patrick.net

Write to politicians and vote.

I don't have dire predictions, you are confusing me with someone else here. I'm saying it isn't right for government to pick winners and losers and make anyone pay for frivolous mistakes of others.

Vicente says

And you do what about it?

Any politician who backs principal reduction will get killed at the polls. Obama has a very good chance at winning a second term. You think if he spent over a trillion dollars to subsidize bubble-buyers' profits he'd have any chance of winning? You think he's dumb enough to back that sort of plan? I don't, I don't think any sensible politician would touch it, least of all because it won't do anything to help our economy.

"Any politician who backs principal reduction will get killed at the polls."

Right, because I am sure the #1 issue on the minds of voters is principal reduction. In case you did not hear, there is a little Medicare fight goign on. Oh, and there is 10% unemployment.

"Obama has a very good chance at winning a second term. You think if he spent over a trillion dollars to subsidize bubble-buyers’ profits he’d have any chance of winning? You think he’s dumb enough to back that sort of plan?"

Have you not been paying attention to the news for the last 2 years?

http://www.usatoday.com/money/economy/housing/2009-02-18-foreclosure-judges-loan-modifications_N.htm

HousingWatcher says

Right, because I am sure the #1 issue on the minds of voters is principal reduction. In case you did not hear, there is a little Medicare fight goign on. Oh, and there is 10% unemployment.

There is more than one issue out there, again HW world is not black and white. You government guys are just weird.

what does principal reduction have to do with unions?

HousingWatcher says

Right, because I am sure the #1 issue on the minds of voters is principal reduction.

Voters aren't overly concerned with us having a nuclear war with Russia or mass public executions as a govt response to free speech, because those aren't legitimate concerns. That doesn't mean that they'd acquiesce to it happening.

It's not an issue because they only people pushing for it on a national level are those who are underwater and a few retards trolling patrick.net.

Your loopy logic is amazing.

HousingWatcher says

Have you not been paying attention to the news for the last 2 years?

That was over two years ago and fewer than 2% of underwater owners saw any principal reduction. Nice try.

"That was over two years ago and fewer than 2% of underwater owners saw any principal reduction. Nice try."

You said Obama would never support principal reductions. I pointed out that your comment was dead wrong and the fact is that principal reductions was a component of his plans. If 2% of homeowners saw principal reductions, then that means Obama supported it.

Where did you get the 2% number from klarek? I can't find any source for it. I found the number is closer to 15%:

http://www.walletpop.com/2010/03/25/chase-only-major-mortgage-servicer-not-offering-principal-reduct/

HousingWatcher says

You said Obama would never support principal reductions.

I said he'd never spend the trillion+ dollars to cover their negative equity positions.

HousingWatcher says

I pointed out that your comment was dead wrong and the fact is that principal reductions was a component of his plans.

You didn't prove I was wrong, you distorted my remarks to attempt to prove me wrong.

HousingWatcher says

If 2% of homeowners saw principal reductions, then that means Obama supported it.

They saw SOME principal reduction as part of their modification. Okay, sure, Obama supported it. This isn't what we were talking about above, which was mass-scale principal reduction.

HousingWatcher says

Where did you get the 2% number from klarek? I can’t find any source for it. I found the number is closer to 15%

Don't remember where, read it in a news article probably linked on patrick or on IHB within the past few days.

That 15% you're quoting is a percentage of the loan mods that were made. Out of all the houses that are or were underwater, are even 10% of them getting loan mods backed by the govt? Even at that mark, it would be fewer than 2% overall.