up. Houses are sitting empty and the economy is coming to a stand still slowly. If people would just talk to the banks fill out a couple forms they may get there mortgage suspended for a specific time period which would allow them to find a job and get back on there feet with out killing there credit score.
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Old August 31st, 2007, 02:06 PM   #6
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But only if they get the right permits.
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Old August 31st, 2007, 02:22 PM   #7
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Originally Posted by kerryann View Post
I have seen some legitimately hard working peepz get into trouble because of the ARM loan/failing housing market combo. I dont think it is a hand out for the government to give loans to people at a fixed rate. It is not like the government is paying off their houses for free.
Now on the other hand, do I think that this is something the government is obligated to do? No, but if they want to use it to make money off the interest of the loans then so be it.
that goes against everything you've pretty much ever said. . . are you now a democrat as well?

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Old September 1st, 2007, 11:37 AM   #8
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People are being booted from their homes because they bought more home than they could afford using ARM gimmicks. The answer is not more government help. Let free markets work!.
+1
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Old September 1st, 2007, 01:46 PM   #9
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People are being booted from their homes because they bought more home than they could afford using ARM gimmicks. The answer is not more government help. Let free markets work!.
+2
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Old September 1st, 2007, 08:39 PM   #10
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People are being booted from their homes because they bought more home than they could afford using ARM gimmicks. The answer is not more government help. Let free markets work!.
+3

As a friend in the collections business said "whenever I hear a Rock Financial ad for interest only mortgages, I know that I have job security".

ARMs are a risky proposition and always have been. They can allow you to buy more home for a given $, at the risk of increasing interest costs if (when) rates increase. People who took that risk aren't owed a governmental bailout on my dime.
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Old September 6th, 2007, 01:07 PM   #11
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People are being booted from their homes because they bought more home than they could afford using ARM gimmicks. The answer is not more government help. Let free markets work!.

x4 not the government's job
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Old September 6th, 2007, 02:35 PM   #12
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not the governements job

but I think this is just a way (and pretty smart one too) for the governement to raise some money(the govnt gets the interest instead of the loan company) and help it's citizen's.

On the surface I think it's retarded but it is a clever spin.
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Old September 14th, 2007, 09:18 AM   #13
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The housing market has definitely been bad for the economy. I know a lot of people who arent moving because of the current market. If the market wasnt so crappy we would be in a much bigger house right now with a lot of land. We arent hurting like people who are losing their house, but I am also not willing to lose money to sell my house. I like my house enough to try to wait out the market issues.
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Old September 14th, 2007, 09:36 AM   #14
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The housing market has definitely been bad for the economy. I know a lot of people who arent moving because of the current market. If the market wasnt so crappy we would be in a much bigger house right now with a lot of land. We arent hurting like people who are losing their house, but I am also not willing to lose money to sell my house. I like my house enough to try to wait out the market issues.
That makes no sense. You are losing money by NOT moving up to a bigger house. Yeah, you'll lose make $20-$30k on your house, but the house you move up to will lose $50k-$60k. This is the best time to move up to something you'd otherwise not be able to afford, and increase your long term estate value.
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Old September 14th, 2007, 09:54 AM   #15
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Originally Posted by kerryann View Post
I have seen some legitimately hard working peepz get into trouble because of the ARM loan/failing housing market combo. I dont think it is a hand out for the government to give loans to people at a fixed rate. It is not like the government is paying off their houses for free.
WASTE OF MONEY. JUST LIKE YOU HIPPIE LIBERALS TO BE THROWING MY MONEY AROUND TO NON DESERVING IDIOTS. I WORK HARD FOR MY MONEY BLAH BLAH BLAH
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Old September 14th, 2007, 10:19 AM   #16
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The only people I think the goverment should help are certain scenerio's where people were totally mislead by the crooked companies that run adds for total BS Programs. People put there trust in these banks thinking, "this is my largest asset I have and I'm putting it all out there for this Loan Officer to tell me the right thing to do" So when the guy is 20yrs old and keeps having to call you back with answers to your questions, get out of the room!
I've had people that I tell them you can't afford this house and they say well I do this on the side for extra money and I'll be getting more hours, I really want this house do whatever you can to get me this house. Some of those people are the ones crying now.
Another part of it is, I put very few people in these 2yr arms like you hear about but it was to rescue them from a problem they created before. You don't know how many people I've refied and said, ok it's a 2yr arm, make all your payments on time and I'll switch you to conventional 30yr fixed as soon as you have no mortgage lates in the last 12 months. Then 12 months down the road they still have them. Times change but People rarely do.

Again I'll always help anyone with mortgage questions, that asks you can always pm me and nothing will be repeated.
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Old September 14th, 2007, 10:27 AM   #17
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The only people I think the goverment should help are certain scenerio's where people were totally mislead by the crooked companies that run adds for total BS Programs. People put there trust in these banks thinking, "this is my largest asset I have and I'm putting it all out there for this Loan Officer to tell me the right thing to do" So when the guy is 20yrs old and keeps having to call you back with answers to your questions, get out of the room!
I've had people that I tell them you can't afford this house and they say well I do this on the side for extra money and I'll be getting more hours, I really want this house do whatever you can to get me this house. Some of those people are the ones crying now.
Another part of it is, I put very few people in these 2yr arms like you hear about but it was to rescue them from a problem they created before. You don't know how many people I've refied and said, ok it's a 2yr arm, make all your payments on time and I'll switch you to conventional 30yr fixed as soon as you have no mortgage lates in the last 12 months. Then 12 months down the road they still have them. Times change but People rarely do.

Again I'll always help anyone with mortgage questions, that asks you can always pm me and nothing will be repeated.
you call it misleading, but I think some other people call it being a good salesman. I mean, isn't that what our society is all about, living beyond our means? Should we reimburse everybody who does this? You're at the store looking at a plasma screen, you don't have the money to pay for it, but you have a credit card, so you get talked into buying it by the pesky ABC Warehouse guy and then you can't pay for it along with all the other stupid shit you bought that you couldn't afford, so you file bankruptcy...oh wait, I guess the government is used to doing this...so yeah, might as well do it for the mortgage people to...
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Old September 14th, 2007, 10:41 AM   #18
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you call it misleading, but I think some other people call it being a good salesman. I mean, isn't that what our society is all about, living beyond our means? Should we reimburse everybody who does this? You're at the store looking at a plasma screen, you don't have the money to pay for it, but you have a credit card, so you get talked into buying it by the pesky ABC Warehouse guy and then you can't pay for it along with all the other stupid shit you bought that you couldn't afford, so you file bankruptcy...oh wait, I guess the government is used to doing this...so yeah, might as well do it for the mortgage people to...

Thats where you're wrong, the very first thing you said. A good salesman has integrity!!! Bottom line! A good salesman generates alot of sales but does it with integrity.
Just like steroids, it's cheating, how will you ever know how good you could have been if you never took steroids. And you cheated the whoever hasn't taken them. Why should someone else have to put there life on the line to compete with someone on steroids.

Anyway that's a whole different thread, but I've gotten a shit load of referrals and repeat business from being a Mortgage Broker with character. The definition of character is, "What you do when you think knowone is looking" And the big mortgage banks and jackass Loan Officer that didn't explain what they were doing properly and more importantly didn't tell all the facts to the borrower should go down. They shouldn't be allowed to do business. The broker gets paid because of his of his knowledge of mortgage programs and the industry, in his line of work anyone can fill out an application and order title and appraisal. When you go to your financial planner do you read a mutual funds perspectus, No you count on him to know what he's doing after you tell him when you'll be retiring.

Gotta run off to the gig!

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Old September 14th, 2007, 10:50 AM   #19
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People are being booted from their homes because they bought more home than they could afford using ARM gimmicks. The answer is not more government help. Let free markets work!.
X6

Fuck them over budgetted -keep up with the jones - mc mansion living - lexus driving bastards. Back to the hud houses for you bitches!
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Old September 16th, 2007, 04:18 PM   #20
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[QUOTE=kerryann;695234] It is not like the government is paying off their houses for free.
QUOTE]

Remember, the government's money comes from us, the ones with jobs, the ones that pay their bills. The government is not a for profit institution, the money they get comes from OUR taxes.

If mortgage brokers that make bad loans or sell bad products go out of business, then too bad for them. Maybe they should have been doing something right from the get go.

If home owners get loans at 100% or even up to 120% of their fair market value, then shame on them when boom goes to bust.

Credit is for people that CAN afford to pay it back. If you can't afford to pay it back then don't buy it. It's quite simple, most people live in the age of consumption and immediate gratification, they want it all now, they don;t have to have the cash to buy, they'll just charge it.....

Should the government (meaning us, the tax payers bail out every company or industry), remember success is not listed as one of your ten Bill of Rights.


I'm tired of paying off everyone else's debt/mistake/gamble, and you should be too.
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