Administration unveils details of housing plan

[Coronita]

I’m waiting for the “50 Federal Bundled Plan”:

Get 50% off the entire purchase price when you combine a loan modification, GM/Chrysler/Ford Vehicle purchase, and insurance from AIG.

[Username]

[quote=macromaniac]Hey, anybody up for some house squatting this weekend? We can throw a party for all these “responsible” people that lied about their incomes and now get rewarded for it by my tax dollars???????

Someone check the MLS for an empty REO McMansion somewhere in Rancho Sante Fe….where we can have the festivities…..maybe if we stay in the house long enough as squatters Bama will pass another bill for us…..

Don’t worry if it doesn’t have a pool…we’ll just turn all the faucets on in the house until we get a 4 foot water line on the drywall….

Utterly amazing times…..beyond comprehension….[/quote]

Let me know when you have found an empty house, I’ll make up a theme (toga toga toga), print up some fliers and make sure the local colleges all know. Nothing motivates a college freshman than a party where everyone is invited. Nothing trashes a house faster than a bunch of drunk college kids.

[Username]

[quote=macromaniac]Hey, anybody up for some house squatting this weekend? We can throw a party for all these “responsible” people that lied about their incomes and now get rewarded for it by my tax dollars???????

Someone check the MLS for an empty REO McMansion somewhere in Rancho Sante Fe….where we can have the festivities…..maybe if we stay in the house long enough as squatters Bama will pass another bill for us…..

Don’t worry if it doesn’t have a pool…we’ll just turn all the faucets on in the house until we get a 4 foot water line on the drywall….

Utterly amazing times…..beyond comprehension….[/quote]

Let me know when you have found an empty house, I’ll make up a theme (toga toga toga), print up some fliers and make sure the local colleges all know. Nothing motivates a college freshman than a party where everyone is invited. Nothing trashes a house faster than a bunch of drunk college kids.

[Username]

[quote=macromaniac]Hey, anybody up for some house squatting this weekend? We can throw a party for all these “responsible” people that lied about their incomes and now get rewarded for it by my tax dollars???????

Someone check the MLS for an empty REO McMansion somewhere in Rancho Sante Fe….where we can have the festivities…..maybe if we stay in the house long enough as squatters Bama will pass another bill for us…..

Don’t worry if it doesn’t have a pool…we’ll just turn all the faucets on in the house until we get a 4 foot water line on the drywall….

Utterly amazing times…..beyond comprehension….[/quote]

Let me know when you have found an empty house, I’ll make up a theme (toga toga toga), print up some fliers and make sure the local colleges all know. Nothing motivates a college freshman than a party where everyone is invited. Nothing trashes a house faster than a bunch of drunk college kids.

[Username]

[quote=macromaniac]Hey, anybody up for some house squatting this weekend? We can throw a party for all these “responsible” people that lied about their incomes and now get rewarded for it by my tax dollars???????

Someone check the MLS for an empty REO McMansion somewhere in Rancho Sante Fe….where we can have the festivities…..maybe if we stay in the house long enough as squatters Bama will pass another bill for us…..

Don’t worry if it doesn’t have a pool…we’ll just turn all the faucets on in the house until we get a 4 foot water line on the drywall….

Utterly amazing times…..beyond comprehension….[/quote]

Let me know when you have found an empty house, I’ll make up a theme (toga toga toga), print up some fliers and make sure the local colleges all know. Nothing motivates a college freshman than a party where everyone is invited. Nothing trashes a house faster than a bunch of drunk college kids.

[Username]

[quote=macromaniac]Hey, anybody up for some house squatting this weekend? We can throw a party for all these “responsible” people that lied about their incomes and now get rewarded for it by my tax dollars???????

Someone check the MLS for an empty REO McMansion somewhere in Rancho Sante Fe….where we can have the festivities…..maybe if we stay in the house long enough as squatters Bama will pass another bill for us…..

Don’t worry if it doesn’t have a pool…we’ll just turn all the faucets on in the house until we get a 4 foot water line on the drywall….

Utterly amazing times…..beyond comprehension….[/quote]

Let me know when you have found an empty house, I’ll make up a theme (toga toga toga), print up some fliers and make sure the local colleges all know. Nothing motivates a college freshman than a party where everyone is invited. Nothing trashes a house faster than a bunch of drunk college kids.

[Coronita]

Heh heh. I want to be a loan service employee….

“The modification program will be in effect until the end of 2012, but loans can only be adjusted once.”

“Officials also unveiled more details on how servicers will modify the loans. First, they must reduce interest rates so that borrowers’ total house payments are not more than 38% of their monthly income. The government will then subsidize servicers dollar-for-dollar to lower that ratio to 31% – but the interest rate can’t go below 2%.”

“The new interest rate would then remain in place for five years, after which it will increase by 1 percentage point a year until it reaches either the original rate or the prevailing mortgage rate at the time of the modification, whichever is lower. This should prevent borrowers from suffering the “payment shock” that sent many borrowers with adjustable-rate mortgage into default in recent years.”

“If rate reductions aren’t enough to get payments to 31% of income, a lender can extend the term up to 40 years, or shift part of the principal to the end of the loan at no interest. Servicers also have the option of reducing the loan’s balance.”

“Servicers will receive $1,000 for each loan modified, as well as additional annual bonuses if borrowers keep up with payments. Mortgage investors will receive one-time $1,500 incentive payments for restructuring qualifying loans that are not yet delinquent. Finally, borrowers who keep up with their new payments will receive up to $1,000 a year in principal reduction, for up to five years.”

“Only loans where the cost of the foreclosure would be higher than the cost of modification would qualify.”

“The program also includes a new provision to eliminate borrowers’ second mortgages, which will reduce their overall debt levels. Investors in those mortgages, who at times have blocked modifications because they don’t benefit from the adjustments, will be paid to eliminate those claims. Details on how much they’ll receive will be announced in coming weeks, senior government officials said. Servicers that get second-mortgage holders to participate will receive an additional $250.”

http://money.cnn.com/2009/03/04/news/economy/guidelines/index.htm?postversion=2009030409

I’m sure the folks that will be paying their “tax of rich” are just about loving this right now.

Sorry folks, it pays to be financially irresponsible in this country. Now where is my heloc check so I can go buy my S5….

[Coronita]

Heh heh. I want to be a loan service employee….

“The modification program will be in effect until the end of 2012, but loans can only be adjusted once.”

“Officials also unveiled more details on how servicers will modify the loans. First, they must reduce interest rates so that borrowers’ total house payments are not more than 38% of their monthly income. The government will then subsidize servicers dollar-for-dollar to lower that ratio to 31% – but the interest rate can’t go below 2%.”

“The new interest rate would then remain in place for five years, after which it will increase by 1 percentage point a year until it reaches either the original rate or the prevailing mortgage rate at the time of the modification, whichever is lower. This should prevent borrowers from suffering the “payment shock” that sent many borrowers with adjustable-rate mortgage into default in recent years.”

“If rate reductions aren’t enough to get payments to 31% of income, a lender can extend the term up to 40 years, or shift part of the principal to the end of the loan at no interest. Servicers also have the option of reducing the loan’s balance.”

“Servicers will receive $1,000 for each loan modified, as well as additional annual bonuses if borrowers keep up with payments. Mortgage investors will receive one-time $1,500 incentive payments for restructuring qualifying loans that are not yet delinquent. Finally, borrowers who keep up with their new payments will receive up to $1,000 a year in principal reduction, for up to five years.”

“Only loans where the cost of the foreclosure would be higher than the cost of modification would qualify.”

“The program also includes a new provision to eliminate borrowers’ second mortgages, which will reduce their overall debt levels. Investors in those mortgages, who at times have blocked modifications because they don’t benefit from the adjustments, will be paid to eliminate those claims. Details on how much they’ll receive will be announced in coming weeks, senior government officials said. Servicers that get second-mortgage holders to participate will receive an additional $250.”

http://money.cnn.com/2009/03/04/news/economy/guidelines/index.htm?postversion=2009030409

I’m sure the folks that will be paying their “tax of rich” are just about loving this right now.

Sorry folks, it pays to be financially irresponsible in this country. Now where is my heloc check so I can go buy my S5….

[Coronita]

Heh heh. I want to be a loan service employee….

“The modification program will be in effect until the end of 2012, but loans can only be adjusted once.”

“Officials also unveiled more details on how servicers will modify the loans. First, they must reduce interest rates so that borrowers’ total house payments are not more than 38% of their monthly income. The government will then subsidize servicers dollar-for-dollar to lower that ratio to 31% – but the interest rate can’t go below 2%.”

“The new interest rate would then remain in place for five years, after which it will increase by 1 percentage point a year until it reaches either the original rate or the prevailing mortgage rate at the time of the modification, whichever is lower. This should prevent borrowers from suffering the “payment shock” that sent many borrowers with adjustable-rate mortgage into default in recent years.”

“If rate reductions aren’t enough to get payments to 31% of income, a lender can extend the term up to 40 years, or shift part of the principal to the end of the loan at no interest. Servicers also have the option of reducing the loan’s balance.”

“Servicers will receive $1,000 for each loan modified, as well as additional annual bonuses if borrowers keep up with payments. Mortgage investors will receive one-time $1,500 incentive payments for restructuring qualifying loans that are not yet delinquent. Finally, borrowers who keep up with their new payments will receive up to $1,000 a year in principal reduction, for up to five years.”

“Only loans where the cost of the foreclosure would be higher than the cost of modification would qualify.”

“The program also includes a new provision to eliminate borrowers’ second mortgages, which will reduce their overall debt levels. Investors in those mortgages, who at times have blocked modifications because they don’t benefit from the adjustments, will be paid to eliminate those claims. Details on how much they’ll receive will be announced in coming weeks, senior government officials said. Servicers that get second-mortgage holders to participate will receive an additional $250.”

http://money.cnn.com/2009/03/04/news/economy/guidelines/index.htm?postversion=2009030409

I’m sure the folks that will be paying their “tax of rich” are just about loving this right now.

Sorry folks, it pays to be financially irresponsible in this country. Now where is my heloc check so I can go buy my S5….

[Coronita]

Heh heh. I want to be a loan service employee….

“The modification program will be in effect until the end of 2012, but loans can only be adjusted once.”

“Officials also unveiled more details on how servicers will modify the loans. First, they must reduce interest rates so that borrowers’ total house payments are not more than 38% of their monthly income. The government will then subsidize servicers dollar-for-dollar to lower that ratio to 31% – but the interest rate can’t go below 2%.”

“The new interest rate would then remain in place for five years, after which it will increase by 1 percentage point a year until it reaches either the original rate or the prevailing mortgage rate at the time of the modification, whichever is lower. This should prevent borrowers from suffering the “payment shock” that sent many borrowers with adjustable-rate mortgage into default in recent years.”

“If rate reductions aren’t enough to get payments to 31% of income, a lender can extend the term up to 40 years, or shift part of the principal to the end of the loan at no interest. Servicers also have the option of reducing the loan’s balance.”

“Servicers will receive $1,000 for each loan modified, as well as additional annual bonuses if borrowers keep up with payments. Mortgage investors will receive one-time $1,500 incentive payments for restructuring qualifying loans that are not yet delinquent. Finally, borrowers who keep up with their new payments will receive up to $1,000 a year in principal reduction, for up to five years.”

“Only loans where the cost of the foreclosure would be higher than the cost of modification would qualify.”

“The program also includes a new provision to eliminate borrowers’ second mortgages, which will reduce their overall debt levels. Investors in those mortgages, who at times have blocked modifications because they don’t benefit from the adjustments, will be paid to eliminate those claims. Details on how much they’ll receive will be announced in coming weeks, senior government officials said. Servicers that get second-mortgage holders to participate will receive an additional $250.”

http://money.cnn.com/2009/03/04/news/economy/guidelines/index.htm?postversion=2009030409

I’m sure the folks that will be paying their “tax of rich” are just about loving this right now.

Sorry folks, it pays to be financially irresponsible in this country. Now where is my heloc check so I can go buy my S5….

[Coronita]

Heh heh. I want to be a loan service employee….

“The modification program will be in effect until the end of 2012, but loans can only be adjusted once.”

“Officials also unveiled more details on how servicers will modify the loans. First, they must reduce interest rates so that borrowers’ total house payments are not more than 38% of their monthly income. The government will then subsidize servicers dollar-for-dollar to lower that ratio to 31% – but the interest rate can’t go below 2%.”

“The new interest rate would then remain in place for five years, after which it will increase by 1 percentage point a year until it reaches either the original rate or the prevailing mortgage rate at the time of the modification, whichever is lower. This should prevent borrowers from suffering the “payment shock” that sent many borrowers with adjustable-rate mortgage into default in recent years.”

“If rate reductions aren’t enough to get payments to 31% of income, a lender can extend the term up to 40 years, or shift part of the principal to the end of the loan at no interest. Servicers also have the option of reducing the loan’s balance.”

“Servicers will receive $1,000 for each loan modified, as well as additional annual bonuses if borrowers keep up with payments. Mortgage investors will receive one-time $1,500 incentive payments for restructuring qualifying loans that are not yet delinquent. Finally, borrowers who keep up with their new payments will receive up to $1,000 a year in principal reduction, for up to five years.”

“Only loans where the cost of the foreclosure would be higher than the cost of modification would qualify.”

“The program also includes a new provision to eliminate borrowers’ second mortgages, which will reduce their overall debt levels. Investors in those mortgages, who at times have blocked modifications because they don’t benefit from the adjustments, will be paid to eliminate those claims. Details on how much they’ll receive will be announced in coming weeks, senior government officials said. Servicers that get second-mortgage holders to participate will receive an additional $250.”

http://money.cnn.com/2009/03/04/news/economy/guidelines/index.htm?postversion=2009030409

I’m sure the folks that will be paying their “tax of rich” are just about loving this right now.

Sorry folks, it pays to be financially irresponsible in this country. Now where is my heloc check so I can go buy my S5….

[Coronita]

http://politicalticker.blogs.cnn.com/2009/03/04/poll-majority-say-obama-mortgage-plan-is-unfair/

Poll: Majority say Obama mortgage plan is unfair

“Sixty-four percent of those questioned in a Quinnipiac University survey released Wednesday feel the Obama administration program is unfair to those who pay their mortgages on time.”

“Americans don’t like to see other people get special treatment, particularly when it comes to money, but they don’t like to see others suffer either,”

[Coronita]

http://politicalticker.blogs.cnn.com/2009/03/04/poll-majority-say-obama-mortgage-plan-is-unfair/

Poll: Majority say Obama mortgage plan is unfair

“Sixty-four percent of those questioned in a Quinnipiac University survey released Wednesday feel the Obama administration program is unfair to those who pay their mortgages on time.”

“Americans don’t like to see other people get special treatment, particularly when it comes to money, but they don’t like to see others suffer either,”

[Coronita]

http://politicalticker.blogs.cnn.com/2009/03/04/poll-majority-say-obama-mortgage-plan-is-unfair/

Poll: Majority say Obama mortgage plan is unfair

“Sixty-four percent of those questioned in a Quinnipiac University survey released Wednesday feel the Obama administration program is unfair to those who pay their mortgages on time.”

“Americans don’t like to see other people get special treatment, particularly when it comes to money, but they don’t like to see others suffer either,”

[Coronita]

http://politicalticker.blogs.cnn.com/2009/03/04/poll-majority-say-obama-mortgage-plan-is-unfair/

Poll: Majority say Obama mortgage plan is unfair

“Sixty-four percent of those questioned in a Quinnipiac University survey released Wednesday feel the Obama administration program is unfair to those who pay their mortgages on time.”

“Americans don’t like to see other people get special treatment, particularly when it comes to money, but they don’t like to see others suffer either,”

[Author]

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