Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

2 Bumps

Did you hear about the 50K, interest free, gvt. loan for the unemployed?




http://www.cnbc.com/id/38658978/Obama_Administration_to_Provide_3_Billion_in_Housing_Aid

 
agentwanda

Asked by agentwanda at 10:38 PM on Oct. 6, 2010 in Politics & Current Events

Level 35 (73,667 Credits)
This question is closed.
Answers (14)
  • The Treasury are using money from the $700 billion Wall Street bailout to pay its share of the program.


    It's STILL borrowed money that we (as in those of us who pay taxes) will have to pay back with interest. And our children... And their children.... What could possibly go wrong with this Federal intervention entitlement political gesture? Well let's see, Accountability lacking Barney, "Fannie and Freddie are Fine" Frank is the one responsible for this push.  That should have been the first warning flag...

    grlygrlz2

    Answer by grlygrlz2 at 11:13 PM on Oct. 6, 2010

  • That's all fine and dandy right now, but sooner or later there will be no money for those unemployed, or receiving aid from entitlement programs, because there will be no more money available as we further ourselves into the black hole of debt...And those who ARE working will be paying out the ass in taxes to take care of everyone else.
    Evansmommy91

    Answer by Evansmommy91 at 10:53 PM on Oct. 6, 2010

  • Um... maybe you don't have to make payments for two years?
    lovinangels

    Answer by lovinangels at 11:13 PM on Oct. 6, 2010

  • :/ I don't see anything good coming of this but a temporary solution for a family who are about to lose their home...a very temporary solution
    Evansmommy91

    Answer by Evansmommy91 at 11:13 PM on Oct. 6, 2010

  • From link:
    It will provide homeowners with emergency zero-interest rate loans of up to $50,000 for up to two years.
    The Treasury are using money from the $700 billion Wall Street bailout to pay its share of the program.

    In case people won't read and just proceed to bashing.
    parrishsky

    Answer by parrishsky at 10:42 PM on Oct. 6, 2010

  • "But if you already can't pay your mortgage, how in the world are you going to be able to pay this back in TWO years? Seriously?"

    I just read that; so the people who are given this loan are expected to pay it back 2 years later? What happens if they can't? Do they start charging interest?
    Evansmommy91

    Answer by Evansmommy91 at 10:57 PM on Oct. 6, 2010

  • Where they get the money doesn't matter. We knew that slush fund was going to we wasted. All they are doing is wasting borrowed money. The first 2 housing helpers didn't work and this won't either. I don't know what their motivation is for doing this other than to LOOK compassionate. They know what happens when the money dries up. Like the $8000 for homes or the $3000 for cars the cons outweigh any short term benefits.
    Some people will take from the government as long as it is offered without a thought for what it will do to them or the country in the long run. If you are losing your home you are most likely unemployed and if I was unemployed I would never take out a loan knowing I couldn't pay for it. Of course maybe they are hoping they will never have to pay it back, and with this administration, that is a real possibility.
    itsmesteph11

    Answer by itsmesteph11 at 8:23 AM on Oct. 7, 2010

  • agentwanda

    Comment by agentwanda (original poster) at 10:39 PM on Oct. 6, 2010

  • When I heard about it on the news, they said you would have to be 3 months behind on your mortgage, which is obviously at the point of foreclosure but I don't see that in this article, or I missed it…

    But if you already can't pay your mortgage, how in the world are you going to be able to pay this back in TWO years? Seriously?
    agentwanda

    Comment by agentwanda (original poster) at 10:51 PM on Oct. 6, 2010

  • I think they are trying to cover their butts because of the foreclosure dilemma they have gotten themselves into.  Foreclosing on folks without reading the documents was not a really good plan...


      http://www.cbsnews.com/stories/2010/10/01/ap/business/main6919361.shtml

    agentwanda

    Comment by agentwanda (original poster) at 11:01 PM on Oct. 6, 2010

close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN