Loan modification

[Steve]

I recently read that 1 in 4 homeowners that have a mortgage are underwater, meaning they owe more on the house than it is worth. Next I am reading Obama to push banks on mortgages Administration plan aims to address emerging problem: Only a handful of homeowners are receiving permanent loan modifications. The thing I wonder about this is are these loan modifications actually helping? Are they prolonging the economic crisis we are having now? If someone is underwater with their mortgage, what incentive do they really have to stay with the mortgage unless they have some equity in the home that is greater than the difference between the homes current value and what they bought it at? Then on top of that, we are dealing with a very high unemployment rate. You can't modify a mortgage when you can't make any payments. Do these homes need to be sold at a loss, clear the palette of distressed homes and get this economy moving forwards again or should the government do everything it can to keep people in homes they can't afford?

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Just my opinion, but the government needs to stop spending my money like its theirs. Its mine. Its not the governments job to be a charity agency. I understand appreciate the need to help these folks, but its NOT the government's place to help them. just my opinion..... Eli

[CHEESE2009]

Originally Posted by SuperiorPower

Just my opinion, but the government needs to stop spending my money like its theirs. Its mine. Its not the governments job to be a charity agency. I understand appreciate the need to help these folks, but its NOT the government's place to help them.

just my opinion.....
Eli

I support your opinion.

In fact, I don't think anyone could have said it better.

We have so many forms of tax, why couldn't they just create another & keep it optional to whoever feels like giving up an arm/leg to worsen the world a little more.

[Steve]

Scott,

How has the housing situation been in Canada? Have prices dropped dramatically? Does your government talk about offering assistance for that?

Originally Posted by BREEZE2009

I support your opinion.

In fact, I don't think anyone could have said it better.

We have so many forms of tax, why couldn't they just create another & keep it optional to whoever feels like giving up an arm/leg to worsen the world a little more.

Scott you are killing me!

[swstout]

Out tax dollars are partly if not mostly responsible for homeowners being under water. $53,000,000.00 went to ACORN to pressure lenders to give mortgages to unqualified buyers. Tarp ($850,000,000,000.00), was passed so toxic assets could be bought up. Bailouts instead!

Now the Obama administration is over riding Congress on the stopping of money to ACORN.

Incidentally, only 14% of the TARP money has been spent so far.

It's time for a ballot box revolution!

Steve

Originally Posted by swstout

Out tax dollars are partly if not mostly responsible for homeowners being under water. $53,000,000.00 went to ACORN to pressure lenders to give mortgages to unqualified buyers. Tarp ($850,000,000,000.00), was passed so toxic assets could be bought up. Bailouts instead!

Now the Obama administration is over riding Congress on the stopping of money to ACORN.

Incidentally, only 14% of the TARP money has been spent so far.

It's time for a ballot box revolution!

Steve

How true. Its time to fire all of the politicians in office. Let's start over with people who fear their employers. Us, the taxpayers.......

[Steve]

Out tax dollars are partly if not mostly responsible for homeowners being under water. $53,000,000.00 went to ACORN to pressure lenders to give mortgages to unqualified buyers.

I didnt even think of that. What a train wreck.

[arthur712]

--> They need to use the money at the hardest hit county/states
Here in Titusville Florida (Space Coast) We have our Space Program ending and tons of lay offs!

Nothing is being done about it, we are just waiting it out with no help!!