Why didn't they just PAY OFF EVERYONE'S MORTGAGE INSTEAD? Would have been a LOT CHEAPER!!
No, instead BANKS are HOARDING and STEALING the money, so what must be done?
Why, GIVE THEM MORE, of course!!!
Good-bye, America. You were a nice country once.....
"President steers $275b to housing; Funds aimed at foreclosures, mortgage rates" by Jenifer B. McKim, Globe Staff | February 19, 2009
President Obama unveiled a $275 billion plan yesterday to help as many as 9 million homeowners avoid foreclosure and keep mortgage rates low in the most aggressive effort yet to stabilize the US housing market.
Warning that doing nothing would cost all Americans, Obama presented a three-part plan that contains $75 billion to help modify loans for as many as 4 million struggling homeowners, a change in mortgage rules to help as many as 5 million homeowners refinance into lower-cost loans, and a pledge of $200 billion to bolster mortgage giants Fannie Mae and Freddie Mac.
Yeah, OBAMA W. BUSH and the BOOGA-BOOGAS are BACK!!!!
We've ALREADY POURED IN NEARLY $10 TRILLION DOLLARS for NOTHING, and he's gonna TOSS MORE BILLIONS on the FIRE, huh?
Related: Bailout Bill Was Bribe Reward
Fed Sticks Another $600 Billion Up AmeriKa's Fannie
Housing advocates praised the plan as ambitious, with cash incentives to lenders and borrowers to help stop the bleeding that has left nearly 10 percent of US homeowners either in foreclosure or behind on their mortgages. The plan, which uses federal money that was previously authorized, incorporates many proposals suggested over the past six months as the housing crisis has worsened....
Oh, so the banks are going to get a STREAM OF LOOT from the GOVERNMENT!
This has been, without question, the GREATEST LOOTING JOB in the HISTORY of MANKIND!!!!
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The Obama administration will issue more details about its plan on March 4, including who is eligible, when the program starts.
(Blog author exhaling in astonishment; so the plan really isn't even one as such? Just more NUMBERS($$$$) being thrown out there, huh?)
To help the people most at risk of losing their homes, Obama allotted $75 billion to fund a series of incentives so that mortgage servicers would change loan terms to make them more affordable. Mortgage servicers will get a $1,000 upfront bonus for each borrower they help under the new guidelines.
I want to know why the BLOOD-SUCKING BANKERS should be REWARDED for doing the RIGHT THING and HELPING PEOPLE? WTF is with the UNHOLY and SHIT-STINKING GREED, huh?
Servicers would receive a "pay for success" fee of an additional $1,000 a year for three years if the borrower stays current on a loan. Borrowers in the program also could qualify for an incentive, earning up to $1,000 a year for five years if they continue to pay their mortgage on time.
Yeah, YOUR BAILOUT isn't really a BAILOUT, America -- it's just ANOTHER WAY of getting MONEY INTO the BANK'S HANDS!!!!!!!!
The administration plans to help lenders reduce rates through a federal matching program. Lenders would be responsible for bringing down rates so a borrower's mortgage payment would be no more than 38 percent of income. The government would then match further reductions in interest payments with the lender to bring the ratio to 31 percent.
Government officials said $50 billion of the money comes from the Troubled Asset Relief Program, which Congress approved last year, as well $25 billion from Fannie Mae and Freddie Mac.
But he GAVE Fannie and Freddie $200 BILLION!
Just shuffling around paper money, 'eh, 'bamer?
The Obama plan also offers relief for those who want to refinance but can't because their property values have dropped.
Not from the complaints I've heard.
The plan would change rules so that homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac - the country's largest mortgage holders - could refinance as long as their first mortgage was less than 105 percent of the property's value. For example, if your home is worth $200,000 but you owe $210,000, you may qualify for refinancing under the program.
Which means most people will NOT QUALIFY for refinancing.
Nice "help," huh?
Currently, most families who owe more than 80 percent of the value of their homes have a difficult time refinancing into lower rates. About 28 percent of Boston area borrowers who bought homes within the last five years are "underwater" or have mortgages that are larger than the value of their properties, according to real estate tracker Zillow.com.
Translation: You are fucked!
Finally, Obama pledged to increase confidence in the mortgage markets by using funds Congress authorized last year to provide additional backing for Fannie Mae and Freddie Mac, which were taken over by the government in September. The Treasury Department is increasing its "preferred stock purchase agreements," sometimes described as a credit line, from $100 billion to $200 billion for each company in order to quell worries about their solvency....
--more--"
Actually, the big news here upon a Saturday (the slowest readership day of the week; coincidence?) is that BANK NATIONALIZATION and FASCISM are JUST AROUND the CORNER (or have already been here, it's hard to keep track):
WASHINGTON - Senate Banking Committee chairman Christopher Dodd said banks may have to be nationalized for "a short time" to help lenders survive the worst economic slump in 75 years....
Bank of America and Citigroup, which received $90 billion in federal aid in four months, tumbled as much as 36 percent yesterday on concern they may be nationalized. The Obama administration yesterday said a "privately held" banking system is the "correct way to go" and House Financial Services Committee chairman Barney Frank said nationalization ought "to be avoided."
But....
The Obama administration turned aside questions about a federal takeover of banks, saying a "privately held banking system is the correct way to go, ensuring that they are regulated sufficiently by this government," White House spokesman Robert Gibbs said yesterday at a briefing....
--more--"
Either way, Wall Street doesn't like it (after it was all done for them?):
An important psychological barrier gave way on Wall Street yesterday as the Dow Jones industrials fell to their lowest level in more than six years.
The Dow broke through a bottom reached in November, pulled down by sharp declines in key financial shares. It was the lowest ending for the Dow since Oct. 9, 2002. The drop dashed hopes that the doldrums of November would mark the ending point of a long slump in the market.
The market's inability to rally signals that investors see no immediate end for the recession, which is already 14 months old and one of the most severe in decades. Investors also haven't been impressed with two major economic initiatives from the Obama administration this week, an economic stimulus package and a mortgage relief plan.
This was the SAME PATH the DEPRESSION of the '30s took: A brief lull in the stock market after an initial crash, and then... OFF the CLIFF!!!! Are we headed towards 5000, Dow?
"It is definitely, definitely a blow to psychology," said Quincy Krosby, chief investment strategist at The Hartford, referring to the Dow's finish. "There is more pessimism in the market as to when the economy is going to pick up steam."
I'm tied of the economy (and so many other things) all being referred to as a GAME or as being IN YOUR HEAD!!!
The Dow had been teetering close to November's bottom since Tuesday, when the index tumbled 300 points. Stocks had barely finished above the November low on Tuesday and Wednesday. Yesterday, worries about financial and technology stocks weighed on the market, with steep drop-offs in financial bellwethers like Citigroup and Bank of America leading the way downward. Both stocks ended down about 14 percent.
And THERE is your NATIONALIZATION TALK!! After all, BANK LOSSES must be SOCIALIZED here in AmeriKa -- but NOT YOURS, Amurkn!
The Dow lost 89.68, or 1.2 percent, to end at 7,465.95....
And it took another 100 point dump yesterday (not reported in my war daily?).
--more--"
GOLD weighed in:
"Gold sparkles to more than $1,000 an ounce
NEW YORK - .... The soaring price of gold is an indicator of how dire the overall state of the economy is. Investors are shaken by the weakening banking industry and rising unemployment as it becomes increasingly unclear where the bottom is for other investments....
--more--"
