Tell me your Opinions Dems and Repubs. Seriously.

[Risk44]

What would happen if Congress passed a bill Forgiving All Mortgages and we all just started over? Or passed a bill Forgiving say 25% of the value of a mortgage of your home which would give you the opportunity to refinance...

This would stimulate the economy because Americans would have WAY more thousands of dollars of money to spend every month, and the Taxpayers own the banks anyways because we are bailing them out..

The only people that would be screwed are the Banks but the Taxpayers own them anyways... Everybody else has already been paid..

Just a woulda could shoulda scenario... Give me your opinions..

but I do know that Any Candidate comes out with this.. They will be the next President.

 

[steaktartar]

that wouldnt help the rich people it would actually help middle america.........so not feasible

 

[Risk44]

that wouldnt help the rich people it would actually help middle america.........so not feasible

I think it would help the Rich People because if you own 9 homes... You do the math..

and their money is evaporating too..

 

[steaktartar]

I think it would help the Rich People because if you own 9 homes... You do the math..

most people own one..... a few own two homes.......of course their are people who own numerous(but they are probably incorporated)....whats the benefit to the rich?.......they can afford their payments and the more people that cant the more homes they pick up at bargain prices from the banks etc....so it wouldnt be in the rich folks interest to see everyone get a do over....they wont have the forclosure bargains

 

[punter]

You would wreck mortgage banking and thus the home building business plus housing prices would nosedive.

 

[Risk44]

most people own one..... a few own two homes.......of course their are people who own numerous(but they are probably incorporated)....whats the benefit to the rich?.......they can afford their payments and the more people that cant the more homes they pick up at bargain prices from the banks etc....so it wouldnt be in the rich folks interest to see everyone get a do over....they wont have the forclosure bargains

They could make special provisions... One home (must be primary residence) no rentals... Rich have Mortgages too.. I would say that 99.5% of Americans would be for this... Think being able to Re-fi a home dropping a payment 25% on a 2k a month payment to 1500.. thats HUGE thats 500 bucks a month that would be put back into the economy every month..

 

[Risk44]

You would wreck mortgage banking and thus the home building business plus housing prices would nosedive.

Under my forigve 25% of the value of the home program..
Why would this happen? People would need to Re-fi their homes with these banks... or use these banks to buy new property plus you have the people that dont own yet...

The Builders have already been paid on existing homes..

Any NEW construction and mortgages would be treated the same way as before but with Stricter lending standards..

 

[roadreeler57]

What good would that do everything is made overseas

 

[Risk44]

What good would that do everything is made overseas

It would get rid of the Phantom value of homes, and price the homes at their True Value... Put More money into the pocketbooks of American Families Long term... Creating more spending and thus creating more jobs...

500 bucks a month to the average american family.. I dunno.. a new car, maybe able to afford Gas.. live a little more comfortably, take that vacation..

 

[guitarjosh]

Horrible idea. All those mortgage companies employ people, and all of those people would be unemployed. Not to mention the banks that would have to close because they lost a major income stream, putting more people out of work. And then if you own stock in a bank, it will be worthless.

 

[Risk44]

Horrible idea. All those mortgage companies employ people, and all of those people would be unemployed. Not to mention the banks that would have to close because they lost a major income stream, putting more people out of work. And then if you own stock in a bank, it will be worthless.

Under the 25% plan Obviously you didnt read my post. EVERYONE HAS TO REFINANCE through the banks... after that period ANY NEW LOANS are subject to more stringent lending standards.

And if you havent noticed all the banks are gonna close anyway or we are gonna have to bail them out.. and the Taxpayers end up owning the banks anyways..

So the banks have a choice.. Lose 25% or 100%..

 

[Risk44]

Under the 25% plan Obviously you didnt read my post. EVERYONE HAS TO REFINANCE through the banks... after that period ANY NEW LOANS are subject to more stringent lending standards.

And if you havent noticed all the banks are gonna close anyway or we are gonna have to bail them out.. and the Taxpayers end up owning the banks anyways..

So the banks have a choice.. Lose 25% or 100%..

Banks stock isnt worth anything right now anyways.. Some banks would stand up and grow.. weaker banks would fold..

Bank of America $30.58
Wells Fargo $37.00
Wamu $2.99

 

[guitarjosh]

Under the 25% plan Obviously you didnt read my post. EVERYONE HAS TO REFINANCE through the banks... after that period ANY NEW LOANS are subject to more stringent lending standards.

And if you havent noticed all the banks are gonna close anyway or we are gonna have to bail them out.. and the Taxpayers end up owning the banks anyways..

So the banks have a choice.. Lose 25% or 100%..

The 25% idea still won't work well. What happens to the people who already own their homes? The value of their houses will drop like a rock, not to mention that the gov't doesn't have the money to buy out 25% of all mortgages. We'll add to the national debt, which IMO is the biggest threat this country faces today.

Best thing is to let the banks go under, or else the nat'l debt will take all of us under.

 

[Risk44]

The 25% idea still won't work well. What happens to the people who already own their homes? The value of their houses will drop like a rock, not to mention that the gov't doesn't have the money to buy out 25% of all mortgages. We'll add to the national debt, which IMO is the biggest threat this country faces today.

Best thing is to let the banks go under, or else the nat'l debt will take all of us under.

The value of their houses will drop like a rock? Like they havent already??? The government ISNT BUYING OUT ANYTHING. The BANKS ARE WRITING IT OFF AS A LOSS...because they are writing off losses everyday...

Currently The banks arent gonna go under as we have seen in the past few days they are gonna get bailed out by the same taxpayers that have the mortgages with them in the first place... and the govt ends up owning the banks which is owned by the taxpayers..

If you own your home sorry you dont get anything... if you rent sorry you dont get anything either, except maybe a job when the economy is stimulated... The entire society benefits. Its basically starting over from where we left off 5-10 years ago..

 

[guitarjosh]

Even if banks can write it off, it still won't work. That is less taxes collected which will grow the debt. This also will start yet another housing bubble, when people do everything they can do to get into a house when the plan is announced but before enacted.

 

[guitarjosh]

One thing I didn't mention in my last post is that if banks and lending co.'s lose 25% of their income stream, that would mean they have to lay off some workers...and some of those have mortgages to pay off. Now, their payments would have dropped 25%, but unless they can get an equal or better job quickly, they would probably lose their homes too.

 

[Romanowski]

your idea is basically communism

http://en.wikipedia.org/wiki/NESARA_conspiracy_theory

http://www.nesara.us/pages/home.html
:nohead:

 

[cussin'it]

Not a "horrible" idea, it's just not necessary at this time. It will all work out in time, patience is a not only a virtue, it's a necessity.

 

[Risk44]

yeah they are just gonna keep bailing out the banks.. thats communism too.

 

[Risk44]

your idea is basically communism

http://en.wikipedia.org/wiki/NESARA_conspiracy_theory

http://www.nesara.us/pages/home.html
:nohead:

If Mccain endorsed it or another Pub youd be on it like a cheap suit.. endorsing the idea...

This plan would win mccain the presidency..