McCain’s new proposal to fix housing market

[scaredyclassic]

so insteadof the past practices where appraisers would be paid to come in with high appraisals, now the emphasis will be coming in with the lowest possible appraisal and then claiming poverty? and if these regster as sales, wont this practice decimate housing prices. setting aside the moral hazard issues, which are obviously kind of sickening for responsible people who waited to buy, wouldn’t this accelerate a race to the bottom for “market value” as the lower the appraisal the better deal the homeowner (that term needs to be made illegal under this new law and its use made punishable by ineligibility for any further govt aid)) would receive. who would jump in and buy a house when all the current people are getting free money from the govt? wouldnt you just wait for that fiasco to play out so the market can do its work again?

[yellow8yellowm]

[quote=esmith]…McCain seems to be saying, let’s take all upside-down bubble owner occupied mortgages and rewrite them as fixed-rate mortgages…[/quote]

I think the problem we have with helping underwater homeowners is our sense of justice. I am a renter and even if I knew for sure that McCain’s plan would somehow benefit me more than any other plan (work with me here, I know it’s impossible) I would still be against it because it is not just.

As for the plan itself, I sure hope that he is very selective in who he helps out. If you took out a HELOC and blew it on a boat, you should not be getting help. If you didn’t put any money down, you should not be getting help. Nobody should be getting help, but if somebody must be first in line to get it, it should be the people actually made a down payment and never took out a HELOC.

[yellow8yellowm]

[quote=esmith]…McCain seems to be saying, let’s take all upside-down bubble owner occupied mortgages and rewrite them as fixed-rate mortgages…[/quote]

I think the problem we have with helping underwater homeowners is our sense of justice. I am a renter and even if I knew for sure that McCain’s plan would somehow benefit me more than any other plan (work with me here, I know it’s impossible) I would still be against it because it is not just.

As for the plan itself, I sure hope that he is very selective in who he helps out. If you took out a HELOC and blew it on a boat, you should not be getting help. If you didn’t put any money down, you should not be getting help. Nobody should be getting help, but if somebody must be first in line to get it, it should be the people actually made a down payment and never took out a HELOC.

[yellow8yellowm]

[quote=esmith]…McCain seems to be saying, let’s take all upside-down bubble owner occupied mortgages and rewrite them as fixed-rate mortgages…[/quote]

I think the problem we have with helping underwater homeowners is our sense of justice. I am a renter and even if I knew for sure that McCain’s plan would somehow benefit me more than any other plan (work with me here, I know it’s impossible) I would still be against it because it is not just.

As for the plan itself, I sure hope that he is very selective in who he helps out. If you took out a HELOC and blew it on a boat, you should not be getting help. If you didn’t put any money down, you should not be getting help. Nobody should be getting help, but if somebody must be first in line to get it, it should be the people actually made a down payment and never took out a HELOC.

[yellow8yellowm]

[quote=esmith]…McCain seems to be saying, let’s take all upside-down bubble owner occupied mortgages and rewrite them as fixed-rate mortgages…[/quote]

I think the problem we have with helping underwater homeowners is our sense of justice. I am a renter and even if I knew for sure that McCain’s plan would somehow benefit me more than any other plan (work with me here, I know it’s impossible) I would still be against it because it is not just.

As for the plan itself, I sure hope that he is very selective in who he helps out. If you took out a HELOC and blew it on a boat, you should not be getting help. If you didn’t put any money down, you should not be getting help. Nobody should be getting help, but if somebody must be first in line to get it, it should be the people actually made a down payment and never took out a HELOC.

[yellow8yellowm]

[quote=esmith]…McCain seems to be saying, let’s take all upside-down bubble owner occupied mortgages and rewrite them as fixed-rate mortgages…[/quote]

I think the problem we have with helping underwater homeowners is our sense of justice. I am a renter and even if I knew for sure that McCain’s plan would somehow benefit me more than any other plan (work with me here, I know it’s impossible) I would still be against it because it is not just.

As for the plan itself, I sure hope that he is very selective in who he helps out. If you took out a HELOC and blew it on a boat, you should not be getting help. If you didn’t put any money down, you should not be getting help. Nobody should be getting help, but if somebody must be first in line to get it, it should be the people actually made a down payment and never took out a HELOC.

[CBad]

I was embarrassed and filled with disgust for both of them last night. I just cannot believe this is the best we came up with and the two choices we have to chose from. I can’t believe we’re even having yet another debate after this where they are just going to spew the same memorized garbage and never really answer the questions. What a waste of time!

I have a friend who took out about 300k refinancing her house multiple times to help her business which ended up going bankrupt. She hasn’t paid her mortgage in a year and is still in it. Yet her mortgage is going to be renegotiated back to the original amount after having thrown 300K down the drain? What a sucker I am for paying mine.

[CBad]

I was embarrassed and filled with disgust for both of them last night. I just cannot believe this is the best we came up with and the two choices we have to chose from. I can’t believe we’re even having yet another debate after this where they are just going to spew the same memorized garbage and never really answer the questions. What a waste of time!

I have a friend who took out about 300k refinancing her house multiple times to help her business which ended up going bankrupt. She hasn’t paid her mortgage in a year and is still in it. Yet her mortgage is going to be renegotiated back to the original amount after having thrown 300K down the drain? What a sucker I am for paying mine.

[CBad]

I was embarrassed and filled with disgust for both of them last night. I just cannot believe this is the best we came up with and the two choices we have to chose from. I can’t believe we’re even having yet another debate after this where they are just going to spew the same memorized garbage and never really answer the questions. What a waste of time!

I have a friend who took out about 300k refinancing her house multiple times to help her business which ended up going bankrupt. She hasn’t paid her mortgage in a year and is still in it. Yet her mortgage is going to be renegotiated back to the original amount after having thrown 300K down the drain? What a sucker I am for paying mine.

[CBad]

I was embarrassed and filled with disgust for both of them last night. I just cannot believe this is the best we came up with and the two choices we have to chose from. I can’t believe we’re even having yet another debate after this where they are just going to spew the same memorized garbage and never really answer the questions. What a waste of time!

I have a friend who took out about 300k refinancing her house multiple times to help her business which ended up going bankrupt. She hasn’t paid her mortgage in a year and is still in it. Yet her mortgage is going to be renegotiated back to the original amount after having thrown 300K down the drain? What a sucker I am for paying mine.

[CBad]

I was embarrassed and filled with disgust for both of them last night. I just cannot believe this is the best we came up with and the two choices we have to chose from. I can’t believe we’re even having yet another debate after this where they are just going to spew the same memorized garbage and never really answer the questions. What a waste of time!

I have a friend who took out about 300k refinancing her house multiple times to help her business which ended up going bankrupt. She hasn’t paid her mortgage in a year and is still in it. Yet her mortgage is going to be renegotiated back to the original amount after having thrown 300K down the drain? What a sucker I am for paying mine.

[Arraya]

“As president of the United States, I would order the Secretary of the Treasury to immediately buy up the bad home loan mortgages in America, and renegotiate at the new value of those homes, at the diminished value of those homes, and let people be able to make those payments and stay in those homes. Is it expensive? Yes.”

Sounds like a true fiscal conservative..

[Arraya]

“As president of the United States, I would order the Secretary of the Treasury to immediately buy up the bad home loan mortgages in America, and renegotiate at the new value of those homes, at the diminished value of those homes, and let people be able to make those payments and stay in those homes. Is it expensive? Yes.”

Sounds like a true fiscal conservative..

[Arraya]

“As president of the United States, I would order the Secretary of the Treasury to immediately buy up the bad home loan mortgages in America, and renegotiate at the new value of those homes, at the diminished value of those homes, and let people be able to make those payments and stay in those homes. Is it expensive? Yes.”

Sounds like a true fiscal conservative..

[Arraya]

“As president of the United States, I would order the Secretary of the Treasury to immediately buy up the bad home loan mortgages in America, and renegotiate at the new value of those homes, at the diminished value of those homes, and let people be able to make those payments and stay in those homes. Is it expensive? Yes.”

Sounds like a true fiscal conservative..

[Author]

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