The Obama admin wants you to know they’re here to help with mortgage payments

posted at 11:21 am on December 12, 2012 by Erika Johnsen

The Obama administration is launching a brand-new public service announcement to tout Treasury and Housing & Urban Development‘s joint initiative to help progress “the Obama Administration’s broad strategy to help homeowners avoid foreclosure, stabilize the country’s housing market, and improve the nation’s economy.” Via Politico:

“While communities across the country are beginning to recover from an unprecedented housing crisis, too many families are still struggling with their mortgage payments and are unsure of where to turn for help,” said Treasury undersecretary for domestic finance Mary Miller in a statement. “Millions of homeowners have gotten help to avoid foreclosure since 2009. We want to make sure struggling homeowners know today that there are free government resources available to help homeowners avoid foreclosure.” …

The ad emphasizes an Obama administration housing initiative called the Making Home Affordable Program that allows homeowners a way to lower their monthly payments, avoid foreclosure or temporarily suspend their mortgage payments.

“Making home affordable is a free government program.” Is that a huge, glaring red flag for anybody else? I realize that these are tough times and there are many people undergoing real material hardship, but remember what happened when decades of the federal government’s meddling in the housing market came to a head, just a few years ago? I believe we call that little ol’ occurrence, the financial meltdown. The feds’ housing-policy apparatuses are already in dire straits, and as much as Obama just loves to talk about ‘not going back to the same policies that got us here in the first place,’ he is remarkably committed to furthering the government’s self-imposed role in providing politically-edged financial services that the private sector is much better at administering.

But that is not the whole story.  Chapter 2 of the story is the “affordable housing” policies going back many years, spawned by liberals and progressives.  These increasingly extreme and unbalanced policies began the housing bubble even before the Fed’s miscalculations starting in 2001.  Moreover, because of these affordable housing policies, when the bubble burst, and housing prices stopped rising and started deep declines, the resulting damage was far worse. …

The big problem wasn’t caused just by loans to low income borrowers.  The problem was that once lending standards were trashed for these borrowers, they couldn’t be maintained for more creditworthy borrowers.  This let more well-heeled speculators in on the scam, now able to qualify for highly speculative mortgages they could not have qualified for previously.  That vastly expanded the resulting credit risk vulnerabilities for the financial system, and vastly pumped up the housing bubble far more.


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Nice stereotype. Are they all black too?
 
lostmotherland on December 12, 2012 at 11:43 AM

 
Oh, and if this was a corporation. Why, of course. How much you need?
 
lostmotherland on December 12, 2012 at 11:44 AM

 

Ha ha, that’s just like the black people talk, good one!
 
bayam on October 18, 2012 at 9:30 AM

rogerb on December 12, 2012 at 1:42 PM

“I realize that these are tough times and there are many people undergoing real material hardship, but . . .”

Typical conservative.

lostmotherland on December 12, 2012 at 11:34 AM

Stop giving the honkies all that money!

Ward Cleaver on December 12, 2012 at 1:52 PM

govt caused the housing collapse, and now they think they can fix it with ‘free’ help, insanity…

burserker on December 12, 2012 at 1:56 PM

In a very short period of time…

… we will all be looking back at only being +$16.3 Trillion dollars in debt as the ‘good ‘ole days’.

Seven Percent Solution on December 12, 2012 at 1:59 PM

I’m old school and I have a really hard time asking anyone for help. I like receiving presents, but there is nothing like the feeling you get when you accomplish something on your own.

bandutski on December 12, 2012 at 12:59 PM

I get it, and it’s hard for people like you, that’s an attribute…but you didn’t bring this on yourself, the politician’s screwed the pooch…everything works better when politicians do nothing.

But I am telling you, there is plenty of money to help those in need, and that is one thing I would never want to cut back…disabled, battered women, forgotten children, and many people caught in a transition period of life…if helped they are back on their feet, giving back to society…it does not good keeping good people down.

I am with you, for whatever that is worth, and my prayers for you…you deserve everything that is given to you, if you have given everything you have in the past.

right2bright on December 12, 2012 at 2:09 PM

“I realize that these are tough times and there are many people undergoing real material hardship, but . . .”

Typical leftist.

lostmotherland on December 12, 2012 at 11:34 AM

Schadenfreude on December 12, 2012 at 2:30 PM

“Oh, and if this was a corporation. Why, of course. How much you need?” — Obama, any time

lostmotherland on December 12, 2012 at 11:44 AM

Schadenfreude on December 12, 2012 at 2:32 PM

P.S. Keep working I am depending on you…

right2bright on December 12, 2012 at 11:29 AM

Starve the Looters, always, but don’t become a Moocher. They are modern day slaves, in the Obama plantations, for votes only. The fools just don’t know it. Otherwise they’d pitchfo*k their masters.

Schadenfreude on December 12, 2012 at 2:34 PM

I would like to know if I can re-borrow the $12,000 in student loans I paid off in 2010.

Then I want a bailout.

That’s what I want.

Money.

cane_loader on December 12, 2012 at 2:34 PM

But guess which group you all kvetch about? “Free stiff” seems only to enter your lexicon when it’s applied to black people, brown people, poor people, and union members. Not Wall Street.

lostmotherland on December 12, 2012 at 12:13 PM

Liar

Schadenfreude on December 12, 2012 at 2:36 PM

Victim Nation.

reaganaut on December 12, 2012 at 2:37 PM

Why has no one in either party offered a national sales tax (to replace the income tax, not supplement it)?

Answer: Can’t have class warfare without an income tax, and that means politicians would have to campaign on merit, not rhetoric.

A physical impossibility.

BobMbx on December 12, 2012 at 1:26 PM

The VAT is only so many months away, in addition to all the other taxes. That one will be an across the board punishment.

Schadenfreude on December 12, 2012 at 2:37 PM

Victim Nation.

reaganaut on December 12, 2012 at 2:37 PM

The once freest people are not the most stupid and indecent.

The rotw used to enfy and respect/fear the US. Now they just laugh.

Schadenfreude on December 12, 2012 at 2:38 PM

“I realize that these are tough times and there are many people undergoing real material hardship, but . . .”

Typical conservative.

lostmotherland on December 12, 2012 at 11:34 AM

Is home ownership in the constitution? I missed it – if you could direct me it’d be greatly appreciated.

Also, is there an amendment that says that the taxpayers are to guarantee home ownership?

Thanks!

kim roy on December 12, 2012 at 2:42 PM

One of the secretaries (er, sorry… administrative assistants) in my group loves her some 0bamacare. Her husband has a long term medical condition that requires a lot of treatment, much of it experimental.

I wonder if she would still like 0bamacare if she understood that it’s a mandate and not “free” insurance provided by the government (not just yet, anyway). I’ll be asking her again in a couple of years how her insurance premiums were affected by the law, and if she still gets any experimental treatments at reduced rates from hospitals and doctors.

UltimateBob on December 12, 2012 at 12:14 PM

Ask her about wait lists. She’ll learn to love that one, especially if husband is chronic.

She honestly thinks that a board of bureaucrats will allow “experimental” treatment on the teat? HAHAHAHAHAHAHAHA

Socialized medicine is wonderful until you need to use it.

kim roy on December 12, 2012 at 2:48 PM

But the Obama Administration did NOT want the citizens of New Jersey to know about this UNTIL AFTER THE ELECTION!

BREAKING NEWS!!!

Gov’t arrests illegal immigrant Senate intern, Departmet of Homeland Security directed federal agents not to arrest him until AFTER THE ELECTION.

WASHINGTON (AP) — U.S. Sen. Robert Menendez employed as an unpaid intern in his Senate office an illegal immigrant who was a registered sex offender, now under arrest by immigration authorities, The Associated Press has learned. The Homeland Security Department instructed federal agents not to arrest him until after Election Day, a U.S. official involved in the case told the AP.

Resist We Much on December 12, 2012 at 2:50 PM

The once freest people are not the most stupid and indecent.

So if that’s really how you feel, why give a Sh*t?

lostmotherland on December 12, 2012 at 3:12 PM

Schadenfreude

Nope.

lostmotherland on December 12, 2012 at 3:12 PM

right2bright on December 12, 2012 at 2:09 PM

Thank you right2bright. Every place I have worked I was promoted the fastest, and all my co workers said that I was the hardest worker. They said that to my bosses, it was never solicited. Whenever I left a job, I usually took people with me who said that they would no longer work for a company without me as their boss. That is really no credit to me as I had great employees.
As a matter of fact, one day my boss called me in to say what a great job I was doing. I replied that it was because of my employees. He said “You don’t understand, I am telling YOU that you are doing a great job.” I said “I do understand and I thank you, but I couldn’t do this job without the people working for me.” He just gave me a disgusted look and walked away. I never did get along with my bosses very well.

bandutski on December 12, 2012 at 3:14 PM

But guess which group you all kvetch about? “Free stiff” seems only to enter your lexicon when it’s applied to black people, brown people, poor people, and union members. Not Wall Street.

lostmotherland on December 12, 2012 at 12:13 PM

Which, obviously, explains why 2/3rds of Democrats and only 1/3rd of Republicans voted to bailout the banks the first time that it was put before the house on 28 September 2008…

I would — TODAY — eliminate ALL welfare and subsidies of each and every kind.

Any idea why the Obama administration has announced that it will not be going after Jon Corzine or anyone from Goldman-Sachs for fraud and securities’ law violations?

Resist We Much on December 12, 2012 at 3:22 PM

The once freest people are not now the most stupid and indecent.

Thank you for the correction, the one who’s motherland is lost.

Schadenfreude on December 12, 2012 at 3:33 PM

So if that’s really how you feel, why give a Sh*t?

lostmotherland on December 12, 2012 at 3:12 PM

We don’t … anymore. That’s why we want you people to have everything you want. Take it all. Take the money, close down the businesses you hate, open the borders, borrow as much as the Chinese will let you have. Once you’ve taken everything there won’t be anymore so live it up while you can.

You’re on your own.

darwin on December 12, 2012 at 3:34 PM

We don’t … anymore. That’s why we want you people to have everything you want. Take it all. Take the money, close down the businesses you hate, open the borders, borrow as much as the Chinese will let you have. Once you’ve taken everything there won’t be anymore so live it up while you can.

You’re on your own.

darwin

OK thanks. Will you please just now STFU about it?

lostmotherland on December 12, 2012 at 3:35 PM

Any idea why the Obama administration has announced that it will not be going after Jon Corzine or anyone from Goldman-Sachs for fraud and securities’ law violations?

Resist We Much on December 12, 2012 at 3:22 PM

Or why his innauguration will be funded with unlimited corporate contributions? Meh, don’t point out that the leftists are the biggest hypocrites on Earth.

Plus, this, and this.

Schadenfreude on December 12, 2012 at 3:36 PM

Will you please just now STFU about it?

lostmotherland on December 12, 2012 at 3:35 PM

This is so non-egalitarian and non-enlightened, especially from the Utopian leftists who preach it as the day is long.

Yeppers, you are never liberal, free or progressive, never, except when you promote your thuggery, you charlatans.

Contrary to darwin, I’ll make you starve, you incredible fools.

Schadenfreude on December 12, 2012 at 3:38 PM

You can’t afford a home, rent. Basta.

No one owes you a thing, you leeches of the world, you bloodsuckers!!!

Suffocate of shame and indecency.

Schadenfreude on December 12, 2012 at 3:41 PM

OK thanks. Will you please just now STFU about it?

lostmotherland on December 12, 2012 at 3:35 PM

Why? You asked the question. You know, I might even join your side just to speed things up. I’ve never acted like a selfish, mindless idiot before … can you give me some tips? Like what are some good chants?

darwin on December 12, 2012 at 3:42 PM

lostmotherland on December 12, 2012 at 3:35 PM

Wow, you are pathetic.

tom daschle concerned on December 12, 2012 at 3:51 PM

can you give me some tips? Like what are some good chants?

darwin on December 12, 2012 at 3:42 PM

“Gimme, gimme, gimme”

Schadenfreude on December 12, 2012 at 3:52 PM

You’re on your own, fools

Schadenfreude on December 12, 2012 at 3:56 PM

But guess which group you all kvetch about? “Free stiff” seems only to enter your lexicon when it’s applied to black people, brown people, poor people, and union members. Not Wall Street.

lostmotherland on December 12, 2012 at 12:13 PM

No, we have a problem with bailing out Wall Street, banks and other concerns as well. We don’t buy the “too big to fail” argument used by both parties.

I do agree that not all of these mortgage failures are due to those who foolishly went into debt way above their means-many simply lost their jobs.

Long story short, our economy is contracting and we believe that it’s a certainty that the government can neither keep bilking those who do have above a modest income nor keep printing money without there being dire consequences.

Dr. ZhivBlago on December 12, 2012 at 3:58 PM

It ain’t about nothing unless I get a free big screen too.

FireBlogger on December 12, 2012 at 3:59 PM

BUDGET DEFICIT SKYROCKETS TO $172B IN NOV, UP $52B FROM OCT…

Resist We Much on December 12, 2012 at 4:08 PM

Pay my mortgage, America.

FlatFoot on December 12, 2012 at 4:10 PM

Working the system – Ford Dealer’s report:

One of my salesmen here had a woman in his office yesterday wanting to lease a brand new Focus.
As he was reviewing her credit application with her he noticed she was on social security disability.
He said to her you don’t look like you’re disabled and unable to work.
She said well I’m really not. I could work if I wanted to, but I make more now than I did when I was working and got hurt (non-disabling injury).
She said the gov’t sends her $1500.00 a month in 1 check. And she gets $700.00 a month on an EBT card (food stamps), and $800.00 a month for rent. Oh yeah, and 250 minutes free on her phone. That is just south of $3500.00 a month. When she was working, she was taking home about $330.00 per week.
Do the math and then ask yourself why the hell should she go back to work.
If you multiply that by millions of people, you start to realize the scope of the problem we face as a country.
Once the socialists have 51% of the population in that same scenario, we are finished.
The question is when do we cross that threshold if we haven’t already, and there are not enough people working to pay enough taxes to support the non-working people?

The threshold has been passed.

Starve the Looters.

Schadenfreude on December 12, 2012 at 4:19 PM

S/b in quotes

One of my salesmen here had a woman in his office yesterday wanting to lease a brand new Focus.
As he was reviewing her credit application with her he noticed she was on social security disability.
He said to her you don’t look like you’re disabled and unable to work.
She said well I’m really not. I could work if I wanted to, but I make more now than I did when I was working and got hurt (non-disabling injury).
She said the gov’t sends her $1500.00 a month in 1 check. And she gets $700.00 a month on an EBT card (food stamps), and $800.00 a month for rent. Oh yeah, and 250 minutes free on her phone. That is just south of $3500.00 a month. When she was working, she was taking home about $330.00 per week.
Do the math and then ask yourself why the hell should she go back to work.
If you multiply that by millions of people, you start to realize the scope of the problem we face as a country.
Once the socialists have 51% of the population in that same scenario, we are finished.
The question is when do we cross that threshold if we haven’t already, and there are not enough people working to pay enough taxes to support the non-working people?

Schadenfreude on December 12, 2012 at 4:20 PM

“Free stiff” seems only to enter your lexicon when it’s applied to black people, brown people, poor people, and union members. Not Wall Street.

lostmotherland on December 12, 2012 at 12:13 PM

Yeah so what. The blacks, browns, poor and union members are all liberals and thus godless commie bastards directly responsible for the destruction of this great nation.
What was your point anyway?

Meow on December 12, 2012 at 4:40 PM

Now what about help with my car payment, car insurance, house insurance, electric bill, water bill, cable and phone bill….. :-P

ThePrez on December 12, 2012 at 4:41 PM

I still can’t figure out why we would “help” with mortgages that they can’t afford. How about they help themselves by selling the house they can’t afford and buying one they can afford? I realize some of those people may be underwater on their mortgage, but that’s the risk you take when buying property. It sucks, but you pay it off eventually, you learn from your mistake, and you move on.

Personal responsibility and learning from your mistakes… I realize that’s crazy talk in today’s America.

gravityman on December 12, 2012 at 5:05 PM

We bought our home in 1994, have made payments faithfully for 17yrs.

Our home is now worth less(not even taking into account the $50K in improvements) than we paid according to Zillow.

I’ve already paid for their irresponsibility for buying something they couldn’t afford, I certainly do not want to pay for someone else’s mortgage.

Barred on December 12, 2012 at 5:22 PM

One of my salesmen here had a woman in his office yesterday wanting to lease a brand new Focus.
As he was reviewing her credit application with her he noticed she was on social security disability.
He said to her you don’t look like you’re disabled and unable to work.
She said well I’m really not. I could work if I wanted to, but I make more now than I did when I was working and got hurt (non-disabling injury).
She said the gov’t sends her $1500.00 a month in 1 check. And she gets $700.00 a month on an EBT card (food stamps), and $800.00 a month for rent. Oh yeah, and 250 minutes free on her phone. That is just south of $3500.00 a month. When she was working, she was taking home about $330.00 per week.
Do the math and then ask yourself why the hell should she go back to work.
If you multiply that by millions of people, you start to realize the scope of the problem we face as a country.
Once the socialists have 51% of the population in that same scenario, we are finished.
The question is when do we cross that threshold if we haven’t already, and there are not enough people working to pay enough taxes to support the non-working people?

The threshold has been passed.

Starve the Looters.

Schadenfreude

Liar.

lostmotherland on December 12, 2012 at 5:51 PM

We bought our home in 1994, have made payments faithfully for 17yrs.

Our home is now worth less(not even taking into account the $50K in improvements) than we paid according to Zillow.

I’ve already paid for their irresponsibility for buying something they couldn’t afford, I certainly do not want to pay for someone else’s mortgage.

Whose fault is this? Bank of America’s, most likely. Certainly not some fictional lady on disability.

lostmotherland on December 12, 2012 at 5:52 PM

Liar.

lostmotherland on December 12, 2012 at 5:51 PM

Hey moron, this is what you people wanted. A life completely subsidized by other people.

Don’t worry, you’re gonna get bitten in the ass soon enough. Will we accept your profuse apologies and welcome you?

Of course.

In the meantime you’ll just have to continue to be a moron until you finally wake up.

darwin on December 12, 2012 at 5:55 PM

What other initiatives can they think of to give away more money? How about a clothing initiative, a shoe initiative, a tire initiative, a transportation initiative for those who have to drive to work or transport their kids to soccer practice, a baby sitter initiative for those who want someone to watch their kids at night? There will be no end to what this administration will give away and the progressives love it because it ties people closer to them because they can not bear to give up the free gifts.

Will we ever get back to a society that realizes what responsibility is and self reliance? I think perhaps not.

Pardonme on December 12, 2012 at 5:55 PM

Whose fault is this? Bank of America’s, most likely. Certainly not some fictional lady on disability.

lostmotherland on December 12, 2012 at 5:52 PM

All our problems have been caused by government. All of them.

darwin on December 12, 2012 at 5:56 PM

Now what about help with my car payment, car insurance, house insurance, electric bill, water bill, cable and phone bill….. :-P

ThePrez on December 12, 2012 at 4:41 PM

When the cost of electricity “necessarily skyrockets” I’m sure that grifters’ subsidies for utilities will explode. Maybe we can call it “Obamapower”.

slickwillie2001 on December 12, 2012 at 5:58 PM

Liar.

lostmotherland on December 12, 2012 at 5:51 PM

I love it when you reprobates act you you are arbiters of morality or truth.

Can’t wait till you are stuffing boxcars and fire up the Klieg lights.

Fun for all.

tom daschle concerned on December 12, 2012 at 6:02 PM

Working the system – Ford Dealer’s report:

One of my salesmen here had a woman in his office yesterday wanting to lease a brand new Focus.
As he was reviewing her credit application with her he noticed she was on social security disability.
He said to her you don’t look like you’re disabled and unable to work.
She said well I’m really not. I could work if I wanted to, but I make more now than I did when I was working and got hurt (non-disabling injury).
She said the gov’t sends her $1500.00 a month in 1 check. And she gets $700.00 a month on an EBT card (food stamps), and $800.00 a month for rent. Oh yeah, and 250 minutes free on her phone. That is just south of $3500.00 a month. When she was working, she was taking home about $330.00 per week.
Do the math and then ask yourself why the hell should she go back to work.
If you multiply that by millions of people, you start to realize the scope of the problem we face as a country.
Once the socialists have 51% of the population in that same scenario, we are finished.
The question is when do we cross that threshold if we haven’t already, and there are not enough people working to pay enough taxes to support the non-working people?

The threshold has been passed.

Starve the Looters.

Schadenfreude on December 12, 2012 at 4:19 PM

That’s explained graphically in this article: The Tragedy of America’s Welfare State

It doesn’t pay to work, so expect fewer people to be interested in contributing anything to our country.

slickwillie2001 on December 12, 2012 at 6:03 PM

OK thanks. Will you please just now STFU about it?

lostmotherland on December 12, 2012 at 3:35 PM

Never. And we will be around to say we told you so when it all comes crashing down around your ears, too.

Night Owl on December 12, 2012 at 6:04 PM

Hey moron, this is what you people wanted. A life completely subsidized by other people.

Don’t worry, you’re gonna get bitten in the ass soon enough. Will we accept your profuse apologies and welcome you?

Of course.

In the meantime you’ll just have to continue to be a moron until you finally wake up.

darwin on December 12, 2012 at 5:55 PM

There’s an upside for the moron there. That woman is now a hardcore democratic party voter. If someone gets a job there’s a chance they become republicans. If they stay grifters, no chance whatsoever.

slickwillie2001 on December 12, 2012 at 6:06 PM

When Work Is Punished: The Tragedy Of America’s Welfare State

Exactly two years ago, some of the more politically biased progressive media outlets (who are quite adept at creating and taking down their own strawmen arguments, if not quite as adept at using an abacus, let alone a calculator) took offense at our article “In Entitlement America, The Head Of A Household Of Four Making Minimum Wage Has More Disposable Income Than A Family Making $60,000 A Year.” In it we merely explained what has become the painful reality in America: for increasingly more it is now more lucrative – in the form of actual disposable income – to sit, do nothing, and collect various welfare entitlements, than to work. This is graphically, and very painfully confirmed, in the below chart from Gary Alexander, Secretary of Public Welfare, Commonwealth of Pennsylvania (a state best known for its broke capital Harrisburg). As quantitied, and explained by Alexander, “the single mom is better off earnings gross income of $29,000 with $57,327 in net income & benefits than to earn gross income of $69,000 with net income and benefits of $57,045.”

tom daschle concerned on December 12, 2012 at 6:07 PM

This likely bought a lot of votes. I was saturated with flyers pushing this weeks before the election. I own my home. So I get to pay for this.

BullShooterAsInElk on December 12, 2012 at 6:19 PM

I can’t find it now, but there was a piece the other day about the FHA losing $58 billion on these loans, since 2009. Technically, the FHA is now insolvent, but the government lets them continue.

J_Crater on December 12, 2012 at 6:27 PM

Taxpayers may have to bail out the Federal Housing Administration (FHA) because the agency will exhaust its capital reserves and already faced a $13.5 billion deficit at the end of September.

The agency’s independent audit will be released Friday, conveniently after President Barack Obama’s reelection, and it will show that the FHA does not have enough money to pay for expected losses of $1.1 trillion in loans the agency has guaranteed.

This will be the first time in the agency’s 78-year history it will need to be bailed out.

According to the audit, “while the FHA currently has reserves of $25.6 billion, it will lose $39 billion on the loans it has guaranteed, leading to the $13.5 billion deficit.”

FHA has backed mortgages of home buyers who pay as little 3.5% down. In 1951, the average down payment on mortgages the FHA backed was 18% and, as a result, there were considerably fewer defaults. Though the FHA “is required by law to maintain reserves equal to 2% of its total loan guarantees,” the agency’s reserves last year stood at 0.1% of all loan guarantees.

Because taxpayers bailed out Fannie Mae and Freddie Mac and already back nearly nine in 10 new mortgages, the report will again highlight how inefficiently and wastefully government spends taxpayer dollars.

The decision to potentially bail out the FHA will not be made until next February. But because the FHA has “permanent and indefinite” budget authority, it will not have to ask Congress for bailout money and would automatically receive the funds from the U.S. Treasury if the Obama administration decides bail out the agency.

J_Crater on December 12, 2012 at 6:29 PM

More bullsh!t from this guy. Let me tell you how the “making home affordable” programs work: banks get a flat fee from the government for every mortgage modification application they process. Process, not grant. So they make you apply over and over again, telling you they lost the paperwork or time ran out of whatever crap excuse they pick that day. If you’ve been making payments, they tell you to stop or to pay less so you “qualify” for their program. Then once you’ve complied with their orders and turned in all your paperwork, they deny your application to modify, they charge penalties and interest on the payments or portion thereof you didn’t make because they told you not to make them, and demand that you bring your account 100% current (principal, interest, penalties and fees) within 30 days or they foreclose. They are not bound by anything they tell you over the phone, they refuse to put anything in writing, they tell you they’re not going to foreclose when they are in the process of foreclosing, and it’s all a scam to run up the application figures so the lenders can cash in. It’s absolutely awful, much worse than just declaring bankruptcy. And now they want to expand the program? I like attorney full-employment acts as much as the next lawyer but this is pointless and destructive.

alwaysfiredup on December 12, 2012 at 6:48 PM

I’m going Galt.

the new aesthetic on December 12, 2012 at 7:39 PM

I’ve already paid for their irresponsibility for buying something they couldn’t afford, I certainly do not want to pay for someone else’s mortgage.

 
Whose fault is this? Bank of America’s, most likely. Certainly not some fictional lady on disability.
 
lostmotherland on December 12, 2012 at 5:52 PM

 
Weird. It’s almost like you don’t understand contracts, debt ratios, inflation, and market saturation at all.

rogerb on December 12, 2012 at 7:50 PM

Lostmotherland I think has become the lamest dumbest troll. Wow. Not much there.

CW on December 12, 2012 at 8:43 PM

So, I don’t make a lot of money. I bought a house that was within my means. It cost $44,000. It doesn’t have central heat and air. One of the floors is sunken in a bit. The electricity on it needs to be rewired. However, this house is within my meager means and once I have it paid off in five more years (ten total), then I can put the money into fixing it up. It was a wise move.

So, some guy two streets over from me makes the same amount of money that I do. He buys a house that is well out of his means, say for $90,000. It was a foolish move. He ends up in way over his head in debt. However, the government will help to bail him out.

Thus, since I made a wise decision and live in a much crappier home than the person who made a foolish decision and bought well above his means, I am forced to subsidize his foolish decisions. This guy may make more than I do. He definitely lives in a nicer house than I do and I am penalized for doing the right thing and he is rewarded for doing the wrong thing.

This is why things are so screwed up these days. You can’t keep rewarding foolish behavior and punishing wise behavior and expect people to do the right thing. Eventually, everybody will do the screwed up stuff because it rewards them and then there is nobody left to support the poor behavior. This is perverse.

Theophile on December 12, 2012 at 9:12 PM

lostmotherland on December 12, 2012

…just change your handle too dumba$$…and you’ll be good!

KOOLAID2 on December 12, 2012 at 10:36 PM

I can’t pay my mortgage, I’m frozen and can’t do anything, help!!

Dollayo on December 12, 2012 at 10:51 PM

Whose fault is this? Bank of America’s, most likely. Certainly not some fictional lady on disability.

lostmotherland on December 12, 2012 at 5:52 PM

No, it is because the government forced banks to give loans to people that didn’t qualify for them!

Barred on December 12, 2012 at 11:45 PM

I’m not addressing this to lostinfantisyland or whatever her handle is, but to everyone else who still thinks Ayn Rand was a libertarian. She was a pragmatist – someone who does that which works the best. She observed that free-market economics worked out the best for the most in the long run.

She also stated, and I’ll have to find the link for this later, to the effect that if you qualify for a gov’t program, you’d be foolish not to take advantage of it. Just realize what you’re doing and don’t allow yourself to be chained to it.

that there’s the tricky part…

Ace ODale on December 13, 2012 at 8:38 AM

Lostmotherland I think has become the lamest dumbest troll. Wow. Not much there.

CW

LOL. Coming from you, that’s a complement.

lostmotherland on December 13, 2012 at 10:05 AM

This is true. No wonder Santa Obama won reelection…using our tax dollars.

We personally know a man who makes a great living and lives in a million plus home who also owned a rental condo that was $60,000 under water. He was in the process of walking on it until he got a call from the “bank.” They offered, he bragged, to reduce his indebtedness to $20,000 if he would resume payments, forgiving the remaining 40 grand. He said he’d have been a total fool to turn it down, and laughed it all off. This is a very well-off individual who owns a cash business who has always hid a good bit of income. He was even told tO remember that this boon was ‘courtesy of Barack Obama.’

Think of this happening gazillions of times, and it’s no mystery how O got reelected.

marybel on December 13, 2012 at 10:40 AM

Another billion $$ plus government waste, market interference program. The power and destruction never end for leftists.

arand on December 13, 2012 at 11:01 AM

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