February 21, 2009
You wonder if Obama understands what really happened out there. That nearly EVERYONE was a housing gambler. That nearly EVERYONE speculated.
Are they planning to conduct a lie detector test before getting government cheese?
They say they're not going to help speculators that were betting on a risky market, or anyone who was in a house they couldn't afford.
Uh, OK. I'll take them at their word. But aren't we talking about five or six people then?
Go to Phoenix. Talk to upside down homedebtors.
They listened to realtors on commission, they read the cheerleading builder-ad-supported Arizona Republic, they watched all the housing porn shows, they got hyperventilated by their neighbors and co-workers who were making a killing, and they decided to jump.
They bought houses they couldn't afford, they committed mortgage fraud in most cases to do it, and THEY THOUGHT THEY WERE GONNA GET RICH RICH RICH. And tax-free to boot.
And it didn't work out.
And now Obama wants to bail them out. With your kids' money.
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45 comments:
This is your guy. You said he is the only hope for America. You need to recant. He has, in 30, days, done more harm to America than Bush did in 8 years.
Kangtong
Whoop Whoop Whoop! Damage control. Damage control. Whoop whoop whoop!
Way to cover your a$$ Obama.
Still doesn't address stated income loans, and people who bought a house they couldn't afford.
Where is the clause for means testing actual income when the house was purchased?
Start to address some of these deficiencies and maybe people will listen.
In the meantime go Rick Santelli! Don't you dare lambast this guy...
-Mike
keith..they should have took your advice and dissed countrywide now look theyve blown up
This Gibb (Glibb?) spokesperson has a very George Bushish tone and manner. The stupid smile, the speak and stall, the I'm talking to the mentally challenged approach to a press conference.
I am glad that the program will clearly only help the 6 Phoenix homeowners who are sick...and maybe that guy in Florida who just found out his "CD" is worthless.
and you honestly believe that these clowns that you carried water for in your lambasting of mccain have a clue as to what is going on around them this is surpassing my expectations of what i thought when the chicago kid was elected he might not make it to the next congressional election there is a wind blowing across this nation and it will be violent when it is at its strongest and he will be in the history books as one of our worst presidents but its fun to watch everyday and so the sitcom is in progress frankie lymon and the teenagers will be performing over the weekend in dc tickets are sold out the governors got them all and next week is shaping up to be more exciting than last
I went to recovery.gov and the plan is short on details, as usual. Actually the whole website has a slick marketing feel to it but is completely lacking in substance. One example is the pareto chart with an astounding lack of detail behind it.
Anyway, I hope this proposal considers the following behaviours to be unacceptable:
1. Any borrower who used 'liar' loans or stated income loans.
2. Any buyer who took an interest only or ARM mortgage.
3. Any buyer who put zero down.
4. Any buyer who took a home equity line of credit (HELOC) out in the last 5 years.
5. Any buyer who refinanced their home and increased the value of their mortgage in the process because of rising 'equity'. This is also limited to the past five years.
6. Any buyer who misrepresented their income to make it appear the payments were less than 31% of their income.
7. Any buyer who took on a mortgage whose payments were greater than 31% of their gross household income, this is to be verified against their tax returns filed at the time.
With all these conditions, I do believe only 300,000 homeowners would qualify for this mortgage write down and the cost of the program would drop to $1 Billion from the current $275 Billion price tag.
Now that is change I can believe in.
If you don't have these conditions you reward people who didn't do the right thing, you reward the speculators.
Let's talk details, Obama. Let's talk details, Gibb.
Keefer, you are the expert on this. How about creating a petition and getting all the S&A'ers to sign this?
Count me in.
-Mike
"Trying to lower interest rates"
How much lower can they go? What more can the government do to lower their monthly payments?!
With all the mortgage deductions, buyer incentives, interest rates lower than inflation, Fannie and Freddie bailouts, it seems Bush and Obama are practically paying for 1/4 of peoples mortgages already!!!!!!
F!!!!
So the plan will only bail out the responsible people that overspend and not the irresponsible that overspend. Comforting to know.
We are so screwed!
"This Gibb (Glibb?) spokesperson has a very George Bushish tone and manner."
Great observation. Glibb came from the Bush school of public speaking excellence.
Glibb couldn't spit out an answer because he knows he's wrong. Every moral taught as a kid is now thrown out the window, you know, like not to lie and don't say things you don't mean.
obama sides with bush on afghan detainees as his justice dept agrees with the evil one gw that these terrorists i mean prisoners have no rights to us courts what a shocker not a candidate any longer gets his daily updates and agrees with bush waiting for you to put that up here had to read huffington for that one this sitcom is the #1 hit it promised to be maybe even better i think and the teenagers are in charge of the house while the adults are away until 2012 thanks to all of the 56 percent for this gift
He does understand: how else do you think a black man named Hussein got elected POTUS less than 8 years into a "War on Terror"?
Will the producers in this country fight back economically by going on strike?
What will the parasites do then?
I would love to see the Chicago Tea Party launch a nationwide protest from anyone and everyone who is tired of America going down the path of economic ruin.
Flash mob style we pull our money out of banks and markets and stop paying our bills and mortgages.
Let the parasites legislate their way out of that one.
PS: Any traditional GOP follower who hasn't already committed seppuku has no right to talk up McCain or Bush. Bush "sacrificed his free market principles" and McCain is Obama + endless war abroad with open borders at home.
Only a Ron Paul oriented GOP that repudiates the bullshit of the neocons can rally America in this its hour of peril.
Logic dictates that Gibb is not telling the truth.
By definition, responsible borrowers don't need anyone else's help to pay their bills. It's that simple.
So this program is aimed precisely at irresponsible borrowers, contrary to Gibb and Obama's claim.
I might consider helping those who can't make payments because they lost their jobs or an income earner got sick or injured. But this is a slim minority of those in trouble.
Has anyone else read the book or seen the movie Blindness? "The only thing worse than blindness is being the only person who can see." Does that hit home for anyone else?
Those who have always been blind may, conceptually, understand what sight is. But they don't really 'get it'.
And because the blind far outnumber those who can see, they remain skeptical of what their senses cannot perceive.
I feel like I'm always saying "No, that's not a tree trunk; no, that's not a snake; no, that's not a wall. It's called an elephant."
It is pretty obvious that Obama and his posse have no idea how much seething anger there is out there directed towards this 'bail-out' stimulus bill. What Rick said is right on target and the silent majority is going to start being less silent. I hope the communists, uh I mean democrats, get their deserved rewards next election in 2010. Buy guns, ammo and lots of non-perishable food. Did you all notice that The Saviour issued another executive order creating a position to control, uh I mean help, cities with the power to utilize all the resources of all the other federal departments and agencies. Get ready for martial law.
In the end, I think the Obama plan is basically to con the sheeple into staying in their depreciated debt-trap by reducing their payments, even though any rational actor would walk away in a heartbeat.
Choice A: Buy home for $500,000, it's worth $200,000 now. Keep paying on it as if it were a $500,000 asset but at longer terms
Choice B: Walk away from a MASSIVE liability. Lick your wounds. Go rent.
I'd take Choice B every single day. F*ck the f*cking granite countertops. Having that kind of debt hanging over your head, on an asset THAT WILL NEVER EVER RECOVER, is for fools
And that's who Obama is aiming for.
Fools.
keith,
the problem with trying to trick people into taking A, is that it is worse for all of us who would actually like to buy one of those houses they walk away from.
I'll wait for prices to return to rational levels, but it'd be nice if that happened faster.
I'd rather not have to time the bubble bursting depreciation and the printing money inflation flip.
I would add: anyone who got a breast augmentation or bought a boat with their home equity.
ooooBaaamy!
Gimme Cheese
Anon said: (Kangtong)
This is your guy. You said he is the only hope for America. You need to recant. He has, in 30, days, done more harm to America than Bush did in 8 years.
Buh, buh, we weren’t liked by the Eurotrash before.
We must ‘apologize to the world’ for not electing someone they liked in our previous election.
Now, who cares if Obaamy has no clue, the ‘international community’ woves us, because we’re finally as stupid as they are..
RE: Obama's latest bailout for housing gamblers...
This new housing bailout will end up the same way as the last housing bailout.
Bankers will get all of the money and very little of it will be used to bailout failed housing gamblers.
There will be more huge salary increases and bonuses for bankers and CEOs of failed companies and the taxpayer will be left with the bill.
P.T.
Anonymous said...
It is pretty obvious that Obama and his posse have no idea how much seething anger there is out there directed towards this 'bail-out' stimulus bill. What Rick said is right on target and the silent majority is going to start being less silent.
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Rick Santelli has struck a nerve. Of all the things that could get the silent majority pissed off and their asses off the sofa, it is to give free money to their neighbors.
When your neighbor comes over for a beer and tells you that he got his mortgage reworked, and his principal reduced, and that the gumbint is going to pay him $1000 extra a year for 5 years as incentive to pay his mortgage on time, how will you feel?
Then he tells you that he is going to take his extra money and buy a new car and install granite in the kitchen.
Then he tells you how stupid you are.
BWHAHAHAHAHAHAHA
Darwin is rolling in his grave.
Why would we let the dumbest, most genetically flawed "home buyers" dictate prices or use public money to subsidize their flawed actions?
Obama is using the dumbest 3% of the popluation as a tool to keep housing prices too high and all Americans over-paying for housing.
GT Charlie
Mr. Talking pts there told us that Rick Santelli is just confused because he didn't read the one page cheese legislation.
Talk about spin.
Methinks the lady(Gibbs) doth protest too much.
"...the Obama plan is basically to con the sheeple into staying in their depreciated debt-trap by reducing their payments..."
That IS the plan.
"...it is worse for all of us who would actually like to buy one of those houses..."
QUESTION for the President: Are you AGAINST affordable housing prices?
Did he say home owners have lost 9% on their homes? Where'd he get that figure? Seems like it would be more by now. I thought Case-Shiller had it at double that or more?
Anyway, considering Stated Income is no longer an option it's only a matter of time before home prices and income get back into equilibrium. And then rates will march upward and keep home prices will flatline and we'll party like it's 1998 minus the tech bubble.
Santelli's rant struck a cord.
The natives are restless. Gibb is so out of touch with his response.
Idiot.
D. Olick was cheerleading the cause of the “speculator” the other day in her blog. Talking about how her parents bought an investment property way back when, and that all investors are not reckless gamblers. It was truly pathetic.
What she fails to recall is that these loans were not made as “investments”, as that would have required they be appraised as income property. We all know that would NEVER have worked out on paper.
Recent research on my local ocean-front condo market indicated 48% of purchases from 2002 to 2006 were by flippers.
>Does that hit home for anyone else?
Hugh... 10-4 Roger that Pauly.
I really do want to see the plan details.
How did they come up with $275 Billion? It's just Fannie and Freddie, right. So, why would that cost anything...just paperwork (admittedly an enormous tangle)and a reduced return on investment. I must really be missing something. Let's see $1000/yr to keep paying for up to 5 years = $5,000
275,000,000,000/5,000= 55 million homeowners.
I think we should handle this like a variance. You know, all the neighbors have to agree. Now that would heat things up in a hurry.
Unless it's just a scam to turn non-recourse loans into recourse loans.
I really can't stand these bailouts. And to continue on about the neighbors...I'm sure I'm not the only one who's had undesirable neighbors move in. Ones that don't quite fit in...I've avoided saying it because it just sounds so elitist...but gosh, these people couldn't be more unlike me. (I'm not talking race, either.) I really believed in the Love thy Neighbor till those *(&^%()&)! moved in next door.
This white house press dude is a f***ing idiot. I guess this runs in line with is O administration.
Where do they find these morons, 300 Million plus Americans and this dumb as is what speaks on behave of the President???
That son of a bitch thinks we're all retards!!!
anything other than a 20% (or more) down 30yr (0r 15 yr) fixed rate conforming loan is gambling and doesn't deserve any bailout money.
more and more it looks like BO has surrounded himself with idiots.
I think that speaks volumes about BO. He is the "empty suit that can read a teleprompter well" we feared he might be.
Flash mob style we pull our money out of banks and markets and stop paying our bills and mortgages.
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yes, we have the power to bring down the house of cards if we organize.
I could see myself not paying my mortgage for a couple of months. I don't much care about my credit history any more. I have everything I need and what I might need in the future (like a car) i can pay cash for.
I really fell like saying F it and just giving up trying to do the right thing when doing the right thing means you end up bailing out all those who didn't.
DEC 2008
Choice A: Buy home for $500,000, it's worth $200,000 now. Keep paying on it as if it were a $500,000 asset but at longer terms
Choice B: Walk away from a MASSIVE liability. Lick your wounds. Go rent.
I'd take Choice B every single day. F*ck the f*cking granite countertops. Having that kind of debt hanging over your head, on an asset THAT WILL NEVER EVER RECOVER, is for fools
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it is amazing how difficult it is to convince the females of our species that they really don't need to rent a house from a bank. they are genetically programmed to have a stable physical home that they call their own.
This is your guy. You said he is the only hope for America. You need to recant. He has, in 30, days, done more harm to America than Bush did in 8 years.
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but hey, now the eurotards like us again, right?
well, may be not Brittan (but I don't consider them to be eurotards) since BO sent the bust of churchill back.
why don't any of the "journalists" call BO on his contradicting stances of trying to support house prices while also funding affordable housing efforts.
Time to stop paying taxes.
Find a way. However you evade them, I assure you that the founding fathers would approve.
Here is the plan in black and white:
http://tinyurl.com/ckrh79
I don't like Rush Limbaugh but he is on to something here:
"I thought this (stimulus money) was designed to spur the economy," Limbaugh said. "But Mr. Clyburn here is letting us know that (it) was intended to go to black people, and if the governors aren't going to take it, then they are racist."
It appears that the happy, copasetic, society where all colors live in harmony under Obama may have a really ugly twist to it as everyone grabs for the few remaining dollars.
good god these people are idiots.
a foreclosure doesn't cause neighborhood home prices to fall.
what if a foreclosed home sold for 50% more than it was purchased for the previous year? would that cause neighboring house prices to drop 9%
and so what if values drop 9%, that is only a paper loss. I don't want my real tax dollars going to prop up the "on paper" value of my home.
I don't think this tarp2 money will benefit homeowners just as the first tarp did. They make it seem like it will help the small people to bait n switch people so it does down the throat without opposition. See Naomi Klein's disaster capitalism.
And what good is shaming? Forget the shaming and get out the handcuffs!
"...in 30, days, done more harm to America than Bush did in 8 years..."
Set the bar that high, and then claim he cleared it?
Deranged partisan; champing at the bit to dump the whole mess on him.
I'd say judging from the first month, all he'll need is a bit of patience to make it stick.
Denninger takes him apart
I love how this dude talks down to rick while admits that he him self don't know much.. he just gets all his info form people that are apparently smarter then him.
ha ha .. Rick would clean the floor with this guy in a debate.. or a conversation over coffee.
Blah blah blah and still didn't specify how they will identify an irresponsible housing gambler or homedebtors who Heloced to death to live beyond their means, from a responsible person who bought a home just to live in, not as a stock to trade or get quick rich scheme.
Oh and never mind all the millions of responsible renters who were saving to fleece the irresponsible when their house of cards comes crashing down and bring home values to sane levels. Nope, not a word on that. All these crooks do is talk about generalities in front of a zombie or paid for corrupt MSM, which never throws shoes on their faces.
FOLKS, YOU FIGHT THESE CROOKS IN GOVERNMENT WITH YOUR WALLETS. THE MORE BAILOUTS AND TARPS TO IRRESPONSIBLE PEOPLE, THE LESS YOU SPEND. LET'S SEE HOW THEY'LL COLLECT TAXES OR GET RICH IN WASHINGTON WHEN NOBODY IS SUPPORTING THEIR CRONIES. LET THEM STARVE WITH US. BOYCOTT ALL OF THEM. BRING THEM TO THE KNEES.
More Blow, Larry!
Was particularly gratified to see Rick say "he is protesting too much." {02:55}
Heh.
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