Obama to pay homeowners to leave

[KINGOFSHORTS]

This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.

Under the new program, the servicing bank, as with all modifications, will get $10,000. Another $10,000 can go toward a second loan, if there is one. And for the first time the government would give money to the distressed homeowners themselves. They will get $10,500 in “relocation assistance.”



http://www.cnbc.com/id/35762827

 

[nazzdack]

Quote from KINGOFSHORTS:
This latest program......has defied solutions.

Participants in the program must promise to only vote for Democratic candidates in the future!

 

[sumfuka]

Just in time for the hyper-inflationary dollars to hit the market. Hopefully it works.

http://www.fyoq.com/2010/03/07/new-design-of-100-dollar-bill-to-be-introduced-in-us-90261/

 

[wave]

The article referenced reads $1,500 not $10,500. Government realizing how bad housing will get. I doubt $1,500 will entice folks to move on.

 

[wave]

The failure of this program as well will fuel the fire. Folks have no clue what is ahead. S&P 200 buy of a lifetime.

 

[crgarcia]

Quote from KINGOFSHORTS:

This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.

Under the new program, the servicing bank, as with all modifications, will get $10,000. Another $10,000 can go toward a second loan, if there is one. And for the first time the government would give money to the distressed homeowners themselves. They will get $10,500 in “relocation assistance.”



http://www.cnbc.com/id/35762827

Not clear who gets the losses
The gov't?
The bank?

 

[Misthos]

Just more proof of the notion that the government has zero game plan. There is a complete and utter loss of control.

They are truly winging it, and that, to me, is what's most alarming.

 

[S2007S]

Damn this just keeps getting better and better, unfuckingbelievable.


The entire housing market is completely upside down along with the entire economy.

 

[Mav88]

Just more proof of the notion that the government has zero game plan

incorrect, the game plan is keep power at all costs

 

[Lethn]

Am I the only one who just wants the damn economy to crash? I'm sick of holding my breath at the moment >_< Sure it'll be a bad thing and there probably is going to be chaos soon enough but I bet everyone will be better off than watching this bullshit constantly being shoveled.