The President is proposing a plan to let 14.5M homeowners refinance their mortgages at no cost to them, with the estimated $5-10B cost paid through new fees on financial institutions. Do you support the idea?
guess what, we're all going to pay one way or another. if you don't think the banks aren't going to find a way to pass the cost along ...
this is what the thinkers call "circular reasoning"
I think support for this plan comes from an attitude that says, "yes, because f•ck the banks." seem a largely party divide.
c/TSgt, majority doesn't mean all
mean an otherwise responsible borrower could be forced out. this underscores the irresponsible behavior of money speculators during the PSAT decade until it all collapsed and the taxpayer bails out the banks
the due diligence should be done at the start of a new loan to to.help verify the borrower is within means to repay the loan, not at refinance where tightening the credit would at the
Ceej, I'll have you know our household makes around 60k and we don't support it.
Majority of those under $100k income support it, majority over $100k don't, according to current filters. Hmmm.
Lol 83% of democrats agree.
Not the taxpayers' fault that people bought when the prices were high. Should I stop paying my car payment because it's worth less now than when I bought it? Nope. I signed the papers and I owe the money.
the cons on this thread are so simple minded to believe the crap they hare on faux news. Don't you know that the with every every home that is foreclosed on the tax payer is on the hook? The banks are against this because they won't be able to stick it to the tax payer like they did last time.
Absolutely!!!! Those banks ripped of this country!!! Bout time those fat cats give us a fair deal for once! God damn it.
Don't buy what you can't afford, or can't afford to pay interest on loans for, it is that simple.
no, if you can't afford the place move out. This is what happens with renters. Why should idiots who bought when the market was high be bailed out by those who waited.
Banks caused this problem, let them take care of it.
enough with the burdans on businesses already! heck no!
look at his wbsite he sends you to the source of the story. wise up!
Escape you realize drudge is conservative who worked for Fox and obviously has a bias. I hate people who get their facts on political issues from partisan-based news. It's like they're all brainwashed.
Just read an article on Drudge that says this will be financed by charging new home purchasers a fee. On a $200,000 loan the charge will add $15.00 to the monthly payment. A 30 year loan will generate $9,500. Next 2 years taxes will go up 30%. Yeah let's keep Obama!
absolutely! too bad it only addresses Fannie/Freddie loans
The fed controls rates and they've already stated they would remain low as long as the market is down
How does the plan affect people in the market rosebud? Interest rates may go up a bit, but it won't be immediate, and they won't go so high that you'll stop looking. You'll still be able to get a low rate if your credit is good.
I'll ask again... What about people looking to get a home? Do they not matter? Or do you all supporting this think it somehow won't change things for others too?
I keep having to say this, but its not people welching on their mortgage payments. Its the fact that they owe more than the property is worth. Millions are holding the market up by continuing to pay even though they'll be taking a loss. These aren't deadbeats people!!
32no, uh, raise prices on services?
Smallbiz44 and everyone else, how is it possible to just pass fees on? It isn't, unless there is a catch you are not mentioning. How can a bank, pass a fee to the US? Or it's government???
Unforgivvn, thanks for the sympathy, but no thanks. You are stereotyping and theorizing because you are addicted to conspiracy. Sure there is corruption, there is no place in the world that that does not exist in. There is a reason we are one of the most powerful countries in the world (all aspects)
The banks will just pass that fee on to those of us that bought houses we could afford instead of trying to impress people with a house beyond our price range. People need to Pony Up and pay their freaking bills. Bring back debtors prisons.
People voting no because of fees or taxes should know that when a bank forecloses on a property, the taxpayer picks up the tab. I voted no because there are better ideas out there, but doing nothing is going to hurt more for the MC than implementing Obama's plan.
Why doesn't the red/blue map surprise me?
...They will take care to protect us from the mean free market. Make sure everyone has the same and all is fair.
@32no: I really feel sorry for you. Greed is bad. Private business is corrupt. Business leaders are evil. But the monopoly that is the Federal government that holds the power is good and benign...
why doesn't t he just give houses away for free?
Buy a house & consider how many people in that process you have to trust. Realtor, loan officer, appraiser, inspectors, insurance appraiser; professionals you have to rely on when deciding to purchase. Those people benefitted from a market they worked to inflate by giving buyers bogus information.
@radsxr what the banks did was tell us that the wheel was 95% black, the ball is attracted to black, hasn't landed on red in decades & that if it lands on red, they'll help us refinance. When we spun the wheel, they changed it to all-red. They won't let us refinance because of the risk they created.
Kind of feels like Obama is trying buy the vote.
Look what I did for you!
But also know me in the middle class will pay for it.
Really hope- NEWT IN 2012!
Voted NO because I dint want the higher taxes/ fees we'll get.
Also NO because I kept going on my mortgage & I won't get any of it.
YES though to those that get it- hope you needed it & it helps.
32, I am for Gingrich at the moment. I figure Romney at least had some business experience, so that's a plus on Obama already.
can anyone ascertain the exact point where banks changed purpose from money protecting institutions to profit generating businesses?
Why don't your own comments show up?
"new fees on financial institutions"....the banks are just going to pass those fees onto ....US!!
I don't like any of that idiot's ideas.
Fine fine fine. You libs have changed my mind. Let's force banks to give everyone free refinancing. How about a 2.5 interest rate? Sound good?
Now once this is done we will pass a law, no stupid people that can't read contracts allowed within 500 feet of a bank or mortgage company Deal?
Is there anyway this guy can come up with ways to spend less? I'm all for no refinance charges but not at the cost of putting the nation in a larger deficit.
GreatOne, true, at least their not liberatarians, which is probably worse.
32no, not really though. They just claim to be socialist, but are actually authoritarian
Obama is a socialist dictator. Time for him to on trial for treason.
The map looks kinda strange.
Won't that just drive prices up even more?