Banks Won't Pay on Mortgage Principal, so California Does

By David9   follow   Mon, 20 Aug 2012, 6:57am PDT   ↑ Like   ↓ Dislike   1,201 views   7 comments   Watch (0)   Share   Quote  

http://www.foxnews.com/politics/2012/08/20/us-taxpayers-bailout-california-homeowners-as-banks-fail-to-pay-their-share/

Unprecedented and certainly controversial

#housing

Comments 1-7 of 7     Last »

Tenpoundbass   befriend (1)   ignore (18)   Mon, 20 Aug 2012, 8:56am PDT   Like   Dislike (1)     Share   Quote   Comment 1

You see this? See this? Now this is how you buy a house...

California made two other changes to accommodate lenders and homeowners. Banks will now get 100 percent of the write-down money in the first year, not in three installments. Secondly, homeowners will not have to pay back the money if the home is sold at a profit - provided they make their payment and stay in the home for five years.

This is a far cry from this statement Obama made in April in 2009 in Phoenix: "So this part of the plan will require both buyers and lenders to step up and do their part and to take on some responsibility."

The Hardest Hit fund was signed to help those markets where a majority of homes for sale were actually underwater. As of December 31, just 3 percent of the $7.6 billion had been spent, and housing prices in most markets have already begun to recover. Nevertheless, the federal government is not recalling the money.

I wouldn't be surprised if those very people came here posting telling everyone else about the virtues of renting for life.

Don't buy a house young people, because you're too goddamn stupid, leave it to the Pros.

David9   befriend (4)   ignore (0)   Mon, 20 Aug 2012, 9:06am PDT   Like (1)   Dislike     Share   Quote   Comment 2

I would think many renters and loan owners feel cheated.

True, it's a sweet one heist deal with a credit downgrade for those who are 'eligible' and choose to do so (not taking values into the equation here), no rent / mortgage for years, just pay the property tax, and then get the principal cut.

Sweet!

PockyClipsNow   befriend (0)   ignore (1)   Mon, 20 Aug 2012, 9:30am PDT   Like (1)   Dislike     Share   Quote   Comment 3

Obama pays your mortgage! U win!

David9   befriend (4)   ignore (0)   Mon, 20 Aug 2012, 9:40am PDT   Like   Dislike     Share   Quote   Comment 4

And U don't have to pay them back if you make a profit after first living rent free for years squatting, then getting your principal cut, then just paying the mortgage for 5 years, as if it's some sort of option.

Clearly! This is proof the housing market has bottomed, lol

E-man   befriend (29)   ignore (1)   Mon, 20 Aug 2012, 1:36pm PDT   Like (3)   Dislike     Share   Quote   Comment 5

I'm sorry, but the money should be paid back if you make a profit when you sell.

Regardless whether you like it or not. We asked for HOPE & CHANGE, and we got it. LOL!!!

FortWayne   befriend (12)   ignore (3)   Wed, 22 Aug 2012, 12:56am PDT   Like (2)   Dislike     Share   Quote   Comment 6

Welfare deadbeat actions like this fuel frustration with the tax system. I'm not going to pay a penny more in taxes to these crooks and I don't care how much they want to beg for it.

Tired of financing frivolous and reckless behavior of other people with my hard earned money.

bubblesitter   befriend (5)   ignore (3)   Wed, 22 Aug 2012, 1:10am PDT   Like   Dislike     Share   Quote   Comment 7

FortWayne says

Welfare deadbeat actions like this fuel frustration with the tax system. I'm not going to pay a penny more in taxes to these crooks and I don't care how much they want to beg for it.

Tired of financing frivolous and reckless behavior of other people with my hard earned money.

Freedom 1789-2012

I am afraid,being an American does not leave you many options unless you want to renounce your American citizen ship and leave the country! It is not just you.

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