Questions and Answers for Borrowers about the Homeowner Affordability and Stability Plan
Borrowers Who Are Current on Their Mortgage Are Asking:
Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.
Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.
Complete eligibility details will be announced on March 4th when the program starts. The criteria for eligibility will include having sufficient income to make the new payment and an acceptable mortgage payment history. The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.
As long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible to refinance under the Homeowner Affordability and Stability Plan. Your eligibility will depend, in part, on agreement by the lender that has your second mortgage to remain in a second position, and on your ability to meet the new payment terms on the first mortgage.
The objective of the Homeowner Affordability and Stability Plan is to provide creditworthy borrowers who have shown a commitment to paying their mortgage with affordable payments that are sustainable for the life of the loan. Borrowers whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. Borrowers who are paying interest only, or who have a low introductory rate that will increase in the future, may not see their current payment go down if they refinance to a fixed rate. These borrowers, however, could save a great deal over the life of the loan. When you submit a loan application, your lender will give you a "Good Faith Estimate" that includes your new interest rate, mortgage payment and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.
The objective of the Homeowner Affordability and Stability Plan is to provide borrowers with a safe loan program with a fixed, affordable payment. All loans refinanced under the plan will have a 30 or 15 year term with a fixed interest rate. The rate will be based on market rates in effect at the time of the refinance and any associated points and fees quoted by the lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans will have no prepayment penalties or balloon notes.
No. The objective of the Homeowner Affordability and Stability Plan is to help borrowers refinance into safer, more affordable fixed rate loans. Refinancing will not reduce the amount you owe to the first mortgage holder or any other debt you owe. However, by reducing the interest rate, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.
To determine if your loan is owned or has been securitized by Fannie Mae or Freddie Mac and is eligible to be refinanced, you should contact your mortgage lender after March 4, 2009.
Mortgage lenders will begin accepting applications after the details of the program are announced on March 4, 2009.
You should gather the information that you will need to provide to your lender after March 4, when the refinance program becomes available. This includes:
Borrowers Who Are at Risk of Foreclosure Are Asking:
The Homeowner Affordability and Stability Plan offers help to borrowers who are already behind on their mortgage payments or who are struggling to keep their loans current. By providing mortgage lenders with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.
No. Borrowers who are struggling to stay current on their mortgage payments may be eligible if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default. This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level.
In general, you may qualify for a mortgage modification if (a) you occupy your house as your primary residence; (b) your monthly mortgage payment is greater than 31% of your monthly gross income; and (c) your loan is not large enough to exceed current Fannie Mae and Freddie Mac loan limits. Final eligibility will be determined by your mortgage lender based on your financial situation and detailed guidelines that will be available on March 4, 2009.
No. For example, if you own a house that you use as a vacation home or that you rent out to tenants, the mortgage on that house is not eligible. If you used to live in the home but you moved out, the mortgage is not eligible. Only the mortgage on your primary residence is eligible. The mortgage lender will check to see if the dwelling is your primary residence.
Yes. Mortgages on 2, 3 and 4 unit properties are eligible as long as you live in one unit as your primary residence.
Only the first mortgage is eligible for a modification.
The primary objective of the Homeowner Affordability and Stability Plan is to help borrowers avoid foreclosure by modifying troubled loans to achieve a payment the borrower can afford. Lenders are likely to lower payments mainly by reducing loan interest rates. However, the program offers incentives for principal reductions and at your lender’s discretion modifications may include upfront reductions of loan principal.
Yes. To encourage borrowers who work hard to retain homeownership, the Homeowner Affordability and Stability Plan provides incentive payments as a borrower makes timely payments on the modified loan. The incentive will accrue on a monthly basis and will be applied directly to reduce your mortgage debt. Borrowers who pay on time for five years can have up to $5,000 applied to reduce their debt by the end of that period.
There is no cost to borrowers for a modification under the Homeowner Affordability and Stability Plan. If you wish to get assistance from a HUD-approved housing counseling agency or are referred to a counselor as a condition of the modification, you will not be charged a fee. Borrowers should beware of any organization that attempts to charge a fee for housing counseling or modification of a delinquent loan, especially if they require a fee in advance.
No. Mortgage lenders participate in the program on a voluntary basis and loans are evaluated for modification on a case-by-case basis. But the government is offering substantial incentives and it is expected that most major lenders will participate.
Ask your lender or counselor to be considered under the Homeowner Affordability and Stability Plan.
You may not need to do anything at this time. Most mortgage lenders will evaluate loans in their portfolio to identify borrowers who may meet the eligibility criteria. After March 4 they will send letters to potentially eligible homeowners, a process that may take several weeks. If you think you qualify for a modification and do not receive a letter within several weeks, contact your mortgage servicer or a HUD-approved housing counselor. Please be aware that servicers and counseling agencies are expected to receive an extraordinary number of calls about this program.
You should gather the information that you will need to provide to your lender on or after March 4, when the modification program becomes available. This includes
Our working class is dominated by an apparently singular mythos. One that seems to have found it's genesis in heroic literature and in the American west where individual effort resulted in, presumably, heroic consequences. We salute as a body the individual via his efforts. Even Mister Rogers said that we are each special and unique and that we each have a special and unique place in the world, essentially recapitulating the idea that God creates each of us in order to affect some necessary function within the world as we know it. He was by the way an immensely charming man, Mr. Rogers that is, obviously extremely well intended and is well remembered by me and probably all of my peers. Nonetheless this myth is, I think, an antecedent of the deconstruction of the American working class family.
The industrial age at it's inception with its focus on group endeavor made no dent in this powerful myth or communal self description but did add a principle, a sotto voce contractual principle, in which the individual, with uniqueness of function in hand, even if his or her function was only that of a cog for the betterment of society at large, deserved and got substantial support from that society upon retirement.
This addition to our pre-existing working class mythos has no bearing on the way that other, wealthier, classes perceive a working individual or the working class as a whole. And that, in fact, more wealthy classes seem to see this support of the individual worker as a sort of corporate welfare in which their expenses, read wages, are externalized through the exploitation of taxpayer burden, thereby placing the burden of the care of any individual directly on the working class as a body rather than on that individual.
A laudable system actually, one that not only has provided for millions of Americans upon retirement but circuitously, if unintentionally, engaged an interior myth of the working class while solving the problem in a much more rational, less illusioned fashion. It is both elegant and a textbook Klein bottle effect.
But is this not a societal paradigm that begs a question? Does not the assertion that we are each special and unique end in proving that the great mass of the working class is nothing but an exploitable resource?
I spoke to an elderly man in in Berkeley a couple of years ago. We were preparing his house for sale by replacing windows, doors, sheetrock and cabinets. He said that he had to move because it had become too expensive to live there anymore. He said that in the sixties a working guy would sell his home, if he had to move, to another working guy for a price that was fair and that the other guy could afford. He said that in the early seventies the sale of working class homes became an "Investment Opportunity" for working people. He said that this had never happened before and that before that workers stuck together. In addition he suggested that the self exploitation of workers was increasing and very dangerous calling investors in both real estate and the market sheep in wolves clothing that were compromising the only power that the working class have, unity for personal gain and at the same time creating an environment that could no longer support the very people it was created for.I heard him.
Seemingly the last man standing in this socioeconomic spray of imaginary heroics is the one that writes the paycheck for it is he who appears to benefit from the social security system. This may be true but not for the small business owner. Here enters the amazing web of confusing red tape and presumed cost sharing that is the burden of the small business employer. The impenetrable thicket and skyrocketing costs of insurances in combination with a truly amazing body of law is in effect a Lilliputian effort at restraining what could be the only hope of the working class since these employers emerge from the same class as their employees. Essentially strapping the small business owner to debatable civic responsibilities at the expense of the well being of his employees and ultimately himself thereby, perhaps coincidentally, creating a versus relationship therein. As a result of this quagmire of law and insurances the small business owner simply cannot afford to pay his employees what they need to actually support themselves throughout their lives.
The political sphere resonates with domination and power mongering. What was to be a merely organizational effort i.e., government, has blossomed, triumphed. Corporations via the dollar rule with an iron fist the ground they share with citizens. And idealism at best a quaint spark fades and is overshadowed by a realism necessitated by bullies, the creators and maintainers of wealth. Swords are sharpened in wait for the next spending spree; humanism hasn't a shred of hope in the wake of the almighty faceless economic juggernaut that is self interest as expressed by the corporation.
There is a passage in Richard Jefferies' book The Story of my Heart in which he writes "Is there any theory, philosophy, or creed," he says, "is there any system of culture, any formulated method, able to meetand satisfy each separate item of this agitated pool of human life? By which they may be guided, by which they may hope, by which look forward? Not a mere illusion of the craving heart--something real, as real as the solid walls of fact against which, like seaweed, they are dashed; something to give each separate personality sunshine and a flower in its own existence now; something to shape this million-handed labor to an end and outcome that will leave more sunshine and more flowers to those who must succeed? Something real now, and not in the spirit-land; in this hour now, as I stand and the sun burns. . . . Full well aware that all has failed, yet, side by side with the sadness of that knowledge, there lives on in me an unquenchable belief, thought burning like the sun, that there is yet something to be found.... It must be dragged forth by the might of thought from the immense forces of the universe."
Jeffries casts himself as a romantic dreamer whiling away the day while standing before a beauteous terrain lost in thought with his hands in his pockets. But on closer inspection this passage makes a very interesting point and asks an interesting question. What can the working class point itself toward that will aid them in their efforts and keep them trudging foreword in their labors?
I guess the point I was trying to make before I lost my way here was that economically it has been the tack of administrations and the political sphere in general to solve the post industrial working class problem by setting us one against another economically. But that like the old man in Berkeley I believe that unity is the only way out.
During a conversation I had with Taj Mahal several months ago I asked what he thought would become of the working class after the deconstruction of the support systems attendant upon it and the obvious end of the industrial age here in America. His answer was that we as a class should become creative producers in the world arena. He said that creativity could and should be learned and taught in schools. He said that as a body the working class could, utilizing creativity, raise itself from the desperate straits it now faces.
This seemed idealistic to me initially. As I gave it some thought though I realized that I had internalized a presumptive and perhaps arrogant element of our world view that states that creativity and the efforts that it fosters are a realm available to a few.
He may be on to something. I don't know.
I do know that something has to happen though. The burgeoning working class is far too large to fit in the service industries and the service industries cannot pay their employees enough to ever buy a house or send even one kid to college.
Anybody got any ideas?
Now the only problem I forsee with this law is that banks may end up dictating home prices. That's a big maybe.. I think the reason they require 20% or 10% down is just in case you pay to much for a home. So if you put 20% down and the home is worth 20% less well, the bank wouldn't take that loss. That would be on you. But if it goes beyond the 20%, then the law would state the bank would be required to write down the principle of the loan to the home value minus the 20%. This is only fair that the bank would do this. After all you've already lost everything you put down. You took that much risk. The bank should take the rest.
If anyone has any thoughts or ideas for or against proposed law, please add it to this blog.
We're down to the last two weeks before Nov. 4, and the nastiness continues. But, I think it's time to reflect on "Country First." Over the last 8 years, we have been told that in order to be patriotic and protect the country, we had to spend money here at home and fight in 2 wars, sacrificing thousands of lives, and billions of dollars a month. Somehow, the Republican party of family values seems to forget the families altogether. Divorce rates are at an all time high, and the answer is to ban same-sex marriage? Ban abortion? Lip service...
I am pledging to all out there to fight the last 2 weeks... saying "My Country Begins at Home." Much like everyone else, I am willing to protect the country at I love. But, that starts with protecting the people closest to me, my family. This means providing a home, food, heat in the winter, and an education. Putting country first isn't about fighting wars and national security... It's about being responsible and defending the people closest to us.
Unfortunately, after listening to Rep. Bachmann from Minnesota, I actually realized that there are anti-American elements amongst us. Sadly, it's not the terrorists...
Let me tell you what is Anti-American...
It is Anti-American to tax healthcare benefits
It is Anti-American to charge Americans a 30% interest rate on credit cards
It is Anti-American to defraud borrowers in the hope that they can foreclose on their homes
It is Anti-American to prevent a child from receiving healthcare
It is Anti-American to stop a qualified citizen from attending college
It is Anti-American to protect the richest 1% at the expense of everyone else
It is Anti-American to take away social security for seniors
It is Anti-American to leave the defenseless unprotected
Here's my pledge from here on out... "My Country Begins at Home" and yes, I put my Country First.
Dear Mr. Obama,
I doubt that this letter will ever be read by you or your staff, but I can always hope. I am a registered Republican from the state of Arizona, and I am strongly leaning toward support of you and your campaign.
The reason for my support of your campaign is not so much what you have said during your campaign, but rather what John McCain has said, specifically relating to US Taxpayers buying mortgage backed paper. I feel that this will lead to further financial meltdown and will stabilize home prices, temporarily, at unrealistic, unadjusted levels.
Home prices were due to take a correction. If you couldn’t see the train coming you must have had your head in the sand. Banks and lending institutions should have seen this train coming and applied protective measures necessary to protect themselves and their investors incase of a market correction. Rather, they were making loans that were 125% of the value of the property. This is sheer stupidity, and unfortunately we will all share in the burden of these bad decisions. But we move forward from here.
I feel that McCain’s plan rewards greed and stupidity and guarantees huge debts to future taxpayers. From what I’ve heard from you, I believe you feel the same way. But the big question is… what is the alternative to McCain’s plan?
I realize that I don’t have a grasp of the complexity of the financial engine that drives the US economy. However, I do have a simplified plan on what can be done to stabilize the housing market and at the same time allow a large number of homeowners to remain in their homes with a much smaller downside risk to taxpayers than what McCain is proposing.
It must be noted that very little investor money is entering the residential real estate market due to the unrealistic values that lenders are placing on foreclosed properties. Yet, at the same time, these lenders need to be bailed out by the federal government because they don’t have enough cash to support their day to day operations. I’m sure the lenders believe that if they don’t sell the properties they won’t have to report the losses to their shareholders, but rather can report these investments as unrealistic assets on their books. This is a deception to both current shareholders and investors considering buying equity in the company. Lenders should be required to liquidate their assets at realistic values and take the associated losses, therefore sharing in the burden of this downturn just as all Americans are doing. Liquidating these assets at reasonable prices will give these companies badly needed capital without the help of the federal government’s assistance, will trigger investors to re-enter the residential real estate market, will infuse cash into a cash strapped system, will reduce inventory, and will stabilize home prices at a more reasonable, post-corrected, price point.
Another downside to allowing lenders to hold property is that they don’t maintain the property. Properties owned by banks are left to wilt and fall into disrepair. This leads to urban blight, crime, and causes further erosion in property values.
I speak from experience. We live in Phoenix, Arizona, which was a boon town during the recent building craze. I was recently employed by a civil engineering firm that was directly involved in the development of residential property. Since the onset of the residential real estate downturn I have lost my job and am finding it tough to find another in this business climate. Nevertheless, we purchased a new home in 2006 (prior to me losing my job). At the time of purchase we did not expect home prices to continue to increase at their previous unrealistic pace, (even though I was hoping that they might). I thought that the increase in home prices would decelerate and possibly stagnate. I also thought that there might be a possibility of price retraction. We did not want to be house poor and therefore bought what we could afford. We put a good amount of capital down on the property and therefore are not upside down on our mortgage yet, but we have lost significant equity in the property. We financed the home at a fixed rate for 30 years.
However, a few of our neighbors bought property with the expectation that home prices will continue their unreasonable escalation. Buyer greed was as much a part of this foreclosure disaster as was deception in the mortgage industry, despite what McCain would have you believe.
The neighbors to our west moved here from San Diego. They rented their home in San Diego and purchased a new home in Phoenix. They put in all the bells and whistles, and had a beautiful home with beautiful landscaping and a sparkling pool in their backyard. They also paid a pretty penny for the house and put very little money down. They financed the home with a sub-prime ARM and were probably thinking they could sell the home in a couple years and make a decent profit. On top on this they took out second and third position loans on the property. When the market went south they were immediately underwater. They tried selling the property for what they put into it but there were no takers. The lender refused to work with them on a short sale. Their mortgage rates were going up and they could no longer make their mortgage payments, and since they were already underwater, they had little incentive to make them. The lender foreclosed on the property and they packed up and moved back to San Diego.
The house went up for auction on September 22nd. I kept an eye on the property with assistance from a friend of mine in the real estate industry. He told me that the house did not sell at auction because the opening bid, (by the lender), was too high. So, the property is now lender owned. The water and electricity have been turned off. The plants are dying, the pool is green and the house, I’m sure, is worth less than it was at the time that it went to auction. On top of this there is a very real threat of disease spreading due to mosquitoes breeding in the stagnant water of the pool.
The neighbor to our east moved here from New Jersey. They purchased three homes in the Phoenix area, and currently have lost two. The third will be auctioned on December 23rd. Merry Christmas! The woman has no idea what she will do or where she will live. On top of this she is going through a divorce. Talk about tough! However, they bought all three houses with very little money down and with adjustable rate mortgages. They also took seconds on the properties. If this home is not sold it will wither like the one on our west.
How can we stabilize home prices and keep most homeowners in their houses? My answer may be over simplified, but I think it’s a good solution.
The procedure goes like this…
1. Allow current owners facing foreclosure to go into foreclosure. Everyone shares the burden. People who are not underwater on their mortgages due to prudent decisions, have faced substantial losses in equity. It seems only fair that buyers that made bad decisions lose the equity that they originally had in the property.
2. Persuade lenders sell the property at today’s values and require them to give the first option to buy the property to the original owners prior to selling the property at auction. This will cause the lenders to take a loss on the property as well as allowing a great percentage of homeowners to remain in their homes. Everyone shares the burden. If the government can not persuade the lenders to sell the properties at a loss they can pressurize lenders to do so by passing legislation forcing them pay all taxes and fees associated with the properties as well as a requirement to maintain the properties, thus avoiding the urban blight often associated with bank owned properties. If they fail to follow the rules of the new legislation they can be fined. If they refuse to pay the fines the federal government can acquire the property and can sell it at auction for a fair price. All proceeds from the sale of the property will be used to pay down the tax debt realized during the bailout of the financial market. Allowing these properties to sell at “fair,” post-corrected prices will cause inventory to dry up and should stabilize the market.
3. Because many buyers will have recently faced foreclosure, (as mentioned in paragraph 1, above), they will not be able to qualify for a loan, or if they can qualify, they will be faced with irrationally high interest rates. Therefore, it will be necessary for the federal government to step in and guarantee these mortgages. This will allow for a very safe investment opportunity and will influence investors to once again invest in mortgage backed paper. It will be much less expensive for the tax payer as well due to the fact that private institutions will be funding these loans and the only time federal coffers will be opened is if a loan fails which will be much less often since these loans will be made on post-corrected property values. On top of this, if a loan does fail, the federal government can sell the property to recover the losses. For borrowers to qualify for a government guaranteed loan they will have to meet stringent underwriting requirements established by the federal government. Not everyone will qualify, but people that have faced foreclosures will not be discriminated against in the underwriting process.
The ridiculous notion that home prices need to be stabilized at current prices is a fairy tale. They may be temporarily stabilized, but market pressure, due to an excess of inventory, will cause further downward pressure and eventually a second bubble will burst causing a continued decline in home prices, eventually ending at a price point that the market will bear.
Also, off the subject of housing, and turning to the subject of job creation. I think you should emphasize a vision of the future that supports research in biotechnology. A government investment in research related to finding cures for disease could create thousands of jobs. This sector has been stymied by Bush’s efforts to stop stem cell research.
Good Luck,
You have a lot on your plate.
Sincerely,
Robert Wells
Dear Fellow AMERICANSMy name is Kenneth. .I share this problem with Hundreds of Thousands of Americans. I just pray that someone listens to my idea of a possible solution. I am a hard working American who in the last year has lost my job of twelve years(Plant Closing) and my home of eight is going right behind it. I Will find another job, but NOONE will ever loan me the money to own my own home again. AMERICANS are not looking for a hand out. Just a way NOT to lose EVERYTHING. It truly saddens me to hear these real estate investors taken about how there cleaning up buying AMERICAN homes on the foreclosure market for a “STEAL”. That WAS A FAMILY’S HOME. Now they (the family) Pays just as much in RENT.THE PLAN
1. Place a freeze on all foreclosures.
2. The Federal Government BUYS the distressed loans for around 50% or less of what’s owed(This would free up banks resume lending without Letting Bank CEO's off the hook)
3. Allow Homeowners to stay in there current homes and PAY WHAT THEY OWE for them through a pay role deduction( I would much rather AMERICA collect the interest on my loan.) .
4. Make the payments a set % of income until paid off or sold on the private market by the homeowner
. 5. Vacant Houses are also bought then sold to those who NEED them at a fair market price and payments set on a fixed % of income.
6. Because the homes are already occupied AMERICANS see a return on AMERICAS investment.
Repayment could start just as soon as Congress passes the law.
BENIFETS
1. AMARICAN HOMEOWNERSHIP STOPS FALLING (People stay in there current homes)
2. The Banks STILL GET Billions of Dollars(TO START WORKING AGAIN)
3. America owns real property worth DOUBLE WHAT WE(AMERICA) paid for it and collect reasonable interest. A good investment by any standard
4. The amounts owed are set and are ready to be collected through pay role deductions ( a% of income until paid off)(30%-45% maybe)
5. “Wall Street “ Doesn't profit ‘THE PEOPLE DO “
6. Americans pay what they owe, and still have more disposable income
7.The Banks are allowed to go back to work with a lesson learned( from taking a loss, but not as bad as it could be from vacant property)
8. America then owns real property they ,WE, can sell ,at a profit, to those who NEED it with a payment they can make
9. America sees an INCREASE in revenue WITHOUT INCREASING TAXES( So Americans who are not in Debt pay/risk NOTHEN) What would WE do with an extra
TRILLION AND CHANGE??
DOWN FALLS
1.The rich don't need this kind of program.
2.?????
I realize that the people that make the decisions are way too busy to read every E-mail they receive. I just Hope and Pray that my Idea is HEARD and maybe even considered by congress.
Thank YouSigned
One of Hundreds of thousands of Americans who are about to or have already lost EVERYTHING If You agree With this Idea Please pass it on to your Congressmen, Senator, and Presidential candidate . That is how AMERICA is supposed to work, OUR voices can be heard if enough of U.S. speak up. I can be reached at Bout2bxhomeowner@aol.com
Dear Fellow AMERICANSMy name is Kenneth. .I share this problem with Hundreds of Thousands of Americans. I just pray that someone listens to my idea of a possible solution. I am a hard working American who in the last year has lost my job of twelve years(Plant Closing) and my home of eight is going right behind it. I Will find another job, but NOONE will ever loan me the money to own my own home again. AMERICANS are not looking for a hand out. Just a way NOT to lose EVERYTHING. It truly saddens me to hear these real estate investors taken about how there cleaning up buying AMERICANS home on the foreclosure market for a “STEAL”. That WAS A FAMILY’S HOME. Now they (the family) Pays just as much in RENT.
THE PLAN1. Place a freeze on all foreclosures.2. The Federal Government BUYS the distressed loans for around 50% or less of what’s owed(This would free up banks resume lending without Letting Bank CEO's off the hook)3. Allow Homeowners to stay in there current homes and PAY what they owe for them through a pay role deduction( I would much rather AMERICA collect the interest on my loan.) . 4. Make the payments a set % of income until paid off or sold on the private market by the homeowner. 5. Vacant Houses are also bought then sold to those who NEED them at a fair market price and payments set on a fixed % of income.6. Because the homes are already occupied AMERICAS see a return on AMERICAS investment. Repayment could start just as soon as Congress passes the law.
BENIFETS1. AMARICAN HOMEOWNERSHIP STOPS FALLING (People stay in there current homes)2. The Banks STILL GET Billions of Dollars(TO START WORKING AGAIN) 3. America owns real property worth DOUBLE WHAT WE(AMERICA) paid for it and collect reasonable interest. A good investment by any standard4. The amounts owed are set and are ready to be collected through pay role deductions ( a% of income until paid off)5. “Wall Street “ Doesn't profit ‘THE PEOPLE DO ‘6. Americans pay what they owe, and still have more disposable income7.The Banks are allowed to go back to work with a lesson learned( from taking a loss, but not as bad as it could be from vacant property)8. America then owns real property they ,WE, can sell ,at a profit, to those who NEED it with a payment they can make
9. America sees an INCREASEIN REVENUE WITHOUT INCREASING TAXES( So Americans who are not in Debt pay/risk NOTHEN)
DOWN FALLS1.The rich don't need this kind of program.2.?????
I Realize that it's not THAT sympel, BUT WOULDN"T THIS BE A GOOD PLACE TO START. I also realize that the people that make the decisions are way too busy to read every E-mail they receive. I just Hope and Pray that my Idea is HEARD and maybe even considered by congress. Thank You
Signed One of Hundreds of thousands of Americans who are about to or have already lost EVERYTHING If You agree With this Idea Please pass it on to your Congressmen, Senator, and “ President “OBAMA. That is how AMERICA is supposed to work, OUR voices can be heard if enough of U.S. speak up.
The National Enquirer has exposed a Sarah Palin scandal that, if true, threatens to derail the McCain/Palin campaign. According to the Enquirer, Palin cheated on her husband Tom with Todd’s former business partner, Brad Hanson, who at the time was a married man.
Hanson owned a snowmobile dealership with Palin’s husband Todd, who angrily dissolved the partnership after he heard about the affair, which occurred around 1996.
Hanson denies ever having an affair with the 44-year-old candidate, but his family members say otherwise
Ever since the Mortgage Meltdown started somewhere around the 04's, there has been talk about bailing out the Homeowner. But just that "a lot of talk".
But NOTHING, not even talk about those of us who already lost our homes.
Now that WE MUST BAIL OUT WALL STREET, administration officials have agreed to include mortgage help for beleguered homeowners but, nothing, not even TALK for those of us who already lost our homes.
I have nothing against help for homeowners, I just worry that is not going to be enough and I think that Congress should examine this measures and pressure the administration if they are not going to help homeowners or the funds are at risk to get lost in a beaurocratic mess; as we experienced after Katrina, believe it or not there are still victims from Katrina who have not been helped or funds still unaccounted for.
It bothers me a lot 'how quick we forget"
Just as the Katrina's victims who will never see help, the homeowners who already lost our homes to the great American mortgage meltdown, will be left out in the cold.
Like the millions of taxpayers who were left out of the stimulus package, because they did not qualify due to the existing tax laws. It amazes me to think that the administration actually made the ordinary folk believe that help was on the way. When most disabled veterans and social security recipients found out that they would not receive any money that would help them at least for that month, pay the rent or buy some extra food or clothing; they were devastated and extremely dissappointed.
The idea was good, not that it would fix the economy, but a band aid (a wet one, that is). It was the idea that it would make ordinary people believe that after its failure they would believe that the goverment did try to help ordinary people with the stimulus package but, the situation has gotten worse and now it is required to bail out Wall Street or things will get a lot worse.
The truth is this: the administration told us that this were extraordinary times that require extraordinary measures, but did not apply extraordinary ecxeptions to the existing tax laws which led to excluding social security recipients, disabled veterans and other taxpayesr who earned the amount required to qualify for the stimulus package but were claimed as dependents on someone elses return. In addition to that, the package was designed to reward with more money those who earned more money, with the max of $1200 for married couples who earned $150,000 plus $300 per child under the age of 17.
I am tired of the injustice, I am tired of watching the least fortunate always getting the dirty end of the stick.
I am not a firm believer of "conspiracy theories" although in retrospect, I have a very good one about the Iraq war.
Today, is becoming obvious that the present administration knew way in advance about the economic crisis we would face. I believe that months ago they (Bush, Paulson, Cheney and other very close players) after realizing that the Republicans did not have a chance to win the White House and, since the economy was about to take a plunge; try to prepare the American people mentally (with the stimulus package) and even more with the initial bail out of Fanney Mae and Freddy Mac and subsequently AIG.
Now that we are all brain washed, we can believe that they really need all that money, just like we believed that Dick Chaney did not have personal interest in United States invading Iraq, when now his company Halliburton is making Billions of dollars in the rebuilding of Iraq. And, I would not be surprised for a second if Halliburton would profit from the Bail Out as well as some foreign institutions.
Only in America you can imagine that the President and his Wall Street cronies are about to rob the bank and distribute the money among themselves. They figure that, with Barak Obama as president, Wall Street is not going to have a free ride, they will be regulated. So might as well take the money now and let Obama deal with the ONE TRILLION debt we will inherit and of course, there will be no money to pay for Universal Health Care or any other social programs that Senator Obama is promissing now.
Since we seem to forget so quickly, during the Obama's administration, when no money is available for those programs mentioned above, republicans will hammer on the fact that the Obama administration did not deliver; then, they will have enough inmunition to take the White House back in 2012.
They tell us that they are borrowing the money and that Wall Street is going to pay us back with interest. If they were no were around when we were loosing our homes, why should we bail them out, oh, is because if we don't there will be no money to keep business open therefore no jobs for no one.
That is call: SCARE TACTICS, republicans are very good at it, they have had plenty of practice, their motto is: keep them uneducated, sick and running scared, I have seen that all my life. I am afraid that we will eventually bail some business out, but hope that will be companies that got caught in the middle and no companies that actually caused and contributed to the crisis, we should find those accountable. If companies responsible for the crisis are rewarded with OUR MONEY, it sends the wrong message to future generations.
I would have no problem bailing out the Banks and Mortgage Companies, as long as I can have my home back.
Well, we gave you (out of your own money) alsmost 1/2 Billion with the stimulus package, why can't you bail us out with 1 Trillion plus dollars. "Folks, we can always count on the generosity of the American people" . Are we generous or stupid? Am I asking for too much when I want my house back?
It does not have to be that way, I believe that some monetary measures should be taken to correct the destructive course the Bush administration has taken our economy thru, but no ONE TRILLION OF OUR HARD EARNED TAX DOLLARS.
Let's not get fulled by the fact that our economy is about 14 Trillion dollars and, 1 Trillion is just a drop in the bucket because, we are 9 Trillion Dollars in debt; thanks to the Bush administration.
When President Clinton left office, left us with a surplus, DO WE WANT 4 MORE YEARS OF REPUBLICAN DESASTROUS POLICIES?
I got totally of the track, WHAT ABOUT US WHO ALREADY LOST OUR HOMES? if you know of anything period, related to this forgotten group of Americans, please post a coment or contact me.
God bless you and get registered to vote,
Mario Lopez
We need to get away from the same old politics of yester-year. Read my article-like speech and please let's get on the issues.
http://www.associatedcontent.com/article/1002074/changing_american_politics_and_its.html
I'm sure you've heard John McCain admitted Wednesday that he doesn’t know how many houses he owns.
If you’re tired of having a President who doesn’t understand the struggles of the middle class, get involved today and make your voice heard.
There are two ways New Hampshire:
1. Go to http://my.barackobama.com/nhoutoftouch and share your story with us. Take a picture outside of your home or apartment. Let us know how many houses you own, jobs you work, or what your heating cost will be this winter by holding up a sign. You can also send us a short 20 second video with your message.
2. Write a letter to your local papers. Go to http://my.barackobama.com/page/speakout/keepingtrack.
And on November 4th, join Republicans, Independents, and Democrats throughout the Granite State in voting for Barack Obama. New Hampshire families cannot afford four more years of a President who is out of touch with us.
Forward this to your friends and let's make the difference in New Hampshire. Spread the word!
New Hampshire for Obama.Visit http://nh.barackobama.com.
I had an amazing dream about a game show named "Who Wants to Be a President?" It was a lot like “Who Wants to Be a Millionaire?”
Tough question: "What religious sect does Iran support in Iraq?"
"Who should we call for you?”
"I'd like to call my friend Joe Lieberman."
“We have Joe on the line for you. You have 30 seconds, beginning now."
"Joe," the candidate begins, "What religious sect does Iran support in Iraq?"
"It's the Shia, John, the Shia.
"After pondering Joe's response, John answered, "Shia," and was pleased to learn he had the correct answer. He smiled, proud of himself.
Next tough question: "What is your policy regarding energy?"
“Hmmm, that is a tough one,” the candidate mumbled. "I'd like to ask the audience."
"Okay, that's your second lifeline John. We’ll ask our audience ... And the results are: Eliminate the federal excise tax on gasoline for 90 days, and drill, drill, drill."
"That sounds like a policy," John said. "I'll go with the audience's choice."
But the questions keep getting tougher. "What country does not border Afghanistan? Is it Iran, Iraq, Pakistan or Turkmenistan?
"Ugh. I wish I could call my friend, Joe."
"You've already used that lifeline. You have two lifelines remaining. You can use your 50/50 option to eliminate two of the choices, or your switch-the-question lifeline. I need to remind you that if you elect to switch the question, you may not come back to this question. You must answer the next question.
"Boy, I wish I had studied geography better. I guess there are consequences to finishing in the bottom one percent of my college graduating class. I don't think the 50/50 option will give me enough help. Let's switch the question."
"All right, we’ll switch the question. And your new question is, ‘How many homes do you and Mrs. McCain have?
"Boy, these questions don't get any easier do they? I'll have to have my staff get back to you."
Are you ready to take the White House in November? Are you really ready. This is when the fun for me begins. John McCain is trying desperately to throw Barack Obama off message with this: http://www.youtube.com/watch?v=PetxaA42OuE
I think that this needs to be tweeked a little. It shows that he is ready to lead and Barack Obama will know his way back to the White House. He goes home to one house now. How many homes do you have in the economic crisis Mr. McCain? I am still waiting for you, not your staff to answer.
Friends, we have been down for TWO (2) Presidential Campaigns. I have been an Obama supporter for years. Now I am grassrootly active. It is time to get up.
Get up for the millions of children who don't have healthcare. GET UP.
Get up for the middle class tax break that we have to restore some of the money the Bush Administration took from us to make the wealthy even more. GET UP.
We cannot complain. All the bloggers and friends in each of the groups, we are fanning the flames.
I am talking to millions who are waiting until we cannot afford the house we live in. I am asking the person who has not watched a minute of the political process to be prepared to vote.
Our groups in 15 battleground states are out working. WE CANNOT HAVE A LAPSE in judgement. Every Democratic president since WWII has brought the United States back on track and a legacy that provides America today.
We will continue the trend when we GET UP in November. See you after the Convention
Until the mortgage is paid off, the bank still technically owns our home. So my answers is, I don't even own one home.
McCains Arizona property has 6 houses on that one property! GET A GRIP already. He is out of touch with reality and has a problem counting to 7.
He left his first wiife after she became handi-capped from a car accident and gained some weight. He is not a very loyal person. Superficial and bad judgement. If he does not take his wedding vows seriously, does anyone actually think the "oath of office" will be any different?
He lied to his first wife, then divorced her. Then he lied to Cindy about his age when he first met her. If he can lie so easily to the most important person in his life TWICE, then he will do WHATEVER IT TAKES to get what he wants...lieing is not a problem for Mr. Maverick~
The McCain ad in response to the latest Obama ad ("Seven"), has no merit.
The Chicago Sun-Times report on June 18, 2007 calling Tony Rezko a top contributor to the Obama camp was written about a month before Cheryl Reed took control of the sensationalized conservative newspaper once owned by RUPERT MURDOCH.
On July 10, 2007, Reed announced that the Sun-Times would be moving away from its sensationalized conservative format based on the New York Post owned by Murdoch's News Corporation (a.k.a. FOX NEWS).
In other news, Kit Bond has launched radio ads convincing people to contact Claire McCaskill to convince people to tell her to support offshore drilling under the rouse of "secure renewable energy". Last time I checked offshore drilling was not a renewable source of energy.
In order to counter the GOPs plan to get people to blindly call Senator McCaskill, a call to Senator Bond seems in order. Gubernatoral candidate Kenny Hulshof also supports Bond and even wants to drill for oil in Missouri using the Missouri Department of Natural Resources to find oil sands in Missouri. Ask the people in Alberta, Canada how well that is working for the environment stripping the earth for resources that are in trace amounts.
Kit Bond's Washington DC number (202) 224-5721
Kit Bond's Jefferson City MO number (573) 442-8151
Kenny Hulshof's Washington DC number (202) 225-2956
Kenny Hulshof's Columbia MO number (573) 449-5111
Kenny Hulshof's Hannibal MO number (573) 221-1200
Kenny Hulshof's Washington MO number (636) 239-4001
Tell Senator Bond and Congresman Hulshof NO MEANS NO!
Renewable energy is in Wind and Solar not Oil and Nuclear!
www.youtube.com/couples22
