Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
...Whether you like or dislike the bailout plan for homeowners, we should all be able to agree that any bailout plan should not just give away money without asking for something back.
No-strings-attached gifts are a bad idea for the economy and should not be given to homeowners any more than to corporations.
At a minimum they should have to pay tax on the amount they recieved - you or I would. Forgiveness of debt is the same as constructive receipt - it is taxable.
Of course they should have to pay back any actual aid they receive (as opposed to renegotiated loans). It's not the government's money, it't the taxpayers.
Gee, every house in the area benefits when a foreclosure is avoided. Shouldn't we be asking the neighbors to pitch in something too? Wouldn't want them to be getting something for nothing at the taxpayers' expense, would we?
I have not heard of homeowners receiving anything, except a program which will enable them to refinance. The banks are the ones receiving so they can help people refinance.
I have not heard of homeowners receiving anything, except a program which will enable them to refinance. The banks are the ones receiving so they can help people refinance.
Obama's principal reduction program, as well as the proposed below-market rate plan.
If it is a reduction in loan balance, then they clearly should be required to pay it back from any profits from subsequent home sale(s). I wouldn't add interest though.
If it is a lower mortgage interest rate, then I wouldn't add in a payback stipulation.
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.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
