Today, under guise of helping "responsible homeowners" president Obama published details of Plan to Help Homeowners and Heal the Housing Market
Key Aspects of the President’s Plan as Presented
One key point that I did not consider at the time came for reader David who said "A refinanced mortgage is a properly documented mortgage. So this also helps to clean up the mess of all the MERS, notes with broken signatures, improperly registered, etc."$10 Billion?! Really?
The proposal as outlined rates to take every
"responsible"underwater mortgage held by banks, Fannie Mae, Freddie Mac, hedge funds, foreign banks, and pension plans, and transfer all of them to the FHA. The idea this will only cost $10 billion is absurd.
The "small fees on the largest financial institutions" are absolutely guaranteed to not cover the cost of this monstrous proposal. Indeed there is something in Obama's proposal for everyone except "responsible citizens".
"Let’s never forget: Millions of Americans who work hard and play by the rules every day" will be royally screwed by Obama's proposition in the form of higher taxes down the road.
Mike "Mish" ShedlockHello Mish
I lived in a two bedroom apartment for 17 years with my wife, and then my wife and two sons to save up money.
I did not buy a home until 2 1/2 years ago. I bought my home with cash. I have not been to Disneyland, nor have my children been on any fancy vacations (my sons are now 6 and 8).
Since the government doesn't actually earn any money, it just distributes it, how about instead of giving these billions to those who bought homes they shouldn't have, instead they give it to people like me.
Instead of the money going to the banks to pay off mortgages that should never have been granted in the first place, I would use the money to help pay for my son's college education, my retirement, and maybe a new car which will help employ some Detroit workers.
Seriously, why should those "alleged responsible" citizens get any more consideration than I do?
Anyway, thanks for listening,
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