OT: Housing/Mortgage mess

TheKinz · Feb 19, 2009

If anyone was watching CNBC this morning at 8am and saw Rick Santelli rant about this moronic rescue package that is being pushed through saw someone hit the nail on the head. If some internet wizard can find that piece and post you would be my hero. This is the first time I saw his reports where the people at the exchange were clapping, boo-ing and whistling. This country has to get their heads out of their ass as this Obama plan will do nothing. If you are unemployed and can't pay your mortgage there is no way a government should step in and pay it or modify your loan when 50% go back into receivership anyway.

sorry for the rant..please find that clip!!

Fishhead · Feb 19, 2009

Santelli is THE man on CNBC

Having said that, I don't think we should slam this Obama move.

It is not a savior, but all in all, it's better than doing nothing in my opinion and it will help many honest homebuyers.

Guess you could say I'm neutral on the subject.

FH

PS- Dawoofdaddy stated 12 months ago that you will know the housing market decline is over when Fishhead enters the market........well, I'm still a few months away from seriously and actively looking. Having said that, there are foreclosure steals in every part of the country right now.

ProPokerPlayer · Feb 19, 2009

You sir....with all due respect, are dead wrong!

The Obama plan will do PLENTY..........and this is only the beginning. Stand back please and let him do what he said he would do. Change this country from the best to a piece of shit.........

Mamon · Feb 19, 2009

Change this country from the best to a piece of shit.........

Bush took care of that already!

Fishhead · Feb 19, 2009

Mamon said:
Change this country from the best to a piece of shit.........

Bush took care of that already!

He took it from 3rd to 12th(which is still better than most).

TheKinz · Feb 19, 2009

come on gurus find that clip it is epic. I am only looking at the housing plan he put forth over the last few days.

I work in this industry so it is a passion. Fishead is kind of right with one point. You will know when it is time to buy by the MEDIA telling you it is time to buy and home values are beginning to go up..

TheFalls · Feb 19, 2009

http://www.cnbc.com/id/15840232?video=1039849853

3peet · Feb 19, 2009

The Kinz said:
come on gurus find that clip it is epic. I am only looking at the housing plan he put forth over the last few days.

I work in this industry so it is a passion. Fishead is kind of right with one point. You will know when it is time to buy by the MEDIA telling you it is time to buy and home values are beginning to go up..

It's in the politics forum.

TheFalls · Feb 19, 2009

3peet · Feb 19, 2009

Fishhead said:
Santelli is THE man on CNBC

Having said that, I don't think we should slam this Obama move.

It is not a savior, but all in all, it's better than doing nothing in my opinion and it will help many honest homebuyers.

Guess you could say I'm neutral on the subject.

FH

PS- Dawoofdaddy stated 12 months ago that you will know the housing market decline is over when Fishhead enters the market........well, I'm still a few months away from seriously and actively looking. Having said that, there are foreclosure steals in every part of the country right now.

Thats what I was explaining to Tiz in the political forum. There's opportunity everywhere. I've been helping the most conservative of my friends FINALLY get into the market the past 2 months. They've been sitting on the sidelines since 05. Now they're like kids in a candy store when I present them with listings and financing options.

TheKinz · Feb 19, 2009

Falls YOU ROCK!!!!!!! Thank you very much

AlwayzRight · Feb 19, 2009

I might as well buy a house and stop paying my mortgage....lol

TheKinz · Feb 19, 2009

everyone needs to listen to this. I am in the opinion something had to happen as far as a stimulus plan (not a long term spending plan) but what Obama is proposing in the housing market will not work. Just remember this if you do not have a job how can you pay anything.

If anything should be done I like Jim Cramers idea (even though I hate him) People who are upside down can one time refi at 4.5%. The house will be re-appraised and your loan will be set at that amount BUT --THE PENALTY is that the lender will get a coupon stating that when the house is sold the lender gets all profit over the mortgage AND you can not take a seond mortgage or equity loan against the original note. I like this idea and feel this would appease the many busting their ass to pay their bills on time. Just my 2 cents

djefferis · Feb 19, 2009

Ok for the sake or argument, we follow the Cramer plan (which is better than most of whats being floated out there)..People refi @ 4.5%, but have a payoff of the reduction in value at the time of sale or re finance..no 2nd's or HELOC allowed..

A home is most peoples biggest asset, so they are forced to either sell or incur a huge charge to refinance out to tap any equity. Or just take the easy route and get as many credit cards as possible, running them up to the limit and winding up with huge monthly payments and no savings...isnt that what caused most of this ?

I like part of it..but why a blanket 4.5% (or whatever % you like), make people earn it. You get 1 year at a reduced rate..miss 2 payments, your done. Prove you can make it a year, you get 5 years. After 5 years you are converted to a fixed rate 3% above prime mortgage rates and the forgiven principle is gone or reduced 50%..if you can prove need for the lower rate still at 5 years, you are eligible to stay @ 4.5% for another 5, but the forgiven principle is converted into a balloon payment at the end of your loan. Oh, and btw..want to use the programs, thats find but mandatory credit counseling with a REPUTABLE firm and must demonstrate a plan to establish a savings account for 6-12 months expenses. Hell, while we are at it, mandatory you are working to obtain a GED if you havent graduated high school too...ok, end of that as getting o/t

EasyMoney · Feb 19, 2009

Fishhead said:
Santelli is THE man on CNBC

Having said that, I don't think we should slam this Obama move.

It is not a savior, but all in all, it's better than doing nothing in my opinion and it will help many honest homebuyers.

Guess you could say I'm neutral on the subject.

FH

PS- Dawoofdaddy stated 12 months ago that you will know the housing market decline is over when Fishhead enters the market........well, I'm still a few months away from seriously and actively looking. Having said that, there are foreclosure steals in every part of the country right now.

I hear ya Fish, I have been keeping my eye out at housing prices where I live and lets just say that I'm close to doing anything I can to secure enough money to buy one in the near future. There is a house literally two streets away from me right now that is listed for $79,900 right now, and Its a 3-2 with a heated pool. Its not a big house, but damm that is getting rediculously cheap.

ProPokerPlayer · Feb 19, 2009

Real smart.....Who in their right mind would pay 1 more note on any house that was fianced at over 4.5% if they know all they have to do is not pay and it will get refinanced.

And more importantly where in the constitution of the U.S. does it say we give a flying fuck about home mortgages?????

1968 · Feb 19, 2009

why do I pay my bills? why? Seriously why be diligent and do the right thing anymore?

Fishhead · Feb 19, 2009

You all know how I love a good coupon..........how dumb have I been.

I should have been on FOOD STAMPS years ago, really missed the boat here.

:grandmais:grandmais:grandmais:grandmais:grandmais

Presto · Feb 19, 2009

Fishhead said:
Santelli is THE man on CNBC

Having said that, I don't think we should slam this Obama move.

It is not a savior, but all in all, it's better than doing nothing in my opinion and it will help many honest homebuyers.

Guess you could say I'm neutral on the subject.

FH

PS- Dawoofdaddy stated 12 months ago that you will know the housing market decline is over when Fishhead enters the market........well, I'm still a few months away from seriously and actively looking. Having said that, there are foreclosure steals in every part of the country right now.

That is a typical liberal viewpoint. There is a problem therefore we must do something, anything, to fix it. But often the solution is worse than the problem. And that is what the so called stimulus plan will do: make things worse.

Like Schiff keeps saying "the mess we have now is not the problem, it's the solution." If the govt. would stop mucking things up with their schemes and bailouts, the market would correct.

Furthermore, if you thought it was tough getting mortgage recently, wait a few months.Why would anyone lend someone money for a house only to have the contract voided later on? The only one selling mortgages will be the US govt.

Beam me up, Scotty

Fishhead · Feb 19, 2009

Presto said:
That is a typical liberal viewpoint. There is a problem therefore we must do something, anything, to fix it. But often the solution is worse than the problem. And that is what the so called stimulus plan will do: make things worse.

Like Schiff keeps saying "the mess we have now is not the problem, it's the solution." If the govt. would stop mucking things up with their schemes and bailouts, the market would correct.

Furthermore, if you thought it was tough getting mortgage recently, wait a few months.Why would anyone lend someone money for a house only to have the contract voided later on? The only one selling mortgages will be the US govt.

Beam me up, Scotty