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The investors ultimately get the shaft and that is everyone that has bank stocks and mutual funds. I hope the public rises up against yet another give a way program.
Yeah, where's the bailout for those of us that can easily afford our homes, have reasonable 30 year mortgages, and are upsidown? Where the hell is my free money??
I keep saying my husband and I should have bought the nicest house in Orinda for a million or more, right now we'd probably be "distressed" and could qualify for free handouts and have a house in Orinda for the same price..
FortWayne
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2011 Mar 16, 6:18am
This seems like a horrible deal. More bail outs? More taxpayer money give away to those who overborrowed against the future debt of America passing the debt to the rest of the taxpayers?
I'm completely against this. Going to contact my senator(s) now, because nothing more pisses me off than more bail outs.
At this rate they might as well force all the landlords to lower rents, all the banks to give money out, and all the farmers to farm for free. And when the game is over yet again and we are broke the retired administration cay say "oops we were wrong".
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Now that the strategic defaulters and short sellers are out of the system generally the only ones left are people who did the right thing and are now getting their bail out.
This seems like a fair deal.
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NEW YORK -- The Obama administration is seeking to force the nation's five largest mortgage firms to reduce monthly payments for as many as three million distressed homeowners in as little as six months as part of an agreement to settle accusations of improper foreclosures and violations
http://www.huffingtonpost.com/2011/03/16/obama-administration-modify-mortgages_n_836350.html
#housing