Home › Forums › Housing › HUD to Roll Out Emergency Loan Program for Unemployed “Homeowners” by Year-End
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markmax33.
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November 16, 2010 at 8:19 PM #18193November 4, 2011 at 12:37 PM #732235
Aecetia
Participant“WASHINGTON – The U.S. Department of Housing and Urban Development’s Mortgagee Review Board (MRB) today immediately suspended Allied Home Mortgage Corporation, thereby preventing the company from originating and underwriting new mortgages insured by the Federal Housing Administration (FHA). HUD is also suspending the company’s president and chief executive officer, James C. Hodge, and proposing to debar him as well as the company’s executive vice president, Jeanne L. Stell.”
http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2011/HUDNo.11-258November 4, 2011 at 1:36 PM #732240SK in CV
ParticipantYou really think unemployed people are on vacation? I was recently unemployed for 10 months. Spent 2-3 hours every week day, usually weekends too, looking for work. Another 2-3 hours every day making phone calls and networking. I was fortunate my wife had full time employment, I got my $900 every two weeks for unemployment, and other than a $4,500 emergency dental bill, I didn’t have to take any money out of savings. If I wasn’t so fortunate to have a wife with a good paying job, I wouldn’t have been able to pay my more than $1,000 a month for medical insurance. And would have walked around in pain, popping 16 ibuprofen every day for more than 5 months because of two broken crowns.
I think I was a lot luckier than most. There is nothing about being unemployed that feels like the american dream.
November 5, 2011 at 7:21 AM #732272markmax33
Guest[quote=SK in CV]You really think unemployed people are on vacation? I was recently unemployed for 10 months. Spent 2-3 hours every week day, usually weekends too, looking for work. Another 2-3 hours every day making phone calls and networking. I was fortunate my wife had full time employment, I got my $900 every two weeks for unemployment, and other than a $4,500 emergency dental bill, I didn’t have to take any money out of savings. If I wasn’t so fortunate to have a wife with a good paying job, I wouldn’t have been able to pay my more than $1,000 a month for medical insurance. And would have walked around in pain, popping 16 ibuprofen every day for more than 5 months because of two broken crowns.
I think I was a lot luckier than most. There is nothing about being unemployed that feels like the american dream.[/quote]
You are part of the 1%. People are abusing unemployment like crazy. It is all a huge waste of tax dollars. I would rather give my buddy a place to stay and feed him then keep paying into that worthless, money sucking, economy wrecking program and programs like it. Give me back the 3% per paycheck and I’ll put it to much better use for the common man.November 5, 2011 at 8:41 AM #732277ParticipantMadmaxx, you don’t pay 3% of your paycheck to unemployment. Your employer pays it. And it’s not 3%, it’s a floating rate based on employer’s unemployment experience rate. And it’s not on all wages, in California and most other states, it’s only on the first $7K of annual wages.
I can’t deny that there is some abuse. I suspect the level of abuse is small. But it isn’t enough money to maintain the lifestyle compared to a full paycheck. With somewhere between 9 and 17% unemployment, it is among the most “common man” government program that exists.
November 5, 2011 at 8:44 AM #732278GH
ParticipantMore loans are not the answer to bad loans. This is another failed initiative which attempts to addresses the problem without addressing the underlying causes of the problem.
November 5, 2011 at 3:17 PM #732298patientrenter
Participant[quote=GH]More loans are not the answer to bad loans. This is another failed initiative which attempts to addresses the problem without addressing the underlying causes of the problem.[/quote]
Truth
November 5, 2011 at 6:34 PM #732302Guest[quote=SK in CV]Madmaxx, you don’t pay 3% of your paycheck to unemployment. Your employer pays it. And it’s not 3%, it’s a floating rate based on employer’s unemployment experience rate. And it’s not on all wages, in California and most other states, it’s only on the first $7K of annual wages.
I can’t deny that there is some abuse. I suspect the level of abuse is small. But it isn’t enough money to maintain the lifestyle compared to a full paycheck. With somewhere between 9 and 17% unemployment, it is among the most “common man” government program that exists.[/quote]
If my company pays it on my behalf it still comes out of my salary no matter what hocus pocus you believe. The money the employer and the GOV pays into these programs is such a waste. 50% is probably blown in DC paying the heads of the programs out $140k salaries before it ever gets out to the people. I don’t like 50% returns on the dollar. Some of us have a network of friends to rely on in tough times and a good nest egg, some of us most not have friends.November 5, 2011 at 8:21 PM #732306Participant[quote=markmax33]If my company pays it on my behalf it still comes out of my salary no matter what hocus pocus you believe. The money the employer and the GOV pays into these programs is such a waste. 50% is probably blown in DC paying the heads of the programs out $140k salaries before it ever gets out to the people. I don’t like 50% returns on the dollar. Some of us have a network of friends to rely on in tough times and a good nest egg, some of us most not have friends.[/quote]
Well this should make you happy markmax. While there is a supplemental federal unemployment program (which costs employers a max of $56 per year per employee), unemployment is primarily a state program. You know, right where you like the programs. Administrative costs aren’t zero, but they’re pretty low.
And unemployment no more comes out of your salary than your employer’s rent does. Or software licenses for your company computer. Your employer pays those things in order to have employees. A salary burden just like unemployment taxes. And neither is it paid in on your behalf.
Maybe if you took the time to find out how programs work before you start with your knee jerk reactions which support your ideologies, you wouldn’t be so repeatedly wrong when you make such foolish assumptions.
November 5, 2011 at 10:58 PM #732315Participant[quote=SK in CV]…..And unemployment no more comes out of your salary than your employer’s rent does. Or software licenses for your company computer. Your employer pays those things in order to have employees. A salary burden just like unemployment taxes. And neither is it paid in on your behalf…..[/quote]
We (at my company) have to reduce employee pay by the cost of mandatory contributions. Everyone else I know does the same. It’s not a political plot, it’s just straightforward economics. All this splitting of contributions between employees and employers is just for show, to make the amounts feel smaller.
I don’t begrudge having my net pay reduced for these transfer payments to others. I am amused how people fall for the not-very-subtle sleight of hand involved.
November 5, 2011 at 11:04 PM #732316Participant[quote=patientrenter][quote=SK in CV]…..And unemployment no more comes out of your salary than your employer’s rent does. Or software licenses for your company computer. Your employer pays those things in order to have employees. A salary burden just like unemployment taxes. And neither is it paid in on your behalf…..[/quote]
We (at my company) have to reduce employee pay by the cost of mandatory contributions. Everyone else I know does the same. It’s not a political plot, it’s just straightforward economics. All this splitting of contributions between employees and employers is just for show, to make the amounts feel smaller.
I don’t begrudge having my net pay reduced for these transfer payments to others. I am amused how people fall for the not-very-subtle sleight of hand involved.[/quote]
Huh? You do what? Who is everyone else? Unemployment insurance is not split. Never has been. I think you should check again. The likelihood that your net pay is reduced by unemployment insurance paid by your employer is nil.
November 6, 2011 at 7:18 AM #732319Guest[quote=SK in CV][quote=patientrenter][quote=SK in CV]…..And unemployment no more comes out of your salary than your employer’s rent does. Or software licenses for your company computer. Your employer pays those things in order to have employees. A salary burden just like unemployment taxes. And neither is it paid in on your behalf…..[/quote]
We (at my company) have to reduce employee pay by the cost of mandatory contributions. Everyone else I know does the same. It’s not a political plot, it’s just straightforward economics. All this splitting of contributions between employees and employers is just for show, to make the amounts feel smaller.
I don’t begrudge having my net pay reduced for these transfer payments to others. I am amused how people fall for the not-very-subtle sleight of hand involved.[/quote]
Huh? You do what? Who is everyone else? Unemployment insurance is not split. Never has been. I think you should check again. The likelihood that your net pay is reduced by unemployment insurance paid by your employer is nil.[/quote]
NOT! Anything your employer pays comes out of his pocket just like your paycheck. It’s money he could have paid you instead of wasting it 50% of it in Washington before it rolled back into your pocket. He could have reinvested it in your retirement, or hired new employees and lowered your workload. It is a federal mandate as well:
http://www.edd.ca.gov/Unemployment/Federal_Unemployment_Insurance_Extensions.htm
Why do people agree to these federal programs that give 50% returns on the dollar for a “Safety Net” that is sinking out economy in debt!
November 6, 2011 at 8:15 AM #732322sdrealtor
ParticipantSorry but you playing both sides and using what ever works for you from either. Don’t forget that your employer is the “greedy 1%”. If they didnt have to pay it for you they would keep it for themselves.
November 6, 2011 at 9:03 AM #732325Participant[quote=markmax33]
NOT! Anything your employer pays comes out of his pocket just like your paycheck. It’s money he could have paid you instead of wasting it 50% of it in Washington before it rolled back into your pocket. He could have reinvested it in your retirement, or hired new employees and lowered your workload. It is a federal mandate as well:
http://www.edd.ca.gov/Unemployment/Federal_Unemployment_Insurance_Extensions.htm
Why do people agree to these federal programs that give 50% returns on the dollar for a “Safety Net” that is sinking out economy in debt![/quote]
Nice link. But there is nothing in there to substantiate 50% overhead. And you just repeated the same uninformed crap. It’s NOT primarily funded out of Washington, it’s a state program. Stick your fingers in your ears all you want when you’re told facts that don’t conform to your ideology. It doesn’t change the facts. Your 50% return model doesn’t work. Every government program is not the same. Just like some Ron Paul advocates can make better arguments than others.
And sdrealtor is right. If employers didn’t pay it, you wouldn’t get it. They would.
November 6, 2011 at 10:10 PM #732353Participant[quote=SK in CV]
Nice link. But there is nothing in there to substantiate 50% overhead. And you just repeated the same uninformed crap. It’s NOT primarily funded out of Washington, it’s a state program. Stick your fingers in your ears all you want when you’re told facts that don’t conform to your ideology. It doesn’t change the facts. Your 50% return model doesn’t work. Every government program is not the same. Just like some Ron Paul advocates can make better arguments than others.
And sdrealtor is right. If employers didn’t pay it, you wouldn’t get it. They would.[/quote]
Not true. My last job they indicated employee overhead was around 33% (unemployment, SS, Insurance, Health etc). They told me they would love to give me what I asked but with all the overhead they could not.
The fact is that unemployment insurance, Social Security, welfare and other similar programs foster a sense of entitlement and deter individual hard work and self reliance.
The whole lot should be replaced with a work program where you show up at 6AM for work and are paid $8 an hour. Some folks are put in charge of day care and others do other tasks. Those with children are provided with day care provided for by other unemployed or down on their luck people. A safety net where you can earn a basic wage and not starve while you are looking for new work.
I have been self employed since college with a few W2 stops along the way and I can tell you as a self employed person there are NO safety nets!!! You work your butt off because IT MATTERS!
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