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Thread: Obama calls on Congress to help more homeowners

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    the internet is serious business! Ought Six's Avatar
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    Arrow Obama calls on Congress to help more homeowners

    AP via The Waterloo Cedar Falls Courier, May 11, 2013

    http://wcfcourier.com/lifestyles/hea...233ae9588.html

    President Barack Obama says Congress must give more homeowners the chance to refinance their mortgages to save money.

    Obama says more than 2 million people are saving about $3,000 a year after restructuring their loans under his administration but that more deserve the same chance.

    In his weekly radio and Internet address, Obama also calls on the Senate to confirm "without delay" his choice of Democratic Rep. Mel Watt to lead the Federal Housing Finance Agency, which oversees government-controlled mortgage lenders Fannie Mae and Freddie Mac.

    Obama says the North Carolina congressman helped enact rules to protect consumers from dishonest lenders.

    In the Republican address, Alabama Rep. Martha Roby discusses legislation passed by the GOP-controlled House to give private-sector workers the right to trade overtime pay for additional time off.
    _____

    Online:

    Obama's address: www.whitehouse.gov

    Republican address: www.youtube.com/HouseConference

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    President Barack Obama says Congress must give more homeowners the chance to refinance their mortgages to save money.

    Obama says more than 2 million people are saving about $3,000 a year after restructuring their loans under his administration but that more deserve the same chance.

    In his weekly radio and Internet address, Obama also calls on the Senate to confirm "without delay" his choice of Democratic Rep. Mel Watt to lead the Federal Housing Finance Agency
    Uhhh, No..............

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    How's that Hopey Changey thing workin'? C.Puffs's Avatar
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    More votes to buy don't ya know. Suckers.

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    Is there some reason people can't refinance their own mortgages?

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    Yeah, because the morons like me that got fixed 30-year loans during the boom can not meet the requirements for refinance since "everyone" else foreclosed, got bailed out or got a loan modification; add to that the 50-60% reduction in value in my area during the recession.

    Sucks because I am all ready for my government handout :0. I have a fixed 6% on a $200k loan on a house I got when I came back from Iraq. The price of houses was rediculous in AZ then and I wasnt ready to "wait" it out (the bubble was still only knowledge of the big money men then) with a baby on the way.

    Like everything else, if I knew then what I do now

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    Quote Originally Posted by hardmack View Post
    Like everything else, if I knew then what I do now
    Don't worry, Obama has just tapped the most corrupt ***** in Congress to run the agency that's going to fix all that for you...

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    Quote Originally Posted by riderboy View Post
    Is there some reason people can't refinance their own mortgages?
    Irresponsible decisions a decade or so ago and/or job loss have led to foreclosures and poor credit for a lot of people.

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    Quote Originally Posted by hardmack View Post
    Yeah, because the morons like me that got fixed 30-year loans during the boom can not meet the requirements for refinance since "everyone" else foreclosed, got bailed out or got a loan modification; add to that the 50-60% reduction in value in my area during the recession.

    Sucks because I am all ready for my government handout :0. I have a fixed 6% on a $200k loan on a house I got when I came back from Iraq. The price of houses was rediculous in AZ then and I wasnt ready to "wait" it out (the bubble was still only knowledge of the big money men then) with a baby on the way.

    Like everything else, if I knew then what I do now
    You aren't a moron. Imagine if, instead of a fixed 30 year mortgage, you'd gotten a 5 or 7 year adjustable rate and had the kick in the pants of your monthly mortgage payment doubling when the initial window ended.

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    Senior Member Sootan's Avatar
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    Quote Originally Posted by hardmack View Post
    Yeah, because the morons like me that got fixed 30-year loans during the boom can not meet the requirements for refinance since "everyone" else foreclosed, got bailed out or got a loan modification; add to that the 50-60% reduction in value in my area during the recession.

    Sucks because I am all ready for my government handout :0. I have a fixed 6% on a $200k loan on a house I got when I came back from Iraq. The price of houses was rediculous in AZ then and I wasnt ready to "wait" it out (the bubble was still only knowledge of the big money men then) with a baby on the way.

    Like everything else, if I knew then what I do now
    Quote Originally Posted by James View Post
    You aren't a moron. Imagine if, instead of a fixed 30 year mortgage, you'd gotten a 5 or 7 year adjustable rate and had the kick in the pants of your monthly mortgage payment doubling when the initial window ended.
    Honest question: is a 6% fixed rate over 30 years considered "bad" there?

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    Quote Originally Posted by Sootan View Post
    Honest question: is a 6% fixed rate over 30 years considered "bad" there?
    Freddie Mac: 30-year mortgage rate dips to 3.35%, near a record low, The Los Angeles Times, May 2, 2013

    That is the average rate nationwide.

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    Breck Girl riderboy's Avatar
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    Quote Originally Posted by James View Post
    Irresponsible decisions a decade or so ago and/or job loss have led to foreclosures and poor credit for a lot of people.
    Thanks. When we talk about re-financing mortgages at work there's no government involved. Me, I paid mine off as soon as I could.

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    Quote Originally Posted by Sootan View Post
    Honest question: is a 6% fixed rate over 30 years considered "bad" there?
    It is today, when the interest rate is 3.25%. In the U.S. it's set by the Federal Reserve and tied to the economy. In 1980, for example, the interest rate went above 21%.

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    Vets with mortgage issues should check out USAA. They have some ways to help that don't include sucking off societies' tit because you make bad decisions.
    The problem with "bailing out homeowners" is that you are financially rewarding people for buying things that they couldn't afford. I know many people have lost their incomes. But most of the forclosures are just as related to people living well beyond their means, even when they were getting paid. And meanwhile, people who continue to meet their obligations get poorer...

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    How's that Hopey Changey thing workin'? C.Puffs's Avatar
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    Quote Originally Posted by kevlar308 View Post
    Vets with mortgage issues should check out USAA. They have some ways to help that don't include sucking off societies' tit because you make bad decisions.
    The problem with "bailing out homeowners" is that you are financially rewarding people for buying things that they couldn't afford. I know many people have lost their incomes. But most of the forclosures are just as related to people living well beyond their means, even when they were getting paid. And meanwhile, people who continue to meet their obligations get poorer...
    Rewarding responsibility doesn't get as many votes as bailing out stupid/lazy people. We're almost to the tipping point and then it's sayonara.

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    Sadly, you could not be more right.

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