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Obama's Making Homes Affordable program is a failure

Discussion in 'Political Discussion' started by NEPatriot, Jan 3, 2010.

  1. NEPatriot

    NEPatriot Banned

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    Mortgage Modifications Are Seen as Adding to Housing Woes - NYTimes.com

    Obama keeps throwing the money away. Nothing works!
     
  2. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Obama has not done this right. He should have spent a lot more to help homeowners. Why help stock investors so much and home owners so little. It was a bad move, but just shows the power that corporations have in our government, even with Obama in place.
     
  3. 2000army

    2000army On the Game Day Roster

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    #12 Jersey


    If you cannot afford a home ..... you should not own your own home. How hard is that concept.
     
  4. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    I agree army! You can't reward those who made mistakes and give nothing to those who are making their payments but just by the skin of their teeth.

    It all gets back to the rational fact that not everyone deserves to own a home. If you can afford one fine, if you can't, well there's always renting. I'm almost 51 and it wasn't until about 2 years ago that I was finally able to afford a home of my own.

    I honestly don't see why anyone deserves any easier route than the one I've travelled.
     
  5. sdaniels7114

    sdaniels7114 Experienced Starter w/First Big Contract

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    Many foreclosures spread out over a few years is a heck of a lot easier on the economy than the same number all at once. Regardless of how many participants are still in their homes 10 years down the road this still cushions the blow.
     
  6. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    So what you're saying is that you'd prefer our recovery to be slower. Because the quicker unqualified home owners are eliminated from the system, the faster more qualified owners can move into them and that is actually what's best from an economic perspective.

    Besides, the "all at once" scenario you present isn't a realistic one anyway. people have purchased homes at different times and been laid off at various times, so this is already happening slowly. So you think MORE slowly is better? I disagree...
     
    Last edited: Jan 4, 2010
  7. 2000army

    2000army On the Game Day Roster

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    #12 Jersey


    I rent now ... I could probably afford a home but it would be tight so I RENT. I do not feel I am entitled to a house. When my fiance finishes her PhD and gets a job we will look into buying a house and if it is in our budget we will make that move.
     
  8. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    To both PR and 2000, non-partisan thought:

    If the 8K first-time buyer credit is still available or gets extended, you definitely have to think about whether you're looking at the classic buyer's market but on overdrive... of course, my own spirit name is Buys At The Top, but that's because I responded to "what everybody says." I.e., I bought thinking I may get priced out of ever buying anything, based on the ambient enthusiasm all around me.

    Right now you're surrounded by the opposite of enthusiasm for purchasing. For that reason there's a great deal being expended to get people to become enthusiastic.

    Both you guys know your situations better than I do, naturally. But as outlined in various threads hereabouts, the State gives you money to buy, and that's on top of the thousands of bucks per year the state gives you to be a homeowner. And of course, there's that 12K-20K per year (using 1K/month to represent a modest rent, though I am sure one can do better,) that just goes away.

    So anyhoo, that's me stating the obvious, trying to be helpful, with no damn ideological axe to grind.

    PFnV
     
  9. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Putting good money into bad rarely works. We'll eventually end up in the same place - only more in debt.
     
  10. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Thanks PFiVA! I've been "looking" intensely for about a month. God willing, I'll be purchasing a house before the 1st time home buyers credit expires in April.

    I'm sick of renting and sitting on my over-weight arse with no yard work or chores to do. Being single and renting is like a death sentence to me. PLUS, I work at home, so days can go by in the winter without me ever leaving my apartment.

    It's depressing and I'm done with this lifestyle.

     
  11. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    You gotta get a women, they're a pain in the a$s but you should have one around on these freezing
    (climate change nights) if you work it right you can bullsh!t them into mowing the lawn and shoveling snow when you get your new house....:)

    (mrs pfiva, i'm only kidding i love women, always have)
     
    Last edited: Jan 4, 2010
  12. 2000army

    2000army On the Game Day Roster

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    #12 Jersey

    If you can afford to buy a home than I think now is a great time but my point is people who cannot afford homes are buying homes and this goes to the root of the problem which is Fannie and Freddie. It would be great in theory for everyone to own their own home but there is a reason most of the low income people didn't own a house before the push for "loans for everyone" in the late 90's / early 2000's into '06

    I don't disagree that the 8k is a great incentive but a lot of people are buying homes just for the 8k thinking they will flip the house soon .....for profit. Most don't realize that it takes about 5 years of payments before you start paying the principle part of the loan.

    same thing with the cash for clunkers .... it is great now but a car loan is a huge responsibility and I am going to predict that Repos of 09 model cars will be up 15-20% in the next year.

    The trickle down effect took a while with housing because a lot of low income people tried their hardest to keep their homes before paying any other bills (I don't blame them) but the truth of the matter is they had no business owning a house.
     
  13. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    True, but throwing people out of their homes drives down the values for those who can afford homes, too. So, the government can help out by pressing lenders to renegotiate payment schedules and interest rates. Why give so much money to stock investors and so little to homeowners?
     
  14. 2000army

    2000army On the Game Day Roster

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    #12 Jersey


    THIS IS THE PROBLEM ...... the government should have never been involved. When the private sector is mandated to do something by the government it is no longer the private sector. And the Bailout was the biggest crock of ****.

    Point is ..... my money should not go to help wall street or joe schmo who wants to buy a house. We are giving away 8k of your and my money to people to buy homes. No one else sees something wrong with this picture????
     
  15. BelichickFan

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    #24 Jersey

    My hand is up - I see a problem.

    Patters' argument "we blew $X on something so why not blow $Y on something else" is nonsensical. Imagine living your life like that. "Yes, dear, I just put $10K on the credit card - you put $8K on yesterday so I figured I had something coming too". :bricks:
     
  16. PatsWSB47

    PatsWSB47 Veteran Starter w/Big Long Term Deal

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    #12 Jersey

    This "program" was nothing more than wishful thinking on the part of the administration. Just go to the makinghomeaffordable.gov site and you'll see why. Go to the find out if you're eligible section
    Making Home Affordable - Home Affordable Modifications and say yes to all of the questions. It then tells you "you may be eligible". Then it tells you to gather several documents and then call your lender. It even says to look on your bill or coupon book for the number, lol. The government just leaves up to you and your lender and does not lift a finger to help. So guess what? The lender could care less for the most part and you're barely, if at all better off than if you never went to the gov. page at all as far as I can tell.
     
  17. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    I think the $8K credit should go away....as soon as I buy my house!:D

    Last year I was belly aching that it cut off people like me because I made too much money. I guess they realized that people making less than me on average had a hard time affording a house, so they expanded the income requirements and now it includes me.

    Do I think its right? No, I don't. But I'm not gonna give it back to them.
     
  18. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Theorists from both sides of the aisle believed that we needed to pump money into the economy in order to bring it to a soft landing. Calling the bailout the biggest crock of **** is awfully cynical. There may have been alternatives, but the approach taken had very widespread support among economists. Given that money was given out, why was it given to prop up Wall Street and non main street? I don't think anyone has made a clear case why so much was done for stock investors and so little for home owners.

    As far as the $8000 incentive goes, if we don't promote home buying, then the value of homes will drop (including those hard working honest people who did nothing wrong), which often puts people in precarious positions, which in turn can harm communities as these people will have less money to spend. In the end, you get a crisis that spirals out of control, but you think the government should just stay on the sidelines because of what? Some blind faith in the free market? Or because of something more substantial than that? (In my opinion, your point is shallow and arrogant as someone who says we should get rid of the army because we have a powerful arsenal of nuclear weapons.)
     
    Last edited: Jan 4, 2010
  19. BelichickFan

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    #24 Jersey

    Right, just like I think the mortgage deduction is stupid but I still take the deduction. Why we purposely prop up the value of property beyond their real value, though, I'm not sure.
     
  20. NEPatriot

    NEPatriot Banned

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    Instead of giving banks billion dollars, why can't Obama buy a house for every homeless person on the street so that they can have a place to stay?

    Democrat party is for poor people, isn't it?

    I don't really figure out how a minimum wage earner can buy a 500000 dollar house????????
     
    Last edited: Jan 4, 2010

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