Obama's NEXT "Stimulus" package?

I do not understand what is wrong with your question other than it gets too close to the truth.

My wife and I bought our house in 1980. It was a starter home and one we could afford when we bought it. We were just starting out in our jobs and if either had lost their job, things would have been hard on us. But we also had money down on the house. To walk away or default would have cost us money. As I understand it, these "loans to losers" were made with little or no down. It seems to me that requiring a down-payment of 5 to 10 % would adequately separate the wheat from the chaff. If someone thinks they can afford a $300K house, come up with $15K down. I think then they would do what they needed to do to not default and lose that kind of money.

As to the other part of your comment, we paid our mortage off. Now I'm seeing losers in houses worth twice the price of mine and my taxes going to pay their mortgage! That is not right. It ticks me off greatly that I was responsible and did the things my grandmother taught me to do with my money and that these leaches on society are given yet again a free ride just for a vote. Atlas is about to shrug....Maybe we just need to let the country fall on it's collective azz just to knock these blood-suckers off so the productive people can do the things that made this country great to begin with.

It's a valid question.

Why am I going to be forced to bail out people who aren't making their mortgage payments?

And why have we been giving out money to companies who gave out these loans in the first place?

And where was the government when both of these groups were making and talking loans?

Oh I know! They were out spending money they didn't have on things the country didn't need. Just like they are doing today!

Congress should be taken out and shot. Or at least every one who voted for TARP and the Stimulus (aka Congressional Recovery Action Plan, you do the acronym). The biggest problem the economy faces today is housing finances and Congress passes a $787 billion bill the never even adresses the problem or the causes.

I've paid for my house in full I've paid for my cars in full. Why can't others do the same? I want a rebate on my paid mortgage if these folks get their loans 'restructured'.

Here is a good one for you: I was responding to a question about Huckabee running for president on next term, and whether he would be good. While i thought that he is a really good person, he probably wouldnt make a good president because he is just too nice, and you have to be a jerk sometimes. I also stated something about socialists around the world having no concept of american style freedom and hate us for it.

Well i got best answer AND was turned in to Yahoo answers for being 'politically incorrect' on the SAME question!

anyway, to your question. I had TWO houses that were foreclosed on. MY FAULT. not some evil greedy banker. The problem started in the 70s when we started a credit based society (form of socialism, no money, but get it anyway). now, the beast has risen and is HUNGRY. people that have worked hard to pay for their house are being SCREWED by low lifes that live on credit cards, and STILL have an SUV, another car, nintendo wii, cable, etc....and wont get rid of ANY of it.

These people DESERVE a cardboard box to live in for screwing up the system for people that are actually responsible.

this plan will only help the people he WANTS to help. People who have over extended themselves.

People that are struggling to maintain and work hard.....will just have to keep working.

they get nothing.

dont feel bad about your question being deleted. the THOUGHT POLICE are HERE, and we will be forced to send each other letters by secret courier eventually.

And i thought it would NEVER be worse than clinton.....

I am going to throw up now....

This payout is actually going to cost responsible home buyers double. First the money for this particular bail out will have to be paid by higher taxes somewhere along the way. And if the banks that are on the hook for these bad loans have to reduce the principal or loan amounts on these homes, they will have to raise mortgage rates to other borrowers to cover the costs.

It strikes me as just another chapter in the Community Reinvestment Act that got us into this mess in the first place.

When I first looked into buying/building a house the standard was the house couldn't be more than 2.5 times your income. Which still would be ~~20% of your monthly budget.

Later on, I found that folks were getting houses at 5 to 6 x their salaries, which meant their mortgage was closer to 50 -75% their take home.

Now, while some folks COULD manage to pull that off, they'd have to live on PBJ sandwiches, no TV, no cell phone, turn the thermostat off, drive a beater car etc....

But no one living in a $300,000 house is going to do that---- the cult of style that goes with the house is what bankrupts folks.

This whole mess iah think is String Budgeting ! Did HUD just grow into something yet to be formed? Is this a giant Sec.8 program?Is this a publicly debated or forced budget process in violation of the Balanced Budget Amendment YES. It's a CRIME It's in this crime that the prices have been inflated beyond the quality of job income !

The days of easy credit are over, nobody is going to making getting new loans they can't afford anymore, that isn't what is at issue.

The issue is all the bad mortgages which are dragging down the economy. The idea is that bailing out some homeowners will reduce the downward slide of the economy. It is both reasonable and what many people have asked for quite some while. Hell, McCain even promised to do something similar if he was elected president.

My thoughts are this:Before I bought a house I worked 2 and 3 jobs to save up enough for a down payment.Finally through hard work and persistence I achieved that goal as well as starting my own business.I made sure when I bought it I would be able to afford the payments.I never received a bail-out nor did I ask for one.Then again I didn't buy other things beyond my means such as boats or new cars each year.I pride myself on hard work and a hope for the future.To me thats the American way.Just a thought.

What I'm not understanding is this. My tax lady is telling me that we will only be getting an extra 7.50$ on our paychecks every week, because they are going to stretch it out over a year instead of giving us a big check at once. Yet people on welfare are going to get one big check at once while those of us who are actually working are only going to get an extra 7$ a week? BS. How the F*%#$$ is that going to stimulate the economy? I can use my extra 7$ a week to buy crack?

Source(s):

Obama- Stimulating the ghetto economy one crack rock at a time

I hate to interject politics into this question but to understand why Barney Frank insisted that Fanny Mae and Freddy Mac secure these loans in the first place was purely political. His push for Fanny Mae and Freddy Mac to do this was to garner the votes, and to enslave those voters to his party. Knowing lending to mortgage holders who obviously could not meet the payments ensured that they would look to the hand out party (DEMS) to keep them in their untenable homes, ensuring their vote.