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Author Topic: Obama ordering new mandate  (Read 1827 times)
buzzbee
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« on: February 01, 2012, 11:25:52 AM »

Obama is mandating more user friendly forms for a bank loan to eliminate confusion among applicants.. I bet he's not advocating a simple one page form for taxes.
   
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kathyp
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« Reply #1 on: February 01, 2012, 01:31:45 PM »

i was at the gym when he came on.  just about biked myself into a heart attack!!  i'm sure it's a wonderful plan.  after all, all the others seem to have worked SO WELL  shocked
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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
buzzbee
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« Reply #2 on: February 01, 2012, 01:47:43 PM »

To help stabilize the home values in neighborhood,he may force banks with foreclosed homes to offer them as rental units. He did mention a fee on banking institutions to 'cover"this new plan. that in the end ends up costing the consumer.Say"hidden tax" if that fee goes to the feds.
Call it a fee all you want,but if it ends up at a government entity,it's a tax.
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Francus
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« Reply #3 on: February 01, 2012, 02:16:48 PM »

Also not mentioned is how this destroys the small landlord when he is forced to compete with the government renting out houses and condos. My guess is the government will undercut the market in an effort to show it is actually renting units and hitting government mandated targets. Then the little guy goes under and can't pay his mortgage on the empty units and they go up for foreclosure.

Then, if you follow the slippery slope, the government ends up renting the majority of houses and yet another avenue of wealth creation for the little guy goes bye-bye.
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kathyp
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« Reply #4 on: February 01, 2012, 02:27:56 PM »

Quote
Then, if you follow the slippery slope, the government ends up renting the majority of houses and yet another avenue of wealth creation for the little guy goes bye-bye.

thanks for that.  i missed this probably while i was wheezing.  as someone with a couple of rentals, i get all warm and fuzzy at the thought!
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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
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« Reply #5 on: February 01, 2012, 03:32:34 PM »

I wonder if the banks that own the foreclosed properties will get the rent or if Uncle Sam collects.Hopefully this will stop in Congress and not be enforced through another government agency.
 It is another way to make all the banks look bad when they want to sell that foreclosed property and put renters out on the street.Another crisis to be exploited at a later date.
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BlueBee
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« Reply #6 on: February 01, 2012, 03:41:02 PM »

And y’all also think it’s a bad idea to let people who are underwater refinance at lower rates too?  Right?  Putting more money into the pockets of the consumer is a bad idea in your opinion?  What is 2/3 of our ecomony based on again? 

Apparently the big banks like the idea, their stocks have been up 30 to 50% since the new year.  When Bank of America spiked 8% in one day (couple weeks back), you knew SOMETHING was in the pipeline, but only the insiders on Wall Street knew what.
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kathyp
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« Reply #7 on: February 01, 2012, 04:14:08 PM »

being underwater only  means that your house is not worth as much as the amount you are paying for it.  that does no harm to the homeowner unless they are selling or trying to take a loan against the house.  so what does this solve?  nothing....

refinancing is a good idea if you qualify.  this is aimed at people who don't.  why should the rules be changed for them at the expense of the rest of us?  we are going to pay for it. 

banks like the idea because once again the burden is put on Fannie and Freddie as the guarantor of the loans and, again, the tax payers. bank stock goes up when bank risk goes down.  that's how we got here and why the housing market will not recover until the government stops trying to "fix" it.

i wonder, following this line of thinking, if the government plans on "fixing" 401Ks and other things that are, or will be, underwater?
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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
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« Reply #8 on: February 01, 2012, 04:17:33 PM »

And when the people can't pay the mortgages after refinancing,the taxpayer will once again be on the hook as they are proposing the government guarantee these loans.This is just an extension of his cure all plan that even he says not as many people took advantage of as he had hoped.
Fannie Mae and Freddie Mac were the problem,not the solution.
 We need to get rid of the Nanny state. We have 47 percent of this country dependent on one government program or another,why the need to encourage more. The government can not afford to take care of our every day needs womb to the tomb.
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buzzbee
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« Reply #9 on: February 01, 2012, 04:33:59 PM »

I find this excerpt here a little disturbing:

"The plan would be open to owner occupants and borrowers with a minimum credit score of 580. Loans that exceed FHA limits, which range from $271,050 to $729,750, depending on local home prices, wouldn't be eligible. To simplify the application process, lenders would have to confirm employment but little else. Homeowners who are deeply underwater would be eligible, but officials said they would work with Congress to determine a potential ceiling. For example, lenders could have to write down the loan balance to 140% of the value of the home for deeply underwater loans.

The administration plan would encourage homeowners to use the savings from the lower interest rate to pay down the principal on their loans, rather than reducing their monthly payments. The government would pay closing costs for those who agree, officials said."

these paragraphs were taken from this article:

http://online.wsj.com/article/SB10001424052970204740904577197033223772036.html

Note,the direct link to the article does not work,but if you copy the excerpt and place it in a google search,it will get you directly to the article.

The government,thats you and me, Would pay the closing costs.
« Last Edit: February 03, 2012, 09:37:42 AM by buzzbee » Logged
buzzbee
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« Reply #10 on: February 01, 2012, 04:36:24 PM »

Credit scores explained here so you know the implications:
http://www.neighborhoodlink.com/article/Association/Credit_Score_Numbers

It means taxpayers would most likely be backing the local  robber that could not get money from a gas station with a shotgun.
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sterling
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« Reply #11 on: February 01, 2012, 07:15:28 PM »

It's an election year thing. tongue
The plan is to make Obama look like he is trying to help the struggling middle class home owner. He doesn't expect congress to go along with this stupid deal. Then he can say "I Mr. Wonderfull tried to help the hurting middleclass people but the Republicans in Congress would not let me". 
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buzzbee
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« Reply #12 on: February 01, 2012, 08:09:04 PM »

Not only that, he can blame Congress for not wanting to help.Not all of Congress,just those bi partisan republicans.
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kathyp
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« Reply #13 on: February 01, 2012, 08:13:02 PM »

or he'll claim congress wouldn't help so he had to act without them.....
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.....The greatest changes occur in their country without their cooperation. They are not even aware of precisely what has taken place. They suspect it; they have heard of the event by chance. More than that, they are unconcerned with the fortunes of their village, the safety of their streets, the fate of their church and its vestry. They think that such things have nothing to do with them, that they belong to a powerful stranger called “the government.” They enjoy these goods as tenants, without a sense of ownership, and never give a thought to how they might be improved.....

 Alexis de Tocqueville
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« Reply #14 on: February 02, 2012, 08:32:57 AM »

Quote
i was at the gym when he came on.  just about biked myself into a heart attack!!  i'm sure it's a wonderful plan.  after all, all the others seem to have worked SO WELL

Careful there girl, I have had to back away from the news to prevent same.  Mostly avoiding even conversations like these.  

My only hope with that anal pore considered by 47% of the population to be doing a good job, is that the congress and representatives are strongly controlled by his adversaries.

But of course he will
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he'll claim congress wouldn't help so he had to act without them.....
because he is above all that.  So special
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« Reply #15 on: February 02, 2012, 09:26:58 PM »

Sad part is a lot of people got "underwater/upside down" when they refinanced their homes to buy new toys. Some in our area that I know bought a new truck, camper, atvs, watercrafts and snowmobiles. Added $150,000.00 to their home mortgage. When the economy went south they sold all their toys at great looses and are now "upside" down. Why should they get any help? The banks should have had liens on the toys also. Used to be a privilege to own a home for hard working folks. Now it's the other way around people think it's a right to own a home.
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« Reply #16 on: February 02, 2012, 09:58:11 PM »

Is it really “bailing them out” when you refinance from a high mortgage rate to a low one?  In most cases it doesn’t sound like any of the principle is going to be forgiven.  The homeowners are still stuck, but now they might have more manageable monthly payments.  Would it be better for that extra $200 a month to go in the pocket of the Wall Street Bankers or the main street workers?  What have the Wall Street Bankers done to stimulate the economy with the trillions of tax dollars they've gotten?

Why are the Republicans so adamant against any plan to help debt ridden main streeters when they are so willing to pour as much money onto Wall Street as Wall Street wants?  Yes, people have make some bad and dumb decisions, sometimes not of their own fault.  But what about the bankers!
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indypartridge
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« Reply #17 on: February 03, 2012, 06:43:15 AM »

Obama is mandating more ... forms for a bank loan to eliminate confusion among applicants.
The result will simply be MORE forms. The number of forms required for a mortgage has tripled since I bought my first house some 30 years ago. The result is that there are so many forms to sign, people don't read them.
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SEEYA
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« Reply #18 on: February 03, 2012, 06:57:48 AM »

>>Would it be better for that extra $200 a month to go in the pocket of the Wall Street Bankers or the main street workers?

The Wall Street Bankers of course!  rolleyes "You load sixteen tons and what do ya get? Another day older and deeper in debt....."
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buzzbee
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« Reply #19 on: February 03, 2012, 09:29:02 AM »

With aiming this towards people with credit scores of 580 it is very similar to what created a lot of foreclosures  to begin with.
The taxpayers should not be backing 140 percent financing of a homes value to people with bad credit. When people have little of their own money invested,they have little to lose.Perhaps this will be the governments way of taking over housing.
imagine if they control Health care,transportation and housing.It is not a winning situation. Perhaps it will all be okay when 65 percent exist on government subsidy. The 35 percent should be able to see to it the other 65 percent are cared for.

MT204:
I saw a lot of that here,a lot of people refinancing while rates were heading down,some several times and receiving a check for the difference. Instead of paying down their current principal they extended the loans back to full terms and splurged with the equity they had built up.
So they end up basically carrying a 30 year mortgage on cars , trucks,new cars for the kids,boats, the most expensive cell phone contracts and phones.
And on top of that, the same payment they had going in because of spending any equity they had accumulated.
 When I see a 45000 pickup in the driveway to get groceries and a foreclosure sign getting nailed in the yard I can only wonder why we are in trouble.
 And many of these people are the ones who now have a 580 credit score,"through no fault of their own".
« Last Edit: February 03, 2012, 09:49:30 AM by buzzbee » Logged
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