Raise your hand if you want to pay your neighbor's mortgage

[Sparky]

"Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth."

http://blogs.reuters.com/james-pethokoukis/2010/08/05/an-august-surprise-from-obama/

[Apparition]

Ah, look at all the happy welfare seekers at DU:

hxxp://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=433x398215

[k-os]

This comes to mind . . .

http://www.youtube.com/watch?v=P36x8rTb3jI

She was right after all.

[AndreaGail]

for now

A Treasury spokesman today put to rest rumors government mortgage financiers Fannie Mae and Freddie Mac were set to forgive mortgage debt for millions of American homeowners.

There had been speculation the pair would soon offer principal balance reductions to underwater borrowers, those who owe more on their mortgages than the current value of their homes, so they could refinance and take advantage of the record low mortgage rates.

But Treasury spokesman Andrew Williams told Reuters “the administration is not considering a change in policy in this area.”

Before the statement, investors were dumping mortgage bonds in anticipation they would sustain large losses if a refinancing wave were to come – they have since parred losses.

Some political pundits speculated that the White House would give orders to forgive portions of underwater mortgages backed by Fannie and Freddie “to win back the hearts and minds of voters” before a key midterm election.

Obviously, such a massive principal write-down would cost billions, likely paid for taxpayers, making it an unlikely proposal.

It would probably also prop up home prices that are still unsustainable in many parts of the country, even with mortgage rates as low as they are.

There’s still always the option of easing underwriting requirements so more borrowers can refinance, regardless of how high their loan-to-value is, or how insufficient their income is.

Currently, borrowers with mortgages backed by Fannie and Freddie can refinance with negative equity up to 125 percent LTV, which clearly isn’t high enough...
http://www.thetruthaboutmortgage.com/treasury-no-homeowner-bailout-coming/

[Sparky]

I love these last two lines:

There’s still always the option of easing underwriting requirements so more borrowers can refinance, regardless of how high their loan-to-value is, or how insufficient their income is.

Currently, borrowers with mortgages backed by Fannie and Freddie can refinance with negative equity up to 125 percent LTV, which clearly isn’t high enough...

Is this serious or satire?

[1970 silver art]

Yep. I raised my hand. I have a very strong desire to pay other people's mortgages. :sarc: :sarc: :sarc: :sarc: :sarc: :sarc:

[bonaparte]

Damn it!!! Every time I read one of these articles I just wonder if I royally F*ck*d myself! My wife and I worked our asses off, saved up 20% for a down payment (just in case the market dropped more we didn't want to be upside down ever) and then bought a house we could actually afford to own.

Meanwhile irresponsible Americans are getting a mortgage bail out.

Somebody please tell me I'm actually better off now with 100% ownership of my house then if I had borrowed 110% of my house value 5 years ago and waited for a bailout.

[Sparky]

Damn it!!! Every time I read one of these articles I just wonder if I royally F*ck*d myself! My wife and I worked our asses off, saved up 20% for a down payment (just in case the market dropped more we didn't want to be upside down ever) and then bought a house we could actually afford to own.

Meanwhile irresponsible Americans are getting a mortgage bail out.

Somebody please tell me I'm actually better off now with 100% ownership of my house then if I had borrowed 110% of my house value 5 years ago and waited for a bailout.



I don't know if you're better off financially, but you're more respected, especially here.

[BrewTech]

This comes to mind . . .

http://www.youtube.com/watch?v=P36x8rTb3jI

She was right after all.


Not really... Obama ain't paying SH!T. You are.

He's just holding the gun to your head.

[1970 silver art]

The gov't is good at pointing guns at the U.S. taxpayers' heads to make them pay for stuff. No big surprise there. Since Peggy Joseph apparently did not get her check to pay her mortgage, did she get foreclosed on? If so, would she vote for Obama again in 2012? How strong is that Obama Kool-Aid now? The Great Recession seems to have heavily diluted the Obama Kool-Aid since Obama's job approval rating is continuing to go down.