2012 cannot come soooooon enough.

I wonder if illegals can get in on this too... I'll bet they can.

Here we go again.

We've seen

Barrack Obama "we deal, you lose" Auto Dealers

Barrack Obama "we're too big to fail" Banks almost ready to lend again

Barrack Obama "I don't have to worry about anything with Obama as "my President"

Barrack Obama "bring me your sick, tired, criminals, There is a place for everyone"

Barrack Obama "even loser that don't want to work need health insurance"

Why not another program using precious tax payer dollars to put a band aid on mortgages that should not have been approved in the first place.

Dream on Lalita.

JustAnotherSheep - You did a great job in adding the "Hmmm" part, are you a rapper?

Lalita,

You are a serious douchbag...

so then, "justice," your solution would be to allow the entire American housing indutry, the banking systems, the entire manufacturing industry, etc. of the United States of America to COLLAPSE by doing NOTHING? Apparently, you would be THRILLED for EVERYONE TO LOSE THEIR JOBS??

What you, and those like you fail to comprehend is that to do NOTHING is to ENCOURAGE CONTINUED COLLAPSE. More jobs in the housing industry cannot be created if banks refuse to loan money to people who can afford to buy a house. How many people do you know who can pay cash money for a house -- full price? Make NO MISTAKE. This is not about banks giving mortgages to people who can't afford it, it's about banks just REFUSING to loan money TO PEOPLE WHO CAN AFFORD IT. Have you not read/heard about the dramatic increases in interest rates that banks are now charging their long-term credit card holders who have continually paid off their balances and/or never been late on a payment?

The point it, that before the economy can improve, before the unemployment rate will start going down, some key industries HAVE to be jump-started. To let them languish is to keep the economy, AND therefore employment, STALLED. The housing industry is a KEY INDUSTRY in the United States, employing directly or indirectly hundreds of thousands of people, AND helping retailers like Lowes and Sears to sell their goods.

President Obama can solve all your personal problems, as well.

When is this President going to take charge of a faltering Country. both here and on the War front?

. He never mentions that people do not like being out of work, meaning Unemployment. It is at it's highest in since the early Reagan years, but Reagan got it turned around.

Next important issue for the President, will be reviewing the TV show, The View.

Tom,

Great theory, just a little lacking in facts. When the government spends money, they are either taking from people or borrowing it. In either case, the output is LESS than the input as there are government salaries to be paid to manage and administer these programs.

When they borrow it, they incur debt which needs to be repaid with interest. Massachusetts just raised sales tax from 5 to 6.25 (25%), JUST TO PAY INTEREST ON EXISTING DEBT.

When they take it from people (taxes, fees, etc.), they are taking away money that would be DIRECTLY invested, either in purchasing goods and services or investing (stock market, business, even savings accounts).

When the government gives money to people so they can make purchases they otherwise could not, it creates an unfounded increase in demand. This increase in demand is followed by a supply shortage and price increase. Presto, change-o, a bubble is born. The only way to sustain the bubble is to keep throwing more borrowed or stolen money at the problem.

Yes, justice would be to let these businesses and consumers succeed or fail on their own merits. That is the system that makes us so great (or at least, it did).

Lenders survived just fine making loans to only those who could truly afford them. Wanna-be homeowners did just fine renting or buying smaller homes until they could truly afford their "dream" homes.

These programs just postpone the reality check that people need to get. You cannot afford a 2500 sq ft 5 bedroom 3 bath home making $35k a year living in Massachusetts. It is not a right. It is not an entitlement. It is not reality.

"The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money." (yes, I know, it may or may not have originated from Alexis de Tocqueville, but that doesn't make it less valid)

Justice Fleeting, this program focuses on mortgages that should not be approved now. They don't care about the ones from past. Let's create a new problem(another houing bubble).

Good question Kevin, it is funny that the amount of shortfall in the Calif budget is pretty much what we in Calif pay to support the illegals in the state. And no I'm not prejudice or anti immigration I'm just an American who has always had to pay, it seems that I was never a first time buyer or first at anything i just got to pay i guess that I'm just right for being taken not too old and not too young just a person that goes to work every day and pays taxes.

I agree with one commenter the house prices need to be rolled back to deflate the air money that kept the economy going for the last ten years. And why are some of you still trying to blame Bush he went to congress in 03,04,05 to warn of the impending housing bust and got no where except to be branded a honkie racist by Maxine Waters, Barney Franks, Dodd and a few others who said there was not a problem and they resented that Bush tried to indicate that there was.

I will tell you this you cant give a person making 20 bucks an hour a 500,000. loan it does not work not unless the payment is 300.00 a month for life and the Dems dont get this, i guess thats where i come in, i get to keep on paying.

Ill tell you all what the problem is, i live in Calif my home taxes are 700.00 a month and my neighbors are 70.00 with comparable value guess I'm not old enough for prop 13, my wife and i pay about 15% fed tax after deductions we also pay 10% state tax and then we pay 9 1/2% sales tax on every dollar we spend also i pay more in medicare, retirement, and local taxes than i pay in Fed income tax, so you all do the math, that's right it ain't pretty. So i was recently retired due to medical and lost 60% of my income my life insurance just went by 400% and i have a Cadillac insurance plan that costs 1300.00 a month so i guess ill lose another 40% due to the tax on good health insurance policy's which by the way is a union benefit that we gave up wage increases and other benefits to get over the years that i worked! am i going to get back the wages and other benefits that we gave up to get the health insurance, aah i would guess no we will lose what we gave up and now pay 40% more to boot, doesn't it make you just want to run out and become a Demosocialist.

Oh yeah by the way i will at sometime very soon have to give up my home, since it is now worth 150,000.00 less than i owe on it i cant sell it thanks to all who ruined the economy. And by the way i did not buy more than i could afford i will lose 300,000.00 dollars that is what i have actually spent on the house, not what i thought i would make. At 60 i don't have the time to hang around and wait for things to come back, really they should not, but what i know is that if something happened to either me or my wife the other could not afford to live by themselves it takes both of us to make it, i wished that i had planned for that earlier but i cant read the future and i guess our mortality is not something we think about until it directly confronts us.

I'm not broke and i will not let this house break me either, ill get while the getting is good and i will sit in the house until they throw me out which will take about a year so ill be able to put another 30,000.00 in the bank in the mean time. Does this sound harsh, not as harsh as what our government and the Corp world are doing to us all, our country is being sold out from under neath us and any of you that don't think it is happening well i hope you are becoming Lot more self sufficient cause you are not going to make it.

(another housing bubble)

I don't know where Tom lives, but housing is going nowhere here. And even if it was, why build new when there are so many used sitting empty? Construction workers gotta eat too, but jobs need to be created in industry so workers will want/afford to buy and build houses.

So basically the government is paying the banks just to keep the homeowners in their homes after we bailed them out? Thats how I see it since the banks set the interest rates, and the government comes in and pay the difference so the homeowner can afford it. Wow, more money being wasted. Look, it doesn't hurt to live in apartments or rent a place. If they can't afford it, move out, get your credit score hit, but move to a apartment that you can easily afford.

Moderation#3-agreed,I by no means am asking for any freebies,I do however think that a flat rate to homeowners that are currently paying mortgage payments,even lowering a payment by 80-100 dollars would free up some money.This money,and by Washington standards is a miniscule sum would free up some cash to be put back in the economy through the purchase of goods and services that are currently becoming luxury items,like groceries,gas or maybe a new pair of workshoes,well for those of us lucky to still have jobs! Iam NOT saying all current homeowners should or should not have purchased a home,I do believe that the economic downturn has taken alot of cushion that once existed in their budgets.

Modernationonallthings.
What you fail to realize is those in homes are not the low income this administration has decided to put above the rest of the population in every bill they have passed so far. They could care less about middle or upper income families. They want everyone to rely on the Governement for everything.

They need to quit going into ten different directions and tossing billions of dollars around and focus on jobs. Jobs create tax payers! it cannot allways be spending with no return. This just deosnt work. All those condeming people with a.r.m. mortgages and credit card bills never seem to understand the Government is being more irresponsible than they were!

Why on earth should one taxpayer be asked to pay $1,628 FOR SOMEONE ELSES MORTGAGE!!!!!

Do the math, $50 billion divided by 307 million people.

When does it stop!!!!

had enough well it's not that i disagree with you but you know what i couldn't afford to rent right now my morgage payment is less then what you can rent for these days. i guess what i'am saying is they should have thought about what the where buying and think can i afford this even if i or my wife losses our jobs? well if the answer is no then you shouldn't have bought it so yes the government should not help the ones who couldn't afford it and help the ones that used their heads other than a hat rack.

The fed sets the rates not the Banks. It has been that way for a long time now. And Kmoser the only way for the government to create jobs is to spend. Thats one thing Conservatives wont seem to understand. If they spend on programs here at home. Thats spurs the economy in the short term. sometimes long enough to get the economy going.

But spending here and on two wars was and is Dumb. Any gains the spending here makes the war seems to wipe away. This is only because we are not building tanks and supplies here in the U.S.A. on the scale that would be needed to balance the war cost out.

Agreed moderation - Homeowners that are currently struggling to stay above water I feel have EARNED the help more than others, just by proving they are trying to be responsible in this situation. Not that I'm asking for assistance, since I am holding my own right now, but I will use my figures to show what I am talking about.

Currently owe $210,000 at 6%

If they allowed me to go back to a 30-year, refi. what I owe at 4%, I would save over $400/ month.... $400 I could be putting back into the economy. But, alas, they won't. It is horribly hard getting a mortgage right now, let alone a refi. Tried for the refi, home appraised at $220K... refi. amount needs to be 80% or less.... would have needed to come up with 34K out-of-pocket... which means I would have had to dip into my retirement plan... not willing to go there... and I know there are many others out there in the same situation.

Obama sent in his $19.95 and enrolled in the Bawney Fwank school of mortgages. Now that he's the head narcisist in charge, he is utilizing what he learned in the program. His tuition will pay off in spades when he takes over this country.

I've never seen a politician try to buy so many votes in my life!

It's obvious that you did not read the article. Basically it seems that Joeyfromcali is the only one that understands simple English. What I suggest you dumbfounded people do is reread the article so that you get a better understanding. If you do not understand then ask questions of your representatives, especially the ones crying about the $8,000 tax credit bill. You all should ask yourselves how can someone take a tax credit and use it as a down payment? God you people are dumb.

Democratic woman...you represent everything that is wrong today. Because you were a stupid idiot and over extended your self all you earned was a ticket to foreclsoure. So because I was smart when I bought my house and you were an absolute retard you feel like you earned taking money from me to pay for your mistakes.

People like you should be removed from the gene pool. you are a disgrace to the American Democracy.

Still not white or black and pissed, Although are you are probably correct, your message is harsh.  Yes, there are too many people that should not be house owners.  If you can't save 20% for a down payment, that's indicative of your ability to live within your means and save.  Now, Democratic woman does not have any spare cash and is probably 1-2 paychecks from disaster.   

Yes, absolutely, if you can't afford a house, rent! Like me! There is nothing at all wrong with renting!

If the banks are going to help the homeowner stay in their home, how long will they do this. Most of mortage payers are out of work. Most mortage lenders are out of business.

Where is the money going to come from? Thought the US Treasury was on a "budget".

hey still.... she said she was looking to refinance... not looking for a handout. she's trying to get into a position to save & take advantage of lower rates, which was easier years ago. can't fault her for that. the economy has tested alot of peoples budgets. when you paid taxes under the bush administration, guess what smart guy... you were paying for the poor souls already. all of a sudden you crying its a travesty!!!! the poor & lazy have been getting a free ride on our dime for years & years & many administrations. so before you want to remove someone from the gene pool, you might want to get off your "i'm smart" box & get a clue as to just who is getting the help from this mortgage initiative. its the working middle class numb nut

Monitor

reference post #3.11 from "Still not white or black"

calls dem woman "stupid idiot"..."an absolute retard"

don't you have a "code"?

We're not under water, but a refinance to lower our monthly payment wouldn't hurt. Too bad it's almost impossible. The house probably won't appraise for what we owe, our property taxes keep going up despite falling prices. And to think we could have contributed to the whole problem. All we had to do was pick out that house that was twice what we could afford but what the mortgage company said was ok. And when work slowed down(for both of us), and gas and groceries went up, we could've missed some payments, filed for bankruptcy, and be sitting pretty right now.

Shemightbe, and others in agreeance-

You're sorely missing the point; of the article, the crisis, and what's happening. The government and the Fed are the ones looking to handout taxpayer money, because they simply don't want to lose a single dime.. even though, combined, they had a heavy hand in causing this whole mess.

Some did over extend, no doubt. That mess is easily solved, and is a much lower number than some are led to believe. Tax credits for downpayments, etc... has nothing to do with it.

People are losing their homes because of unemployment. Most of these people were doing fine prior to taking sub-standard, lower paying jobs upon losing theirs to the Fed Reserve and Corrupt Career Politicians that sent them overseas, by doing away with all regulations, by enacting NAFTA, CAFTA, CFTA, and giving power to the WTO.

The Fed Reserve and bankers were all over this.

Lowering interest to people that have been in their homes still equates to profits, keeps people in or at least gives them the chance to remain in their homes, takes toxic asset numbers go down.

It's a recession that's really more of a depression; read the article that states, however late and redundant, that unemployment will remain high for some time, perhaps some permanently. Unemployment does include underemployment. If the face of the economy has permanently changed, why should banks remain at trading of 0% amongst themselves, be bailed out by OUR money, be allowed to continue business as usual on every front.... yet screw homeowners?

Homeowners aren't looking for bailout tax dollars, not looking to use deferred tax credits or whatever else has been hollowly offered. Their looking for common sense and reality; the economy is down, falsely inflated home prices are down, paychecks dwindled.

All most want is for those that had the heaviest hand in causing this to accept the reality of what they've made, disregard the "bad credit" ratings they've caused people by refusing to work with them until this disaster was almost a year into it's throes, and accept it.... lower fixed rates on what's currently owed, start the loan over and allow them to remain in their homes.

Foreclosing and selling takes on new risks, because those that would buy may also lose their jobs, become underemployed and start the whole process over again.... do they want to keep doing this until none are left to vulture, benefitting as they have been the entire time, take their 0% trading interest between themselves, raise rates on consumers, accept MORE taxpayer bailouts instead of taking the legitimate hit themselves, and send more people into the streets?

There won't be tax money left soon, thanks to the Career Politicians, both sides of the aisle, and the Illegal Federal Reserve.

Educate yourself.

Peter17 #4,

Based on their actions, one could assume that they have an agenda that the American public is not privy to.

I'm not so sure about the "not privy to" part. I believe the reason this administration is becoming so combative is because the public is privy and not sitting quietly and taking it in the rear. If you think this admin is wearing out the airwaves, I predict you ain't seen nothin' yet...

WHAT?!!!! No way!!! they are putting people into homes that otherwise could not afford them by doing the bonds and giving them another $8,000 as a down payment! Even thes dumb sh**s running the banks were smarter than that. They still demanded 20% (then allowed to borrow up to 125% of the value.

They need to create jobs and keep people from losing homes that are not in home too far beyond their means. Even slowing foreclosures and reducing number will help home prices. Not going out and giving $8,000 to people who could not afford to get into one in the first place..... My opinion anyways!

The liberals' pool of ignorance is deep--stay tuned!

Banks do not say what the interest rate will be they just abide by the federal government appointed officials that set the interest rate. Have you ever thought of looking into who actually set the interest rate? Keep showing your ignorance and not be in the know and posting dumb posts like this. It just shows that you limit yourself to the news and nothing else like picking up a book to get what is really going on.

shemightbemyVP, nice try but the Fed doesn't tell banks what they can charge. The Fed sets the overnight rate banks can borrow from them at. Banks then set the rate at which they'll lend to each other. And then to make thier profits, Banks charge their end user whatever the heck they can get away with.

These days you probably get a lower interest rate from Vito than you do from Bankamerica on your Visa card.

That is because that a giveaway to ACORN or others is what it probably is.

So you refuse to look for information other than what is presented in this article huh?

LOL! Thanks for the laugh, Rosy!!

Rosy:

Wake up !! Obama doesn't give a f..k about you ....these programs are designed to keep the po folks in the po house ....hell, look at the BILLIONS in poverty programs/welfare, etc.....has it reduced the number of po folks??

Wake up and smell the coffee !! (At least start watching a news outlet that is "fair and balanced"....maybe you'll learn something !!

This socialist boy of yours is out to wreck this country !!

Rosey, were you the woman weeping with joy when Obama was elected, saying she'd never have to worry about paying her mortgage again?

I bet you were expecting a car in your driveway too? C4C, anyone?

I don't believe you people! You b!tch when you SAY President Obama doesn't do anything, and you b!tch when he does! Faux Noise got you all confused?

BTW, have any of you teabaggers checked the Dow lately? Or do you think the stock market is another left-wing conspiracy?

And why am I even bothering to try to reason with you morons? Rush, Beck, Hannity have obviously turned your brains into oatmeal.

suzi meet rosey, rosey meet suzi. Call back when the two of you have one coherent thought.

The stockmarket is largely going up on three things 1) Initially it was the end of the Mark to Market accounting which saddled banks with "paper losses" that were not at all real 2) The fact that it doesn't look like either health care or cap and trade will make it through or if it does it will be incredibly weak. 3) In anticipation of high inflation when the economy really recovers.

Livingwill . . . I think you are right. The run up in the stock market may indeed be the first manifestation of hyper inflation. When inflation kicks in, cash is the last place you want to be. Invest in equities and gold. They offer the best protection against hyper inflation.

The problem in the housing market will not be solved through "stimulus." It requires time for the market to stabilize. We still have an excess of housing units relative to the real market. Until those units are absorbed by people who can afford to keep them, we will not need enough additional housing to stimulate the industry. Right now, I anticipate three to four years. If they keep dinking with it, the horizon goes out.

Obama is an idiot who convinced a lot of fools to support him. His rhetoric is powerful, but his objectives are destructive.

I'd be embarrassed if I voted for him then or supported him now! He sure duped a lot of people that didn't do their research and voted based on his teleprompter.

Amen,and Amen!!!!!You are right on point.

Scott:

Regretfully, there are way too many "Rosy's" of the world who think the big government is there to "give her a little money/help" when she needs it.

It's this "entitlement mentality" that is ruining our country !! Hell, look at Chicago...run by dems and facing a $550 million deficit --- isn't that astronomical for a CITY???

I have hope that there are more sane Americans that "entitlement Rosy's" in this world...otherwise, we're all screwed !

Obama is working very hard to create more 'entitlement Rosies'. The Government wants to be your daddy and give you just enough for you to be thankful but not enough to be able to stand on your own. They want to make sure they always 'own' you and you will always depend on them. Sadly the 'Entitlement Rosies' not only live that life, they pass it along to their children and they all come to 'expect' the government to take care of them and stop even trying. Why bother to work when Daddy Government will get you a house, a car, healthcare and then Welfare for the rest. No thank you; I'll earn my own way; that's the example that was set for me and I'm setting for mine. The government is just creating more losers instead of jobs.

Sounds like slavery!!!! Generation after generation.

you forgot about the credit card rate and christmas forget it , half of americans on the street and the other sonn to be on the street for get about jobs you need a adress an good credit to get a job now . the resume with gaps dont get the job how can any one get on there feet on 7 bucks a hour an bad credit forget it, the country is doom so what if the stock market goes up .

JGB62:

YES, we have been down this road before !!

That boy Obama is just hoping that he can fool enough of them "ACORN type of voters" to get himself (and his socialist liberal friends) re-elected?

Will America make the same stupid mistake twice??

"Will America make the same mistake twice?" The answer is yes. This recession was triggered by the gov programs to give houses to those who could not afford it....The gov has deflected the facts of that in order to blame something else. It will work for them and with medias help we will once again have a leftist government program to "help the poor" and again the country and all of us will have to pay the bills and live with the results. Admit it that the dems monetary program is based on nothing other than that we should all sacrifice in order to help the poor. They will do it again and again.

Dave R-307255 #22.1,

Answer: Yes

Too many takers verses too few payers and only one vote for each. Too bad no one in power in the past foresaw this, and got an amendment ratified, enforcing a rule that if you don't pay income taxes, you don't get a vote. Problem now is there are more takers than taxpayers, so the takers can and do control Congress, since those in Congress refuse to do the right thing and end this madness __— for fear of NOT being re-elected !

Gordon90- that is the root of the whole problem. This country was founded because of taxation without representation. Now we have representation without taxation! All these school bonds and other initiatives voted on and placed on the backs of property owners by people who will never own property. The problem with socialism is you eventually run out of other peoples money. M.Thatcher.

They can in the real slums. You can get a house in Detroit, Mich for $20,000 in some places. At 6% fixed for 30 years you get less then $120 a month house payments. Even at 10% for 10 years you are paying only $264.30. Off course the neighborhood resembles downtown Kabul but if you live in the area already you can come out ahead.

What a terrible example. Detroit is in the worst way. Sure you can get something for that price but with the high unemployment rate and high crime rate there is no way the Government should help finance people into those housings. Solve the unemployment problem first. Oh Yea-I just saw an article that claims that high unemployment will be the norm now. Talk about Obama apologists!!!

Our government NEVER learns... Let's REINFLATE the bubble that got us in this deep mess. Let's go back to Franny and Freddie-the two worst offenders in this mortgague mess. Don't make the tough decision...just play up to the masses. That's this Administrations methodology!

Horrible conditions or not people live there NOW. If you have to live in the slums you might as well own your housing. I said nothing about the government helping them buy it. The poster said that poor people can't afford buying houses. They can if they set their sights low enough.

I've stopped assumming long ago, it is stupidity-they are letting this happen-and the poor are getting hand outs as quick as the banks even phones, why would they work when obama's employing them all on our dime, and keeps adding to their benefits keeping them non productive.

The worst is the cap and trade BS. There is NO Global Warming and has been none for over ten years. We don't need more industry shipped to China.