Political Forums  

Go Back   Political Forums > Economy

We appreciate your help

in keeping this site going.
Reply
 
Thread Tools Display Modes
  #1  
Old 07-05-2009, 09:17 AM
Kamakiri's Avatar
Kamakiri Kamakiri is offline
Administrator
 
Join Date: May 2009
Posts: 117
Obama comes to Kamakiri's rescue....ya

Well, I'm one of millions of Americans that struggle hard to make the mortgage in these tough times, and I called my mortgage lending company, per a letter that I received, to ask for their assistance (lower my interest rate, or what have you).

I got on the phone with an analyst, who asked me one simple question....

"What is your gross weekly pay?"

I said, "it's $x. However, out of that, I have to pay for child support, medical insurance, etc. Shouldn't you ask what my bills are or what I'm left with? They did when I bought the place."

She said, nope, that's all they need to know, and that I'd be getting a letter within a couple days spelling out what could be done. Fine.

Two weeks rolll by, and nothing. Then, a FedEx overnight air envelope shows up with a letter from my mortgage provider. The letter says that I don't qualify for any loan modification, but that I do qualify for a Freddie Mac forbearance something or other, that cuts my mortgage in half for six months through the government. Well, that'd sure as hell help. Hm, gotta be a catch in here somewhere......

I read the fine print and all the details, and here's how it works.

When you make your half payment, the monies go into a non-interest bearing acccount, and the payment is made to your mortgage lender when there's enough in the account to pay a payment. But, if there are any escrow fees needed to pay taxes, etc, those come out first and I'm responsible for making seperate payments to keep my escrow up.

Meanwhile, as the plan to assist me continues, my credit rating would fall like a rock as my mortgage payment slips, one, two, or more months behind.....apparently the government program systematically trashes people's credit ratings, so by the time the economy improves, I'd be turned down on a loan to buy a Snickers bar. And, in January of 2010, I'd have to work it out with the bank to repay the deferred amounts. Good job on that plan, Obama.

In the big picture, kind of seems as if the government wants to turn those of us that work our asses off and are just barely surviving, into the huddled masses that can do nothing but rely on the same government programs that our pride and work ethic has fought up till now. Communism, here we come.

I figure that by 2012 if I'm left with nothing but my van and a good rifle, I'd be okay with that.
Reply With Quote
  #2  
Old 07-05-2009, 09:27 AM
noonereal noonereal is offline
Abby Normal
 
Join Date: May 2009
Posts: 11,179
Quote:
Originally Posted by Kamakiri View Post

In the big picture, kind of seems as if the government wants to turn those of us that work our asses off and are just barely surviving, into the huddled masses that can do nothing but rely on the same government programs that our pride and work ethic has fought up till now. Communism, here we come.

.
It seems to me the government cannot pass a meaningful "help program" as big business is to strong and our politicians to needy for there supports.
In any event if your point is that there is not meaningful help as a result of the homeowners legislation that was passed, I agree.
Reply With Quote
  #3  
Old 07-05-2009, 09:58 AM
wajobu's Avatar
wajobu wajobu is offline
Senior Member
 
Join Date: May 2009
Posts: 169
I agree on the big business comment. Another irony is that some folks out there want the government out of their business yet those same folks are the first to complain when they are not getting the help they need...however...those politicians that these same people often support are the ones that are in bed with the businesses that are doing them harm (the people are often too blind to see it...since it is in the name of Patriotism...hogwash).

This is a funny and a tragic game all at once.

There is another solution to this (and I have often pondered this in my libertarian moments). No bailouts to any companies, no welfare, no assistance, and survival of the fittest. This may solve some problems, but in the bigger picture
I suspect that it would create more.
__________________
Avatar is Barry Lopez's book "Resistance"

Last edited by wajobu; 07-05-2009 at 11:17 AM.
Reply With Quote
  #4  
Old 07-05-2009, 10:56 AM
Charles Charles is offline
Senior Member
 
Join Date: May 2009
Posts: 10,348
Help form above

"I'm from the government, and I'm here to help".

Chas
Reply With Quote
  #5  
Old 07-05-2009, 04:04 PM
noonereal noonereal is offline
Abby Normal
 
Join Date: May 2009
Posts: 11,179
Quote:
Originally Posted by wajobu View Post

There is another solution to this (and I have often pondered this in my libertarian moments). No bailouts to any companies, no welfare, no assistance, and survival of the fittest. This may solve some problems, but in the bigger picture
I suspect that it would create more.

I started out as a libertarian myself.
As I observed real world situations, I turned away.
Reply With Quote
  #6  
Old 07-05-2009, 06:06 PM
Twodogs's Avatar
Twodogs Twodogs is offline
Senior Member
 
Join Date: May 2009
Location: Cowtown
Posts: 2,460
Quote:
Originally Posted by noonereal View Post
I started out as a libertarian myself.
As I observed real world situations, I turned away.
Thankee
__________________
"The Tree of Liberty must be refreshed at times, with the blood of Tyrants."
Reply With Quote
  #7  
Old 07-06-2009, 08:05 AM
merrylander's Avatar
merrylander merrylander is offline
Resident octogenarian
 
Join Date: May 2009
Location: Maryland
Posts: 20,860
My British cousins have a name for libertarianism, it is known as the Jack System - as in Screw you Jack, I've got mine.
Reply With Quote
  #8  
Old 07-12-2009, 07:16 PM
Charles Charles is offline
Senior Member
 
Join Date: May 2009
Posts: 10,348
Was just looking over a flyer on the First Time Homebuyer credit that I picked up at my accountant's office.

Apparently, it is nothing more than an interest free loan, 8K max, with a 15 yr payback.

Hardly worth the effort.

Chas
Reply With Quote
  #9  
Old 07-13-2009, 08:17 AM
merrylander's Avatar
merrylander merrylander is offline
Resident octogenarian
 
Join Date: May 2009
Location: Maryland
Posts: 20,860
Some economist was going on about the propose consumer protection board, saying that ordinary folk would not be allowed to buy complex financial instruments. I would write to the editor but it would be a wasste of time.

I wonder when people will wake up to the fact that the home mortgage system here was designed by thieves for thieves. Ever notice that all mortgage brokers drive luxury cars? What in hell is the need for Title companies? Derivatives and securatization of mortgages is simply a device that allows someone to take a piece of the action (points) and get out from under any risk.

During the time we had a mortgage on this place we were with 7 different mortgage companies but we only re-negotiated once. Bought Title insurance the first time ($400), had to buy it all over again the second time ($400).

When I bought the house in Ottawa Ontario I asked my bank for a mortgage. They asked me where the property was. They called me three days later and made an appointment to sign the paperwork. Wrote a check for $600 and that was it, no effing title insurance, no effing points, stayed with Royal Bank for the life of the loan.

Face it people the system is broken, not just health care, the whole goddam system is broken.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 03:50 PM.



Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.