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Breaking News: HUD To Offer Interest-Free Loans To Distressed Homeowners
So who were all those saying this is an insane plan?
BN 8:30 *HUD WILL OFFER INTEREST-FREE LOANS TO DISTRESSED HOMEOWNERS
BN 8:30 *HUD ANNOUNCES HELP FOR HOMEOWNERS IN PRESS RELEASE TODAY
Washington (AP) -- The Obama administration is providing $3 billion to unemployed homeowners facing foreclosure in the nation's toughest job markets.
The Treasury Department says it will send $2 billion to 17 states that have unemployment rates higher than the national average for a year. They will use the money for programs to aid unemployed homeowners. Some of those states have already designed such programs.
Another $1 billion will go to a new program being run by the Department of Housing and Urban Development. It will provide homeowners with emergency zero-interest rate loans of up to $50,000 for up to two years.
The administration was required to launch the programs by the financial regulatory bill signed by President Barack Obama last month.
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You know, if i weren't such a law-abiding citizen, I might consider cheating on my taxes.
But as we all learned from Mr. Geithner, doing something like that could really hurt your career.
Wow, you mean I can get into more debt because I have too much debt already!
What if I default? Do we just fugggitaboutit?
Communism.
Free for all and all being paid equal, have equal opportunity, have equally nothing.
The brain is leaving. The good stuff can't be bought for food stamps, must have hard currency other than Dollars.
When is the wall coming down and people break down the doors at the central intelligence agencies, burn the files and start to live truly free?
This is like them trying to piss out a brushfire.
pods
"The game of history has always been played by those at the top and at the bottom over the heads of those in the middle" Eric Hoffer The True Believer 1954
Look everybody - Change!
E Pluribus Unum ---> Where All My Free Shit At?
Change Without Hope: Making everybody into a loser.
There was nothing better than a country where everybody had opportunity that gave stability to your life and to future generations. The change they are bringing removes the hope for everybody.
And some of them don’t yet realize it.
Change recieved and passed onto banks
http://www.theonion.com/articles/black-guy-asks-nation-for-change,2409/
How many mortgage payments will an unemployed person be able to make at 0% as opposed to 4.6%? None, that's how many...there is a reason it is called DISTRESSED, bitchez! HUD, FNM, FRE, FDIC = Fail!
What about taking 3 billion and creating $50,000, interest free, small business loans, that must be paid back in two years, or charge some kind of interest rate relative to prime after the two year period? I mean if you are going to use this small amount of money, why not sit back and evaluate new business ideas and give money to viable but "distressed" small businesses? The worst that could happen is we could blow a small bubble in businesses and jobs creation for a bit.
Just askin.'
I don't approve of these handouts, but if you are going to do them, why not target jobs creation? Nothing else has the possibility of traction.
It's called corporate capture. Small business and entrepreneurialship gets in the way of corporations receiving tax breaks and government grants today and market share tomorrow.
They could probably accomplish a similar effect by releasing small businesses from a myriad of adminstrative requirements/paperwork shuffle/etc. Frees up people at the gov and probably get to punt a non productive paper pusher at the small business (if not, then at least free up time for the head honcho). It would probably be revenue neutral if they'll have the balls to actually cut the government regulator/inspector covering the small business. In a nutshell, make big businesses dine on the ridiculously complicated regulations they passed to create barriers to entry for small businesses.
Small businesses don't automatically return 10% of any govt handout back to the Congressman who gave it to them. It's bad ROI if you're a Congressman.
Can we have interest free gold leases for distressed dollar holders?
Change and Hope - I hope I get some more free stuff - healthcare, welfare, housing and educating. All you want is my vote, no problem.
even if it's a zero-interest loan, how in the world can unemployed individual without savings pay it off? after 2 years his unemployment benefits will end, so how will they repay this loan? answer: they will not! a 50grand gift from dumbshit taxpayers.
cheers!
Just trying to imagine the racial composition of the group who will receive the 50 grand. Obama's gonna pay my gas and bills!
Riots Biotchez!!!!
http://www.ajc.com/news/atlanta/crowd-waiting-for-housing-589653.html
yep, riots of leeches waiting to suck the last few drops of blood left
WTF!? i'm debt free except the mort, and i'm three months ahead on that, so let me get this straight: I don't get relief because I'm a responsible person, but some dipstick that shouldn;'t have owned a house in the first place gets an interest free loan funded with my tax dollars?!
These people are getting heavy, and i think Darwin needs to step up his game...
The Dukes of Moral Hazzard.
It's time to cull the herd.
So bank gets the money, the distressed homeowner gets to stay in his home for a while longer.
Obama funneling more money for the banksters, what a surprise! Well that sure is CHANGE...but not necessarily the kind we can or want to believe in.
I am going to chew though my pen today.
I stayed out of housing market bubble largely because I could not afford the ride up in the first place. I did the 'smart' and stayed out.
I feel nothing but sympathy for people who took out a reasonable mortgage and lost their jobs, but how many millions didn't? This is some seriously infuriating bullshit.
What's next? Pay people to buy a house?
You may enjoy Rick Santelli's take on it...
http://www.cnbc.com/id/15840232/?video=1564239366&play=1
What can we say? It is truely getting wacky! More banker aid? A shift of debt to the public sector once again, under the guise of homeowner aid.
This is just too funny. Okay so I walk into the loan office and they look at my papers:
Unemployed: Check
Distressed Mortgage: Check
Underwater: Check
Here's your loan. Rock on baby!
Just one last question. When I can't pay this one back will you give me another?
How about this one. Take the loan and walk away. The collateral is still unable to cover the costs.
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All joking aside, you cannot interfere in credit markets like this. If you are looking for signs that the politicians have completely lost it, here it is.
The beginning of the end.
Mark Beck
If you don't qualify for this, there's an alternative plan that relieves you from paying interest, principle, taxes and insurance for approximately 2 years.....and you don't even have to be unemployed.
The moment everyone realizes the indisputable fact that the elites will stop at nothing to keep assets and home prices from falling of a cliff the sooner this absurdity begins to make much more sense and are the exact actions a corrupt corporatacy would undertake to enrich themselves (The few) at the expense of the many. They are not concerned about your children, your debt, your living standards, your liberties or justice and that is why they been positioning their pieces for years via slow extraction of liberties so as to go unnoticed yet economics and the free market have come at them with such unexpected swift and concentrated force that they must now overtly take unprecedented measures to stem the tide. A slow coup has been taking place.
* They will purchase more MBS to lower rates
* They will introduce more housing tax credits
* They will frighten and blackmail politicians to ensure they either accept the money and playball or join the ranks of the unemployed.
* They are now directly writing legislation to permit for them to operate as covertly as possible.
* They will use the Federal Reserve and Treasury to backstop all of their risk and take every possible penny from the coffers of the public to reflate assets and now that the money is evaporated they have turned to printing as in previous years and now that this is not working they are taking unprecedented actions to prevent assets from becoming affordable to the middle class.
* They will use the media against you label you unpatriotic, uneducated or a racist.
* They are enacting laws to permit for them to destroy independent Internet media along with blogs and if necessary shut the Internet down to prevent communication by those who reject their facistcorpplutocracy.
* Sure the feudal lords are not entering our homes and taking our property and liquidating it for their own gain yet they are doing the equivalent via massive unconcstitutional debasement of our currency, plundering of our savings, 401k and pension retirement thievery and the exportation of our jobs to slaves overseas.
* They will take us to war regardless of what your opinions are because the money machine is completely reliant on perpetual war.
Ask yourself one simple question. Let us pretend we are blind to the label that we know as the United States of America and we know nothing of the size of the nation, ethnicity and are attempting to create a clear understanding of our nation today using only the past decades political and financial events and are also permitted to compare the presented official media with the actual events after the fact. When you look at our military presence globally and are once again basing our assessment of the nation and their conflicts with nations blind to both the invaded nation and our own..
Could you honestly find any parellels to the nation we once knew as the United States of America..our supposed liberties, capital markets and our government structure and it's treatment of our own citizens?
These guys are playing for keeps and they will not stop until they have transformed the nation and extracted nearly every power or the entire country collapses on itself. Evil never ceases to exist and throughout history the evil have held power longer than the inherently good. It simply took them a little longer to slowly chip away at our liberties but now here we stand.
I disagree. One key is the timing/duration of the price collapse. If it collapses over a long period of time, intelligent (wealthy) actors have the means in which to get out from under the falling piano (and continued looting). This is why we have our present controlled demolition.
The other issue is that if you already own the vast majority of real property and fruitful tangible assets (wealth gap), what the fuck does it matter what currency they're valued in? Obviously indebted assets pledged as collateral pose a problem in certain currencies, but if you own something free and clear (or are capable of paying down the debt), then you've got a leg up in the race from the tidal wave as well as the race back to claim the spoils left behind by the wash.
I agree with McCloy’s excellent assessment of today’s unsustainable political and economic environment (his, yours and others’ astuteness on ZH give me hope). And I agree with Angelo Codevilla’s assessment of the inevitability of the coming “confrontation between what we might call the Country Party and the ruling class” in American politics. Said Codevilla in his now famous “America’s Ruling Class—and the Perils of Revolution”:
"The name of the party that will represent America’s country class is far less important than what, precisely, it represents and how it goes about representing it because, for the foreseeable future, American politics will consist of confrontation between what we might call the Country Party and the ruling class. The Democratic Party having transformed itself into a unit with near-European discipline, challenging it would seem to require empowering a rival party at least as disciplined.
"For the country class seriously to contend for self-governance, the political party that represents it will have to discredit not just such patent frauds as ethanol mandates, the pretense that taxes can control 'climate change,' and the outrage of banning God from public life. More important, such a serious party would have to attack the ruling class’s fundamental claims to its superior intellect and morality in ways that dispirit the target and hearten one’s own. The Democrats having set the rules of modern politics, opponents who want electoral success are obliged to follow them."
Prof. Codevilla makes the following observation that peels back the obfuscation of just how far the Ruling Class has gone in redefining and restructuring America in terms and policy totally opposite to that laid out in her foundations by the Founders:
"The ruling class is keener to reform the American people’s family and spiritual lives than their economic and civic ones. In no other areas is the ruling class’s self-definition so definite, its contempt for opposition so patent, its Kulturkampf so open. It believes that the Christian family (and the Orthodox Jewish one too) is rooted in and perpetuates the ignorance commonly called religion, divisive social prejudices, and repressive gender roles, that it is the greatest barrier to human progress because it looks to its very particular interest — often defined as mere coherence against outsiders who most often know better. Thus the family prevents its members from playing their proper roles in social reform. Worst of all, it reproduces itself.
"Since marriage is the family’s fertile seed, government at all levels, along with “mainstream” academics and media, have waged war on it. They legislate, regulate, and exhort in support not of 'the family' — meaning married parents raising children — but rather of 'families,' meaning mostly households based on something other than marriage."
Concludes Codevilla:
"How the country class and ruling class might clash on each item of their contrasting agendas is beyond my scope. Suffice it to say that the ruling class's greatest difficulty -- aside from being outnumbered -- will be to argue, against the grain of reality, that the revolution it continues to press upon America is sustainable. For its part, the country class's greatest difficulty will be to enable a revolution to take place without imposing it. America has been imposed on enough."
http://spectator.org/archives/2010/07/16/americas-ruling-class-and-the/
Are you sure there was not a typo, "The few" should be "The Jew"...
Take over a nation through economic dominance, Russia 1910-1920, Germany 1910-1930, America 1945-present, Russia 1990-2000 (smart & nationalistic mr Putin sure put a quick end to that, he knows his history).
my street:
1st house: Retired couple
2nd house: welfare mom/drug dealers
3rd house: Trucker lost job, odd jobs now
4th house: disabled lady/husband flooring contractor
5th house: me, still working full time
6th house: lady did work, had health problems stopped paying all bills
7th house: guy hauls scrap metal and gets drunk
8th house: extended family (8 or so) head of household may be diabled. None seem to be employed but lots of beer
9th house: Old retired man
10th house: Sitting empty (at least three years) lawn was mowed up to last year
How good are things?
A Nightmare on Elm Street, featuring Freddie and Fannie, produced by Ben Bernanke?
You forgot the director, Paul "Freddie" Krugman.
In my opinion, rather than let banks and government have a tug-o-war with the poor (or corporations masquerading as the poor) we focus on tax reduction for all.
I could sure use the extra 30% or so, I would spend like a rat on crack for that kind of raise!
I don't want a pony, I wan't the boys home from the 'dunes and lower taxes.
At the very least, let ME do the charitable giving locally, instead of paying for California Illinois, and the entire FIRE economy through Uncle Sam's fingers in my pocket...
What's a fair tax nowdays anyway? Could we peg it to the discount window?
Bummer. Most of these people haven't been making any mortgage payments for 9-12 months. Now they're going to have to start paying down principal. That's going to eat into the bar budget and xmas fund.
Why not provide subsidies for unemployed renters too?
DOW/SP500 daily charts are now bearish.
So the downtrend I first mentioned in early May this year, can now resume.
http://stockmarket618.wordpress.com
For those good people who will support/vote for the incumbents, in exchange for this gift - it would seem that the imperative is to remind them that this is not the "hope and change" we were promised.
Edit: oops, forgot "transparency"
It's EXACTLY the hope and change they expected.
Google "Obama money" on Youtube.
There should have been more emphasis on "good." My bad.