San Diego Housing Market News and Analysis
What the hell????Throwing money after money after money...
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Submitted by Coronita on March 26, 2010 - 10:19am
Ok, while it might be arguable that healthcare is a right, how the hell is being a homeowner a right IF YOU ARE UNEMPLOYED ???
....Lose your job, government mandates a cut in your financial obligations. WTF? Why would anyone in their right mind want to lend us any money....
Please can we vote out some of these incumbent out so that they spending orgies stop??? I don't see how anyone that is waiting for home prices to reach normalcy can possibly think any of these policies are great.
Maybe it does pay to go temporarily unemployed....
Gov't unveils plan to shrink some home loans
WASHINGTON (AP) -- Under pressure to stem the foreclosure crisis, the Obama administration launched a plan Friday to reduce the amount some troubled borrowers owe on their home loans and give jobless homeowners a temporary break.
Administration officials cautioned that the plan won't stop all foreclosures or help all troubled homeowners. Instead, officials said their goal is to meet their original target, announced last year, of helping 3 million to 4 million borrowers avoid foreclosure.
The new effort is designed to help two groups:
-- Borrowers who owe more on their loans than their houses are worth. Nearly 15 million homeowners fall into this category, according to Moody's Analytics. About 10 million of them owe at least 20 percent more than their house's current value.
These people would be helped in either of two ways: Their mortgage companies can cut the total amount they owe on their mortgage. Or they can refinance into loans backed by the Federal Housing Administration, which insures loans against default. The FHA will get $14 billion in incentive money from the federal bailout fund.
Reading shit like this all the time just makes my blood boil (occasionally)...What happened to spending within your means? When the F* did home "ownership" become a right, even if you are broke, have no job, have no ability to pay for a mortgage???? What the hell is wrong with being a renter if you have no job to pay for your mortgage....
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