OBAMA Mortgage Plan to Help up to 9 Million

[SD Realtor]

Veritas I think I will select the herion option with a nice quiet room that will pipe in nfl football all day long so I will not have to worry about the real world.

[cr]

Here’s a thought: let’s say this plan does work and every single one of the 10% of mortgages is reworked and all 5% of Americans behind in their payments stay in their home.

Then what?

Prices will still be too high, people waiting to buy will have to wait longer, people who bought during the bubble won’t be able to sell for several more years, lending will decrease, banks will lose business, and this temporary fix will have further eroded any sense of fiscal responsibility for both institutions and individuals alike.

[cr]

Here’s a thought: let’s say this plan does work and every single one of the 10% of mortgages is reworked and all 5% of Americans behind in their payments stay in their home.

Then what?

Prices will still be too high, people waiting to buy will have to wait longer, people who bought during the bubble won’t be able to sell for several more years, lending will decrease, banks will lose business, and this temporary fix will have further eroded any sense of fiscal responsibility for both institutions and individuals alike.

[cr]

Here’s a thought: let’s say this plan does work and every single one of the 10% of mortgages is reworked and all 5% of Americans behind in their payments stay in their home.

Then what?

Prices will still be too high, people waiting to buy will have to wait longer, people who bought during the bubble won’t be able to sell for several more years, lending will decrease, banks will lose business, and this temporary fix will have further eroded any sense of fiscal responsibility for both institutions and individuals alike.

[cr]

Here’s a thought: let’s say this plan does work and every single one of the 10% of mortgages is reworked and all 5% of Americans behind in their payments stay in their home.

Then what?

Prices will still be too high, people waiting to buy will have to wait longer, people who bought during the bubble won’t be able to sell for several more years, lending will decrease, banks will lose business, and this temporary fix will have further eroded any sense of fiscal responsibility for both institutions and individuals alike.

[cr]

Here’s a thought: let’s say this plan does work and every single one of the 10% of mortgages is reworked and all 5% of Americans behind in their payments stay in their home.

Then what?

Prices will still be too high, people waiting to buy will have to wait longer, people who bought during the bubble won’t be able to sell for several more years, lending will decrease, banks will lose business, and this temporary fix will have further eroded any sense of fiscal responsibility for both institutions and individuals alike.

[scaredyclassic]

cooprider summed up what iw as thinking; this does nothing for newmoney to enter the system. this just tries to pretend that people can continue to afford homes they shoudlnt necessarily be in.

[scaredyclassic]

cooprider summed up what iw as thinking; this does nothing for newmoney to enter the system. this just tries to pretend that people can continue to afford homes they shoudlnt necessarily be in.

[scaredyclassic]

cooprider summed up what iw as thinking; this does nothing for newmoney to enter the system. this just tries to pretend that people can continue to afford homes they shoudlnt necessarily be in.

[scaredyclassic]

cooprider summed up what iw as thinking; this does nothing for newmoney to enter the system. this just tries to pretend that people can continue to afford homes they shoudlnt necessarily be in.

[scaredyclassic]

cooprider summed up what iw as thinking; this does nothing for newmoney to enter the system. this just tries to pretend that people can continue to afford homes they shoudlnt necessarily be in.

[jpinpb]

[quote=carlsbadworker]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]

Flaw: assume the person bought with a downpayment

Also, Alt-A folks are voluntarily making the decision to walk b/c they have lost average of 20% equity. They’re not walking necessarily b/c the can’t make the payments. They’re choosing to walk b/c their house is not worth anywhere close to what they paid for it – even in LJ.

Example in LJ

[jpinpb]

[quote=carlsbadworker]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]

Flaw: assume the person bought with a downpayment

Also, Alt-A folks are voluntarily making the decision to walk b/c they have lost average of 20% equity. They’re not walking necessarily b/c the can’t make the payments. They’re choosing to walk b/c their house is not worth anywhere close to what they paid for it – even in LJ.

Example in LJ

[jpinpb]

[quote=carlsbadworker]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]

Flaw: assume the person bought with a downpayment

Also, Alt-A folks are voluntarily making the decision to walk b/c they have lost average of 20% equity. They’re not walking necessarily b/c the can’t make the payments. They’re choosing to walk b/c their house is not worth anywhere close to what they paid for it – even in LJ.

Example in LJ

[jpinpb]

[quote=carlsbadworker]No. It won’t work for Temecula or Escondido (where price has dropped a lot). But it would work for the costly coastal area where price has not dropped a lot (assume the person bought with a downpayment). It is aimed to stop the Alt-A folks to have their payment reset to higher rate, and they would instead be able to lock into 5% 30-years fixed at much lower monthly cost.
[/quote]

Flaw: assume the person bought with a downpayment

Also, Alt-A folks are voluntarily making the decision to walk b/c they have lost average of 20% equity. They’re not walking necessarily b/c the can’t make the payments. They’re choosing to walk b/c their house is not worth anywhere close to what they paid for it – even in LJ.

Example in LJ

[Author]

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