So how do I go about benefiting from Obama's mortgage plan?

[CapNCash]

Do i need to go into foreclosure? do i stop making payments on my home? i want the govt to subsidize my house too

 

[tiznow]

do you spend more than 31% of your income on mortgage payments?

if so than you might be able to sign up as more details emerge

i still haven't figured out what they are gonna do with the people that make 0 for income

31% of 0 is 0

LOL

 

[CapNCash]

yeah im near 50% on paper

 

[tiznow]

well from what i understand you'll fill out the paperwork prove you income all that jazz

and monthly mortgage payments will be reduced to 31% of your monthly income

the renting taxpayer like me will pick up part of the tab

enjoy

:toast:

socialism rocks!!!

 

[CapNCash]

sweet ill send you a pic of my wifes boobs

 

[Buster]

the paperwork will be available on march 4th?

http://abcnews.go.com/Business/Economy/story?id=6899801&page=1

 

[brucefan]

Nothing like providing incentives for people to stop paying their mortages

Nice work Barry

 

[hehateme82]

Does the 31% include property taxes?

 

[hehateme82]

Between Principle, interest, property taxes, I pay over 40% of my income. Never missed a payment.... but I can still get hooked up Obama stile? Come on, tell me I can. Obaaaaammmmmmaaaaaaaaa!!!!!!

 

[D2bets]

Between Principle, interest, property taxes, I pay over 40% of my income. Never missed a payment.... but I can still get hooked up Obama stile? Come on, tell me I can. Obaaaaammmmmmaaaaaaaaa!!!!!!

40% of gross income or net income after taxes?

 

[nhoj]

This guy isnt half bad now that he will be paying my bills.

 

[TomKing]

GM runs their company into the ground-no problem

Irresponible mortgage holders got screwed in a gamble-no problem

Irresponsible state governments in a huge hole-no problem

This isn't going to end well.

 

[brucefan]

GO RICK!

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[ElTaino]

sweet ill send you a pic of my wifes boobs

thats perfect. last time i saw tiz he was wearing this cap

 

[Willie99]

Just stop making payments. Lefties will have a sit in at your house to stop foreclosure, the federal government will bail you out and Obama will enable a judge to rewrite your mortgage to your benefit and the lender's detriment.

Only in America

 

[Kiln]

Do i need to go into foreclosure? do i stop making payments on my home? i want the govt to subsidize my house too

One of things you can do to benefit is to own a house. The President's plan props up property values, including yours (if you own your home) and mine.

 

[brucefan]

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Video: Rick Santelli Answers Back To Whitehouse


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Wake up America

 

[D2bets]

One of things you can do to benefit is to own a house. The President's plan props up property values, including yours (if you own your home) and mine.

But what good does that do unless you are selling or refinancing? It's just a number on a paper.

 

[joebatters]

D2bets, that's a great point and that's kind of the million dollar question.
What good does that do? As far as I can tell, it will help you if you have to refinance in a couple of years if you keep your credit good, since chances are,if anyone could've or would've refinanced by now they would have done so. I don't see where that helps much if you are selling, since market value and appraised value are two different things. Seems like it will help the lending
institutions more than anything.

 

[D2bets]

I think codeworks has a post that gets to the heart of the matter. We need to unravel the toxic CDO's and get them regulated as hell. I think there is a group of people out there, maybe thousands, that are sitting on "assets" which are worth trillions or more because they were betting against mortgages. Could be thousands of "billionaires", while the masses suffer. It's disgusting. Ultimately it's the vast inqequality of wealth that can crash an empire. The gap is becoming unsustainable if it isn't already.