It sucks that you are in that position, it really does. However, buying real estate is an investment. As with any investment, there is risk involved. I have no problem with allowing a re-fi at a lower rate (we are currently in the process of doing so), but I do not think the re-fi should be for 'market value'. Then instead of a risk/reward, its kind of like reward/reward.
I guess what pisses me off most is that provision to 'reward' anyone who gets assistance if they keep up with their payments for a year. What about those people who continue to pay their mortgage without gov't assistance? Also, I do not know if there is a better solution. So, this could very well be the best of the bad choices. Doesn't mean I have to like or agree with it. Lastly, I would say that the stories shared by Rasta and Maureen woudl fall under the part of my original post where I said 'I know not everyone is in that category'. On Fri, Feb 20, 2009 at 1:04 AM, Rastafari <[email protected]> wrote: > > that would work, if and only if it came with re-appraisals to fair > market value... > and if everyone just took a deep breath and we started over again. > > its what ive been saying since day one to my friends and family > > On Fri, Feb 20, 2009 at 12:49 AM, Gruss Gott <[email protected]> wrote: > > > >> Scott wrote: > >> > >> I am sorry, but it feels to me like those in need of help from the > >> president's plan are getting rewarded for their own stupidity for buying > >> more of a house than they could afford. > > > > Buy that man a Stroz. I gotta agree with you mostly (although > > somethings gotta be done even if it ain't perfect: > > > http://www.thestreet.com/story/10464786/1/todays-outrage-obama-housing-plan-gets-panned.html > > ). > > > > And even though I think Jim Cramer is moron ("I learned wall st terms > > in my short experience there, now I'll yell them at you") who says > > wrong shit just about every time I watch him, I do like his plan given > > the 30 seconds of analysis I've given it. > > > > He basically says to give every American the ability to refi at some > > rate like, say, 4% and then to extend payments for those that need it > > (40 year, 50 year). He's presenting it tomorrow to someone or other > > who sounded important. > > > > Anyway, that seems like the most egalitarian approach but I suppose > > the real question is efficacy. > > > > If Obama is convinced his plan stops the bleeding faster even though > > it's wrongly incented, then I'll trust him for now. > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:289234 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
