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Presenting Obama's Latest $50,000 Non-Recourse, Interest-Free Gift To "Troubled" Homeowners
Today the Obama administration launched its latest $1 billion "stimulus" in the form of the Emergency Homeowner's Loan Program (EHLP), certainly not to be confused with Homeowner Emergency something something, which would be abbreviated HELP (and would be way too cute). The formal reason for the program is to provide emergency loans to 'homeowners' facing foreclosure, or basically all of them, to help tide them over "a temporary financial crisis", the
Department of Housing and Urban Development (HUD) has announced. The informal reason is to provide thousands of Americans with a $50,000 recourse and interest-free loan for up to two years (money which will go down to paying down equity an underwater mortgage, and will thus never be repaid), so that earned income, instead of being used to make mortgage payments, will be rerouted into such far more critical capital needs as the latest iPad or buying share ot LNKD at $122. But don't think for a moment that everyone will be able to access this money: "the program is available to homeowners who have seen their incomes fall and who could lose their homes to foreclosure due to circumstances beyond their control, including involuntary unemployment, underemployment, economic conditions or an illness" which, actually in retrospect, is all of them. Well, the effort of getting off one's couch and actually picking up the forms may be unavoidable. Of course, that process in itself may well limit 80% of the eligible participants.
More on this latest centrally-planned expansion into Obamanism:
The program is a counterpart to the $7.6 billion Hardest Hit Fund and is available only to homeowners in states not covered by that program. The Hardest Hit Fund provides foreclosure avoidance assistance to homeowners in states that have been most seriously affected by the declining housing market and economic downturn.
The new initiative is expected to provide assistance to up to 30,000 homeowners, with loans averaging $35,000 each. Loans may be used to pay a portion of monthly mortgage bills, including missed mortgage payments or past due charges including principal, interest, taxes, insurances, and attorney fees.
Homeowners seeking assistance must complete a pre-application screening workshop by July 22 in order to be considered for the program. As demand is expected to exceed the amount of funding available, qualifying homeowners will be chosen at random to complete the application process.
States served by the program are Alaska, Arkansas, Colorado, Hawaii, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. EHLP is also offered in Puerto Rico.
So what about all those who lived within their means and actually do not need yet another bailout? They get the privilege of funding all of the above.
Enjoy.
h/t nobull1994
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Yeah I may.
But the polling booth brings back such ugly memories. I am so ashamed!
In Europe your debts follow you for your life.
Why do you think the French Foreign legion is a home for guys (in my oral history) who want to ditch their mistakes, their wife, and their debts, in one major move, no looking back, also (sort-of important for guys, UNFORGETTABLE for women, ahh la difference!!) Note: this is NOT the american experience where you can chose what you want to ditch : your wife, your debts, your mistakes, but there are more "degrees of freedom" for your choice in this matter. My take - this is more freedom than most Europeans are "allowed". -AB Quote:
I find it fascinating that mortgage debt in spain is as impossible to discharge. I wasn't aware of the rest of europe. You literally would have to leave the country and start a new life in some circumstances.
Lets Party Like Its 1999!
June 16th World Climate/Ecological Update...
http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/06/lets-party-li...
Just another back door way of making more bankster balance sheets whole before they come in and take the real property. The banksters like taking the real property, but they have to maintain their (laughable) reserves while doing so, and there are so many negative equity properties to take they need a little extra help while reclaiming them.
This shit isn't difficult to figure out with even a cursory reading of the proposal.
pods
It's called buying votes; it's the basic process by which a democracy is guaranteed to fail, if something else doesn't get it first. I'm hoping for a military dictatorship, personally.
Pinochet really turned Chile around.
Our luck we would get a Hugo Chavez
The headline should be: OBAMA BAILS OUT BANKS AGAIN This whole thing is just a bank bailout in disguise.
Is anyone offering emergency funds to people who own their home outright? Is anyone offering funds to renters (who mathematically speaking, are JUST AS LIKELY to be in trouble)?
No, of course not. Free money is being given to those who owe money to banks, and cannot pay it. This free money is essentially earmarked for the banking system, and given via debtors.
Obama is bailing out the banks AGAIN.
"The headline should be: OBAMA BAILS OUT BANKS AGAIN This whole thing is just a bank bailout in disguise."
Bingo...
The Bernank is yelling INFLATE at the top of his lungs since his balance sheet is filled with garbage that cannot withstand deflation. He is dying to keep the money supply (debt) pumped up. I still personally believe they are throwing whatever they've got at the derivative black hole, trying to plug the boat with all kinds of shit, top down... bottom up.
Ironically, the U.S. has enough farm land to give every single man woman and child 3 acres of farm land. That would be 12 acres for a family of four. Then when you consider all the non-farmable land the actual amount goes up to around 30acres total for a family of four.
Yet we currently have 10% of the population with over 80% of the wealth in the nation and 90% of the population with the last 20%. Gotta love fascis... err I mean capitalism.
is that the inflation adjusted version of 40 acres and a mule?
It only takes 1 acre for a person to live off of for feeding themselves. That would leave 8 acres spare for farming for a family of four.
My point is that there is so much more resources available than what is being used yet people are struggling to make it day to day. Just look at China as a prime example. They have entire cities that sit empty because the average chinese person can't afford to live there. Yet at the same time there are somehwere around 75 million unemployed chinese people with millions of homeless as well.
I'm with you on this one Guru. Some extremely wealthy people have "gamed" our current system and live high on the hog consuming all the resources. Something has to give with our way of life, it is unsustainable and absolutely ridiculous.
"It only takes 1 acre for a person to live off of for feeding themselves."
Wow. A real live Maoist. The Great Leap Forward, here we come! (First kill all the birds...greedy bastards.)
http://en.wikipedia.org/wiki/Four_Pests_Campaign
For what it is worth, the reason an acre is the size it is, i.e. 43,560 square feet, stems from it being the amount of land, historically (i.e. under feudalism, no fossil fuel inputs), required to feed a person for a year when cultivated and husbanded properly.
http://www.artesmagazine.com/2011/02/the-american-frontier-native-american-identity-and-western-expansionism-through-artists-eyes/
free market capitalism would be great. we ought to try it someday.
Naww..... it always fails. New Deal: Capitlaism Failed! Great Society: Capitalism Failed!
Interesting idea, seen it before, though...some guy named Pol Pot. It didn't turn out too well
i'm going to go into work tomorrow and really get canned...
and then collect!
...and then set up an online calculator for folks to compare the benefit of continue to work v. benefit of getting canned. Could be lucrative.
it is! Plus, while all my friends are aching and starting to complain about their health......I am in the best shape of my life! I really don't care for the corporate career anymore. I have learned to survive without the McMansion, Mercedes and extra-large flat-screens!
sssshhhhh shush with that talk, you are making the bankers wet themselves again.
You can't spell USA without an IOU
20,000 votes bought in swing states funded by non-swing states AND $1B transfer payment from taxpaying minority to banksters
Brilliant.
you got it.
i hope .gov figures out the best plan would be to mail a credit card with a 50000 dollar limit at zero percent to every american citizen. when the euro implodes the dollar must keep up with it.
That will promptly be sunk into the Gold, Delivered.
This is awful. One can see the age of reckoning approaching.
Expect this to end violently.
I am long precious metals of the 9mm, .45, 7mm-08, 00 12 gauge, 5.56 variety.
I have to agree, I see this as the equivalent of the American civil war. The opponents are those that support the current monetary system because they are stakeholders in it or have a debt that they would like to see inflated away, and those do not because they are not stakeholders in it or do not have a debt to be inflated away. The moral dilemma is to allow deflation or allow inflation but the constitution does not address this issue. If the situation escalates into armed conflict it will have a very different dynamic because the the opposing groups are intermingled throughout the 50 states (and Puerto Rico).
Excellent points.
The most problematic stakeholders are those who live off of government largesse. What happens in the cities when the food stamp card doesn't work because there is no money in the account? Or maybe there is money, but the cost of food has exploded and recipients are still hungry?
That is when everything goes "bang".
TYLER: You see this? http://dailycaller.com/2011/06/20/white-house-loosens-border-rules-for-2...
You ever READ comments? Beat ya.
You win...?
Whatcha think the % of first-time voters will be in 2012? 40%?
This is an all-out assault. Treasury should be minting coins with "servitude" instead of "liberty"...
http://www.somosprimos.com/tony/tonymarines/hispanicmarines.htm#Hispanic...
just a wee reminder that both "sides" play the same game. . .
It just gets worse and worse every single day.
Once again, thank you to all the folks who voted for Obama. A grateful and hungry nation counts the days until his destructive administration finally ends.
Eh. A vote for Obama wouldn't have really mattered. McCain would have had the exact same policies. The only real possibility for change passed when Ron Paul lost the Republican nomination.
I hate this! I hate this! Those smart and hard working people who happen to be able to weather this storm well never get anyting but paying more and more taxes. Where the phuck is the so called american dream?
Resistance is futile, comrade. We're all communists now.
Get it through your cabeza, it is immoral NOT to steal from a thief.
Let's just change the Constitution and let those morons in CA choose our Goobermint!
Who needs that stupid electoral college anyway; sounds like HaaVad.
If I'm going to take it in the ass for paying my note as agreed, how about I get something too ?!
I'd be happy being able to take my cost as a taxpayer to fund this B.S. and then add $50,000 to it.
Rather than take it in cash, I would prefer to pick my favorite TARP bank and be able to force them to mark-to-market an amount of "assets" which are currently valued at mark-to-fantasy. If all of the other hosts that are still alive enough to have suckable blood left got to do this too, perhaps it would be worth it?
Nah--but it would be better than sandy vasoline.
HARP was our bailout, and yes, I did.
I owe less than $50k on my house, an interest free, non-pay-backable "loan" would be great for my personal Principle Reduction Program.
I wonder if I can claim that I've had a reduction in income since I haven't had a raise since Jan 2007 and the combined understated inflation rate since then is 12%. That's a 12% loss of annual income. If I hold a couple payments so I fall behind, would that qualify me?
</sarc off>
Dang... not in my state. I be wantin' some o' dat Obama Money!
I'm exhausted from the insanity. Please bring on the total collapse as soon as possible pse as soon as possible.
You are funny.
Did somebody talk about something ceiling the other day? Oh well, it must be unimportant.
This guy just lost my vote in 2012.
Mo debt!
I liked Curly, too.
wtf, its a bank bailout, even the banks can see the homes aint worth shit , and dont want em they want their filthy fucking interest fees. this maintains underwater loans FOR the banks
So what? Bailout is the word, is the word.....
Half day half life, so buy TZA around 38.
As if further proof were necessary that there's nothing as expensive as free money.
Imagine some suckers who would otherwise qualify but recently bit the bullet, decided to be an honest and responsible person, moved out so that the bank could foreclose.
The most tragic consequnece of the nonstop bailouts since 08 is the moral bankruptcy of America.
The word "moral" has disappeared from the english dictionary long long time ago.
I wonder where their borrowing this billion? Maybe they just cornered Bernank and said pring me up a billion...who knows.
This is what happens when you let idiots roam free.
So vote Ron Paul, and get the penultimate idiot. In and out of CONgress for 40 years, and nothing to show for it.
History, dude. What they do vs what they spew.
Thats great. My income has decreased from 120,000 five years ago to 65,000 now. I have gone through a costly divorce, am now a single father, have scraped along to keep the bills paid and now the fucktards who dont pay their bills get a bail out. WTF!!!
I feel for you buddy. I might make an exception and let you qualify if I were Sotero.
Shit, now I am sounding like writingonthewall.
Your anger is misdirected. This nets a homeowner 2 more years in his home, while the bank benefits by being made whole and most of the money is to cover interest, very little will go towards the deadbeats principle. BTW not every deadbeat is doing it intentionally. Most have legitimate loss of income.
Why do we have to make moral judgments?
Legitimate loss, illegitimate loss, why should people expect to pick the pockets of others because they think they have a halo around their heads and their losses are " legitimate"
I'm sorry brother troll, I was referring to Richard who is mad at deadbeats. I agree with you we should probably not be bailing out Banks or deadbeats with other people's money. bI was referring to his misdirected anger, I think the banks caused the mess but most people blame defaulted homeowners like they had any control over the situation.
Do your kid(s) a favor and pickpocket the criminal. If you don't think you can resolve the moral dilemma publicly, then take it to your grave...life is short anyways.
Now I am disgusted. I am free and clear and that money can be used to put many people and local resources to GOOD PRODUCTIVE WORK for months. The results of some will provide for the infrastructure in the area exports as well. Productive instead of a black hole.
But now they just hand it to those who are already behind.
I'll shut up now, I am too disgusted to write a proper rant.
PRODUCTIVE? Are you frigging kidding me? Holder approve your ideas?
You may find it therapeutic to clean a Remington 580 28-inch.
Actually it's a Keltec, but I digress.
Productive as in putting quite a few Skilled Tradesmen to work, reducing the overall load on the grid, if not eliminating it outright and exporting back off the sun. The home would be retrofited and other considerations. This would take months.
That money would be productive indeed.
But not on the Obama's Dime. I see it as a bald faced attempt to kick a dead horse back onto the feet and back into deep debt at the expense of the US Taxpayer.
That is where my disgust comes from. I can certainly pull 50K from a bank and make the same work happen, but now is not the time for more debt. Not for me or anyone.
We have been through this and junked a good many quality used cars paid for free and clear for a sake of a few extra miles per gallon and kicking the auto side of the economy, only to get kicked in the nuts when the people realized how stupid the system was gamed.
They will find ways to GAME this new program and Congress will find themselves either unable to continue or have to raise the debt ceiling to make it happen for the millions of people who will be applying.
Yet another distraction of the Sheep Herd all stampeding towards the aid office with dollar signs in thier eyes and never mind the future, let it be damned, show the money!
Rotting crap as far as I am concerned.
If I was President, I would slap FEMA in the face and give the money personally to everyone who has lost a home in flood, tornado or fire. On. The. Spot. Why?
FEMA is saying insufficient damage done, and claims denied in some areas here.
That is the best rant I can put together tonight and still stay on topic.
Heavens NO! It's to augment it, of course. I haven't paid and BofA wont foreclose, they just keep postponing. They wont let me deed it to them either, it takes 12-14 weeks they said for deed-in-liu, if I move out the city can charge me with property abondoment, lol! Check and mate!
Things like this make me not sure who I should be pissed at. I feel like I am pissed at everything now. Focus...gotta focus here.
I feel ya.
Keep your powder dry- storm's coming.
Get this if you abandon the property you are now disqualified for the tax forgiveness on the loan loss. So say the bank ends up $100K upside down and they don't pursue you for the loss, they send you a 1099C for misc income and guess what you now owe taxes on the $100K and you have lost the exemption because you moved out before the thing foreclosed. Stay until it forecloses.
Yup, buying votes --- 2012 style.
This was totally predictable. The dynamic duo of Obama and Bernanke... which are totally and always completely independent of course (wink, wink, nod, nod)... has decided they will put the FACE of Obama on QE3 instead of Bernanke.
That's right, Obama will "stimulate the economy" by promising to drop hundreds of billions if not trillions in newly borrowed Bernanke-bucks from the AirFarceOneObamaHelicopter upon the poor starving masses of debt-slaves.
That will get Obama elected, right?
Hey, they can do arithmetic. Today there are certainly more freeloaders in spirit (if not fact) than "get off my back, be responsible TeaParty libertarians" no matter how you conduct the polls.
So they don't care how much they royally piss off the few good, honest, productive people in the country. They only care whether they can buy the votes of the majority. They have conducted the polls, run the math, and sure enough, no matter how much they piss off every honest, ethical productive human being on the planet, they can buy enough votes to win hands down in 2012.
Let's hope their polls are math are wrong.
Unfortunately, I'm sure they're correct.
Of course, the other laugh is what happens after the election, and the promises this election cycle turn out to be exactly as honest as last time... meaning 0%. But they know what we know - that americans are dumber than rocks, and can't even identify a scam when it smacks them in the face repeatedly and violently.
The debt-slaves will line up to get deeper into debt with the hope that this debt won't hurt as much, and ignore the fact they'll never have any chance to escape the ranks of "life-long debt-slave". Behind the scenes, Bernanke and his band of debt-heroine pushers laugh all the way to their fiat, fake, fraud, fiction, fantasy, fractional-reserve bank vaults to count their slaves.
And the temporary spurt of irrational exuberant buying in the next year by morons who believe the endless lies from the debt-monger twins might even make the economy look slightly less disasterous (given even more aggressive jiggering of the statistics by the government liars).
Meanwhile, by the time the morons read the fine print and find out virtually all this money went directly to the banksters, the election is over.
The story of the 21st century: LIARs and MORONs.
Let's hope their polls are math are wrong.
It didn't matter in MN when the machine went into full gear until it got its "false positive" with Franken.
The "Spinless" Hairy Reid Flip-A-Matic Voting Machines
As seen on TeeVee... in Nevada... erasing 9 point deficits at the polls flipping one old lady's vote at a time...
Brought to you by:
CREEP--Committee to RE-Elect the President
Primed and ready for "Election Fraud 2012"...
It's worse than you think. With a 2 term limit they don't care what they do after the next election. They can rip and tear because they know they are leaving after 4 years, and couldn't care less what happens after that.
Oh, you're not kidding. If Obama gets elected, everyone who doesn't love being an overtly abused slave had better get their butt out of the USSA before they lock the doors.
If the USSA isn't already destroyed, another 4 years will certainly finish the job.
yay! my states not listed but peurto rico is!
USA! USA!
Lots of 'Ricans in jooNY, they vote for the communist anyway. Waste of Fiatscos.
My State, California, isn't listed either...we have our own "Hardest Hit Program"
Check out what actual taxpayers aren't eligible for.
That is California code for a program for Illegal Alien home owners... Fabian Nunez says you and I don't qualify... move along...
Two thousand lawyers and eighty million billable hours later, the program will be "shovel ready."
This is another program that will follow the success of the HAMP program and "Fast and Furious" program (each derived from the "SNAFU" program).
"Fast and Furious" was successful, look at the pensions that don't have to be paid.
Just a different, yet comparable solution to what the Soviet Union came up with when they collasped. Socialized housing for the poor with declining wages. Yep! We are beyond doomed now.
You not getting the money
It is going directly to the banks
Just another way to funnel taxpayer money to the fat cat bankers
Makes me want to stop pay8ing my mrotgage. Why should I be the sucker who still pays when everyone else stops paying and receives a bailout?
Doesn't make sense anymore.
Something tells me this program is going to need a lot more than $1B. Not such a bad idea though, I've seen worse.
What is the problem here? Most of you morons voted for this dip in defiance of his history because he wasn't Bush. Now you are incensed? Reap what you sow, assholes!
I didn't vote for anybody.
After voting for GW Bush I realized I was too stupid to vote.
I said most. I know those that aren't.....
Sorry. I guess I am overly sensitive. I just can't take anymore!
Welcome to my world.
well, this takes care of all the states that weren't in the first group, for the first program. that didn't work.
let me do the heavy lifting, here: if there are one million peeps who want this & qualify, 3% win the lottery? if there are 10 million, then it is .3%.
this is government? it sound more like an ad for the local casino!
free registration! for free debt! c'mon down, BiCheZ!
i've already told you i am not gonna borrow until they pay me 3%, then i will take $1 mil. i doubt if they'll be paying that much before christmas, but it's an election year, coming up, so let's get thru the preliminaries and to the really good programs, here, ok?
Only the government can "optimize" a lottery so that when you win you lose and tweak it so that not only do you lose when you win, but everybody else loses as well and they have to pay for you playing, even though you lost by winning.
Yet somehow the banks win again. WTF? This is nearly as brilliant as solyent green.
Wow, lets reward failures and crush success.
So, lets all fail for the Govt to take care of us. Lovely, wtf, screw the govt I say. They f u and you f them back.
Can't believe that just this morning I said it: They'll bail the world.
And they will: Debt ceiling raised? Check; Greece bailed? You betcha; Other PIIGS? Euro Financial Stability Fund all stoked up as reported to day in anticipation of Spain and Italy; QE3/Operation Twist? Ya vol; Now we also need to bail more banks, deadbeat mortgages, pensions, states, municipal govs, insurance companies and soon East Europe, MENA, West Africa, Pakistan, Iraq, Afghanistan, Japan, Germany, UK, France and anyone else
Glad to see I'm one of the increasingly few assholes silly enough to both pay his taxes and make my monthly mortgage. This makes me feel better about following the rules and living a conscientious life. I'm looking forward to paying onerously higher taxes in the coming years.
/sarcasm off
Fuck this garbage. Time to sell, go rent something small and take the money I get back and use it all to buy more gold...in a vault in Zurich.
Do you like to fish? Have some nice places close enough to the Peace River where you can push your trailer/boat into the water. A block & tackle is all it takes to get it out.
How deep is the Peace? and is it anywhere along Indian Nations?
MEDIC!!!!!!!!!
They must've ran outta forks....otherwise the real estate market woulda got pulled from the overcooked section of the barbecue.
There's always another "B-3" (Bailout Bong for the Bankers)
"Open up yer gullets you 'Fat Cat Wankers'......Obama is gonna serve you up 'sumpin' saucy.
Tyler(s):
I getz drunk and post to the troll side. My bowsz to CD, BillyB7, Sb777...
I'm 'bout to hit the break to the downside.
Clingz(on).
Gotza say tnx.
Re-elect ODummer, and you will feel better.
Yeah, everyone who has lost their job in the past two years and might be in forclosure is a lazy asshole just sitting on their couch wanting everyone else to bail them out.
I always love how ZH posts all of this evidence showing massive manipulations of all things financial from the top end. Yet anyone in the lower rungs who got creamed in the failings of this massive manipulation plan because they bought the free market bullshit stories sold to them is a lazy asshole sitting on the counch awaiting a bailout.
You just gotta love dogma, be it religious, economic, political, etc... Hell, this country was founded and built on bullshit, especially since Reagan, and now the bullshit's too deep to wade through anymore.
As long as they don't want me to bail them out then I will refrain from calling them a lazy asshole.
However I am not sure that people who didn't buy the bullshit ought to pay for those who did buy the bullshit.
I bought a house at a multiple of one to my income level. My annual income is equal to the total purchase price of my house. I still drive an 11 year old car with 160,000 miles on it as my primary vehicle (ok but we did buy a nice sportscar recently, my only splurge)
Why the fuck were people stupid enough to buy a house at a multiple of four times their income level? Should I pay for their stupidity, ignorance, naivette? Does it matter if they were free of blame in this whole mess? I think I am free of blame too. Why punish the conservative who try to be extremely cautious and prudent with debt?
The stupid and naive aren't making you pay anything Topcalling. The government has directed their sites on removing your power, stealing your current labor, and absconding with your past labor through devaluation.
Words pissing into the wind.
Get into the groove, and the next time you find yourself filled with dissatisfaction, understand you better punch the right guy in the nose (I'm doing it with a gold ring on my finger).
Got to ignore all the dorks ogling your chick. Energy properly allocated.
Well said....thanks for the wake up call.
QE3
The third ghost will appear in the form of a loan that does not need to be repaid, but you can't spend it on anything other than a mortgage from a too big and corrupt too fail bank.
What happens when lawyers write economic policy? Shit like this.
Harvard Law, really? WTF? I use to laugh when people called Obama "shit for brains", but my bad, I guess its true his intestines are routed through his cerebellum. No wonder his eyes are brown.
50k? Pikers. Here's a little something in the official public records from earlier this year.
FHA Case Number: blahblahblahblah
"SUBORDINATE DEED OF TRUST"
"This SUBORDINATE DEED OF TRUST ("Security Instrument") is made on ______, 2011. The Grantor is ______________ "Borrower". The Trustee is Secretary of Housing and Urban Development, "Trustee". The beneficiary is the Secretary of Housing and Urban Development......Borrower owes Lender the principal sum of (US 500,000+). Borrower represents that this amount is being used to cure a delinquency and reinstate the primary loan ("Primary Loan") given to Borrower in the original amount of (less than $130,000) for the below-referenced property..."
The property is probably worth $150k to $175k, but you and I have ponied up more than three times what the property is worth to cure a delinquency. The house was purchased in 2008. Do the math. Apparently I can't.
50k is beginning to look like a bargain.
Yep, that's the one.
$250,000 on mine. Gave them the finger.
Wasn't even deliquent- it was just a pre-approved form with lots of cartoons showing people being stupid.
I'm not borrowing another cent as long as I live- if I happen to find myself short one day, I'll make a withdrawl with lead collateral.
Maybe they'll loan me $25K, at no interest...I didn't buy a home, as prices were rising too quickly...program could be called "Didn't Undertake Mortgage Because Affordability Sucked Shit" or the "DUMB ASS" loan.
rewarding wrecklessness and punishing prudence......bring on the revolution.
Hardest Hit Program...???
Too Funny...............
They got one for every day of the week.....
FUCKING JOKE USA...
This pisses me off. I haven't read the above comments yet, so forgive me if I repeat. What I see here is not the government coming to the rescue of the poor little homeowner, but in fact another veiled banking stimulus. The banks are crumbling, and I'm sure they went crying to Geitner to help with their toxic, self inflicted mess of assets. So instead of another TARP-like round of funding that would make the masses up chuck in their mouths en masse, it gets masked in this "Heroic" package. This money goes to the banks and will never be seen again as mentioned by the OP.
It's all gone completely bonkers.
This is a massive Section-8-type housing program, except the rent is paid to the bank. The homemoaners continue to chase the "free house" carrot and maintain the banks asset on the homemoansers nickel. The banks will move more toxic paper either to the FED or onto the "performing" side of the ledger, while at the same time reducing loan loss reserves. This will be ballyhooed as increased profits and syphoned off as record bonuses. The prudent, hard-working taxpayer - he gets fucked again... This is not even buying votes, its renting them - just string the program out over 16 months,,,, after the election? who cares, 2nd ans last term.
Received my assessed value of my home the other day from the county. Value dropped exactly $50K.
Notice the first 3 letters in the 3rd word? May have meaning in Chinee land.
Where would the money ends up ? Back to the bankers. Homeloaner pays their mortages.
It's a long way off to election day. This might just be the beginning of many vote buying
giveaways. Once we get the debt ceiling raised, there will be gubmint money for just
about everyone. Hell, give me 50G, I'll vote for the bastard twice. [and turn it into PM's]
I junked you because you are so willing to sell your vote for whatever the Obama will give you.
Then again who knows?
My share of the 1 billion cost is $4.
$4 to keep people from begging at gas staions and in front of supermarkets or rioting in the streets.
Worth every penny.
four dollars here. Four dollars there. Pretty soon it adds up to real money.
Sooo, is there a way for me to grab that 50k -- and not apply it to my mortgage -- and carry off a few bars of silver instead, as I strategically default six months from now?
There is nothing like a title with Obama in it, or flaming protester to really get the comments going.
Who really gives a fuck if the most recent Chinese reverse repo was at 7.5 percent?
I was curious about blue vs red distribution. I find it somewhat interesting that this banker bailout pays for more homes in red states than blue. I can't vouch for the numbers at http://www.270towin.com/ but that was what I used. It might be an interesting excercise to look at the imbalance between red and blue and compare that to potential for voter sentiment swings, unemployment stats, etc.
(R) Alaska
(R) Arkansas
(D) Colorado
(R) Hawaii
(D) Iowa
(R) Kansas
(R) Louisiana
(D) Maine
(D) Massachusetts
(D) Minnesota
(R) Missouri
(R) Montana
(contested) Nebraska
(D) New Hampshire
(D) New Mexico
(D) New York
(R) North Dakota
(R) Oklahoma
(R) South Dakota
(R) Texas
(R) Utah
(D) Vermont
(D) Virginia
(D) Washington
(R) West Virginia
(R) Wisconsin
(R) Wyomin
(wtf) Puerto Rico
(R) 15 states
(D) 11 states
(contested) 1 state
(wtf) unincorporated territories
You might be onto something here.
The majority of those States have essentially been removing the Democrat grip on power on a number of levels. Some not successful, others by attrition or death.
What was the old saying? Oh yes...
Everyone has a price somewhere. It just needs to be "Discovered."
How fucked up is this? I saved enough money to pay my mortgage payment for six years and now they just give the shit out. Fuck a bunch of this shit!
North Dakota? They have a budget surplus and more cows than people. These congressmen arent stupid they're stoned. How many troubled homeowners can there be in a state with near full employment? Pass the Purple Frog Hair please.
http://ndambassador.wordpress.com/2011/03/22/north-dakota-americas-most-...
this is the same thing as AIG, just this time they are using the underwater homeowner
I just logged in under my now "Known" credentials. THEY KNOW my favorite password and now they will see how I think. I will now walk away from my mortgage as a strictly business decision. The ponzi is coming to a head. I will not buy again until there is blood in the streets, and by then rates may prevent me from doing so anyway. I am a old school american who used to believe in paying my debts but I think our masters want us all to default so that they can take control over as much real estate as possible. I may just hold on and make them buy fron me at a higher price when rates skyrocket, I am undecided right now. I dont want to have to rent when even I can not afford to rent and my wife and I make over 100k. We may be going there folks. I just cant believe its as easy as walking away and its all good. These laws can and will change in my opinion, so I believe time is of the essence if you want to walk away.
''...everyone still laboring, kicking their own ass, is a FOOL. Go straight to Hell, don't pass go, you pathetic beast.''
Is this not what Chairsatan and Rosemary's Baby (AKA O'Bombachrist) say when you accept thier offer, as you labor declares, the market mark of contempt against you and the whole world at this point? The World Tax by fiat currency and Income Tax set by the corrupt nature of the beast, whom is not apportioned to it's own labor but efined wanting by the ''claim of dominion'' upon the Children of The Graven Image.
The President of the United States and the foreign and domestic Federal Reserve Global Banking System must not be ''FED'', The United States Government does not represent a single laborer, not one, it is nothing but a Slaughter House Manager that must be put down by it's own hand. It does not even represent a principle rate of return required to sustain it's own interest. The System has failed and everyone with a true heart and understanding mind knows this, without any doubt.
To truely quantify the image of the beast just look at labor, labor is aborted in the womb. The labor of this generation and the next has been aborted. This report, along with all the rest of the bullshit Zero Interest Government Motors Banker Bonus Sellout Cash for Clunkers 8K for idiots first time home at Zero ...and on and on and on etc..., all proof that calling everyone labor to feed this pathetic self devouring system is a marked fool, having accepted the mark of the beast, the Federal Reserve Debt Note and the supporting contempt for constitution and ''The Constitution of the United States.
You are either delusional for showing up to work at this point, or you are a sick bastard equal with casting children upon the flaming alter of Moloch, like the elite are now doing this month, as usual, at the Bohemian Grove Cremation of Care ritual slaughter.
One this is clear and for sure, if you raise the American Flag (or any flag) and you are still working and laboring in this corrupt new world global market system, as an American, PIIGS etc... you are a delusional sold out whore equal with the evil bastards that offered the children upon their sick flaming alter which represents their pathetic false claim of dominion, which you agree with. If you wish to be patriotic, you may raise that rag high in the air, as long as you don't work for it, thanks to Chairsatan and B H O'Bombachrist. http://www.youtube.com/watch?v=CIOMctzmuJg&feature=channel_video_title
There is no need to tell you, if you do not agree, to go screw yourself, is there? http://www.youtube.com/watch?v=MgAD8M3xO6M&feature=related
I am in agreement my friend. This thing is done. The major indexes have not made lower lows but they will. If they Don't I will go long!!! BUt I will have one foot out the door. This is THE bounce; get out now or forever hold your peace.
...what happened to the edit function? what, it stops working when you want to use it?
...well, it seems it's working some what.
http://www.realclearpolitics.com/video/2011/06/19/nbc_omits_under_god_from_pledge_during_broadcast_of_us_open.html
cough, cough, must be a bug going round. http://www.dailymail.co.uk/sciencetech/article-2004801/Weve-got-skin-Battery-free-surveillance-device-implanted-flesh.html?ITO=1490
Quantifying the image of the beast and the supporting robots that will dance for it, like Seal Team 666. http://www.wired.com/gadgetlab/2011/06/five-robots-that-can-get-their-groove-on/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wired/index+(Wired%3A+Index+3+(Top+Stories+2))&utm_content=Google+Reader
http://bible.cc/revelation/13-15.htm
Does this mean society won't collapse for 2 more years, or will the money actually go to banks in Europe?
Let your home go America, cus we want it. The ultimate plan is now in place. Despair is a great buying opportunity.
Forbes the scumbag was in greece last week licking his gay ass fingers just trying to determine what to buy. Greece belongs to the greeks. Let em come find me by my ip address. I dont care. I will fight. I WILL FIGHT.
GO GREECE. TELL THE BANKERS TO EAT IT. THE ONLY REASON ANYBODY GIVES A SHIT IS BECAUSE THE BIG BANKS WROTE CDS ON GREEK BONDS> WE CANT HAVE THEM LOSE CAN WE? YES WE CAN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Wouldnt it be nice if I wrote insurance on your neighbors house and then went and burned the goddamned place down. By the way I set aside zero capital to pay out if I had to FUCK EMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM.
You left ou a couple of M's
MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM
That should fix it.
Any comment? OR just business as usual?
Honestly, if Obama gives that 1B $ to me, I can easily create 5000 jobs on a promising project that will change people's life.
Do they happen to know in the USA that in some 3rd world countries some workers do not expect to earn that much money in their whole life ?
Yes they do know this and they have a similar solution. http://www.livescience.com/14669-poop-meat-safety.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Livesciencecom+%28LiveScience.com+Science+Headline+Feed%29&utm_content=Google+Reader
...in case you missed the punch line, that would be ''eat shit and die''.
HAMP, HARP, EHLP, HELP... HUMP
It's all just Timmay and Obama Bin Lyin' doing a HUMP on the Amerikan public...
BTW: I bet Timmay qualifies for the program on the Larchmont house...
The rest of you ZHers... Sorry, don't qualify... move along...
Lawyers are first on list to be paid along with banks..seems right to me.
This program selects those who can get the loans based on what criteria??
union members, correct voters, party workers?
fraud and corruption will take the lions share.
Apparently you have to live in a state covered by the program; or in a state not covered by the program, which nonetheless has a program similar to the program, thus making you eligible in those states as well.
You must fill out a pre-application application and submit it to a participating program agency within either one of the states qualifying for the program or one of the states not qualifying for the program but which nonetheless has a program similar to the program.
You must then be selected by the agency to whom the pre-application application was submitted to fill out an application application. This works like a lottery.
Then you must submit the usual littany of documents, forms, returns, account statements, proof of this of that and of the other, none of which you have.
The pre-application application is due by 7/22/11.
Small wonder 80% of those eligible are not going to bother with this crap.
What about those of us who didn't fuck ourselves over on real estate? Where's my $50,000? And the tax payers get to pay for it? Thanks Obummer. You're a real hero of the people.
So, when the borrower finally does default anyway in 2 years and the bank/lender eventually does foreclose, $50,000 which would have most likely been a loss for the bank will now be a loss for the government instead, i.e. ,all of us. Privatize the profits and socialize the losses. It’s just another bailout for the banks in a different disguise, this time scheduled in advance so they will have time to make appropriate plans. All this is doing is prolonging the horror story that our residential real estate market has become, mostly for those who had nothing to do with the cause.
If it's going to pay mortgages it's bailing out a bank.
Nah, it's not really helping those people, it's just another back door bailout to the bank.
I mean if you haven't paid your rent for 3 years, thats 36 months...can anyone guess what that probably roughly equals out to for many of these loans?
$50,000
The money goes straight back to the banks, like the greece bailout.
But of course, people should be pissed off at paying for this fraud, especially since these homes aren't owned by the banks, and those living in them have been defrauded as even if they were to pay off the loan, there is no chain of title to actually give to them. That is, if they didn't get crushed by the foreshock quake of collapse we had in the past three years.
Glass-Steagall
On another note, if they actually would have let the hosuing market bottom, they probably could have BOUGHT the houses outright for 50k, not that I advocate that, just saying since they don't mind throwing 50k at keeping a bullshit, most likely mers'ed faud loan going.
It's a just a lottery.
The bankers just get given the cash.
Tyler, you really need to stop copying articles from the Onion... wait whats that you say?
I thought it used to be a joke that "Obama is going to start buying people's mortgages next"
http://www.youtube.com/watch?v=or-EKjfVCoA&feature=related Mr. Santelli, if you would like the elaborate