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Note: NPR is the source - I presume it is credible for the Left. Read the section that states that they want to allow a judge to reduce the mortgage balance to a home to its fair market value. Uncle Sam picks up the difference.
Obama also voiced support for a change in bankruptcy law that will empower bankruptcy judges to alter the terms of primary mortgages. That plan would require additional legislation from Congress and would allow the federal government to fund the lending institution the difference. Obama supports lowering a combination of lower interest rates and principal reduction so that the total payment is not more than 31% of income.
He also proposed paying homeowners via principal reduction $1000 a year for staying current on their payments - how about that?
Carry on in blind servitude to your master.
Grow up, and you won't need name calling to participate in a discussion. Unless you would like me to stoop down to that level and have a p-contest instead. But then, I don't intend to use my time that way.
Going back to the topic, you're now treading the waters of bankruptcy proceedings. Would you, instead, point to me where (in the link you provided) there is a plan of principal reduction.
Last edited by EinsteinsGhost; 03-31-2009 at 10:50 AM..
Hmmmm lets see now. Your govt extorts money from our paychecks without our permission. They give it back to help us peasants out when the economy goes into a depression because of them. Now they want us pay it back with interest?
I wonder if we peasants can claim ourselves a 3rd world country. Your govt gives trillions to these hell hole countries as a loan and within a week they forgive those loans. Many of these countries use this aid - disquised as loans to build and buy weapons to kill Americans.
I would rather take the money they give us to keep up our mortgages on our homes and us peons can buy our own weapons and revolt to take back OUR AMERICA from the real criminals....your govt in Washington.
I'm beginning to evolve more on my political views and would love to see the government eliminate the income tax and see more states eliminate the income tax.
I'm sick of the tax and spend method we're seeing all too often.
It's unfortunate that my parents, who have worked their buns off to pay their accelerated mortgage, are being punished for keeping up on payments. If they had defaulted they would be saving a lot of money on their house.
I guess it's better to punish the good people and give rebates/tax breaks/principle deductions to the bad ones.
I guess it's better to punish the good people and give rebates/tax breaks/principle deductions to the bad ones.
I hear you. I should have bought three times the house I did and a Mercedes or two, and let the gov help me pay for it. i feel like a chump for buying something I could afford and bailing out the less fiscally responsible.
Grow up, and you won't need name calling to participate in a discussion. Unless you would like me to stoop down to that level and have a p-contest instead. But then, I don't intend to use my time that way.
Going back to the topic, you're now treading the waters of bankruptcy proceedings. Would you, instead, point to me where (in the link you provided) there is a plan of principal reduction.
There is actually...
For people who have their mortgages MODIFIED under the plan, there is a $1000/year principle reduction for 5 years - as long as their payments are paid on time.
I don't agree with the childish name calling either, which is not a suprise in these forums.
I did see the information - so I wanted to share what I knew.
[quote=stan4;8125279]Which does not affect me unless I try to sell my house. In fact, it is great for my property taxes!
Neighbors already pitched in by being non-greedy good citizens who are making their payments every month.[/quote]
NO NO NO!
What you really mean to say is you have very lucky neighbors who DID NOT LOSE THEIR JOB like 4.4 million other Americans have. Count your blessings that you dont lose your home because your 2 bit employer closed it's doors, or you or a family member gets sick, or you just get your silly azz fired for your attitude. Then YOU TOO will have to walk away from your house.
You have a contract with your idiot lender and you have a contract with your family. If one of the above issues happen to you it seems to me you will chose your idiot lender over your family. Shame on you.
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