Senator Obama Lays out Housing Policy - Third in a Series

RE:Senator Obama Lays out Housing Policy - Third in a Series

Douglas M. Thomson Sr. — Wed, 16 Apr 2008 11:00:00 GMT

Today I signed my Loan Modification Agreement with Countrywide Bank. Countrywide Home Retention Department received approval for my loan modification at an interest rate of 4.25% fixed for 30 years. It took 4 months and 3 weeks to get to this point. The loan amount owed did not change at this date. My new loan payment did increase about $600.00 per month. However the new payment does not add the additional $1580.00 per month on average to the loan balance every month. The original interest rate was 7.25% and the investor guideline allowed the modification down 3% below the current interest rate. This is great if you can prove that you are able to make the new loan payment. I will send an update once the loan modification is complete.

RE:Senator Obama Lays out Housing Policy - Third in a Series

patrick — Mon, 14 Apr 2008 11:00:00 GMT

The saddest thing EVEr is reading all of you debating over who to elect and how they will help us. If you don't know this already take a true conservative's advice........the minute you debate over who in the government is best fit to help our economy you have already lost. Only you can help you. relying on a politician is like asking a child molester to babysit.

RE:Senator Obama Lays out Housing Policy - Third in a Series

Markus — Mon, 14 Apr 2008 11:00:00 GMT

Want the housing crash to end tomorrow? Do not intervene. Let home values come down in alignment with existing real and local median incomes. Let banks and mortgage lenders who based their entire business strategy on no doc lending to fail and allow new entrants to take their place. Regulate homebuilders who utilized bribery to get realtors to sell their homes at given prices, and kept right on building. Institute federal and state regulations of realtors so that they operate under a true code of ethics not some Mickey Mouse self-declaration crap. Also, encourage change in the customary commission structure for realtors to be paid based on flat rates of service rather than based on home sales price. Regulate mortgage lenders more strictly. Allow people to declare banruptcy more easily, rebuild their lives and move on. DO NOT RAISE TAXES.

RE:Senator Obama Lays out Housing Policy - Third in a Series

Purple Flash — Sat, 05 Apr 2008 11:00:00 GMT

I only have one thing to say... NO TAX PAYER BAILOUTS OF ANY FORECLOSURES!!! NO Dederal Gaurantee's of Bad loans!

RE:Senator Obama Lays out Housing Policy - Third in a Series

mary l — Fri, 04 Apr 2008 11:00:00 GMT

I was a huge Obama fan until I discovered that his housing proposals reek of elitism. The Democrats, on the whole, have let me down with their proposals to support the landed gentry with tenants' tax money. The 31 percent of the population that cannot afford property is bleeding and the so-called progressives want to apply leeches. Aside from the shameless bailout proposals, Obama wants to give even more tax breaks to mortgage-holders. He wants to let people in low-tax, low-cost states who don't itemize get the standard dediction AND a tax credit for their mortgage interest. Guess who gets to pay for that? Non-property owners.

RE:Senator Obama Lays out Housing Policy - Third in a Series

steve g — Fri, 04 Apr 2008 11:00:00 GMT

As for the mortgage crisis and foreclosures, is it me or is the tail now wagging this dog furiously? Yes, foreclosures are up, but what about those who are NOT in foreclosure? What about those who are paying their bills and honoring their agreements? Are we perhaps moving this corrective action too far in one direction? How about some consideration for the true (red, white and) blue homeowners?

RE:Senator Obama Lays out Housing Policy - Third in a Series

Harley — Fri, 04 Apr 2008 11:00:00 GMT

These unemployment numbers are bogus! It's really laughable how the censured media (MSNBC, FOX, and CNN) report it like they are in awe! They must think people got IQ's less than 10, they are uneasy with R word, I think they got the wrong alphabet, but we are all stupid, so who cares

RE:Senator Obama Lays out Housing Policy - Third in a Series

Tapped at the Pump — Fri, 04 Apr 2008 11:00:00 GMT

GREAT.. they all agree. I reserving my vote for which ever candidate has a real plan to stimulate the nations economy by LOWERING THE GAS PRICES!!

RE:Senator Obama Lays out Housing Policy - Third in a Series

Cindy — Fri, 04 Apr 2008 11:00:00 GMT

It'll be hard to decide which of the poor choices to vote for...again! I don't see signs that any of the candidates really "gets" what caused the mortgage mess, nor do any of them have any good ideas. All see afraid to say it, if they personally feel there should be no bailout of irresponsible businesses and/or buyers. McCain comes closest but it could be lip-service to his party which will turn into just service for corporate cronies if he's elected. Corporate special interests are already getting way to much bailout. Last I read it was virually ONLY businesses involved in creating the mortgage mess who were getting the "lion's share" of the bailout money. What thinking person could look at this and NOT conclude that there is corruption in govt and corporate America?

RE:Senator Obama Lays out Housing Policy - Third in a Series

Jacob — Fri, 04 Apr 2008 11:00:00 GMT

Harley, I agree with you that the brunt of the crisis should be borne by those who were careless enough to buy beyond their meansthis is why I don't agree with 'bailouts', however, everybody has a right to property. That is a fundamental tenant to American law and structure (John Locke). I think the fed's problem is predatory tactics used by LOs to rope in the financially uneducated (if you're an LO, don't kid yourself: you have sought to make the most money, which has everything to do with squeezing borrowers for what they're worth). From this view, Obama's proposal is modest and fair.

RE:Senator Obama Lays out Housing Policy - Third in a Series

brad — Fri, 04 Apr 2008 11:00:00 GMT

So, who do you vote for when all options SUCK? Seriously, I can't believe these are our only options.

RE:Senator Obama Lays out Housing Policy - Third in a Series

Roger Hermann — Fri, 04 Apr 2008 11:00:00 GMT

Senator Obama represents "change" toward more criminality apparently. He seems to feel that the taxpayers should get screwed with the loan losses. His plan also seems to think that lenders should be forced to take a loss even though they might not want to do this. Obama like Clinton and McCain are part of the group that caused this problem with easy money ala Federal Reserve. Now they want more government incompentence to solve the problem they created.

RE:Senator Obama Lays out Housing Policy - Third in a Series

Kevin — Fri, 04 Apr 2008 11:00:00 GMT

Still not sure why lenders should bear the brunt of all this. People need to be responsible for themselves. They all signed their loan documents. Lenders already paying for their own mistakes with writedowns. We all need to move forward. The lending industry has regulated itself with the dramatic cutbacks in credit guidelines and loan programs. People who do not deserve (and make no mistake - owning a home is not a right) will not be lent money going forward. Allowing a judge to modify the terms of a mortgage will not help. Studies have shown that people who never pay bills on time are very unlikely to turn into responsible credit users. They will still remain delinquent. It will only result in an increased cost to all others as lenders will make us pay for the increased costs of carrying the delinquencies.

RE:Senator Obama Lays out Housing Policy - Third in a Series

Whos who on Whosville — Fri, 04 Apr 2008 11:00:00 GMT

Whew... I was worried there for a second that one of these canidates would be drafting a policy reminiscent of a Dr. Suess whimzical tale. Although, Hillary's and Barack's are a creative play on words, all three appear to be reiterating what the Treasury and Fed already have in motion. I'm sure whoever gets the office will claim victory for "their" policy outline. If Bernake was correctly quoted, the US has a long road to recovery. One Fish, Two Fish, Red Fish, Blue Fish is my sons favorite, by the way.