Throwing good money after bad

[ilikecandy]

What percentage of these people will end up defaulting? 70? 80? 90?

http://finance.yahoo.com/loans/article/113040/more-money-for-struggling-homeowners-smartmoney?mod=series-m-article-b

[doughboyshredder]

What percentage of these people will end up defaulting? 70? 80? 90?

http://finance.yahoo.com/loans/article/113040/more-money-for-struggling-homeowners-smartmoney?mod=series-m-article-b

I hate to see another program like this throwing money away.

[Downbound Train]

Keep inflating the bubble Obama. It ain't gonna work. It will only make to bottom lower and our debt deeper.

[liv2ski]

Why not just ask every Amerikan Home Owner what payment represents 33% of their gross income and have them send that amount in as a PITI payment. To do that, possibly a large portion of their 1st TD is broken off as a silent 2nd (No Interest or payments).
That way we are not forgiving any debt, it will be due at time of sale, the banks are still getting a portion of the interest on the likely "Fraud Doc" loan they originated, so they should be happy with something and not another foreclosure. Values stabilize, as we no longer have a boatload of distressed loans going tits up. Seems pretty simple to me.

[MTT]

Yea. How much more money are they going to spend? They have just kept the housing market in a state of flux for an extra 2 years.

Many People and entities are responsible for the inflated market and inevitable crash

They all need to take the medicine, and move on from there.

Worse thing the govenment keeps siting the homeowners as who they are trying to save. I think thats the botom of thier list. They are trying to prop up the bottom line of Fanny/ Freddie, Big Banks and Wall Street.

Really pathetic

The article is really missleading, it says MORE MONEY FOR Struggling home owners.

But its going to morgage holders. So its really more free money to Big Banking compliments of the taxpayer

[ass-to-mouth]

Keep inflating the bubble Obama. It ain't gonna work. It will only make to bottom lower and our debt deeper.

Sure it will. It worked for Bush. Running against an imbecile like John Kerry didn't hurt either.

[doughboyshredder]

The article is really missleading, it says MORE MONEY FOR Struggling home owners.

But its going to morgage holders. So its really more free money to Big Banking compliments of the taxpayer

And, this is yet another area where the republicans and democrats are both guilty. The corporations and the banks control our country and they are stealing from us daily.

[Downbound Train]

And, this is yet another area where the republicans and democrats are both guilty. The corporations and the banks control our country and they are stealing from us daily.

Vote Tea Party DBS.

[doughboyshredder]

Tea Party is republican dumb ass.

[Downbound Train]

Tea Party is republican dumb ass.

Wise up DBS. Tea Party is SMALL GOVERNMENT Conservative. Republicans may or may not be - but mostly aren't.

If the Republican party is taken over from within by the Tea Party, power will begin to flow back to the people. THIS is the new revolution DBS. Only one thing can save us from disaster. Tea Baggers! Get off the God complex and get with the program! Vote Small Government Conservative. Call it whatever you want.

LOOK at the article from WI in that other thread if you want to see power flow FROM special interests TO the voters/taxpayers.

COME ON MAN! Get on board! I'm tired of being right all by myself!

[doughboyshredder]

Wise up DBS. Tea Party is SMALL GOVERNMENT Conservative. Republicans may or may not be - but mostly aren't.

If the Republican party is taken over from within by the Tea Party, power will begin to flow back to the people. THIS is the new revolution DBS. Only one thing can save us from disaster. Tea Baggers! Get off the God complex and get with the program! Vote Small Government Conservative. Call it whatever you want.

LOOK at the article from WI in that other thread if you want to see power flow FROM special interests TO the voters/taxpayers.

COME ON MAN! Get on board! I'm tired of being right all by myself!

You're high on crack.

[MTT]

The Tea party started as a grass roots ANTI TAX and Spend movement.

If you don't join and express your point of view, you allow Social conservatives to take it over and maybe kill it.

I want CUTS CUTS CUTS!
I don't want politicians who I support to get involved in issues like Abortion and the expansion of Homosexual rights. I can't support someone who has that on their agenda.

Sometimes you have to support someone who has some ideas you don't agree with and hope they never get any traction (Ronald Regan) would be a good example.

But vote for them because they say they support what is important to me. CUT CUT CUT

Incase you missed this Check out this Stossell episode
http://www.hulu.com/watch/254912/stossel-the-money-hole

[Dexter Rutecki]

Funny how people like ilikepotentiallymisleadingarticles don't get exercised when good money following bad (and more bad) is directed toward the boys at Halliburton, or is part of corporate tax breaks that allow companies with billions in profits to dodge taxes. Not one thread from him during the past two years about those sorts of giveaways, but this 'news' gets him going since it reinforces his bias.

Now Yahoo Finance tells Mr. ilikejustsurvivedfreshmanecon that some portion of a billion dollars might help homeowners (to the tune of up to 50k per home?) and not be repaid under certain conditions and he's up in arms. Funny shit.

It sounds like a suspect program to me, but I don't have enough information about it to know for sure (while ilike predicts default percentages, somehow). I do know that ilike and his Republican bedfellows are so tied into economic fairy tales that they won't even acknowledge reality, since it so often clashes with their ideology. Nothing new, unfortunately.

[MTT]

Funny how people like ilikepotentiallymisleadingarticles don't get exercised when good money following bad (and more bad) is directed toward the boys at Halliburton, or is part of corporate tax breaks that allow companies with billions in profits to dodge taxes. Not one thread from him during the past two years about those sorts of giveaways, but this 'news' gets him going since it reinforces his bias.

Now Yahoo Finance tells Mr. ilikejustsurvivedfreshmanecon that some portion of a billion dollars might help homeowners (to the tune of up to 50k per home?) and not be repaid under certain conditions and he's up in arms. Funny shit.

It sounds like a suspect program to me, but I don't have enough information about it to know for sure (while ilike predicts default percentages, somehow). I do know that ilike and his Republican bedfellows are so tied into economic fairy tales that they won't even acknowledge reality, since it so often clashes with their ideology. Nothing new, unfortunately.

I agree with you just a tinny bit. But the one big thing I want to point out is this.

GIVING 50K to homeowners who connot pay thier morgage = Taking my money and giving it to someone else = And really giving it to Banks

Not taxing a Hudge corperation for doing some activity does not take money from me and give to them. its just allowing them to keep some of their money.

Can't you see the differnce

What is your feeling about giving General Electric Very big tax credits (Breaks) for anything related to Wind power. GE paid 0 Dollars in corperate tax to the US last year WTF is that. And I think we actualy gave them money for R&D stuff. G FUCKING E got some of my money?

[Dexter Rutecki]

I agree with you just a tinny bit. But the one big thing I want to point out is this.

GIVING 50K to homeowners who connot pay thier morgage = Taking my money and giving it to someone else = And really giving it to Banks

Not taxing a Hudge corperation for doing some activity does not take money from me and give to them. its just allowing them to keep some of their money.

Can't you see the differnce

I can see the difference, but you're looking at this in a vacuum and assuming those corporations derive no benefits from the rest of society--which is absurd. They do benefit, and are freeloading on your dime when they escape paying what they should. They should pay their fair share for benefiting so enormously from what this country offers. It wouldn't be possible for Goldman Sachs or Exxon to make billions of dollars without the infrastructure, regulatory environment, protections (physical and otherwise) given to them and their clients, fed policies, etc. that our government provides. Imagine, for a moment, that all the bankers and fund guys in Westchester and CT (and Manhattan and the rest of NYC, for that matter) had no reliable way to get to work, or that the government hadn't created the internet, or built airports, or shipping facilities, or all other manner of infrastructure and services that the private sector could never create in a coherent way. Railing against homeowners being offered relief against predatory lending practices while ignoring or condoning giveaways (which is what tax breaks are) to corporations or wealthy individuals is hypocritical at best.

What makes it even worse is the fact that money put in the pocket of middle class (and below middle class) consumers provides far better economic stimulus than money given to the wealthy.

'Just allowing corporations to keep some of their money' by letting them escape taxes is taking money out of your pocket, as you and everyone else paid to help them make that money and they were allowed to freeload. When homeowners keep their houses (and like I said, I don't know enough to comment about this particular program) communities benefit and money spent by consumers can have a multiplier effect--something that doesn't happen when the wealthy bank their coin or put it into many investments (the less wealthy have to spend, which creates stimulus).

So yes, I see the difference, but I think you need to look again at what you assume about why corporate taxes should exist and the case for homeowner subsidies.

[Grape_Ape]

ilikejustsurvivedfreshmanecon


..........

[Downbound Train]

Tea Party politicians don't like corporate welfare either. But they do want a business environment that will keep us competative.

Corporate tax is just passed on to the consumer anyways. Let's just do away with it, restructure the whole tax code to a flat or sales tax and be done with using the tax code for all this partisan bullshit.

Vote TEA!

[ilikecandy]

Funny how people like ilikepotentiallymisleadingarticles don't get exercised when good money following bad (and more bad) is directed toward the boys at Halliburton, or is part of corporate tax breaks that allow companies with billions in profits to dodge taxes. Not one thread from him during the past two years about those sorts of giveaways, but this 'news' gets him going since it reinforces his bias.

Now Yahoo Finance tells Mr. ilikejustsurvivedfreshmanecon that some portion of a billion dollars might help homeowners (to the tune of up to 50k per home?) and not be repaid under certain conditions and he's up in arms. Funny shit.

It sounds like a suspect program to me, but I don't have enough information about it to know for sure (while ilike predicts default percentages, somehow). I do know that ilike and his Republican bedfellows are so tied into economic fairy tales that they won't even acknowledge reality, since it so often clashes with their ideology. Nothing new, unfortunately.

you misspelled fannie/freddie, aig, UAW, AFL-CIO. these are the groups we've bailed out like these homeowners time after time after time, not halliburton

[wooley12]

My 1st impression - Brilliant!! Another method to move large sums of cash from the taxpayers to the banks. Without the loans, the banks would get squat in a default.

[Dexter Rutecki]

you misspelled fannie/freddie, aig, UAW, AFL-CIO. these are the groups we've bailed out like these homeowners time after time after time, not halliburton

Wrong.

Tiny bit of credit, though, for implicitly conceding the inanity of your initial post, and not asking an irrelevant question. Sophomore year changes? Onward and upward, little guy!