Yaaa!! Obama is going to pay my mortgage!!

[redrumloa]

http://www.businessweek.com/the_thread/ ... alify.html

Obama may go down in history as a terrible president, but he is going to make other middle class people pay my mortgage! Yippie!! Mortgage 31% of income? Barely if total escrow amount is what counts! If not, I can still make myself look at risk and still get refinanced lower and $5000 paid off the principal!! Yaaa!! Yeah, my taxes will go to the moon, but I'm getting what I can to balance out the corn-holing I will get later!

FREE MONEY

 

[redrumloa]

Plenty of wiggle room for more corruption and greed.

http://blogs.wsj.com/developments/2009/ ... g-bailout/

I can make myself look poor, free money for me!

 

[FluffyMcDeath]

Plenty of wiggle room for more corruption and greed.

http://blogs.wsj.com/developments/2009/ ... g-bailout/

I can make myself look poor, free money for me!

Making yourself look poor is exactly how the rich get out of paying taxes. Now the middle class can do it too.

 

[FluffyMcDeath]

It doesn't sound too off the wall really. It puts a bunch of pain on the mortgage sellers so that's good. Government carrying costs are not bad. Hopefully it takes some of the fear out of the consumers (though layoffs are still going to keep people tense).

A fearful consumer is the most dangerous beast in a consumer driven economy.

Personally I would have preferred a government ownership system. It would work by issuing a bond on the current value of the property and offering it to the bank in exchange for title. Since the government is issuing bonds like crazy to recapitalize banks but through the Fed (and paying interest to the Fed but getting nothing to hold in return) this would allow a bank to write off the bad asset, replace it with a good asset (the bond) and lend against the bond. Meanwhile the government could negotiate a mortgage of whatever length and flexibility required to a) keep people in their home, b) ultimately make a profit from the mortgage.

Imagine a 200k debt on a 160k home with owners unable to pay the high monthlies. This would foreclose and the bank would end up with a house to sell into a bad market which would probably sell for much less, say 100k so bank loses 100k which it claims against taxes, stiffing the government and - family is homeless. So that's 3 losers.

Instead - government issues bond at 2% for 160k. Bank is ahead 60k and has instant capital which it can now lend out (with fractional reserve of 10% that's 600k dollars into the economy). Meanwhile the government collects 5% on the new mortgage so is ahead 3% while the family has a better payment schedule so they can stay in their home. Also, the government now reaps the profit of the interest payment which would previously have been a tax deduction. The terms can be flexed as needed to ensure the government always gets its money back (or, if the homeowners are really deadbeats and hopeless - the property can be used to make money by other means by rental or resale as the government has much more flexible timelines than a bank).

 

[metalman]

Plenty of wiggle room for more corruption and greed.

http://blogs.wsj.com/developments/2009/ ... g-bailout/

I can make myself look poor, free money for me!

Gimme, gimme, gimme

Santelli's Chicago Tea Party

Oh, Oh, I get a free house now? AAAAwesome. Hey, everybody, we don't need to work anymore. Santa Obama will tax those evil rich bastards and give us what we want. Just talk to one of his elves before a townhall meeting.

 

[FluffyMcDeath]

Gimme, gimme, gimme

Ha ha ha ha. Another media orchestrated protest. When the people who own the presses and the tv stations hate something (like helping out the folks who make less that 200K a year for eg) its always easy to find a few yahoos who want to get their pictures in the paper. Boy, that liberal media, eh?

 

[redrumloa]

Gimme, gimme, gimme

Ha ha ha ha. Another media orchestrated protest. When the people who own the presses and the tv stations hate something (like helping out the folks who make less that 200K a year for eg) its always easy to find a few yahoos who want to get their pictures in the paper. Boy, that liberal media, eh?

No Fluffy, I have been bitching for how long now? I have not even seen those clips yet, can't watch TV at work. This *is* outragous, helping the worst of the worst while letting most responsible poeople wither on the vine.

 

[faethor]

No Fluffy, I have been bitching for how long now? I have not even seen those clips yet, can't watch TV at work. This *is* outragous, helping the worst of the worst while letting most responsible poeople wither on the vine.

I don't know owners of multiple properties have gotten benefits such as these for quite a long time. People that own 2 or 3 homes shouldn't have benefits that home owners of 1 home don't have. That's socialism for the rich.

This will be pure liberalism... The rich get more of the benefits of our society I see no reason they do not pay more of the burden.

 

[redrumloa]

This will be pure liberalism... The rich get more of the benefits of our society I see no reason they do not pay more of the burden.

I own (the mortgage on) 2 houses, I guess I am rich So far from what I see I may barely qualify for a bailout. I'd be a sucker to not take this handout, considering I'll be paying it back regardless through taxes, by children will be paying it through taxes, my grand children, my great grandchildren etc.

 

[Glaucus]

I'd say that anyone who owns two homes is wealthier then average.

I know conservatives love to punish bad behavior, but what you seem to not get is that if everything is allowed to collapse (ie. directly punish those responsible) things will be much worse for everyone else as well. Large scale armed conflicts are certainly a possibility. Imagine if a few more bailouts could have helped prevent WW2, would that not have been worth it? The right way to deal with the bad guys is to pass laws to ensure they can't do this again, but that too conflicts with conservative ideals. The fact is most people are not interested in a burn-down/regrow type of economy, people want stability and unregulated economies that allow entire sectors to collapse are far from stable. Yes, things do need to fail, but not all at once. Forest fires are important parts of the natural process, where some plants only grow after a major fire. However, a planet wide fire would be so catastrophic that it could take hundreds of thousands of years to recover - if ever. This collapse that you want to see would greatly weaken the US on the global stage and throw the world into turmoil.

 

[FluffyMcDeath]

This will be pure liberalism... The rich get more of the benefits of our society I see no reason they do not pay more of the burden.

I own (the mortgage on) 2 houses, I guess I am rich So far from what I see I may barely qualify for a bailout. I'd be a sucker to not take this handout, considering I'll be paying it back regardless through taxes, by children will be paying it through taxes, my grand children, my great grandchildren etc.

So, go do it. (BTW, does not apply to income properties or second homes.) And your kids and grandkids will be more able to pay those taxes. Isn't it still a better plan than just giving money away to billionaires? They just move the money right out of the country.

 

[cecilia]

I know conservatives love to punish bad behavior

no they don't.

if they did, bush and cheney would have been burned at the stake

the real issue is that there are almost NO real conservatives around. just people who like to hide behind the word

 

[metalman]

Gimme, gimme, gimme

Ha ha ha ha. Another media orchestrated protest. When the people who own the presses and the tv stations hate something (like helping out the folks who make less that 200K a year for eg) its always easy to find a few yahoos who want to get their pictures in the paper. Boy, that liberal media, eh?

No Fluffy, I have been bitching for how long now? I have not even seen those clips yet, can't watch TV at work. This *is* outragous, helping the worst of the worst while letting most responsible people wither on the vine.

Money for Idiots

JANIS JOPLIN:

Obama, won’t you buy me a Mercedes Benz ?
My friends all drive Porsches, I must make amends.
Worked hard all my lifetime, no help from my friends,
So Obama, won’t you buy me a Mercedes Benz ?

Obama, won’t you buy me a color TV ?
Dialing For Dollars is trying to find me.
I wait for delivery each day until three,
So Obama, won’t you buy me a color TV ?

Obama, won’t you buy me a night on the town ?
I’m counting on you, Prez, please don’t let me down.
Prove that you love me and buy the next round,
Obama, won’t you buy me a night on the town ?

Everybody!
Obama, won’t you buy me a Mercedes Benz ?
My friends all drive Porsches, I must make amends,
Worked hard all my lifetime, no help from my friends,
So Obama, won’t you buy me a Mercedes Benz ?

That’s it!

 

[FluffyMcDeath]

Gimme, gimme, gimme

Ha ha ha ha. Another media orchestrated protest. When the people who own the presses and the tv stations hate something (like helping out the folks who make less that 200K a year for eg) its always easy to find a few yahoos who want to get their pictures in the paper. Boy, that liberal media, eh?

No Fluffy, I have been bitching for how long now? I have not even seen those clips yet, can't watch TV at work. This *is* outragous, helping the worst of the worst while letting most responsible poeople wither on the vine.

1) the protests ARE media orchestrated (in the same way that Clearchannel organized and whipped up the CD burnings prior to the US launching the war against Iraq. It actually says so in the link.

2) The guys who got sucked into the fraudulent mortgage packages may not be the sharpest knives in the drawer, but they are not the worst of the worst - those people would be the crooks that sold them the mortgages even knowing the couldn't pay anything but the introductory teaser rate and helpfully failed to point the fact out to people. The worst of the worst would be the guys who rolled up, wrapped up, split up and resold that crap. The worst of the worst would be the guys that relent that crap to your retirement a plan so they could vacuum your savings dry in return for toilet paper. The worst of the worst would be the guys who gave themselves giant bonuses for being so clever for ripping so many people off. That's who the worst of the worst are .. but the government already gave them money.Wall St bonuses of 18.4 BILLION dollars! But wait - just how much IS that? Well, it's enough to outright buy, in Florida, at median house prices ... 75,000 houses. Not adjust mortgages on, outright purchase.

3) The guys who need help to get buy - live indoors - eat food, etc - that's where any money should go. Where it shouldn't go is to the people that already own everything like it usually does.

 

[FluffyMcDeath]

I've been reading this FAQ on the mortgage modification plan.

Sure doesn't sound like Obama is paying the mortgages of losers and slackers. Seems to me like the "liberal media" has been misrepresenting the plan. No idea why they would do such a thing though. Hmmm.

 

[FluffyMcDeath]

Re:

Gimme, gimme, gimme

Ha ha ha ha. Another media orchestrated protest.

No Fluffy, I have been bitching for how long now?

Yes, for long indeed, but nonetheless, this protest is a staged fabrication. It's astroturf and the money comes from the Koch family (and that is pronounced the same as "coke"). Probably, if you are like most people, you haven't heard of them, but they are one of the ruling families in the US.

Within hours of Santelli's rant, a website called ChicagoTeaParty.com sprang to life. Essentially inactive until that day, it now featured a YouTube video of Santelli’s “tea party” rant and billed itself as the official home of the Chicago Tea Party. The domain was registered in August, 2008 by Zack Christenson, a dweeby Twitter Republican and producer for a popular Chicago rightwing radio host Milt Rosenberg—a familiar name to Obama campaign people. Last August, Rosenberg, who looks like Martin Short's Irving Cohen character, caused an outcry when he interviewed Stanley Kurtz, the conservative writer who first "exposed" a personal link between Obama and former Weather Undergound leader Bill Ayers. As a result of Rosenberg’s radio interview, the Ayers story was given a major push through the Republican media echo chamber, culminating in Sarah Palin’s accusation that Obama was “palling around with terrorists.” That Rosenberg’s producer owns the “chicagoteaparty.com” site is already weird—but what’s even stranger is that he first bought the domain last August, right around the time of Rosenburg’s launch of the “Obama is a terrorist” campaign. It’s as if they held this “Chicago tea party” campaign in reserve, like a sleeper-site. Which is exactly what it was.

You can buy a lot of propaganda for a few million dollars and if it pays off it can save you billions.

 

[FluffyMcDeath]

Fighting for our homes

Drug dealers were turning to writing mortgages because it was more profitable than dealing drugs. Crooks wrote 'em, banks bought 'em. Banks should take the fall because they were abetting fraud.

8 million homes are in danger of foreclosure, apparently. The 800 billion TARP could have bought 3.3 million average US homes outright. The next 800 billion could have done the same. In fact, if they'd have waited for the homes to go into foreclosure then buy them at auction the government could probably have bought homes for everyone in the country but instead they just gave money to bankers.