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October 11, 2007 at 7:26 AM #10570October 11, 2007 at 10:41 AM #88066
SD Realtor
ParticipantWow I can used one of the most rarely heard phrases of our time…
Good for Bush…
BSR –
from the quote above “nation’s two government-sponsored mortgage finance companies and the Federal Housing Administration’s insurance program to channel up to $900 million a year into a new fund for affordable housing.”
government sponsored translates to taxpayer dollars…stuff like this just kills me!!! (as you know)
October 11, 2007 at 10:41 AM #88071SD Realtor
ParticipantWow I can used one of the most rarely heard phrases of our time…
Good for Bush…
BSR –
from the quote above “nation’s two government-sponsored mortgage finance companies and the Federal Housing Administration’s insurance program to channel up to $900 million a year into a new fund for affordable housing.”
government sponsored translates to taxpayer dollars…stuff like this just kills me!!! (as you know)
October 11, 2007 at 10:57 AM #88074bsrsharma
ParticipantI don’t think that spending bill will get 60 votes in Senate. Bush’s threat is good but won’t be needed.
But in the scheme of things, $900M is really small potatos. Even @ $100K a pop, they can help a maximum of 9000 homeowners. There are that many troubled borrowers in a Town. This is a Trillion $ mess; A Billion $ is only sufficient for wallpaper to cover the real cracks.
October 11, 2007 at 10:57 AM #88079bsrsharma
ParticipantI don’t think that spending bill will get 60 votes in Senate. Bush’s threat is good but won’t be needed.
But in the scheme of things, $900M is really small potatos. Even @ $100K a pop, they can help a maximum of 9000 homeowners. There are that many troubled borrowers in a Town. This is a Trillion $ mess; A Billion $ is only sufficient for wallpaper to cover the real cracks.
October 11, 2007 at 11:12 AM #88084SD Realtor
ParticipantBSR… any money is to much money in my book. It is not okay to say well a little bit here will not make a dent, and a little bit there will not make a dent. When you let someone be irresponsible (if only by a little bit at a time) then they will continue to do so…
I hope Bushes veto will not be needed. However it is only a matter of time before Hillary is president. I would be more then happy to wager that Hillary will not only not veto something like this, but she will most likely sponser many more bills like this.
SD Realtor
October 11, 2007 at 11:12 AM #88089SD Realtor
ParticipantBSR… any money is to much money in my book. It is not okay to say well a little bit here will not make a dent, and a little bit there will not make a dent. When you let someone be irresponsible (if only by a little bit at a time) then they will continue to do so…
I hope Bushes veto will not be needed. However it is only a matter of time before Hillary is president. I would be more then happy to wager that Hillary will not only not veto something like this, but she will most likely sponser many more bills like this.
SD Realtor
October 11, 2007 at 5:46 PM #88244cr
ParticipantI saw an interview today and I think Bush really wants to help people, but he may actually be smart enough to know only a infinitessimal percentage actually deserve help, although I don’t know how you qualify them.
The problem is he can’t shut the door on the idea of government assistance because it’s become a political issue. As if his approval rating could go down anymore. Despite the foreclosure problem being worse than ever, it’s still less than 5% of the population, so his approval rating might actually go up if he does nothing.
October 11, 2007 at 5:46 PM #88249cr
ParticipantI saw an interview today and I think Bush really wants to help people, but he may actually be smart enough to know only a infinitessimal percentage actually deserve help, although I don’t know how you qualify them.
The problem is he can’t shut the door on the idea of government assistance because it’s become a political issue. As if his approval rating could go down anymore. Despite the foreclosure problem being worse than ever, it’s still less than 5% of the population, so his approval rating might actually go up if he does nothing.
October 12, 2007 at 3:32 PM #88555donaldduckmoore
Participant“Administration officials and many housing experts contend that a large number of people who took out expensive subprime mortgages, which can carry interest rates above 10 percent, may have credit good enough to qualify for more traditional loans.”
The only way to help them is to keep their teaser rates and switch that to a 30 years fix. Will this happen? Everything above the teaser rates will kill them anyway because they bought houses that were already overpriced and unaffordable to them.
October 12, 2007 at 3:32 PM #88561donaldduckmoore
Participant“Administration officials and many housing experts contend that a large number of people who took out expensive subprime mortgages, which can carry interest rates above 10 percent, may have credit good enough to qualify for more traditional loans.”
The only way to help them is to keep their teaser rates and switch that to a 30 years fix. Will this happen? Everything above the teaser rates will kill them anyway because they bought houses that were already overpriced and unaffordable to them.
October 13, 2007 at 10:45 AM #88693Anonymous
Guest“because they bought houses that were already overpriced and unaffordable to them” are two different issues.
Overpriced is a matter of opinion and irrelevant to this discussion. Based on my experience as a Realtor, at least 50% of the people who I see in trouble refinanced and pulled equity out of their homes. If they hadn’t done that, they would be able to afford their payments. The other half simply shouldn’t have gotten tied up in that size of mortgage and the banks allowed them to do so instead of saying no, you can’t afford it. Then there is a small percentage of people who lost a job, lost a spouse, had a medical problem, etc. that caused their income to change and they can’t afford their home.
Is it the government’s job to help any of these people? In my opinion, it would probably be better for the banks to step in on a case by case basis, but even though problem loans represent a small percentage of all loans it’s a huge volume for banks to deal with.
October 13, 2007 at 10:45 AM #88700Anonymous
Guest“because they bought houses that were already overpriced and unaffordable to them” are two different issues.
Overpriced is a matter of opinion and irrelevant to this discussion. Based on my experience as a Realtor, at least 50% of the people who I see in trouble refinanced and pulled equity out of their homes. If they hadn’t done that, they would be able to afford their payments. The other half simply shouldn’t have gotten tied up in that size of mortgage and the banks allowed them to do so instead of saying no, you can’t afford it. Then there is a small percentage of people who lost a job, lost a spouse, had a medical problem, etc. that caused their income to change and they can’t afford their home.
Is it the government’s job to help any of these people? In my opinion, it would probably be better for the banks to step in on a case by case basis, but even though problem loans represent a small percentage of all loans it’s a huge volume for banks to deal with.
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