Democrats unveil plan to bail out 8 million more HELOC abusers and bubble buyers


By PockyClipsNow   Follow   Wed, 25 Jul 2012, 3:51pm   2,035 views   15 comments
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http://www.housingwire.com/news/senator-unveils-plan-refi-8-million-underwater-borrowers

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  1. Call it Crazy


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    1   8:36pm Wed 25 Jul 2012   Share   Quote   Permalink   Like (7)   Dislike (2)  

    F*CK The Democrats!!!!

    Just great, bail out the home owners that Refied/ATM their houses and were irresponsible with payments. Why not just ask for the cash back that they took out to buy all their new toys!!!

    Hey Democrats, what are you going to do for the home owners that WERE responsible and didn't overspend or ATM their houses??

    Oh that's right.... it's a election year.....

  2. freak80


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    2   7:05am Thu 26 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike  

    You're forgetting that both major political parties bailed out the Big Banks. So I can't really blame individuals when they demand a bailout too.

    God Bless America. The land of government-subsidized irresponsibility.

  3. errc


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    3   7:24am Thu 26 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike  

    wthrfrk80 says

    You're forgetting that both major political parties bailed out the Big Banks. So I can't really blame individuals when they demand a bailout too.

    God Bless America. The land of government-subsidized irresponsibility.

    You can't? You ought to!

    That mentality is the beating drum that leads the descent into a failed fascist state.

    External actions should not spin your internal gears that drive your personal decision making process. "Well look what he did" never justifies your own actions

    More often then not, the guy doing a 2 minute minor in the penalty box, is there for retaliating to the non penalized agressor

    Society died when people willingly decided to allow the laws of the land and the tide of the collective to squash their individual internal decision making mechanics. I hear it all the time these days, "well so long as its legal" as if it were illegal it is necessarily wrong and just because its legal, it's aye ok. Freedom doesn't work that way, because it differs for every individual.

  4. freak80


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    4   7:41am Thu 26 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike (1)  

    errc says

    hear it all the time these days, "well so long as its legal" as if it were illegal it is necessarily wrong and just because its legal, it's aye ok.

    Are you surprised? In America, "might makes right." It's always been that way. We slaughtered the natives and took their land and imported slaves to do our work. Then we put immigrants to work in dangerous steel mills and coal mines.

    Absolute "right and wrong" is considered a dangerous idea held only by religious fanatics.

  5. PockyClipsNow


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    5   9:25am Thu 26 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike  

    Hey there wasn't 'that much' native slaughtering.

    Also mostly people here were small time farmers, not slavers or miners.

  6. JG1


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    6   12:38am Sun 30 Sep 2012   Share   Quote   Permalink   Like   Dislike  

    freak80 says

    You're forgetting that both major political parties bailed out the Big Banks. So I can't really blame individuals when they demand a bailout too.

    God Bless America. The land of government-subsidized irresponsibility.

    The govt made money on the bank bailout. The govt has already lost billions it will never recover on assistance to individual homeowners (and GM bailout). Basically, the stuff the Democrats insisted on was a disaster.

    http://articles.latimes.com/2012/apr/14/business/la-fi-bailout-profit-20120414

    " The Treasury has trumpeted for months that it already has made a small profit on about $205 billion in TARP money invested in banks, most of which have repaid the money, along with dividends, and have bought back stock warrants given to the government.

    TARP still is projected to lose money because of the GM and Chrysler bailouts, as well as the administration's mortgage assistance programs. The Congressional Budget Office last month estimated that TARP would lose $32 billion, an improvement from the $34-billion loss projected in December."

  7. American in Japan


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    7   1:07am Sun 30 Sep 2012   Share   Quote   Permalink   Like   Dislike  

    At least it's not a principle reduction (as far as I can tell). Still, I don't like the message it sends to many irresponsible "home owners".

  8. Oxygen


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    8   1:28am Sun 30 Sep 2012   Share   Quote   Permalink   Like   Dislike  

    "Sen. Jeff Merkley, D-Ore., submitted a new plan"

    thus no action taken. gotta go from House Ways & Means to Senate Finance, then Joint Committee, then POTUS.

  9. moonmac


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    9   5:58am Sun 30 Sep 2012   Share   Quote   Permalink   Like   Dislike  

    As if the money paid back by banks wasn't just stolen from poor Americans not invested in the stock market in the form of artificially induced inflation from the Fed. Creating higher food costs, higher gasoline costs and higher rent on the poor all to pump up the markets should be considered criminal, but in todays Godless society rich stealing from poor is justified somehow? Disgusting immoral thieves will burn in hell for eternity, but they don't care because they think that's all just make believe stuff. Stealing from the poor and enslaving them with debt is the only way they can continue their lavish lifestyles! Tim Geitner paid over a million dollars for a home that's now only worth 400K. Ben Bernanke's son has 600K in student loan debt so of course these crooks want to make those dollars owed worthless. They will more than make up for it in their personal investments with a fraud stock market jacked up with endless money printing that will indebt future generations with a lower standard of living which has never occured in the history of America until these sickening boomers and their ultra loose monetary policies took over sound money principles learned thru a thousand years of monetary history! The money I've made in my JP Morgan account during this depression was ill-gotten and absolutely evil. I can't sleep at night knowing it was stolen from poor people working 70 hrs per week living in a rented shack not getting any handouts from our beloved Gubbermint while they pay more on stuff needed to survive all to pump up my retirement account? I'm headed to Church now to try cleansing my spirit of this satanic magic money changing scheme society religion that currently infests our nation!

  10. Call it Crazy


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    10   8:15am Sun 30 Sep 2012   Share   Quote   Permalink   Like (1)   Dislike (2)  

    Yup says

    Why are you screaming at the Dems? You are pissed off that they might refinance these loans that will never be repaid otherwise?

    NO, I'm pissed because me and my kids will get stuck paying for it!!

    Feel free to open YOUR wallet and bailout your fellow neighbors because they were irresponsible.... I'm NOT going to do it...

    (I hope they share their jetskis, boats and RV's that they bought with the ATM money with you)...

    Think it's not another "vote buying" scam by Obama??? Read this:

    Obama calls on Congress to approve refinance plan
    http://news.yahoo.com/obama-calls-congress-approve-refinance-plan-101133984.html

    ....."WASHINGTON (AP) — Citing historically low mortgages, President Barack Obama is pressing Republicans to back housing policies the White House says would help struggling homeowners refinance their debts and prevent foreclosures."

    ....."Republicans have objected, citing among other things the estimated $5 billion to $10 billion cost of the proposal."

    ......"Obama is blaming congressional Republicans for not passing legislation he proposed in February that would lower lending rates for millions of borrowers who have not been able to get out from under burdensome mortgages."

    ********************
    Now, it's the Republican's fault that borrowers are stuck in "burdensome mortgages".... what happened to Personal Responsibility for SIGNING YOUR mortgage!!!

    Nope, blame it on the repubs..... riiiiggghhtttt....

    Oh yea, one small problem.... Who's going to pay for it????? Do you have a spare 5 or 10 BILLION under your mattress that you'll give them??

    Just another way your FAILED leader is trying to "BUY" votes!!

  11. mell


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    11   9:29am Sun 30 Sep 2012   Share   Quote   Permalink   Like   Dislike  

    Yup says

    If you really think about it, it is ridiculous to NOT refinance underwater homeowners. It is not like we are calling in the loans and liquidating the asset, and taking the losses. They are paying a higher interest rate on an existing loan that is upsidedown. Not refinancing them, that is where you should be screaming.

    I hope that you realize that by not refinancing them you increase the chance that they will default. You increase the chance that they will walk away.

    Yes default is what we need. We need more bankruptcies, municipal and individual and corporate, clear the bad debt, stop the inflation, return to sound money with no sectors on steroids. Absolutely they should given no chance to refinance, they should default and the banks with them. Debt is debt and there should be no preference given. No more backdoor bailouts.

  12. moonmac


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    12   9:32am Sun 30 Sep 2012   Share   Quote   Permalink   Like   Dislike  

    As if the money paid back by banks wasn't just stolen from poor Americans not invested in the stock market in the form of artificially induced inflation from the Fed. Creating higher food costs, higher gasoline costs and higher rent on the poor all to pump up the markets should be considered criminal, but in todays Godless society rich stealing from poor is justified somehow? Disgusting immoral thieves will burn in hell for eternity, but they don't care because they think that's all just make believe stuff. Stealing from the poor and enslaving them with debt is the only way they can continue their lavish lifestyles! Tim Geitner paid over a million dollars for a home that's now only worth 400K. Ben Bernanke's son has 600K in student loan debt so of course these crooks want to make those dollars owed worthless. They will more than make up for it in their personal investments with a fraud stock market jacked up with endless money printing that will indebt future generations with a lower standard of living which has never occured in the history of America until these sickening boomers and their ultra loose monetary policies took over sound money principles learned thru a thousand years of monetary history! The money I've made in my JP Morgan account during this depression was ill-gotten and absolutely evil. I can't sleep at night knowing it was stolen from poor people working 70 hrs per week living in a rented shack not getting any handouts from our beloved Gubbermint while they pay more on stuff needed to survive all to pump up my retirement account? I'm headed to Church now to try cleansing my spirit of this satanic magic money changing scheme society religion that currently infests our nation!

  13. Call it Crazy


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    13   9:54am Sun 30 Sep 2012   Share   Quote   Permalink   Like   Dislike (2)  

    Yup says

    I hope that you realize that by not refinancing them you increase the chance that they will default. You increase the chance that they will walk away.

    The problem is that you're clueless.... people don't walk away because of their interest rate.... they walk away because they are UNDERWATER!!!!

    Refinancing might save them a few bucks each month but doesn't change the underwater part... If they can't pay their mortgage now, a hundred or two less won't change it...

  14. APOCALYPSEFUCKisShostikovitch


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    14   10:21am Sun 30 Sep 2012   Share   Quote   Permalink   Like (2)   Dislike  

    You may be able to delay Cannibal Anarchy a day or two but it will come.

  15. Bap33


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    15   8:27pm Sun 30 Sep 2012   Share   Quote   Permalink   Like   Dislike  

    the lie is "simple refi loan". It is not a refi, because the assett is not worth the loan(L). The assett is worth 1/3L. So, if you are asking the taxpayer backed banks to refi 80% of the 1/3L, while the remaining 2/3 + 20% of L remains as it is currently, then THAT would be possible, as long as the loan has been paid as originally agreed.

    But, if a bank is made (I say allowed) to put up 300%, 200%, or any percent more than 80% of the actual value of an assett, at ANY interest rate, that is wrong, stupid, dumb, fucked, caacaa, poop, and a bad idea.

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