Administration unveils details of housing plan

[Anonymous]

[quote=vizcaya]The program will not help those that took out loans they knew they could not afford, even after the mortage reset. [/quote]

I haven’t found enough details yet, but I think you may be right about this. You can only be 5% underwater, and the rate is supposed to be a “market” rate (although some articles mention it can be as low at 2%).

So yes, the whole thing sucks because it’s market manipulation in favor of the irresponsible, but it does seem to be somewhat constrained. I don’t see any scenarios with deadbeats getting immediate six-figure debt forgiveness at taxpayer expense. If I’m reading it correctly, it seems that even those who benefit most from this only stand to come out ahead by a few thousand dollars a year for a few years or so. They don’t deserve it, but it could have been worse.

[patientrenter]

[quote=SD Realtor]PR my wife has been on the get out of california kick for a long time now… Lately though she is thinking that getting out of the US is really the way to go. However all of the countries we are considering are so dependent on the US I guess it may not matter.

The best bet would probably be to move to China but that is not really what we want to do. [/quote]

Well, I probably will stay here for a while also, but my ’emotional’ loyalty to the country is just about severed. From now on, it’s all about which place offers me the best deal.

Isn’t it funny how China is one of the places that talented people think about as competing with the US, on cultural fit as well as pure money? I don’t think any of us imagined that 20 years ago. But now that the US has embarked on confiscating savings of responsible citizens, we don’t have to imagine it any more.

[patientrenter]

[quote=SD Realtor]PR my wife has been on the get out of california kick for a long time now… Lately though she is thinking that getting out of the US is really the way to go. However all of the countries we are considering are so dependent on the US I guess it may not matter.

The best bet would probably be to move to China but that is not really what we want to do. [/quote]

Well, I probably will stay here for a while also, but my ’emotional’ loyalty to the country is just about severed. From now on, it’s all about which place offers me the best deal.

Isn’t it funny how China is one of the places that talented people think about as competing with the US, on cultural fit as well as pure money? I don’t think any of us imagined that 20 years ago. But now that the US has embarked on confiscating savings of responsible citizens, we don’t have to imagine it any more.

[patientrenter]

[quote=SD Realtor]PR my wife has been on the get out of california kick for a long time now… Lately though she is thinking that getting out of the US is really the way to go. However all of the countries we are considering are so dependent on the US I guess it may not matter.

The best bet would probably be to move to China but that is not really what we want to do. [/quote]

Well, I probably will stay here for a while also, but my ’emotional’ loyalty to the country is just about severed. From now on, it’s all about which place offers me the best deal.

Isn’t it funny how China is one of the places that talented people think about as competing with the US, on cultural fit as well as pure money? I don’t think any of us imagined that 20 years ago. But now that the US has embarked on confiscating savings of responsible citizens, we don’t have to imagine it any more.

[patientrenter]

[quote=SD Realtor]PR my wife has been on the get out of california kick for a long time now… Lately though she is thinking that getting out of the US is really the way to go. However all of the countries we are considering are so dependent on the US I guess it may not matter.

The best bet would probably be to move to China but that is not really what we want to do. [/quote]

Well, I probably will stay here for a while also, but my ’emotional’ loyalty to the country is just about severed. From now on, it’s all about which place offers me the best deal.

Isn’t it funny how China is one of the places that talented people think about as competing with the US, on cultural fit as well as pure money? I don’t think any of us imagined that 20 years ago. But now that the US has embarked on confiscating savings of responsible citizens, we don’t have to imagine it any more.

[patientrenter]

[quote=SD Realtor]PR my wife has been on the get out of california kick for a long time now… Lately though she is thinking that getting out of the US is really the way to go. However all of the countries we are considering are so dependent on the US I guess it may not matter.

The best bet would probably be to move to China but that is not really what we want to do. [/quote]

Well, I probably will stay here for a while also, but my ’emotional’ loyalty to the country is just about severed. From now on, it’s all about which place offers me the best deal.

Isn’t it funny how China is one of the places that talented people think about as competing with the US, on cultural fit as well as pure money? I don’t think any of us imagined that 20 years ago. But now that the US has embarked on confiscating savings of responsible citizens, we don’t have to imagine it any more.

[Huckleberry]

From all the news read and heard, has anyone been able to discern if this means people with Alt-A and Option ARMS are going to be able to get out of those to avoid the resets?

So, far I haven’t seen nor heard anything about this program being used for exotic mortgage refi’s.

[Huckleberry]

From all the news read and heard, has anyone been able to discern if this means people with Alt-A and Option ARMS are going to be able to get out of those to avoid the resets?

So, far I haven’t seen nor heard anything about this program being used for exotic mortgage refi’s.

[Huckleberry]

From all the news read and heard, has anyone been able to discern if this means people with Alt-A and Option ARMS are going to be able to get out of those to avoid the resets?

So, far I haven’t seen nor heard anything about this program being used for exotic mortgage refi’s.

[Huckleberry]

From all the news read and heard, has anyone been able to discern if this means people with Alt-A and Option ARMS are going to be able to get out of those to avoid the resets?

So, far I haven’t seen nor heard anything about this program being used for exotic mortgage refi’s.

[Huckleberry]

From all the news read and heard, has anyone been able to discern if this means people with Alt-A and Option ARMS are going to be able to get out of those to avoid the resets?

So, far I haven’t seen nor heard anything about this program being used for exotic mortgage refi’s.

[Anonymous]

[quote=Huckleberry]From all the news read and heard, has anyone been able to discern if this means people with Alt-A and Option ARMS are going to be able to get out of those to avoid the resets?[/quote]

My initial impression is that the ARM group is mainly what the plan is targeting. It’s basically like this: If you are within reach of being able to afford your home with a low fixed rate, than you can dump your crappy ARM and refi with a few extra breaks along the way.

You can only apply until mid-2010, so if your reset is after that, you may be SOL on this one. But like others have said, there will probably be more handouts coming…

[Anonymous]

[quote=Huckleberry]From all the news read and heard, has anyone been able to discern if this means people with Alt-A and Option ARMS are going to be able to get out of those to avoid the resets?[/quote]

My initial impression is that the ARM group is mainly what the plan is targeting. It’s basically like this: If you are within reach of being able to afford your home with a low fixed rate, than you can dump your crappy ARM and refi with a few extra breaks along the way.

You can only apply until mid-2010, so if your reset is after that, you may be SOL on this one. But like others have said, there will probably be more handouts coming…

[Anonymous]

[quote=Huckleberry]From all the news read and heard, has anyone been able to discern if this means people with Alt-A and Option ARMS are going to be able to get out of those to avoid the resets?[/quote]

My initial impression is that the ARM group is mainly what the plan is targeting. It’s basically like this: If you are within reach of being able to afford your home with a low fixed rate, than you can dump your crappy ARM and refi with a few extra breaks along the way.

You can only apply until mid-2010, so if your reset is after that, you may be SOL on this one. But like others have said, there will probably be more handouts coming…

[Anonymous]

[quote=Huckleberry]From all the news read and heard, has anyone been able to discern if this means people with Alt-A and Option ARMS are going to be able to get out of those to avoid the resets?[/quote]

My initial impression is that the ARM group is mainly what the plan is targeting. It’s basically like this: If you are within reach of being able to afford your home with a low fixed rate, than you can dump your crappy ARM and refi with a few extra breaks along the way.

You can only apply until mid-2010, so if your reset is after that, you may be SOL on this one. But like others have said, there will probably be more handouts coming…

[Author]

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