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Government Should Bail Out Homeowners

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posted on Aug, 15 2008 @ 07:06 AM
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Well isn't that nice, more of American for sell to foreign investors and to the disgrace of our nations the buyers names are withheld from public view.

Sovereign Wealth Funds To Buy-Up $29 Billion In Foreclosed Homes


According to a report from the New York Post, an undisclosed sovereign wealth fund has allocated $29 billion to begin purchasing foreclosed homes along the West Coast. American home values and the dollar are both plummeting in value, attracting foreign oil money to invest in the nation’s houses. Abu Dhabi, known for its recent purchases of the Chrysler and GM Buildings, is preparing to announce next month what failing American real estate it will soon invest in.

America is defenseless against foreign takeovers of realty and big business as long as it remains addicted to oil.


www.economyincrisis.org...

So much for the Security of our nation and the war on terror.

Nothing but a joke.

Foreclosures Up 55 Percent: 272,171 Filings In July Alone


All told, one household in every 464 received a foreclosure notice. Among the areas hardest hit by foreclosure notices was Fort Myers, Florida; one in every 64 households there received a default notice in July alone.

Nevada was hardest hit by foreclosure, followed by California, Florida, Ohio, Georgia, Michigan, Colorado, Utah and Virginia. All of these states used to be known for their stable markets and high home values, but now they are suffering from the worst housing market in over 70 years.


www.economyincrisis.org...

The American dream could now be owed by foreigners, from known terrorist sponsor states.

We citizens has lost our hold in our nations wealth.




posted on Aug, 18 2008 @ 06:18 PM
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reply to post by marg6043
 


All this will do is cause more rampant inflation, and continue to hyper-inflate the perceived value of real estate, which is already at fantasy level.



posted on Aug, 19 2008 @ 04:33 AM
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reply to post by aravoth
 


Continue to hyperinflate Real Estate? Where are you? Real Estate is tanked in in most of the country and this Bill actually will make that worse. No one who bought in the last two years can sell for what they paid. My house is off in value 75k - 100k and I bougth an average home.


For those who do qualify for the bailout, their prices are going to re-set the market value on their homes to the current market value, but their obligation n it will be less than that. what it actually does is create a market where people who acted responsibly and are still paying their mortgages will never be able to compete in the sale market for a long time to come. Heaven forbid some misfortune such as an illness or a job loss hits on these homeowners. It will be too late for them to participate in this program, and actually creates more problems down the road, especially since more and more people continue to lose their jobs, not to mention the other side that can't be quantified - the stress of these economic times is causing more and more people to get sick and have accidents. There are more people screwed down the road for this bill than people realize, aside from the fact that these bailouts have a hefty price tag the rest of us are somehow going to have to foot the bill on.



posted on Aug, 19 2008 @ 07:56 AM
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reply to post by aravoth
 


I live in the top 10 states that are been hitting the hardest, I am graceful that when we bought our home the people that sold it were so eagle to move out as they were building a new home that we got a fair average price for the house.

Still we are now stuck with it and even when I would love to move to a another home now that my children are grown I can not at least for now.



posted on Aug, 19 2008 @ 04:16 PM
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Coming Soon: Government Bailouts

This time we all are going to lose. The small investor and the big investor.


The U.S. Treasury is growing increasingly likely to recapitalize Fannie Mae and Freddie Mac in the months ahead on the taxpayer's dime.…

Such a move could wipe out existing holders of the agencies' common stock, with preferred shareholders and even holders of the two entities' $19 billion of subordinated debt also suffering losses.…

If the government-sponsored enterprises fail to raise fresh capital, the administration is likely to mount its own recapitalization, with Treasury infusing taxpayer money into the agencies.
.

I guess when thisgovernment-sponsored giants were reaping the wealth while doing their dirty business everything was peachy, many in congress benefitted with their practices.

Now they are also in a deep hole.

www.economyincrisis.org...

Homebuilding Slumps to 17 Year Low


A government report issued Tuesday showed that builders broke ground on the fewest number of homes since March 1991, marking a 17 year low. The 11 percent decrease puts the annual rate of new homes built at 965,000, far below the 1.084 million pace set in June. Work began on 30 percent fewer homes than in July 2007.

Another troubling sign is the fact that building permits - a sign of builder confidence - fell 17 percent as well.

The hardest hit area appears to be the Northeast, where homebuilding is down 30 percent.


www.economyincrisis.org...



posted on Aug, 20 2008 @ 04:17 AM
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We ae holding our breaths right now in our office for a closing that is scheduled for next week. The loan is a Freddie backed, and they cannot seem to get a final answer on it so far (three weeks). Everything is in place, the criteria's are met, but they haven't committed to funding the loan and cannot seem to give any answers regarding the status.

This is a new one, and rather disturbing.



posted on Aug, 21 2008 @ 01:41 PM
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reply to post by Relentless
 


I believe that the financial institutions are holding to whatever money they have including any bail outs from government to see if eventually interest rates will get higher again.

Kind of deceiving as they are talking care of themselves rather than the consumer.



posted on Aug, 21 2008 @ 01:48 PM
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reply to post by Relentless
 


More on Fanny Mae and Freddy Mac.

Into the Abyss: Fannie Mae and Freddie Mac


Fannie Mae and Freddie Mac are now nearly worthless, having each lost nearly 90 percent of their value in the last year alone. Fannie Mae shares dropped to just $3.75 on Thursday; Freddie Mac shares bottomed at one point at $2.68. A government bailout is now all but certain, and the possibility that the two federally-sponsored giants will be dismantled and sold for scrap is now a serious concern, according to Reuters.


www.economyincrisis.org...

Relentless may be this the reason things has been slowing down in you case.

Freddie Mc is not donig very well lately.



[edit on 21-8-2008 by marg6043]



posted on Aug, 21 2008 @ 02:20 PM
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Originally posted by marg6043
reply to post by Relentless
 


[article on Freddy Mac]
Relentless may be this the reason things has been slowing down in you case.



Title search... Appraisal.... are two other things that may be causing the hang up,
a lot of those appraisers that rubber stamped the exaggerated sales price
are likely out of business..

and many of the title search operations have curtailed their business because of the massive decline in housing transactions.

then theres mortgage insurance if the loan/mortgage is approved...
if no one is willing to insure the loan...the mortgage holder will not close the deal.

the hey day is over...at least for awhile

thanks



posted on Aug, 21 2008 @ 02:24 PM
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reply to post by St Udio
 


Do you have any idea if the isurance rating for freddy mac has been downgraded? or the insurance rating doesn' apply on them in this case. I can not find any information on that one.



posted on Aug, 21 2008 @ 02:35 PM
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NO! NO! Government should never bail out home owners who default on their house. We will forever owe the government for that. What am I saying we owe government anyway? Everyday of our life we pay government. No really, why does a two bedroom, one bath home cost $120,000 dollars
I think something should be done about how much a home cost and land for that matter. As far as a person getting into debt by their own ignorance, means they get out of debt on their own. Free market people! If you lose your house because you couldn't afford it and someone comes along and buys it and resales it, more power to them for making good decisions.


If they have to bail anyone out I say bail out the ones who have paid on their houses for along time and are almost paid off.



posted on Aug, 21 2008 @ 02:40 PM
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reply to post by Solarskye
 


The problem is that the people that were to lose their homes has done so already, this is only to bail out the banking institutions that made the mess to begin with.

If you read the last two pages of this thread the links will give you a picture of how bad the situation with he foreclosures really are and how bad is affecting the home owners in this nation.



posted on Aug, 21 2008 @ 02:53 PM
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free market???
free market would mean that the originators of the loan would risk something also...free market went out the window when they started bailing out their buddies, or maybe even before that, when they turned a blind eye to their risky procedures and stepped in and prevented the states from doing anything...

there is no free market!



posted on Aug, 21 2008 @ 02:57 PM
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More info on the Bill itself, that I from here on in. refuse to refer to as a "housing Bailout" because it is nothing of the sort.

market-ticker.denninger.net...


PAULSON SAID the government wasn't going to bail out speculators.

YOU LIED TO CONGRESS AND TO THE AMERICAN PEOPLE PAULSON; the biggest speculators of all are in the corner offices of Fannie Mae and Freddie Mac, along with the bondholders who purchased their debt, and now you want to bail both of them out!

Nor does it end there. An article in The Economist points out that a large percentage of the debt allegedly "sold" in recent auctions wasn't sold at all - it was part of an elaborate scheme known as a "switch":



Here is the mathematical reality of the situation folks.

The GSEs took on many hundred billion in "ALT-A" paper, representing about 10% of their total. That's $300 billion roughly, for Fannie.

This paper is garbage. It was not purchased due to any "affordable housing mandate", but rather to "lever up" as the GSEs have been doing for the last few years.


Where will the lies end? Why do I have to pay for a Bill that was suppossed to bailout people and now are bailing out worthless institutions?




posted on Aug, 21 2008 @ 03:09 PM
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So more of those who did it the right way lose out.

I lost my professional job in a job market that didn't allow me to replace it. My house wasn't even that valuable, market wise. We sold it to pay of off debt and moved into a farm building that we made livable but by no means is anything to write home about. Thankful to at least I have a roof overhead.

Real estate values by the appraisal office are not going down but up. Taxes go up as well as everything else in life. No break what so ever.

Some people are getting rich, others will be saved and may of us are just getting hammered as usual. People should have enjoyed those grand houses will they lasted. Welcome to the real world.



posted on Aug, 21 2008 @ 03:12 PM
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What a deception, I had no clue that everything was nothing but a scam when it comes to Freddy and Fanny.

Incredible!!!!!!!!! 800 billions of tax payer funds!!!!!!!!!!!!!

That money should had gone straight into the hands of the people that need it the money due to circumstances beyond their hands to help them keep their homes.

But instead is going to pay off favors!!!!!!!!!!!!!!!!!!!

I can not get tired enough when I say that the corruption in our government specially in congress has not limits.


Somebody is pocketing this money and is not the consumers in need.



posted on Aug, 21 2008 @ 03:20 PM
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Originally posted by Relentless
More info on the Bill itself, that I from here on in. refuse to refer to as a "housing Bailout" because it is nothing of the sort.

[...]

Why do I have to pay for a Bill that was suppossed to bailout people and now are bailing out worthless institutions?



i think you had the altrustic impression that the 'housing bailout' was to be directed to the benefit of the home-buyer...


wrong... the bill is intended and designed to try to salvage the housing market & system of buying-selling properties (which generates taxes/fees/revenues for local & state governments)
And the many levels of professional people that are required to transfer ownership of a business or dwelling.


Ideally, the honest folks who have lost or are in the process of losing their homes for any number of reasons...can somehow be made 'whole' again...
but that action would border on socialism, communism rather than the "free market choice' we presently operate within.


there's always Section-8 living for the dis-housed people....



posted on Aug, 21 2008 @ 06:16 PM
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reply to post by St Udio
 


The Gov's idea to fix the housing market is to fix the institutions that loan out money.. if their solvency is guaranteed then they can lower loaning regulations and make funds more available to entice those borderline buying to go out and buy a house..

Except the housing crisis began from rising inflation and the depletion of funds to debt ratio among average Americans .. forcing money into financial institutions, sacrificing the dollar to save the economy all the while trying to get the motor running on the loan institutions again created a literal wheel of death as inflation spikes once more and thousands more home owners end up on the streets. Inflation is the slow road to the slaughterhouse, where as keep inflation down and sacrificing the economy was the fast road. Ends in the same place.

Though I must say I am 100% against the Gov giving ANYONE money to bail out their mortgages.. unless they want to give me an equal share..
Course our money wouldn't be worth much then would it..



posted on Aug, 21 2008 @ 06:33 PM
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reply to post by Rockpuck
 


right on target....

it's sorta framed after the 'trickle-down effect' where the gov't
funds &/or grants monies & special considerations to the industry leaders (now some would call that Fascism) and the goodies (whatever is left) trickles down to us peons...
in this instance some or very few home buyers -

but only if those wnder-water home buyers elected the gov't sponsered re-finance loans only available from the two GSE corps. ,Freddie & Fannie



posted on Aug, 23 2008 @ 08:50 AM
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you sure we shouldn't be doing a little more to keep these people in their homes??

if you say yes...well, you should read this....

money.cnn.com...

people are ripping anything of value out of these vacant homes, they are left untended to, and well.....are becoming rather worthless!

great job by the powers that be!!
they should be awarded with their own eviction notice......for breach of contract!! they took an oath to get into office, and have failed to fullfill it...

wonder if that would work....could we evict everyone from the whitehouse, the congressional buildings on breach of contract issues?



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