Feds Announce Plan to Delay Foreclose

[Warrior4g]

WASHINGTON (AP) -- The Bush administration, trying to deal with a worsening housing slump, announced a new initiative Tuesday aimed at helping homeowners about to lose their homes. For qualified homeowners, it will put the foreclosure process on hold for 30 days.
personally,30 days is just a good headline. 90 days would be very helpful. yeah,i know thats socialism but if you are going to do it,do it right. 90 days won't be the end of the world for these banks but is a lifetime for a homeowner behind on payments. 90 days can give some homeowners forget subprime,i'm talking about fixed rates. some time to sort thhings out and catch up on payments.

 

[cgtrader]

Wow I changed my opinion, what a bunch of great guys Paulson and the boys are!

 

[Ivanovich]

Quote from Warrior4g:

90 days can give some homeowners forget subprime,i'm talking about fixed rates. some time to sort thhings out and catch up on payments.

Just out of curiousity, how does it actually help them catch up on payments? I mean, the only thing this is doing - correct me if I'm wrong - is putting a hold on the foreclosure process, right? It's not giving them 3 months free living. At the end of the process, they're still going to be 3 months past due, right?

Unless it gives them their next 9 paychecks (in a biweekly pay job) up front. How does this do anything but forestall the foreclosures?

And in using the actual numbers of 30 days, isn't it just forestalling the whole disaster another 30 days?

They can't afford the house - it's just that simple. Giving them 30 days to somehow afford it isn't going to help.

 

[abducens]

The feds should pay your bills for 6 months, that would help

 

[btowntrader54]

go back to the USSR

 

[Reaver]

Quote from Ivanovich:

Just out of curiousity, how does it actually help them catch up on payments? I mean, the only thing this is doing - correct me if I'm wrong - is putting a hold on the foreclosure process, right? It's not giving them 3 months free living. At the end of the process, they're still going to be 3 months past due, right?

Unless it gives them their next 9 paychecks (in a biweekly pay job) up front. How does this do anything but forestall the foreclosures?

And in using the actual numbers of 30 days, isn't it just forestalling the whole disaster another 30 days?

They can't afford the house - it's just that simple. Giving them 30 days to somehow afford it isn't going to help.

The problem with this whole thing is that these people cannot pay their mortgages because they simply cannot afford them anymore because of their massive debt and the fact they got themselves into ridiculous loans they couldn't handle.

The people knew the whole time they wouldn't be able to afford the homes but yet they still lied about their income and bought them. Now that it's time to pay the piper, and the gummint is delaying foreclosures by 30 days...well, in 30 days they still won't be able to afford the monthly payment.

It's not like they're just a little behind and need some more time...no these people are in deep shit over their heads because of their greed...they can't afford their payments at their current level of income period. 30 days, 90 day, 120 days from now, doesn't matter, still can't afford the payments. What a ridiculous idea. Even if a miracle happened for some of them and they got some huge pay raise, they'd just go buy dumb shit and get further in debt. It's true.

Being an idiot with money is a mindset, I spoke with someone Monday who wanted an equity loan to consolidate debt. Guy made $24,000 a month and had just exceeded 30 day delinquencies on his car loans. People will rise to their level of incompetence, regardless of the income level involved. It's not like these are all honest hardworking people in hard times, these are credit maniacs who can't control themselves. Like giving a heroin addict money to go pay some bills. Yeah right. We all know where they're gonna spend the dough.

 

[Ivanovich]

Quote from SchraderTrader:

go back to the USSR

LOL! Is this to me? Two problems with your "asshatery"...

1. The USSR no longer exists.

2. I am not from Russia to begin with.

Now, why don't you tell me your real problems and we'll discuss them like men. Lie down on the couch. Tell, Dr. Ivan all about it. Begin with your mother.

Regarding Reaver's commentary: Agree 100%. I remember an old Jeff Foxworthy routine...he comes out in blue Stingray boots. And he points to them, tells everyone what they cost (something like a thousand bucks) and then says "That's what happens when you give a redneck money."

 

[bellman]

Wait... is this that serbian tennis star? What's her name? Ana Ivanovich!! You're hot, and the fact that you trade just makes you even hotter!!!!

Quote from Ivanovich:

LOL! Is this to me? Two problems with your "asshatery"...

1. The USSR no longer exists.

2. I am not from Russia to begin with.

Now, why don't you tell me your real problems and we'll discuss them like men. Lie down on the couch. Tell, Dr. Ivan all about it. Begin with your mother.

Regarding Reaver's commentary: Agree 100%. I remember an old Jeff Foxworthy routine...he comes out in blue Stingray boots. And he points to them, tells everyone what they cost (something like a thousand bucks) and then says "That's what happens when you give a redneck money."

 

[Ivanovich]

Quote from bellman:

Wait... is this that serbian tennis star? What's her name? Ana Ivanovich!! You're hot, and the fact that you trade just makes you even hotter!!!!

And I trade in my tennis skirt.

 

[S2007S]

I know I heard something about sub prime only being 1% of the subprime market, hmmmmm..... The federal reserve thought the housing market downturn wouldnt hurt the economy too much, well fast foward 2 years and look where housing and this economy is today.