Obama to release details on housing plan

[dbackjon]

The Obama administration kicked off a new program Wednesday that's designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.

The Treasury Department released detailed guidelines designed to let the lending industry know how to enroll borrowers in the program announced last month.

“It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets,” Treasury Secretary Timothy Geithner said in a statement.
The administration, launching what it calls the “Making Home Affordable” initiative, said that borrowers will have to provide their most recent tax return and two pay stubs, as well as an “affidavit of financial hardship” to qualify for the $75 billion loan modification program, which runs through 2012.

http://www.azcentral.com/realestate/art ... 04-ON.html

[Appaholic]

Fok that....I made a responsible decision NOT to buy a house too expensive (which is just about all of them in this area due to 12-14% appreciation the past 5 years). I've been waiting for the crash so I could GET a house....now they're bailing the fokkers out.....we, the sheeple....

[dbackjon]

I agree with you, APPY...

I am in the same boat.

[citdog]

I agree with you, APPY...

I am in the same boat.

but "the head boy" was perfect remember? he's your hero.....he can;t possibly make a mistake......how you feeling now gaywad?

[dbackjon]

I agree with you, APPY...

I am in the same boat.

but "the head boy" was perfect remember? he's your hero.....he can;t possibly make a mistake......how you feeling now gaywad?

I have never said he was perfect, bellhopboy.

He is not my hero, only better than the alternative.

I voted Clinton in the primaries.

[Appaholic]

I agree with you, APPY...

I am in the same boat.

but "the head boy" was perfect remember? he's your hero.....he can;t possibly make a mistake......how you feeling now gaywad?

Why the hatred to your new mas'ser? Without him and the feds, you'd be selling buggy whips....

[Gil Dobie]

My buddy said newer condos in the Ft Meyers area are selling for $110,000.
We could start a CS commune down there.

[dbackjon]

My buddy said newer condos in the Ft Meyers area are selling for $110,000.
We could start a CS commune down there.

That could be fun...I want on top though

[Gil Dobie]

My buddy said newer condos in the Ft Meyers area are selling for $110,000.
We could start a CS commune down there.

That could be fun...I want on top though

[travelinman67]

but "the head boy" was perfect remember? he's your hero.....he can;t possibly make a mistake......how you feeling now gaywad?

I have never said he was perfect, bellhopboy.

He is not my hero, only better than the alternative.

I think I said the same once Bush won the 2000 primary and ran against Gore and in 2004 against Kerry. Had the Dems put forth a MODERATE candidate, I seriously would have considered voting Democrat. Bush was and always will be a close-minded moron that has damaged modern conservatism.

I wrote quite a bit about this housing plan late last night after the details were released...but I was so fucking sick and furious over it's lack of substance, I trashed it and went to bed. This housing plan is nothing but window dressing and a small bailout to lenders to help offset their losses on loans exceeding 105% of market value.
"Program #1" adds nothing to the table that wasn't already there...and "Program #2", just codifies the lenders ability to utilize forbearance to escape instituting foreclosure and absorbing the loss...in effect, makes the lenders landlords until the market turns and allows them to dump the property and the borrower. In the interim, their short term losses will be offset by the $85b.
Fuck's the homeowners, fuck the American dream: Helps stabilize the market in the short term, by permanently converting the borrowers into uncreditworthy renters.

Wake up, America!