President Bush drops opposition to housing bill

[AngelinaCatHub]

You trust nobody in government. The whole system is defunct and voting isnt going to change the way things are managed in D.C. Speaking about Rome I like what this author said about Democracy. Keep in mind our govt is suppose to be a Republic but it has morphed into a democracy which is an undesirable form of government.

A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.
Alexander Fraser Tytler

So I say if you look at the history of this country, it is at the end of its life. I think we are at the stage of apathy to dependence. The future doesnt look good for this country.

[bmrigs]

[B]

And I betcha the 5% Im inaccurate concerns religion. LOL I dont listen to Neal Boortz. Im just an avid reader. I like the analogy of democracy.

[AngelinaCatHub]

And I betcha the 5% Im inaccurate concerns religion. LOL I dont listen to Neal Boortz. Im just an avid reader. I like the analogy of democracy.

Yeah, you're probably right on that one too. Hey you ought to listen to Neal, he cuts no slack and takes no prisoners. He's right up front and has been right on. Really you would like him. 'Hub

[Stilltheone]

The reason being, people who are upside down in their homes cannot probably afford about 3000. per year for the funding fee and then share the profit with the government, if there is any.

The number of people being helped with this, if at all, is a drop in the ocean compared to how many people are foreclosing.

For instance, in your case, your lender would have to agree to lower the mortgage balance, pay 7200. and you would pay 3240. each year on top of your mortgage payment for the funding fee. Sound reasonable to you?

I would absolutely pay $3240 a year if it meant lowering my mortgage balance. We plan on moving in 2 years and there's NO WAY we could sell this place for $260K.

If we did sell this house and actually made a profit, the govt. could have it. It would be worth my peace of mind knowing that I could walk away from my home without OWING any money.

[Bandit]

Like George Carlin said: Its a big country club and you and I are not in it. They help each other out. Bearn Sterns, Fannie Mae, etc. The big boys never have to worry about risky investments because they know the govt. will bail them out and the taxpayer is the one who will pay for it.

because they are buddies sleeping in the same bed & drinking form the same bottle

Rome suffered a huge wound, went down underground for awhile then crawled back up through the whitehouse & D.C.

I could not believe the pictures from last week especially the way of the whitehouse building & monument in both DC & in Rome. It was like looking at two ugly heads, or something from creature feature.

You trust nobody in government.

Absolutley agreed, with exception to a few of the low boys in city & county who have helped a lot of the local nobody people get things done for community.

I do always get a laugh at how people will vote, saying I dont trust that candidate, then turn around & vote for the other one as if they trust them!! ROFL

[woohoogirl]

I do always get a laugh at how people will vote, saying I dont trust that candidate, then turn around & vote for the other one as if they trust them!! ROFL

My mother always say that it is picking lesser of the two evils

[Bandit]

My mother always say that it is picking lesser of the two evils

but that is kind of how we we are all trained to think of the two party system & kind of how it operates. if it is true then, Bush was the lesser of the two evils & we trust him slightly more than Kerry & Gore.

or, Bush was picked by being the best liar.

[car67]

Wonder why Bush didnt sign this bill today?

[Bandit]

Wonder why Bush didnt sign this bill today?

he probably had too much to drink last night & poor baby has a hangover.

[AngelinaCatHub]

but that is kind of how we we are all trained to think of the two party system & kind of how it operates. if it is true then, Bush was the lesser of the two evils & we trust him slightly more than Kerry & Gore.

or, Bush was picked by being the best liar.

I don't remember voting FOR someone (Reagan an exception), but voting for the lessor of evil. That is this year for sure. Of all the people in our Country, WHY, can we not have a STATESMAN, instead of a 'Politician'?

[JRScott]

I don't remember voting FOR someone (Reagan an exception), but voting for the lessor of evil. That is this year for sure. Of all the people in our Country, WHY, can we not have a STATESMAN, instead of a 'Politician'?

If you feel its the lesser of two evils, then why even vote R or D, vote for a third party candidate. You'll need to check in your state to see who will be on the ballot or as a write in candidate. Even if they don't win this time if they get enough votes in most states their party qualifies for the ballot the next time around.

[car67]

Bush has signed the bill this am...... Now it will be intersting to see how people react that are in bankruptcy to save home!

[JRScott]

I don't believe its going to help anyone in bankruptcy or thinking of filing, in essence for most in that situation it's to late.

[car67]

To the contrary I am in adjustable mortgage outside my Chapt 13 it would be nice to get a fixed rate and write down the value some... Sure it will help reduce my mortgage which means more for creditors its a catch 22 unless you have a drop in income which I am borderline on claiming a drop in income as I am self employed and seen a drastic drop in business this last 6 months versus the statements the trustee used when approving my plan....

[Flamingo]

Why WOULDN'T it help homeowners?

Taken from cnn.com:

"The FHA could insure up to $300 billion in new 30-year fixed rate mortgages for at-risk borrowers in owner-occupied homes if their lenders agree to write down their loan balances to 90% of the current appraised value of their homes.

Lenders would also agree to pay upfront fees to the FHA equal to 3% of a home's appraised value. Borrowers must agree to pay an annual premium to the FHA equal to 1.5% of their new loan balance and they must also agree to share with the government any profit they realize from selling or refinancing their home.

The cost of the new FHA program - which would begin on Oct. 1 and be in place for just a few years - would be funded by fees from Fannie and Freddie.

While the bill authorizes the FHA to insure up to $300 billion in new loans, the CBO estimates that the agency is only likely to insure up to $68 billion and help keep roughly 325,000 people in their homes. Those estimates were based on the CBO's assessment of who is likely to qualify under the program and who is likely to default and lose their home anyway despite being in the program."

To me, it sounds like a great plan for someone that is upside down in their home.

What this will all do is reduce payments. Many people think they are going to get free equity due to the drop of loan balances...read some more - it doesn't go away. There is no free equity for upside down folks on this. It will get some out of the rut by reducing payments but there is no free ride.
There were other threads posted on here recently concerning all this.