I truly feel sorry for regular folks who lived within their means, put some money down and bought a house for their family that they could afford, and then because of life circumstances could no longer afford the monthly payment. You know, the 10% of homedebtors that this describes.
I do NOT feel sorry for failed housing gamblers, guilty mortgage fraudsters, greedy speculators, cash-out HELOC whores and housing porn addicts who tried to game the system for their personal gain. You know, the 90% of homedebtors that this describes.
Obama says this program will not help "speculators who took risky bets on a rising market who bought homes not to live in but to sell". Yeah, right. Because that describes almost ALL of Phoenix Arizona (and the US).
We'd be better off nationalizing the banks, RTC'ing the foreclosures, moving the homedebtors to renters, and starting over. But that'd be the right thing to do.
BTW, I wonder if Greg Swann was at his speech today, wondering about those 21 Reasons and the Brownshirts who'd never admit they were very publicly very foolish.
Posts
52 comments:
I am fucking pissed that he didn't mention the idea of reducing the principal balance on people's homes. Also, they want people to sign on the dotted line that any loan modification that is done will make the loan into a recourse loan? FUCK THAT! I am really angry with Obama. I expected more from him. I am 100% disgusted and disappointed.
BTW, if you are in a similar situation like me, then DON'T DO IT, DO NOT GO FOR A LOAN MODIFICATION BECAUSE IN THE FINE PRINT THEY WILL CONVERT YOUR LOAN INTO A RECOURSE LOAN. That means you will be a home debtor for the rest of your life! That is a bad deal. You are better off in letting the bank foreclosing on you.
ooohhhBaaamaaa!
Gimme Cheese
Lenders will still not work the home debtors. This program will be as effective as the last one (Hope for Homeowners or whatever it was). Which was a total waste of time. Banks say one thing to the media, but do a completly different thing when the debtors on the phone. People are starting realize in great numbers that the banks have no interest in "Helping" you. They just want their worthless asset so they can get even 50 cents on the dollar back out of a fire sale and be done with it.
Whhoot?
Oh great,
Just what we need,
A Cheese bubble.
Look, the butter churner is nothing more then a front man for the NWO masters Pulling the strings.
It all started on a small pasture in 1911, with a group of shadow cows.
How do you all think them holes got into the swiss cheese, eh?
It’s all part of the BIG plan to dumb down those who don’t buy into this.
I can smell it coming – Cheese Panic
I am really tired of paying taxes, working hard, and listening to how stupid Obama is.
Greg has likely fallen on hard times.
I wonder if we could take up a collection for him, in return for (of course) an audio tape of him admitting that he had, you know, been very publicly very foolish.
If the housing boom was a mistake, why do we keep trying to reinforce it rather than letting it die of natural causes?
Yeah, I get it, the bust is dragging down entire neighborhoods, yada, yada, but didn't the boom technically cause the damage we are feeling now, thereby creating a painful but necessary adjustment?
By the way, anyone paying more than 31% for their rent should demand that the government comp their monthly payment, it times to quit worrying about these squeaky wheel assholes who caused this train wreck.
Truly, truly pissed off now.
Swandive took a big loss on his home sale serves him right!
F*CK OBAMA.
Fuck Obama.
Nick, you deserve to lose your home. I don't know you or your circumstances, and don't give a shit. You made a deal, you signed a contract, you failed. You can't do what you said you would do. Tough. I hope you get foreclosed on, and you have to live in your car. And then I hope your car gets repo'd because you probably bought an automobile you couldn't afford to go with the home you can't afford. You are the problem Nick.
If this housing bailout doesn't get people off their fat lazy asses to sharpen their pitchforks wtf will? Are you serious? I have to pay for the mortgage that my shithead coworker took against my advice? Either we let this thing totally collapse and learn our lessons and rebuild the right way, or I am gonna just lie cheat and steal from now on because that is obviously the right side to be on. Fuck, I can't believe I voted for Obama. I feel like a absolute asshole. The only thing that gives me solace is the idea that McCain would have been more of the same...oh wait, so is Obama. We are so fucked.
RECOURSE LOAN! THIS GUY HAS TO BE THE ANTI CHRIST!
fuck obama here too!
"Nick said...
I am fucking pissed that he didn't mention the idea of reducing the principal balance on people's homes."
You're circling the bowl, Dickhead.
Your Free Ride is going down, just like you do.
Your pathetic miserable con-job life is about to become a series of mind masturbating fuck-arounds guaranteed to take years off your grubbing corrupt life.
Is just as easy to con them properly. You are just too stupid and greedy to Get It.
Get It?
Bye Bye Dick.
Yes! HP is back. This is the kinda talk and conversation I like.
Anonymous Anonymous said...
"Nick said...
I am fucking pissed that he didn't mention the idea of reducing the principal balance on people's homes."
You're circling the bowl, Dickhead.
Your Free Ride is going down, just like you do.
Your pathetic miserable con-job life is about to become a series of mind masturbating fuck-arounds guaranteed to take years off your grubbing corrupt life.
Is just as easy to con them properly. You are just too stupid and greedy to Get It.
Get It?
Bye Bye Dick.
-----------
Were all going down you cheese fuck.
Gee Wilakers, you should have see the traffic jams while Obama was riding around the freeways here in Phoenix. I had 4 drivers making deliveries stuck which hurt my business.
Obama told us he would do this kind of thing, but the worshipers had tingling down their legs and voted for this scum sucking Marxist anyway.
Suckers.
This is just the beginning, wait until he opens the floodgates on the Southern Border letting in millions of new invaders and then forcing us to pay for their healthcare, food and lodging.
The nitwit congress led by Pelosi and Reed have promised us new bailouts and stimulus packages while the Alt-A loans have yet to reset and unemployment edges toward 10%.
Working boldly and swiftly, Obama has fucked us all, and you voted for him.
I must be stupid, I paid off my mortgage and car loans while the masses are finding out you could have bought a million dollar house working at McDonalds, and Obama is going to force a judge to lower your payments to 31% of your real income, and sell the trash paper to Fannie and Freddy.
Who pays for all of this mess?
It aint the worshipers, it's gonna be me and the other people who actually pay income taxes.
how do you know if it is changed to a recourse loan? I'm looking at my sister's loan mod right now from IndyMac bank and there is nothing in it that references recourse or non-recourse.
.
IS ANYONE ELSE SICK ALREADY OF SEEING THIS EMPTY SUIT EVERYDAY ON TV, CONTINUING TO MAKE SPEECHES ABOUT UNICORNS AND RAINBOWS? GO AWAY! MUST BE JUST ME, THEN.
.
why doesn't the government just buy all the houses and let people live in them on a lottery basis? every 5 years there is a lottery to determine if you get a house or apartment to live in. some will get lucky and get a big mansion for 5 years until the next lottery.
it will stimulate the construction business because people will not care for the houses which means they will have to be rebuilt every 10 years or so.
oh, this will create a debtor class that is truly dependent on the government. it is one step closer to socialism.
go chairman Maobama!
Wow.
it has been only a month and he has already increased the public debt by 1 trillion.
can we afford chairman Maobama much longer?
the guy is really proving what some of us were worried about. that he was an empty suit that could read from a teleprompter really really well.
did anyone else catch him on TV saying "the economy is going to get BADDER before it gets better".
Badder. too funny. give the guy his teleprompter back.
"IS ANYONE ELSE SICK ALREADY OF SEEING THIS EMPTY SUIT EVERYDAY ON TV, CONTINUING TO MAKE SPEECHES ABOUT UNICORNS AND RAINBOWS? GO AWAY! MUST BE JUST ME, THEN."
I am, me, right here. Keith loves it though.
I think it needs a new term fitting for this site. Obama the bailout porn star.
Who pays for all of this mess?
-----------------------------
the chinese will. america is going to heloc the hell out of ourselves then default on the national debt.
we will get all those dollars back that we spent on cheap, lead painted, plastic chinese crap.
So Obama's dished out another trillion or two to try to stop the crash.
And yet the stock market continues to crash.
So, serious question, if Obama had done NOTHING - nothing at all, and said "let the free market take care of itself" - what would the market have done
I'd love to see a computer simulation on that one.
"I am fucking pissed that he didn't mention the idea of reducing the principal balance on people's homes".
Really? I must be getting some flashbacks from that shroom party back in '87.
Could have sworn he talked about giving judges the power to reduce the mortgage principle.
A great Aaron Russo video,
about what's really going on:
http://snipurl.com/c5gy4
"So, serious question, if Obama had done NOTHING - nothing at all, and said "let the free market take care of itself" - what would the market have done"
It would do what it is supposed to. It would naturally purge the bad debt at idiots from the system.
It sure as hell would not put its hand in my pockets Keith.
What about those of us who bought a home we could afford in a neighborhood close to an urban center and work so we could take public transit or only drive a mile or two, took out a fixed rate, 30-year mortgage we could afford after a downpayment and bought a house we expected to use as our living space and home for the next decade or two, not as an investment that we'd "refinance" in a year or two?
What about people like us who are able to pay our mortgage? What % are we? And, why in the world should we continue to pay?
WTF Obama, don't let them off the hook for being stupid. Ya that's right, STUPID! Turn recipients into indentured servents, limit their procreation and make them read "Finances for Dummies" before they get a bailed out.
Either that or give everyone an equal share.
I never could watch shrub speak. I am getting that way with the Omeister as well. He will swing his head back and forth (looking at the teleprompters) acting like he is connecting with the crowd, but totally ignores the camera.
YoMama, the VAST majority of us are out here, you know behind that glossy glass round thing stuck right in front of your face. How about a little love...
Oh and we are all effed.
We now return you to your regularly scheduled American Idle, already in progress.
Housing porn HGTV is just getting warmed up.
You thought they had gone the way of the buggy whip, guess again.
There's new shows coming out about the mania of new buyers catching the bottom, the frenzy ensuing, the stimulus deals.....
I give you the show:
Desperate to Buy
and the all new.......
Foreclosure Bus!
"...modification that is done will make the loan into a recourse loan..."
God forbid we should pay our bills; right, Cuntry?
"...Fuck, I can't believe I voted for Obama. I feel like an absolute asshole..."
{priceless}
Even better: the 28% that can't face that same truth about Bush.
BTW, if you are in a similar situation like me, then DON'T DO IT, DO NOT GO FOR A LOAN MODIFICATION BECAUSE IN THE FINE PRINT THEY WILL CONVERT YOUR LOAN INTO A RECOURSE LOAN. That means you will be a home debtor for the rest of your life! That is a bad deal. You are better off in letting the bank foreclosing on you.
February 18, 2009 9:23 PM
THATS LIFE WEASEL i DON'T OWE SHIT. PAY YOUR OWN FUCKING MORTGAGE YOU SLEAZEBAG HOUSE GAMBLEING LOSER.
Nick, although you disgust me almost as much as the junior senator from Illinois, you are up on recourse loans and how you have been able to steal and get away with it so far. Kudos to you scumbag.
Time to reopen HOUSINGPANIC!
Keith, you don't have to wonder THAT much, the CBO said that the long term effects of doing nothing would be better than the stimulus. The short term effects would be negligible as major spending will not occur for 1-2 years. Then after that "lost opportunity" will kick in and there is a net negative on the economy.
Yeah, this program will help about 2 people where I live.
Nobody cares anymore.
What's happening on Idol?
>you start cutting back on luxuries then you start cutting back on necessities.
There's a big time gap between those two steps (like the gap we waited for denial to turn to fear). But in Obamas rhetoric it's only a half second.
"Fuck, I can't believe I voted for Obama. I feel like a absolute asshole."
________________________
Well, hey man, a lot of people were fooled. You weren't the only one.
At any rate, don't feel too bad, there were no real candidates to vote for anyway. None of the "choices" were correct.
It was fixed.
It's getting harder and harder to be a team player and support the president when he offers horrible plans like this one.
I didn't vote for him so it would be very easy for me to bash every move he makes. But I thought I should respect the will of the electorate and get behind the man that a majority of Americans voted for.
This plan is bad on so many levels.
The plan is not even good for the homeowners who qualify.
Because these homes will never ever be worth what they are paying for them, they would all be better off walking away and starting over. Instead of saving their money (providing capital to businesses) and earning the interest, people will make mortgage payments to banks who will then loan the money to businesses at higher rates.
The banks will benefit, rather than businesses who make things and employ people.
I now realize the entire governmental structure is completely clueless and will run the country into the ground chase false solutions. Mark my words.
Don't worry! Those prices will come down *eventually*.
Anonymous Anonymous said...
how do you know if it is changed to a recourse loan? I'm looking at my sister's loan mod right now from IndyMac bank and there is nothing in it that references recourse or non-recourse.
February 18, 2009 11:34 PM
First of all, you need to see if you live in a recourse state or a non-recourse state. Then, please inspect that loan modification document carefully. Make sure that there are no provisions that state the loan is changed to a recourse loan.
What Obama's plan entails is that if you participate in a federal loan mod backed by Fannie Mae or Freddie Mac, then it becomes a recourse loan. Don't go for it, don't be a home debtor for the rest of your life.
"Nick said...
Anonymous Anonymous said...
how do you know if it is changed to a recourse loan? I'm looking at my sister's loan mod right now from IndyMac bank and there is nothing in it that references recourse or non-recourse."
You ARE really be stupid in addition to a general scumbag and leach. Enjoy debtors prison, Dick.
Bubba will see you now...
DIE U PIGS
Sorry homedebtors. I really hope this program fails...it just comes down to common sense. You should never have bought that overpriced house. For those that have lost their jobs, good luck. You might be better without that losing asset because unemployment doesn't seem to be getting better but worse.
Rasbary
The government wants you to be stuck in a house paying one of their banker buddies for the rest of your life. And when you die they want you to still own very little of it so they can rent (oops I mean sell) it to another sucker and start the process over. That's what this plan is about.
Wake up America, now is our "fight club" chance. Disconnect the banker feeding tube and stop paying. You know the banks are going to have to ignore the words "foreclosure" on credit reports because 80% of the population will eventually realize that we have strength in numbers and stop paying.
If you watched BO's speach real carefully and read between the lines here is what he said:
"I am happy to announce a plan that will keep Americans paying my banker buddies 31% of their income for the rest of their lives."
But he sure said it smooth and graceful didn't he?
GT Charlie
Just sickening! Of all the people!!! Obama should've never followed this housing gamblers' rescue scam! He should have left foreclosures fix the housing crisis.
It is a known fact that during periods of economic recession (Great Depression II in this situation), there's a redistribution of wealth among the citizens. It is also known that gamblers are the ones who stand to lose most in this downturn. So why come to their rescue? Why not let the responsible citizens, who have been patiently waiting for their moment to shine, benefit from the opportunities offered to them by the market? Why rob them from the dream of their lives?
What about the millions of Americans who never skipped a payment and whose mortgage is eating their lunch? What about the 800,000 Americans who don't have a home? What do we say to the millions of young couples who have been waiting for an opportunity to buy a decent condo with a reasonable downpay and closing costs?
Obama should have opted for a hands-off policy. House prices should have continued to come down to the level where any family could afford to buy a house, without having to be enslaved for life by the banks!
I just don't get it. Aren't Democrats supposed to be the defenders of the middle class and the poor?
The case for letting foreclosures clean up the housing mess is best illustrated in a Time article that predicts the failure of this new Obama housing band aid. The article can be found on today's Patrick.net board. It's a must-read!
Why are you against affordable home prices, Mr. President?
I just don't get it. Aren't Democrats supposed to be the defenders of the middle class and the poor?
See Keith, still in Denial. We have a long way to go, but no hope from me, as sheeple will always be sheeple.
Things might be bad in some places in America but Manhattan is doing just fine...Isn't that where the Stock Exchange is?
http://www.therushmoreriverside.com/
Check the link. Notice the language selector and check out the price of a one bedroom. We're in a re-alignment stage of Globalization, you can jump on the train and enjoy the ride or rant about how bad everything is. You can always find bad at anytime anywhere if you look for it. BTW these kinds of real estate are going on in most of our major cities, of course there are some messy spots like Phoenix, Miami, Detroit ect. But most people are unaware of what's going for good reason...there really is nothing to be concerned about unless you made a mistake buying something you can't afford, it's really that simple. Don't bet against America or you'll find yourself bitchin' about what you missed once again.
Global Man
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