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Housing bailout

What do you think of Obama's new spendilicious plan to let homeowners lower their payments? Oh, I forgot, it's only the irresponsible ones that got into crappy loans or can't make their payments now. I was responsible, as were millions of other people, I make my mortgage payments on time. I have a 6.5% interest rate. Where is my interest rate cut? Once again Obama rewards irresponsibility and shafts the people doing what they should be doing. I cant refinance because I don't have enough equity. But I can easily make my payment on my fixed rate mortgage. They get a lower rate, lower payments, possibly a principle reduction and us responsible ones get nothing? If they are going to adjust these people's mortgage rates to 5% they need to do it across the board for everyone. I'm sick of these people getting bailed out.

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Anonymous

Asked by Anonymous at 10:08 AM on Feb. 18, 2009 in Politics & Current Events

Answers (16)
  • Likewise, we're at 6.5% also and have always made payments on time. Even if that meant scrimping on groceries or not having any extra money that week. I think it's rediculous the way that the irresponsible are being rewarded.
    Slinkee

    Answer by Slinkee at 10:12 AM on Feb. 18, 2009

  • I agree 110% with you. It's a joke. Just another example of how it pays to be stupid, lazy and irresponsible in America these days. Honestly I think I am going to quit working because it seems that the lower class sure are living it up as of late.
    ashpat79

    Answer by ashpat79 at 10:12 AM on Feb. 18, 2009

  • Do you have specifics? One plan I have see will allow them to refinance thier homes at a NEW lower appraisal value. This would hurt those of us who have loans that we are paying at the old appraisal value.
    For instance, if in 2005 two nieghbors bought similar houses for $150,000. One with an ARM and one with a fixed. If the ARM house, can no longer afford their home and is at risk of losing their home. The New bailout will allow them to refinance at a new value. That new Value could be $100,000. Meanwhile the fixed rate homeowner is still paying off the $150,000 value and if they go to re sell, they are less likely to break even on selling their home.
    If there is a revised plan, I would like to see what it entails, I will have to do a little research thanks. ;)
    grlygrlz2

    Answer by grlygrlz2 at 10:26 AM on Feb. 18, 2009

  • Agree! It sucks to have lost a job or something and not be able to make your payments. But if they are going to lower payments and restructure mortgages, lower interest rates, they should lower them all. Picking and choosing if a bunch of crap. And reducing principle on any of these loans is just wrong. I have messed up royally in my life with my finances, charged outrageous interest rates on debts, but I had to claw my way out of it myself. As it should be.
    Anonymous

    Answer by Anonymous at 10:26 AM on Feb. 18, 2009

  • AGREE! When were we ever taught that we are rewarded in failure, irresponsibility, and laziness?!! How about that? Let EVERY American homeowner reduce their mortgage rate one low rate, those that have paid on time, give them a bonus, like knocking off 48 months of interest on their mortgage, reward those that have paid on time with some kind of bonus. Those that lost their jobs and are unable to pay now, (payment history shows when they couldn't pay anymore coinciding with their job loss), help them with restructuring by putting the late payments at the end of the mortgage, those that just don't pay because they should have not received a loan in the first place, (like those that were allowed to get a loan with their welfare payment) let them foreclose. imo LOL ashpat79, actually, if you do that, you'd be doing much better under this NObama welfare socialism debacle! =D

    blessed5x

    Answer by blessed5x at 10:27 AM on Feb. 18, 2009

  • Seen this on msnbc.com, cnn.com and foxnews. still trying to figure out the specifics.
    Anonymous

    Answer by Anonymous at 10:28 AM on Feb. 18, 2009

  • We're at 5.85%, (15 year fixed rate) and have no problem making our payments! Would be nice to be able to "skip" a couple of months, though! I think if the irresponsible ones (you KNOW the ones I'm talking about...those that CHOSE the no down payment, interest only ARM route) get a "free pass," those of us who DID things the right way, should either get a rebate for a couple of months worth of payments or have the option to lower our interest rates too!!! :o)

    Building the economy from the bottom up, has NEVER worked. Giving people a handout has not helped the MAJORITY of people turn their lives around. A handout is a bandaid, it doesn't solve the problem...just look at the automakers..they're back with their tin cups a couple months after getting a big fat check!
    LoriKeet

    Answer by LoriKeet at 10:29 AM on Feb. 18, 2009

  • I love the way you refer to our president as Nobama-real classy!

    My family choose NOT to purchase a house-we were approved-but we actually READ the details and choose not to! Now, people are going to be bailed out for poor choices when people like us would love a house but didn't buy one bc we made the right choice??

    BS to me.
    JennRN09

    Answer by JennRN09 at 10:30 AM on Feb. 18, 2009

  • Our local news did a story about people not making mortgage payments on purpose so they can benefit from the new stimulous. The lazy in America have got to love Democrats and Obama right now.
    Anonymous

    Answer by Anonymous at 10:40 AM on Feb. 18, 2009

  • I am curious to see what the refinance charges will be. Last time I refinanced from an ARM to a fixed, and additional 9 grand was tacked on to my mortgage. Sure my payments were lower, but in the long run I will be paying more.
    JanMarie225

    Answer by JanMarie225 at 10:41 AM on Feb. 18, 2009

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