Have they started a new Econ 101 Version 2.0?

I apparently have the old version in my head.

Go to http://www.OutOfBusiness.US Help name the new nationalized banks.

Democratic National Bank
Republican National Bank
or PrintAllWeNeed National Bank

I have tried to get in touch with my mortgage company for a modification. I have my mortgage with Chase. I lost my Husband in Jan of this year. I am disabled and on a fixed income everything went with my husband. Chase gave me the run around, until I wrote a letter to the CEO of Chase. They finally got in touch with me and said they will send me papers. So far I received nothing. I have never been late with my mortgage. All I am looking for is to lower my payment, to be able to stay in my home. My husband died of Cancer he was sick for a year and a half we exhausted all our savings on his illness and also on our two children who were in college one is still in college freshman and taking loans. If a person is willing to continue to pay why will these banks not help these people. Chase has not been very nice at this point. Yet they want help.

I am so sick of paying for bad choices of others....

Is there anything out there for someone who lost their home due to foreclosure?

How does Obama's plan benefit , if at all, those of us interested in purchasing a home for the first time?

What does this do for the people who have kept current on their mortgage but used their credit cards to do so and are now swamped in credit card debt?

So, I pay my bills, work hard, made the difficult choices in life, and do what I am supposed to do, and now my tax dollars are going to help people pay their mortgages when they most likely shouldn't have bought the house they are living in right now. Why do I have to suffer for others stupidity! Where is my "bail out".

So, if I'm current on my mortgage, but my home's value has gone down because of the actions of others in my neighborhood, and I didn't take out a loan with FannieMae or FreddieMac, I'm still up the creek without a paddle?! Nice - can I tell the tax collectors to pound sand when they come to me asking me for more money to help everyone else?! This is RIDICULOUS!

How will taking advantage of this effect credit scores?

This is all great for homeowners who are in over their heads. However, what about us, the people who live realistically, who can still afford our homes if one person loses their jobs? I see no advantage of this bailout for the average Joe, except to pay higher taxes to compensate this bailout. What incentive are we getting for being realistic?

I am responsible and current on my mortgage. I didn't buy a house I couldn't afford. I planned for the future by not buying big screen TV's and new cars. I have a savings account to cover me in the case of a lost income. What will Obama give me in this bailout?

So let me get this straight. People who couldn't afford the houses that they bought are getting help to keep houses they couldn't afford in the first place? That makes sense!

Home prices are over valued. There is no immediate solution then to let people have their homes foreclosed. It is sad that people need to lose their homes, but think of the potential buyers who are responsible and have been waiting to buy their first homes. The dramatic increase in home prices caused A LOT of people to refrain from buying a home.

Home prices had risen almost 200% in the last 10 years...how does that make any sense from the normal growth that it used to have.

About time the government started to care about the tax payers, who have been asked to bailout the very banks that are now trying to kick them out on the streets.

What if you bought a house within your means at an affordable rate and have made all your payments, and your house has the same value? Answer: you are paying for this plan.

I'm on the fringe of this... If I already have a plan worked out with my lender for a refi (80/10) loan due to decreased home value at a decent rate, haven't missed any payments and am due to close at end of Feb – but am being hit with approx. $4000 in fees forced into a 2nd – is this an option for me?

Financial stresses are all relative. My waterfront home, my only residence, appraised for $5 million dollars in March of 2007. It is now valued less than $3 million which is what I owe.

Now that my work has dried up I am getting close to being forced to try and sell my only home for less than I owe. And with no buyers in the market I fear that I could be soon facing foreclosure

Will there be assistance for people in my bracket?

What about the people who bought responsibly, stay current on their mortage, and don't want to pay for other people's negligence? Do we still have to pay into this system or are we exempt from contributing?

Good information on the new foreclosure package.

Query whether a principal reduction will be treated as income to the borrower and therefore taxable. It's a form of debt forgiveness which is typically treated as income to the borrower.

we fall into this range on our home. we are almost at three months default, because me and my husband lost our jobs with in weeks of each. he is now working and i am drawing unemployment. can we skip this months payment only because we jeporidize feeding the kids and paying the utilities to come up with a $1000.00 house payment.? we seriously need to get current on all of our utilities and groceries, will this cause our loan to go into forclosure if we skip this months payment until we can get a new modification?

MY loan is with Countrywide will be able to lower my payment with this plan.

This is garbage. I work 2 jobs to support my family and to make sure my credit remains spotless. I will still have to work 2 jobs because it is the delinquents and irresponsible home owners who will get help...with the taxes collected on the 2 jobs that I work. Never mind the $45,000 I've lost in equity thanks to these meatheads. Thanks for nothing.

We had to claim Bankrupsy on 2/09 because of back payments owed to Wachovia mortgage co. for a mortgage. Wachovia would not work with us. We tried for 6 months to get help. In October we HAD the balance owed but the bank would not take it without an extra $4,000. payment to THEIR lawyer. We felt we had to file bankrupsy to save our home. Now we are paying $250 more a month to a trustee. Money is real tight.
? Are we able to refinance with this bailout program??

Since I'm not behind on my payments and my mortgage isn't from fannie or freddy there's nothing to help me out in this plan. Maybe I should stop paying my mortgage?

will those of us who picked a smaller house with a fixed interest rate they knew they could afford and therefore don't need to modify our loan, but have made payments on time, even when times were tough be eligible for the $5000.00 at the end of five years if we continue making our payments as listed in number 8?

I'm in a unique situation. My ex-wife had the home that I used to live in foreclosed on last summer. I hadn't lived there for 3 years, and she would never do what was required and get my name removed from the mortgage. Now I have a foreclosed on home on my credit and I can't get a loan to get a new house for me and the 2 kids that I now have custody of.

I have a feeling that it's people like me, that had a home foreclosed on through no fault of our own, who are going to still be up the creek without a paddle.

Sounds like a great plan but not sure if I qualify. My credit is shot with using credit to help meet obligations and keeping my mortgage current. Also, I asked my lender if my mortgage was backed by Fannie Mae or Freddie Mac and I was told that that is for internal information only. Is that true?

You can only refinance if your mortgage is through Fannie or Freddie???

I don't have any mortgage on my house. Do I get rewarded monetarily for that?

I went from a job making $100,000 year to unemployment of $450 per week. I have done everything to make my payments and keep my home – but without a job even getting to 31% is impossible.

See more below.

My “Recovery” Situation

I am trying to figure out where I fit into all the “help” from the Recovery Bill signed today (2-17-09). As far as I can tell I fall through EVERY crack in the bill for help now – when I need it!

I was laid off before September 1, 2008 – so I lose out on that part of the Recovery Act.

I am out of Unemployment Benefits in February 2009 – so the raise doesn’t help me. Will I get an extension?

My COBRA ended in January 2009 – I paid the full amount for the whole 18 months – so that part of the bill doesn’t help me.

I was just today informed I was turned down for private health insurance (no word yet on details) – a surprise to a lot of folks who thought I was healthy including me. I am almost 57 & not in perfect health but sure better than a lot of my peers at my age. Do I get help if I get sick? Do I get Health Insurance?

I am not working so the tax rate reduction doesn’t help me.

I still “own” my home so I don’t qualify for food stamps (do I?) or other public aide? How do I find out?

My mortgage is right at the break even point to the value of my home (over $200,000 loss of value), so the lenders will not even talk to me – they will take it instead I was told. They don’t care about my loss of all my retirement and savings.

I can’t get a loan modification unless I find work & can pay the mortgage as-is. I look for work every day including weekends, it is my job one!

It is a sub-prime so will reset soon and even if I was working, I couldn’t pay it.

All my retirement & saving WAS in my home’s value. Now gone!

While working I paid down the principle on my interest only sub-prime loan over $200,000 in less than 5 years (how’s that for commitment to staying in the home) leading to being in balance so the lender wants the house vs. working with me if I was upside down. I knew I had to Refi before the reset & was getting there – till I lost my job in a RIF.

I was laid off in April 2008 & as of February 2009, I am still current on all my loans & bills – so I did have saving & have cut back – but I can only go so far – to hear folks on TV telling me to save & cut back & pay my bills makes me mad – I did all that & now when I have reached my ropes end – I get no help because I had done all the right things.

Since I was laid off I have lost over $63,000 in net (would have been) spendable income. I would say I planned ahead & spend wisely… but my limits are reached.

Now I can’t find a job even at $8.00 an hour doing telemarketing because I don’t have 2 years telemarketing experience. I am a software quality assurance analyst that was making $100,000 year & have a Master’s degree & CAN’T find a job. I can’t do all these great manual “shovel ready” jobs! Recently I was turned down for a job when I had (only) 19 of the 20 requirements listed & again when I met all of the listed requirements but later was told there was another one not listed that I didn’t meet – how do I get training in that one area (tool) so I meet ALL the requirements?

It’s great these working first time home buyers get help to buy all the foreclosed/short sale homes, but has anyone actually looked at the fact that the true overall/long term costs of the foreclosure/short sale FAR outweigh the “benefits” of making the housing more affordable for someone else.

What would happen if ALL foreclosures were stopped on ALL primary residents where the Homeowner is unemployed through no fault of their own OR have shown a determination to stay in the home long term & keep the property values up and continue to make good on their commitments as the economy improves & they can again. Wow – with low interest rates and low home costs & those who still have jobs & good credit – new home sales might start again – wow home building, the number force in the economy might improve! Think that might help the economy recover?

Speaking of credit, does it help when you go late on one bill (because you got laid off) so ALL your credit cards go to the default levels & the credit card company stops any more charges? They force you into even more default when they were fully paid and never took a loss BUT still got money from Washington.

More on credit, so you do everything you can and still lose your home – your credit is ruined & Freddie/Frannie will not loan you money again for a house for years, even if you do get a job again … how does that help the long term recovery?

I had to almost pay for my Master’s on my own using loans (little employer help). Now I still owe over $20,000 in school loans… the Recovery Bill is giving students money to go to school, how about giving me some for having gone to school (and paid the taxes on what was my 6 figure income) and forgive some/all of my remaining school loan, so I have that extra money each month to spend in the open economy? If the experts think an extra $13.00 per paycheck will help – then I would have an extra $154 each month I could help with today.

This stinks. For those of us who did our homework, bought a house, paying our mortgage on-time, there is no relief here. For those who did not do their homework and cannot pay the payments they contracted to pay, they are being rewarded.

The new order seems to be, work hard, pay your taxes and your bills, and you get nothing - for others, these people will pay for you for a lifestyle that the taxpayers can't afford because after taxes they have nothing to spend.

What about those of us who do not own a home but are seeing our rents go up 10-20% and credit card interest rates rise... We are also having trouble making the payments??? Where is our bail out ??.. And call it what is ... A bail out... Buying a home with no down.. What were these people thinking... !! We do not live in Disney Land...

I expect there are many young professionals, like myself, for whom foreclosure is not an issue because we made the responsible choice not to "get into" the housing market. We knew we couldn't afford it and were not willing to take the risk that so many are now suffering from.
Will the economic stimulus plan include any help for first time home buyers like myself?

If you cannot afford the house you are in, then it is time to downsize.
Why should those of us who have been responsible and worked hard to keep up with our house payments, and who have not bought a home beyond our means, have to pay for the irresponsible choices of others?

Home owners who bought homes beyond their financial capabilities should not benefit from tax payers help. These people were speculating and tax payers should not be responsible for that speculation.

Well, that pretty much leaves me out of the picture, all because I've been responsible, did not take 500K loan on 40K/year salary and paid on time. Now, I just called my bank to refinance (from 7% to 5%) they said it would not make sense because my PMI would shoot up and cancel out any savings from the loan. Great. Once more I'm getting screwed by all of the irresponsible jerks who will be living fine and dandy with the help of my taxes.

ok – great. but I don't see this fixing my problem, or one of the number one problems facing many of my friends that are facing foreclosures – which is – WE HAD TO MOVE ALREADY (due to safety reasons to my child) BUT WE CAN'T SELL THE OTHER HOUSE AND ARE NOW STUCK WITH TWO HOMES. I have been paying on both mortgages, sucking up my entire savings and retirement account to keep from foreclosing as the combination of the two is more than I make in a month. Soon – the cushion from my savings is going to be gone, and I am going to have to foreclose on one of these homes anyway if they don't figure this out or get home sales going again.

So I am still penalized for paying my debts – I should have just tossed this other home on the back of the tax payers 2 years ago – as that is how long it has now been on the market. I did not have an option to move – it was forced – and because my local Govt rubber stamped every building permit request given so that there are 3 – 5 times more homes that the number of people that move into this State in a year – the glut on the market was already killing me.

I am not the only one. There are many in this boat – that don't fit this new bill's restrictions. At least 5 in my small neighborhood where this home is. We have been trying to hold on to see what this bill would bring, and now see it brings nothing. So is the recommendation now that we just toss these homes onto the back of the tax payers through the foreclosure route rather than lose the last bit of savings in our banks that we are eating through? I don't really see how our credit rating is going to be hurt that much more – our debt to equity right now is horrendous, with no end in sight.

Hello:

As a Conservative voter I am appalled at how the former administration managed to prove every claim made by Liberals. The Bush administration and their band of inept and unqualified band of fools proved time and time again that they only cared about a certain segment of the population, the very wealthy. In eight horrible years they have managed to undue just about everything that President Ronald Reagan accomplished. They have no one else to blame but themselves.

Dr. Gilbert Martinez
Miami, Florida

Read the pdf from whitehouse.gov. How do they calculate the new refinance rate?

I am in good standing right now on my loan. I was wondering if I qualify for the refiance program will it affect my credit rating? Will it show up on the report that I signed up for the government program or will it just show up that I had my mortgage refianced?

Which bad choices the ones that approved loans or the ones which took them

Just so I understand – let's say the interest rate we have is reasonable, it's at 6.1 fixed. Lowering a point will not help tremendously but the problem is the mortgage balance. Because of the declining market, we have very little (if any) equity in our home.
I believe the bank should "write down" the mortgage balance down to 80% market value for those who qualify. That's how the government can help people such as myself.

What do people get who have paid their mortgages without going into default? Aren't we supposed to reward those who follow the rules? It seems like we're rewarding the ones that don't, or were taken in my scams.

Yes, the system needs changing, but those who followed the rules should not suffer from those who didn't. Where is these people's bailout?

And another note, will the college students of today be able to even think about affording a home in less than 5 years? They don't get any support for college, just their parents who may not even be footing the bill for college! But these students are supposed to pay off thousands of dollars in student loans and buy a house with no aid? Yet another catch-22.

Does the incentives to homeowners apply to those who do not obtain a modification but have been making their payments ontime?

So once again, those living far beyond their means are going to be rewarded with my tax dollars. Mr. Obama, when your daughters do something stupid or harmful to themselves, do you reward them or correct them? Please don't pass by this "teaching moment". Let the fools who tried to live in McMansions that they couldn't afford sink or swim on their own. Otherwise, the only thing they learn is that they can live beyond their means and have the taxpayer foot the bill. But then again, that HAS always been the mantra of the democrats...

We called Chase yesterday because we are falling behind on our payments due to a reduction in income due to a commission only job. They told us there was nothing they could do right now, to call them back when we start to make more money and then they can work something out!?!?@ WTH!! When we start to make more money, we won't need help!

My wife and I moved away from our owned home for a job in a different state last year. We lost her income this year in a downsizing. We are struggling to stay current on our home mortgage while also paying rent in a new state. Our home has decreased in value by nearly 1/3 of the orignal loan. We've never been late on a payment and both have high credit ratings. It appears that this new bill doesn't help us: we no longer live in our purchased home and it appears we cannot modify the amount of the loan down. It appears our choices are to move back into our home and lose our other (only) source of income to take advantage of the bill, or stay put and foreclose/short sell.

We can't be alone. What help is out there for us?

Well, this won't help as much as they'd think.

1. People will still walk if they owe too much even if they can make the payment. We saw this in Texas in droves in the late 80s, early 90s. And that was with falling interest rates and 3% unemployment!
2. Jumbo loans aren't covered. Means homes priced $500K or more will fall in value and squash down values of $400K and less homes anyway.
If a $550K home falls to $450K to get to a conforming loan with 10% down, then the $450K home falls to $375 and the $375 falls to $320K and so forth.

Good Borrower,

You'll never know when you may be in their shoes, and need the same kind of help.

Chase's actions do not surprise me. They are rob-dogs and deserve to go down the toilet.

I sincerely hope you find a solution for your problems.

It is sad that a company as big as Chase wont do anything for someone like you yet have no problem taking Billions from you and thousands like you through the federal government.

Have you contacted your senator or congressman?

Good Luck.

So people buy homes they can't afford and get rewarded. Where is my reward for being a responsible citizen? Oh wait...there is the $13...

what about people like us, who dont qualify as a first time home buyer because we had to sell our home at a lower market price due to recession nor we qualify as who has a home on the market and has a chance to refinance? Why should our tax dollars be used to bail out people who just bought some fancy homes even when they knew that they could not afford them in the first place

One glaring oversight in this proposal is the lack of incentive for banks to work with renters of foreclosed properties. As it stands now the banks will not work with renters, instead opting to spend over $75,000 per property to evict tenents and sell a property at auction.
Allowing those who have made payments in good faith to take up a mortgage would go a long way in stabalizing the housing market, maintaining community continuity and increasing the overall number of homeowners.

I'm current on my mortgage but I'm "underwater". My conventional mortgage is not owned by Freddie or Fannie. Does that mean that I will receive no relief from this program??

This will not help those whose home value has dropped like a rock, like here in SW Florida. They are giving the example of if you owe 210 and your house is worth 200 now you can get refinance help. Here in SW Florida home values have dropped more than 50% in many cases. Many people owe 50 to 100 thousand or more than their home is currently worth. We owe 40 thousand more than the house is valued and cant refinance because of that fact, even though we put down 40 thousand when we bought it 3 years ago. We dont fit into any of these plans even though I am now unemployed and husband has had hours cut. We are current on our loan by scraping by. This plan leaves many of us in hard hit areas just dangling until I suppose we start to default, then we will "Fit" into a program, very dissapointing indeed.

Seems like those who make stupid decisions, homeowners & corporations, get free money while those who have saved, have no mortgage debt, and do not require any money, get none. Seems like socialism.

How will the Homeowner Affordability and Stability Plan from the U.S. Department of Housing and Urban Development, help Senior citizens that may be upside down in their mortage stay in their homes?

the plan has some flaws to it and i think is missing some additional assistance for people who kept up with their payments, but i think its a start. This started from the financial institudes that offered bad advices to home buyers and used balloon payments and double mortgage as a tool to get people into more that they could afford. I know some of it is people bad judgement too, but unfortunetly their judgement is affecting all of us now.

I am sick about this new measure. I guess saving money and waiting to buy a home doesn't pay off in America

We go thru the GMAC and I have to warn you that they are very very hard to get hold of. They used to have chat on line which was a great deal for us now they do not plus if you call them there are too many button to push for and than you have to wait for more than 45 minutes. this is not a good one. If you go to your local bank than use that one. We wished we have loacal bank will take us because of the communication would be eaiser than looking for in the mail. We are in processing of loan modification.

So what concessions/assistance is available for the responsible individuals who either did not buy a house out of their means or did not buy a house at all?

My taxes are paying for this and I find by bailing these people out, we are not holding them accountable for their actions and condoning irresponsible money management. I should not be penalized for paying my bills and getting myself in over my head.

My husband lost his job in August of last year and although I make good money I do not make enough to cover the house payment, car payment (we only have one), utilities and food for my family. I have to make the decision every paycheck on what we can pay and unfortunately our mortgage is behind. So explain to me how that is paying for the bad choices of others, Good Borrower and Tax Payer??? Hopefully you never loose a spouse or loose your job then you might have to eat your own words. Not everybody that owns a house and is behind is because of their own fault. Remember that when you lay your head on your "almighty" pillow every night!!

So if a mortgage gets crammed donw, is there anything in this bill that would require they pay back the cram down when the market recovers and they sell?

[...] save you money by reducing the amount of interest that you repay over the life of the loan. http://ac360.blogs.cnn.com/2009/02/18/qa-on-the-foreclosure-plan-and-what-it-means-for-you/ __________________ "The measure of who we are is what we do with what we have." Vince [...]

This is useless for those people who are underwater in California. We are not talking underwater by 5% out here, more like 50%. These people don't have a shot under this program of ever getting a fixed rate loan. Prices have dropped 35% and they think that this will help? No way.

We have done everything right. We got a traditional Mortgage and worked hard at our jobs, and pay our debts on time.

I was promoted and transfered out of state and we are now paying a mortgage in Florida and rent in Kansas. I am working 2 jobs to keep food on the table, and make sure our payments are on time. My mortgage is through Chase and they wont refinance or alter the terms because we are trying to sell the house. The company they sent us to to help with our budget actualy suggested we should default on the mortgage to qualify for help, which we will not do because its just plain wrong.

How am I supposed to look my children in the eye and tell tham that honest, hard working people will be successful in this society?

Ginny, something good will come your way. Your bank like others are grappling to minimize losses and retain as much money as they can. It's understandable; Nevertheless, since the outward acknowledgment of the "crisis" the spin has been that buyers are to blame for owning property they knew they couldn't or shouldn't afford; however, reliance upon professionals in traditionally complex transactions -that is, the brokers and the bankers who have the power to approve and disapprove loans is justified by buyers who pay for their services -and who have never had the power to approve themselves. "No." "Denied." "You can't afford it..." is the simplist calculation that would have prevented much of what has transpired. Now, though, is not the time to say "No and Denied." It's time the banks, share honestly the responsibility for this mess and be fair, and not vindictive in rectifying this miserable situation. Hang in there. You will make it.

I have been renting a home for my family for the last 6 years because home prices in Orange County California are basically 7 o 10 times local annual gross incomes due to the irrational exhuberance in the housing market and rampant liar loan enablement during this period.

I drive an 8 year old car and have been saving money as best I can in my 401k. I have no debt.

Is there something in the Homeowner Affordability and Stability Plan for me and my family too?

My savings were just halved last year due to the housing crisis.

I'm starting to believe that I too should have bought a $650,000 house, pulled a cashout refi, bought a Mustang for my wife, bought granite countertops for the kitchen, and installed an underground pool all on $70,000 annual gross income.

Wait. No. I have an idea. Let's just punish all of the savers, those that chose to live within their financial means, and instead reward the financially inept and irresponsible citizens who can't read a mortgage contract, nor dial up a lawyer at $300/hr to read it to them and explain it before they signed it. Let's do everything we can to prop up the value of houses in America which, by now I would think, we all know were and are based on undocumented loans, i.e. lies.

We are lost.

By the way, the right word is not "homeowner". You don't own anything until it's paid for. The right word is "homedebtor".

my comment will be in spanish...is easier for me....... yo tube una casa, la refinancie y compre 2 casas mas, pero las perdi, solo pude salvar una( la salve llegando a un acuerdo con con la compania de prestamo.0MI PREGUNTA ES.... YO ESTOY MUERTO FINANCIERAMENTE....POR MI CREDITO MALO.......Para este programa, se necesita tener credito bueno..? t

How will this affect those of us pursuing a short sale? An interested buyer has offered the current value of the house 5 months ago. The banks have been dragging their feet during all of that time. Why wouldn't they want to close on this when they can recup at least some of the cost? I don't understand. Now, this bill is passed and we are still strapped down with this house that should have been sold 2 years ago. Why are the banks telling people that they want to help, but then refuse to do so when push comes to shove?

Wow, I am going to sell my house that I can afford and go buy a bigger house that I can not afford so the government (taxpayers) can bail me out. I think I will take out equity loans on that new house so I can buy a car, big screen TV, electronics, etc.

I lost my job in december of 2008 and was not able to make monthly norgage, i hace 6 kids and wife right now we live on my wifes income. I cant find any jobs aroud my area and feel like i let me family down. Im facing foreclosure and hope that i could benefit from this plan...
God bless us all!

Exactly true!! What about those of us who pay their mortgage on time every month but have given up life's pleasures to do so when times got tough, while others have gotten in over their heads and kept the lavish lifestyle? These people are taking my money to stay in a home they should have NEVER been qualified for. So much for being responsible!

So.. people who bought what they could not afford will be rewarded with a $5,000 reduction of principle, if they make timely payments; and those of us who bought within our means and made timely payments will recieve no reward. Thanks Obama Team, for once again proving that doing things right is not valued by the present Administration, or Congress.

#8 says financial incentive of $5000 if you pay your mortgage on time for 5 years. What incintive is ther for peaple who dont use this program and pay there mortgage for 5 years?

My house is worth 45% of what I paid. According to this article, I can refinance the entire amount, but not get a reduction in principle. On the other hand, if you read the release from the White House, they mention changing bankruptcy laws so that the judge can reduce the principle. You'd have to be an idiot to agree to a loan for a house worth less than half of the loan amount. The government is taking all the bad debt from the NY financial institutions that caused this mess, yet I'm on the hook??? No thanks. I would never, in my lifetime, have any equity. I guess bankruptcy is the only route.

This makes me sick! We had one of "those" loans, and the lenders tried to warn us, and we wouldn't take "no" for an answer. We were current on our mortgage until we had to declare bankruptcy, at which point we went ahead and let it go into foreclosure. Until we had our loan, we had good credit, but it went to pieces when we got a loan we couldn't afford. They tried to warn us, and we lost our house. We paid the piper for our bad choices, and these people should, too. Let people suffer for the bad choices they make. We have, and we sure have learned a lesson about mistakes we will never make again. Live and learn; stop bailing people out for their bad choices. Bleeding heart liberals.

Paid $434K for my home in Northern California in November 2005 on 30 year fixed rate (5.875) loan and put $80K down. Home is now worth $240K at best. I owe $335K. There are are no incentives in this plan that make sense to me. Housing will not recover in my area for at least 5 years. I will be letting this one go back to the bank and recover at least half of what I put down during the foreclosure process and then save the difference I lost over the next 5 years. I will then purchase a home at a much lower price and be in much better shape than I am now. This new mortgage plan only may benefit a small few. This only helps the big investors and really offers very little for the little investor (me).

Ok. My house is in foreclosure. I got my eviction notice on 1/28/09. I really want to stay in my home. How can this stimulus package help me stay in my home? Does/Did the stimulus package address "homeowner evictions"?

Welcome to the Great American Real Estate Giveaway!

Bought a house you can't afford? Here's money!

Bought a house you can afford, but paid more than it's worth? Here's money!

Want to buy a house right now? Here's money!

Don't own a house and can't afford one? Thanks for the money!

I wasn't stupid enough to buy a house I couldn't afford. If the government is bailing these people out, where is my free house? Shouldn't the government buy a house for me? That is exactly what they're doing for these idiots.

8. I heard the government was providing a financial incentive to borrowers. Is that true?

Yes. To encourage borrowers who work hard to retain homeownership, the Homeowner Affordability and Stability Plan provides incentive payments as a borrower makes timely payments on the modified loan. The incentive will accrue on a monthly basis and will be applied directly to reduce your mortgage debt. Borrowers who pay on time for five years can have up to $5,000 applied to reduce their debt by the end of that period.

WHAT ABOUT BORROWERS WHO WORK HARD AND HAVE BEEN PAYING THEIR MORTGAGES ON TIME WITHOUT MODIFICATION???
SOMETHINGS NOT RIGHT WITH THIS!

We had to claim Bankrupsy in February 2009 because we were about to lose our home. I was diagnosed with Breast Cancer last year and my husband is disabled. We had great cost with my care. We fell behind with bills and mortage. We contacted the Wachovia Mortgage Co often but was never successful in having a resolution. In October we were able to pay the back payments but the Bank refused taking the payment without the $4000. payment to the Bank's Lawyer. Now we are paying an extra $250. to a trustee. Our living expenses are Real tight.
? Would we be able to Refinance witht his Bailout Program?

This is a naive, first-time-homeowner question: how do I know if my loan is held or securitized by Fannie Mae or Freddie Mac?

Where's the love for people who had to relocate in order to keep an income and no longer want to keep their devalued home that they couldn't sell? This plan leaves a lot of people out.

I am behind six months on my mortgage with a 10.75% interest rate and my lender will not modify my loan by lowering the interest rate. My servicer is Countywide and the inverstor is Wells Fargo, my question is will this new homeowner bailout help me???

Sorry folks, but this sucks. If you are financially sound and pay your debts on time, you and your children will be paying to bail out the rest of the people who never should have bought a house in the first place.

It's all Barney Frank's fault for trying to increase home ownership among people who can't afford to own homes.

I have not overextended myself. I saved for college for my kids. I did not take out cash when I refinanced to a lower interest rate. I lost my job last summer, cut expenses and worked 10 hours a day until I found permanent employment. I drive 8 year old cars with over 100,000 miles on them. My wife went back to college to make herself more competitive in the job market. Because I saved and worked hard, I get no financial aid for college. I will not be able to use the tax credit to by a new car and I can't take all of my losses in the markets caused by bad government and bad borrowers off on my taxes. This is the moral hazard- do the right thing and have the government pay others with your tax money for doing stupid things. Thanks a lot. What should I teach my kids?

Lets see if I have this right.

1) I bought a house at an inflated price I normally couldn't afford but I got a loan I knew would cause problems after a few years.

2) The bottom falls through and I can no longer make the payments or the value of the house has fallen below what I paid for it so

3) The government now offers to help me refinance with other peoples money or should I say my grandchildrens future.

Whats wrong with I screwed up, I was DUMB so I should have to pay for my own mistakes. NO ONE FORCED ANYONE TO SIGN THE LOAN PAPERS

Thats right keep printing money we don't have. We were worried about the mortgages ,, what about the deficit that this wil be increasing? Our dollar value will continue to drop as we help the idiots in the banking industry and keep good relations with investments that our congressmen have personal interests in. Too bad our President is more interested in Popularity than making decisions that will save this country in the long run.

The 105% rule makes no sense. For example, I bought my house on the upswing in the DC/Northern Virginia area. Since purchasing my home I've seen the value increase 17% before plummeting 26% and now appraises for 13% less than the original purchase price. I still owe 96% of the purchase price, but yet 111% of the current price and therefore don't qualify for assistance. Unreal. This plan basically leaves out those areas hit hardest by the crash because if your home values have decreased more than other areas, you'll find yourself owing more than the 105% value. Thanks a lot Mr. President.

This is unfair to the people like me, who spent savings, cancelled vacation plans, made more sacrifices to keep mortgages up to date. It does not matter how much you make, it matters how much you can see at the end of each paychecks

If you do not see few hundred dollars and waith for the next pay check to pay your bills, you are no better than those who qualifies for this program.

I have a first and second mortgage with US Bank. My first mortgage is a 3 yr arm at a rate of 7.70% that is due in Aug 2010, and my second is 9.99 fixed. I tried to do a modification on my loan with US BANK. US BANK turned me down. The reason they refused to help me, because I'm current with my loan, never late, and the rate doesnt change till Aug 2010. I was trying to lower my rate, and a lower payment, and manage my debt better. I cant get a refinance done because im 35k upside down. If banks like US Bank are not willing to help their customers. Then what are we supposed to do. I want to keep my house, its my first home. I was trying to prepare myself so I can afford to keep my home. No wonder why so many people have lost their homes.....

HAVE BEEN WORKING WITH MOREQUITY INC (OWNED BY AIG)
TO TRY TO GET HELP WITH ONLY ONE PAYMENT AND TO GET
DUE DATE CHANGED. NEVER BEEN 30 DAYS LATE OVER
TEN YEAR PERIOD. MOREQUITY TELEPHONED YESTERDAY,
AND INFORMED ME THEY CAN'T HELP ME!

The problem lies in the financial world.No one is being held accountable for there actions.I think jail time should be on the minds of the general public for everyone of those responsible including Gov`t.

Why does the government continue to give the lenders/investors the option to participate in government sponsored programs? Lenders/investors should be required to participate. Especially, when they receive government funds and are originating Fannie Mae, Freddie Mac, FHA and VA loans.

This garbage bill is the last straw. I am 58 and I am quiting my high paying high tech job. I am not sending any more of my hard earned money to this idiot government. I am headed for the dole role just like the other 50% of the country. If all of us working folks stopped giving Washington our hard earned money, they would have none to spend on this kinda communism. Good bye work , Freebees here i come. Let me see, Unemployment for a least a year, food stamps, health care and maybe have the rest of you working dopes pay for my mortgage.

I see a lot of "what is in it for me?" comments here.

If ANYONE near you has a foreclosure on their property is lowers your property value. So in essance if we as a community help people stay in their homes it helps all of us!

I am one of the people it might not help, I owe more on the house than it is worth and I would love to move but I cannot sell at these prices. But, if the market improves a little I might be able to sell.

I have saved, paid my bills, paid my mortgage and yes, some people who were not responsible may benifit more than me. Realistically though, there are a lot of people who did all of the responsible things and are STILL losing their homes!

So if you are not helped in this particular bil and still are living in your home – stop complaining! This is a time when we have to help out those that need it the most and all of us are going to have to chip in and take a littl pain to help out our country and our fellow citizens!

Econ 101...hah...should be called Socialism 101. The problem with this country is that there are far to many people who think they are entitled and that there should be no accountability for their actions....like buying a home, car, tv, etc. that is out of their means and then expect to get a "free pass" when they can't make payments. Our government says OK sure, and perpetuates this ludicrous mindset with these socialistic bailout plans. Meanwhile, the hardworking responsible persons of this country are left footing the bill. This is unjust and it continues to erode the foundation from which this country was built.

I bought a home 4 years ago, put down 10%, struggle every month to make my payment now because I was laid off, but I accepted a job at a lower pay just so I would not use unemployment since more people need it than me. I Don't have credit card debt, my intrest rate is 6%, but my home value has dropped so much. I work very hard. and I think the intent of this is to help everyone not just people that made bad decisions. I made good decisions about my house and if it were not for my job loss I would not be in this situation. I could be still collecting unemployment!

My husband and I had 20% down when we built our house and are working to get it paid off within 15 years. We did what what we were supposed to and it it is sickening that not only are we losing our retirement funds due to the poor decisions of others, but we are paying for these ridiculous bailouts for people who shouldn't have gotten mortgages in the first place. Where is the reward for living within your means and doing what is right?

When will the madness stop. Why are we bailing out people who bought houses they couldn't afford or didn't manage their budgets properly.
Where is the relief for those who are current on their mortgage? Pay thier bills. Do without new TVs, fancy cars, and other luxury items.
What about the people who pay their bills but can't afford to send their kids to college?
We keep bailing out the wrong people.
787B +75B +350B+350B comes out to 1.562T divide by 350 million Americans and the total is roughly 44K and change.
Couldn't they just send me and everyone else a check for that and let us bail ourselves out?

No one wants to hear your sob stories about how you borrowed too much and never thought to accumulate savings, people! You're supposed to have 6 months' - or more– worth of money in savings (which you accumulate by not buying things you cannot afford) in case you lose your job, so responsible people can't really feel sorry for you that your situation was fine until you weren't working.

We bought our home for 450K and the current mortgage is for $400K. The current home value is roughly 280K. Will I be eligible under any program?? I have prestine credit and never late on my mortgage payment. Very current.

Any rescue for me or walking away/short sale is the only option??

Thanks
Ramy

My mortgage was a fraud and forgery. My broker filled out an application, used a bogus SSN, lied about my income, and signed the application. Although I had given him all my bona fide sources of income. Rather than tell me I did not qualify, he waited until the night before closing to tell me what my payments would be which exceeded my take home pay! I begged him to disqualify me but he refused. I would have lost my deposit if I reneged. have written everybody and relevant agency–no help/attention. I am faltering in payments now, having lived on credit cards since 2005. I don't see anything to help victims of fraud who are trying to manage the situation. I can't afford a lawyer. What now? I have worked at my place for 12 years. Paid taxes, sent 3 kids to college. Where's the justice/help in this package?

I heard a new nickname for freddie Mac and fannie mae....Free money,free mortgage.

Good news. Be prepare to gather all document by March 5.

So, what's the bailout plan going to be in 10-years when those of us who lived and purchased responsibly are no longer able to make our house payments because our tax rate has increased to 40% in order to payback all of this socialist deficit spending?

Gee, it seems the only way to win in this new economic order is to be incompetent, irresponsible, and parasitic. Although it's against my nature, I'll do my best to meet these new requirements. Maybe then I'll get some of my own tax money back, at least.

welcome to socialism. obama-care for the medical industry is next.

however, all is ok. thereis no need to worry about declining home values, diminished 401-Ks, and th elos in value of every other asset that you as a responsible tax-paying individual has purchased. the saviour, Massa Obama, will wave the magic Treasusyryt wand, ckoick his ruby red slippers, and voila – you will live in a deluxe apartment int he sky and drink Grey Goose and eat caviar foe the \rest of you live.

Ginny, exactly. They all want the help, but they don't want to help people like us (Homeowners) with it. What happened to the first round of bailout money? They didn't want to lend it. They hoarded it. People like us who are current with their mortgage but are feeling the pinch and starting to struggle will get less help than the ones in default, let's just wait and see. The good ones are never rewarded. I will not be able to refinance because I now owe more than my house is worth. Who will get the low interest rates? The ones who are in default. And that is fine that they are getting the help, that is what this is all about, but what about us who are walking a fine line? I plan to contact my financial institution on March 4, or sooner to see what I can do.

What about people that have already given their home back to the lender like a year and a half ago, when the economy started to go downhill and before all this help was available. We filed a chapter 13 and handed back to the lender our home. Now we are screwed and so is our credit. Not very fair.

Everyone complaining about the homeowners bailout need a reality check. The past year has been filled with nothing but bailouts for the not so average joe. The joe that has lots of money. The joe that has swindled lots of people. All of you people complaining about 'bailing out' people who made bad choices give me a break. I lost my job. I had to take an income cut. I can't afford the payment. Period. I can't refinance, WHY? oh, because the value of the home has plummeted. I can't refinance, WHY? oh, the banks have these silly 'rules' in place that they seem to follow only when it comes to taxing the middle class. And now, my credit is scrapped. So, I can't refinance. I have 750's credit before this debacle. I worked hard. I paid my bills. So please, get off your high horse before you start complaining about this bill. Stop blaming the 'person' for wanting to own a home. This bill is peanuts compared to what was given to big banks, and fat cat investors. Also, if you read anything, the bank still has discretion to participate. If I had to place a bet, the banks will let their customers hang out to dry once again.

Get some facts first, and stop complaining.

This is hilarious! So people that don't qualify for any relief because they managed thier finances wisely do not get anything (LOL). This is as funny as watching my 401K evaporate.

What are you refering to sir? Bad choices of others as in "Home Buyers"? If my wife and I could afford a home then one of both of us gets laid off how are you considering that a bad choice? Let me tell you the problem with this country......we did this to ourselves! This has nothing to do with Fanny and Freddie this has to do with the basic problem of sending our jobs overseas for GREED! More profit for the 5% in this country! Our Rich started selling us out in the early 70's and look at where we are now. We are on the verge of becoming the largest 3rd world country in history! We will have to sell our Military to pay for things...

Have have a question for all the CEO's out there........what was wrong with 25% profit? Why did you have to try and get 200%? I remember the last TV made in this country was a Curtis Mathis in 1986......do we still make anything? The only thing that can save us now is manufacturing in new forms of power......other than that we are going down for the count.

Again, those who make good decisions have to pay for those who do not. I guess being a Democrat means never letting people face the consequences they create.

What about people who already have a low interest rate? My ARM is 4.75%. I have a 1st mortgage that I pay principal and interest and a second mortgage that is interest only. Modifying my mortgage won't help me. I have a great rate. My problem is my husband lost his job and my property value is about 60,000 BELOW what we owe.

How does this this plan help someone like me? I can't qualify for a re-fi because without my husbands income we do not make enough money. Why would I continue to pay on a house with no value? I have always been on time with my payments, I call my bank begging for help and they tell me because I am not late there is nothing they can do for me.

At this point, the bank can take the house, I will move into the foreclosed home down the street for about 100K less.

So what do all the people who stayed current on their mortgages and didn't default on their loans get? Our reward is higher taxes to support other people who weren't as responsible? I understand there are some people out their who truly deserve it, but why is it at the middle classes expense?!?!?!

Why doesn't this bill also cover VA mortgage loans? They are the ones that have given their lives, safety and health for this country! Fannie Mae and Freddie Mac have been corrupted for years. This is just another step towards the welfare state that the Democraps want. Yes, I spelled it correctly!

I am in a difficult situation, too. A few years ago, I took a job in another part of the country, and bought a home there. I could have sold my existing home, but didn't. Deciding to rent it out instead. Well things didn't work out for me in the other job, so I returned home. By this time, the market had plummeted and we could not sell the new house we bought, so we rented that one out, at a loss of over $300 a month. This loss was painful, but not too big of a deal because my wife's salary would more than cover the gaps, even if it went unrented. Well, my wife left me with both houses, and now I have to make up the difference in rent vs payment on my salary alone. Along with the payments on my current home and all the other bills I got stuck with. Now, I am technically considered an investor and there is nothing to help me. I pay everything on time and have never been late, even if it means living on bolonga and ramen every once in a while. I just want to get rid of this other house. I don't care about it, and it is now costing me over $400 a month with a renter because the city raised the property taxes. If I ever lose the renter, I will be screwed.

Where's my bailout?

FYI.

So if I am struggling to pay on my mortgage, because I have a second mortgage payments also to have a new car and truck and boat and ever new toy that comes along, I can participate.
What benefit is there anymore for people to live within their means?None. Why should you. Bailouts and government aid is everywhere.
I drive a 19 yr old truck and a 12 year old car. I would love to have a truck that had heat and a radio that worked. But having good credit is something that was drilled into my head as a young kid. So here I have never missed a mortgage payment in 19 years. It is paid before anything. What an idiot I am. I should have a new truck and a new car and maybe the government would help me out.
Now new homebuyers are given a $8,000 tax credit that they do not have to pay back. So they will be able to buy a car with the money. And here is the idiot-me--struggling because 19 years ago when I had to buy a house, I had to have a downpayment, good credit and explain anything negative on your credit report. I am a Realtor by the way and find this incredibily wrong. When you give people something for free, few respect it. We should have learned that in the last 8 years with all of the 100 percent financing and no credit needed to buy houses attitude.
We, as a country, had better wake up. There is no personal responsibility for our actions anymore. There is no consequenses for your actions, whether you are a corporation or private citizen. We are losing the American Way. Wake up for Gods sake!

For all of those out there who think this plan is to help lazy Americans looking for a hand-out: imagine you lose your job (which you very well may), stay unemployed for over a year because jobs are being outsourced overseas or dissolved completely, have to pay your mortgage using your savings or 401(k), can't sell your house because the housing market is in ruins, and have to pay out the nose just for health insurance (because, after all, you're unemployed).

Keep in mind that a lot of people in need of assistance didn't buy a house that was out of their range. They don't spend money frivolously. They are in this situation because of situations out of their control.

Every one can find a reason to complain about any government program. This one just so happens to be the hot issue now. What about immigration, two wars, police being killed by guns bought illegally, and social security?

Two certainties in life are death and taxes. It's the price we pay to be Americans. Some day, when you are in an unfortunate situation, you want a government that will help you when no one else will.

I pay my mortgage on time and have wanted to re-fi for a long time, but have not been able to because of dropping values. I am hoping to take advantage of this plan as I did everything correctly, but got a high interest rate of 6.75% because that is all that was available at the time. If I can re-finance to 4.5-5%, I will be a happy camper.

D Newsome,somone may have already answered you, but in the stimulus I believe there is a credit to first time homebuyers.. To those of you complaining about having to pay for the mistakes of others... what would you have The President do? Nothing? I don't see that as an option. We all suffer MORE if the foreclosures keep piling up. Unfair, yes. But realistic. Something has to be done. I too pay my bills on time and have for many years. But it appears President Obama can't win no matter what he does with some of you people.

How do we stop this mess from getting worse?? How do we protest the money being thrown out to people who are not financially responsible while punishing those of us who are?? Vote against Obama in the next election. Vote out the current members of the Senate and House who are supporting these pieces of legislation.

Jp Morgan Chase Bank funded a loan I recinded and closed and could not move in for over 6 months . That is why we are in the mess we are today.. The lady who spoke about Chase contact an attorney and sue the bank. It iis the American thing to do.

Is there anything out there for someone who lost their home due to foreclosure? I worked with Countrywide for over a year, doing all I could by sending documents, statements of hardship, Federal Income tax documents... I then went to my County Assessor and had my home and taxes for the current market rate. After these things were done, my taxes came down OVER $4000.00 per year, only to then have my home placed for sale January 7, 2009. I am a single grandmother who is raising my two orphaned grandchildren..... I drive over 550 miles per WEEK to keep a job that makes $12,000.00 less a year although I am working with the same company (AT&T), the though of someone now walking into the home I put somuch into, getting it for the current market rate AND haveing payments that are affordable makes me sick to my stomach!!!! H E L P!!

I must have missed the part of the constitution or Bill of Rights that said everyone is entitled to a home. I feel sorry for some folks because they are behind of their mortgage due to unforseen circumstances, so I feel sorry that they are lumped in with all the stupid people out there who chose to use their homes as a cash machine and overextended themselves. I am sick of paying for, and rewarding people for their poor choices. What happened to saving for a rainy day? What happened to living within one's means? Why should I have to pay for people choosing to buy houses they couldn't afford, or aren't smart enough to read about how their rate will adjust and understand the consequences. I am sick of rewarding people who used the equity in their houses to buy stuff they didn't need and lacked the foresight to understand the consequences on their budget, assuming anyone budgets these days. Solcialism is here and it doesn't seem anyone cares that a certain segment of the population leaches off the hard work and common sense of the other segment. So sad. By the way, I know CNN "moderate" the comment out, but I have to vent somewhere.

Bought a house within my means with a conventional fixed rate mortgage, put 20% down, make my mortgage payments on time and I GET NOTHING. My 20% equity is gone, no houses are moving in my community and I can't even refinance without bringing money to the table for a 80/20 loan. THIS IS FAIR, HOW? This foreclosure plan is just a bandaid on the hemorrhaghing gaping festering wound that people who can't live within their means have made for themselves. Guarantee that the numbers will tell in years to come that the same people "helped" today will need PUBLIC TAXPAYER ASSISTANCE in the future when they further mismanage their finances.

There's one solution that would solve all of America's economic woes: LEGALIZE IT!

This is a joke. It's a voluntary program! And the only people eligible are those whose home is only 5% underwater. I live in California and the homes here are, on average, worth 32% this year than they were last year.

And its getting worse. This program is a bust and won't help those who really need it.

bailouts seem good,but homeowners must pay back if they make profit s when selling their houses

I declared bankrupcy four months ago ( chapter 7 ), the bankrupcy has already been discharged, I have no credit, the house wasn't involved in the procedure, but I'm still struggling to pay my first and second mortgage. Can I still benefit from this Plan? What can be done about my case? The house is worth less than what I owe, and I'm sure there are thousands of citizens in this same situation.
thanks
PAUL

This is beyond ridiculous. What's next? Reducing apartment rent? What's the difference between a foreclosure and getting removed from your apartment for non-payment of rent. Nothing. But only one statistic (foreclosures) is tracked. I have no problem letting people refinance from high interest rates to current rates.....but nothing else.

Boy do I feel stupid for not buying a house I couldn't afford and then stop paying the mortgage! How about the government "bails out" the responsible people instead and give us the deadbeats houses when they are foreclosed on? So far the responsible, intelligent people are paying for the auto industries mistakes, the deadbeats of America that don't know how to read loan docs., and eventually we'll all be paying for everyone's health care.

This is the new feel-good government. No responsibilities–the government will take care of you. And it's FREE!!! You don't have to pay for it!! Isn't it wonderful? President O will go after those big, bad companies who make money and make sure they pay for it. Oh, and the evil rich, soak them too! 35% of their money isn't enough–why not go for all of it?! (Except for Tom Daschle and the head of the Treasury, of course.) As for the frugal populace who saved and lived within their means, take the money from them as well. They don't deserve it, YOU DO!! Pretty soon the government will own everything and we'll just wait for a check from DC. Can't wait for the 5 year plan.

So let's see, all the people that bought a house that they couldn't afford in the first place want a handout. Whatever happened to the days when you lived within your means. I personally think that they should limit the interest rates on credit cards. I think any bank that chagres 25% to 33% on their credit cards should not be eligible for a handout.

I guess my parnets were wrong. I should have bought a house that I couldn't afford. I should be fiscally irresponsible in how I run my business. Then when I am in trouble I should put my hand out and wait for all my self imposed problems to go away. I am just glad that I realize this so I can change the way I am raising my kids. I should teach them to gamble with all their money and wait for a handout. I just can't wait to see the mess we are going to leave for my grand children.

Some day I hope the "experts" realize that this country was built on manufacturing and until they fix the manufacturing in this country we will all be introuble.

People are so upset at the government trying to help homeowners.....the question is – WHAT is going to happen if they don't help people to stay in their homes? Values will continue to decrease....and will not rebound, unless people can stay in their homes. What about the people who's income have been cut in half (ie, me)? I went from making 90K per year, down to 38,000 last year. I cannot afford my payments any more....which I had been able to do previously. I cannot sell my home, as I have lost more than I have invested into it. I am over 100K negative in equity...I CANNOT refinance. I have used all of my savings, cashed in my 401K....and have no additional income with 3 kids. What about people who have lost their jobs? MAYBE, this can help them through a time when otherwise they would have lost their homes and will provide some stability to the market. I will lose my home without help. THEN, on top of everything, if your home is forclosed on....you cannot buy for another 5 years.

This foreclosure plan really not beneficial to people who are working hard and renting a place for a long time just to save up a large down payment for a buying a house for the first time. Instead of helping those people who made bad choices on their own, why not helping the new buyers with their initial down payments or have some regulations on the house prices? Some area like alhamra and monterey park are still ridiculously high. This plan is really disappointing me.

People if you had to take out two mortgages on your home, you could not afford the house you bought. You were greedy and now we are all paying for it. Thanks a lot.

The only ones that are making out is the BANKS and the CEO's running those banks. While the Government sends them billions to help them defray the losses from foreclosures, the Banks are foreclosing, selling the houses on the market at half their original price but still making up the loss with the billions the government gave them. The taxpayers get the shaft again and the politicians, Wall Street and the wealthy sit back, smile and drink their champagne....

I live in a home in Detroit that i have a $250,000 mortgage on at 5%. I have list of 40 homes from 1-5 minute walking distance that have sold for the average of $42,000. I have paid all my payments and done all the right things and now I am $208,000 upside down based on the current home sales.

I think everyone have really over-looked that those of us who have played by the rules are seeing no help and you will see a flood of us walking away from these homes leaving even more foreclosures on the market. I cannot continue to pay on a $250,000 mortgage when i can walk two doors down and by the same home for $42,000.

/I dont care what it will do to my credit if i can reduce my current payment of $2200 which includes taxes and insurance to $835 by walking away from my home and buying the house two doors down for $42,000 and have a payment of $835.00 saving $1365.00 per month.

Ok so I worked hard, paid off my mortgage completely, and now have an asset that is worth 40% less then what I paid. Now what? I am asked to pay even more for people who made bad decisions and didn't read and understand the papers they were signing?

What about those who rent houses? Isn't it freedom that we brag about why is the government forcing us to take loans and mortgages? Loans and mortgages brought us recession; the government doesn't get it "A problem cannot be solved by the same consciousness that created it".

In my whole life I never took a loan to buy anything, I either have the money to buy it or I don't buy it until I save enough money to buy it, probably for most fellow Americans this sounds like an alien talking, but this is the real solution to our economy; if you give loans to everybody then the number of customers increases which inflates the products value and hearts the economy at the end this is what happened to us and this is what will happen again, no wonder the dollar value keeps decreasing; we are being robbed in day light (yeah happy that you saved $10,000 in the 80s well now it is worth less than $5,000, which means half your money was stolen by the government's policies and it is legal robbery).

So, again us taxpayers are paying for the people who made very poor decisions. This time buying a house, they could not really afford. In some big cities property values where going up 10+ percent a year, for many years, but wages maybe 3 percent a year. Simple logic says that what goes up, must come down. I have seen my home value go down about 20 percent in the past two years. I saved and had a 25 percent down payment when I bought my house in 1998. I have read that some lenders where letting people buy a home with almost nothing down. A huge red flag! For the first few years of mortgage payments, very little principal is paid, most is interest to the lender. Now a majority of these people owe more to their lender then their house is worth.

this is pretty simple. If the loan companies extend the mortgages to 40-60 years instead of 30 the people can lower their payments, still have to make the payment and the mortgage company gets to keep the income stream. Not one dime of my tax dollars goes to this bailout then and people can stay in their houses.

To answer some of your questions...

Per many state foreclosure laws, a foreclosure sale cannot be reversed unless you can prove it was held illegitimately.

If you continue to make payments on time, NO you won't receive the $5000 (unless your existing mortgage is modified through this package) or likely see any benefit. …Nice… Your mortgage company MAY reduce your interest rate, but if it's already relatively low, then there's nothing in this bill (or any others) to thank you for being responsible.

This bill (and all the other recently-passed packages) provides no incentive for first-time homebuyers.

Fannie and Freddie are mortgage pools. Your mortgage may be held by either, regardless of whom you're sending payments to.

Missing one payment will not likely send your home into foreclosure. The process doesn't typically begin until the 3rd-5th month of missed payments, and takes anywhere from 60 to 300+ days depending on state foreclosure laws.

The big kicker in all this is that the stimulus plan includes a $8K tax credit for first time homebuyers. This tax credit phases out for single filers making an AGI of $75K.

SOOO... the stimulus bill includes an incentive for homebuyers who can't necessarily afford a home? Isn't that how we got in this situation in the first place?

What about those of us who have made the decision to purchase a home and could make the payments, but their employer (the government) moved them to another base? I have been paying my mortgage for a year and a half along with my rent for my new location. My savings are now gone because nobody will buy my home. I have had three potential buyers that would have satisfied the majority of my mortgage (leaving me to pay the rest – no problem), but the bank has drug their feet on the short sale process and all three have walked. A swift kick is needed here.

This is absurd, the families that have kept up with their payments and bought a house that they COULD ACTUALLY AFFORD do not get a finger lifted for them....just a palm from the government asking for more tax money. I love this country and it seems that OUR government, you know; the guys and gals that work for the American People...not the other way around, is hell bent on killing it.

Yanno...there are many people who are on the verge of losing everything by NO fault of their own. Job loss (everyone's job could be on the line), illness (no health insurance, no healthcare essentially), the price of just basic living going through the roof (cities/counties increase their taxes because they can), and the simple fact that regardless of your income, it don't go as far as it used to.

So don't be so quick to judge and make yourself out to be righteous because it could be YOU who loses your job tomorrow. If that happens, do you have 6 months to a year of savings to get you through cause it could take THAT long to find a job and if you're lucky enough, one that paid the same or more...cause by the time you find another job, your cost of living will have increased...again!

I agree that there is a category of those who took on way more than they could chew from the beginning. I remember just a few years ago watching TV seeing all the commercials about living your dream, buying a home, no money down, no docs, no nothing...just come in and sign...so that's what people did. Where were the feds when that was happening? Oh...I know...they were the ones that removed all the mortgage regulations so this kind of advertising could happen.

Regardless of what you think, you can't control life. You can't control if your job will be there tomorrow, next week, or next year. You sure can't control if another job will come along either. Those with the money, have the control.

I have two properties; one residential while the other is rental. I am behind in the mortgage payment for the rental property, no tenant for over a year; and currently pending foreclosure, though I am working on shortsale with the bank. This has really hurt my credit score.

Will my residential property, that has subprime loan, benefit from Obama plan? I have been steady in making monthly payment on my residential property.

I suppose I should have bought a bigger house that I knew I couldn't afford too. Silly me, I cut back, and lived within my means. How many bailouts and stimulus packages does obama think we can afford? Our country is hideously in debt and he's handing out money to everyone who handles theirs irresponsibly. He promised not to raise our taxes, but the money has to be paid back.

I think it makes more sense to pay off mortgages on primary homes for those making $150K or less than give it to financial institutions or businesses. This would allow people to purchase new cars, homes and spend money to help the economy and businesses. Tighten up on loans to people making sure they can afford their purchase.

Welcome to the new America, where you no longer have to suffer the consequences of your own stupidity & greed but can just skate away on the backs of people who foolishly try to live within their means. How did we go from "The Greatest Generation" to "The Most Pathetic Generation" so quickly?

The mortgage bailout means nothing to me because I didn't buy a home because I couldn't afford one and I didn't get a hinky loan with an adjustable rate because I was too smart to do that. So now we're going to reward all those people who got loans on homes they really couldn't afford and who signed on the dotted line for adjustable rates and now are whining because they can't afford their house payments? I have NO sympathy whatsoever for them. Let the govt. give me a break on my apartment rent or fork over some money to pay my rent for a year and I might sing a different tune. Until then you home owners are supposed to know better. You signed the papers, YOU are responsible. Not the govt. not the rest of us tax payers. You can't afford your house payment, get out and go rent.

Let me get this straight. People with horrible credit who received for example, an ARM starting at 9%, will now receive a lower interest rate than somebody like me, who has worked hard all his life and paid his bills on time (yes, even when I was laid off) in order to have an outstanding credit score and a low interest rate? To heck with it. I'm going to start missing my payments.

Welcome to Obama's USA, where irresponsibility is rewarded.

Let's all learn from this. I made the mistake of saving for years for a 20% down payment on a house I could afford. It was small but in a good neighborhood and I hoped to save enough one day to build on an extension. How foolish. Why didn't I just take one of those "no money down" or "interest only" loans and get the biggest house I could find. Then when I realized I wasn't paying down any principal and my rates were going up I could get bailed out by the government and keep the house I never should have bought in the first place. The lesson here is don't worry about being stupid or greedy, the government will be there in the end to bail you out.

I am young and did not buy a house I could not afford. I require no schooling. All this "stimulus" bill does for me is increase my tax burden for the rest of my life, when I'm supposed to be saving for retirement.

Social Security is projected go bankrupt the year I turn 60, and that's only if they stop borrowing from it. Who knows how long Medicare will last? The best anyone my age can hope for is an early, tragic death requiring no hospital time. Remember that next time you try to look your kids in the eyes.

You all should vote for Democrates since they can do these kinds of rescue and be fiscal responsible...don't blame me if your grandkids will have to pay for the money we borrow now...well Obama borrows on our behalf.

To all of the posters who are crying and moaning that they pay all their bills and their mortgage on time and sit up high on their pulpit calling the less fortunate stupid and irresponsible, I say bully bully for you!! You apparently haven't the slightest idea what you're talking about as it pertains to the economy or the housing issues. Bully for you that you have kept your jobs and paid your mortgage on time. Does it make you feel better to kick others when they're down? Has it occurred to you whining babies that by helping the ones who need it keep their homes, it reduces the number of houses in your neighborhood on the market thereby increasing the value of the homes in that area?. Your anger is misplaced. Get mad at Congress and the Banks and Financial groups who got us into this mess in the first place.

Why do I have to pay for the failure of others????

I have an adjustable Mortgage (interest only) and an equity line of credit on the home . When I refinanced, the equity line of credit became first and the mortgage became second place on the deal. Also, I am paying the minimum interest on the house to keep it out of foreclosure and its my only home. This loan is about 4yrs. old and I have been told by Washington Mutual that I owe $8,000 of unpaid interest which is added to the principal.

It looks like there are taking all the equity out of the house. How do I fit into this bail out package.

When I purchased my first home in 05' I, like many others did their homework and weighed the costs & benefits of the decisions I was to be faced with – Upon receiving my bank note my mortgage broker offered several packages (slippery slopes) that I simply did not see as rational options – Sure,,, I may have been able to purchase a home twice the value of the modest condo I ended up with, however I viewed that decision as both wise and frugal especially in the current climate –
However, because others are living in that more expensive dwelling that I today can honestly afford, the President's plan is going to reward those who are de -facto living in my future house –
The ability to churn the economy requires just that, a churn –
While New Building has slowed and stopped, the hope for the churn resides in remodeling and household services – These activities will not occur if we clog the housing market with folks who are living beyond their means – We need an economic housing plan that helps "churn" the market – Provides "Second-Time Home Buyers" the same benefits of first time home buyers; thus freeing up more affordable housing for those who again are living beyond their means – It is simple "invisible hand" economics; however someone needs to get the "invisible hand" on the Churn -

I was just approved for a house we can barely afford. I'm super excited, it has a pool and on .5 acre. Hopefully one of us doesn't lose our job and if we do, it is nice to know the government will help.

I am living in a separate state from my husband for the past 8 years. We bought a house(TH) together end of 2004, so his name is still on it. We do not get a long but pay taxes together. I got a small job and more than half of my income goes toward the mortgage. On paper we are co-owners but in reality, I am paying the whole thing (1800+/month). Thevalue of the house is down. No help from him. I am 60 years old and have 20K in my bank. He is a retired federal employee (retired two years ago and gets pension). Moving with him is not a choice because I will end up insane. Divorce is a choice but I do not know if I end up on the street. what should I do? Is separated for so many years mean anything in Maryland and/or Tennessee?

I would love to see the breakdown of political beliefs on individuals being foreclosed on: Decent hardworking responsible conservatives vs government dependent liberal tards.

I live in a state where you have more rights if you are a illegal alien. Where are my rights as a law abiding US citizen. Where is my bailout, I lived in a crappy Co-op in Woodland Hills. My wife and I are driving old cars and in debt with credit card bills. We have a low interest rate but we also have to pay about $400 in Homeowners dues but we cannot even buy used cars. Why do I have to pay for some one else's is mistake, I live within my means, but the credit card bills keep adding up. I want a bail because I am barely surviving with my wife. I need to pay off the credit card bills, my wife needs a new car or at least a used one. California, is broke and haven (sanctuary state). Our State is raising taxes on everything, please give me a bailout. I need a bailout before my state becomes part of another country. I am a big fan of LOU DOBBS! Americans first! Stop the entiltlement programs and then we can pass a "Budget" , no more "Anchor Babies", no more "Octuplets thru science that California taxpayers have to pay for!!!! Stop the Bleeding....please!

I didn't originally take out an unaffordable mortgage, but my wife abruptly left and I got stuck with a mortgage that was fine for two incomes but not so much for one. When the market plummetted, the home value went underwater so that I can't refinance or sell it. I've been making the payments as best I can but I can't keep it up forever, and the loan is young enough that it still mostly goes to interest so I can't reclaim equity. I hope this housing plan can help me keep the home. I don't think I was irresponsible in buying the home so I hate getting lumped in with all the people everyone wants to punish for bad decisions.

I have a modest home in which at times I have struggled with the monthly payment. I am in the last seven years of my 30year mortgage. My interest rate is 9.5. At this point I get benefits from my mortgage with income tax.

My home is well worth my modest lifestyle, however I would like to cut my payment in half or get relief. To refinance at a 15 year fix lower rate does not seem wise at my age 57. Why not consider some kind of principle payment of ten percent, or refinancing of less that seven years, for those of us that could use the help but does not fix in the Stimulus package.

I bought a home I could afford and have worked hard to make payments. Now, I'm going to pay more in taxes to cover everyone elsewho didn't. What can we do about it? Consider carefully who we vote into the White House next time around, and support the candidate who will spend our tax dollars wisely.

to Newsom:

Basically, those of us who don't yet own homes, and were responsible and wanted to wait till we A) had proper finances to purchase a home or B) wanted to wait for grossly inflated property values to fall, are getting screwed royally.

This is all meant to prop up housing values and keep them at inflated levels, so that the people who purchased in the 90's up until 2002 can keep the phoney wealth that they got due to artificially high housing demand fed by easy credit and tax incentives.

The current tax system screws us even more. Homeowners, on top of getting their prices propped up, get mortgage interest deductions, which add up to huge sums for your average homeowner.

Everyone keeps complaining about how it "won't help them, they are currrent, fiscally responsible, etc..."

I hope you realize if nothing is done it will hurt you even more. Houses are losing value at an alarming rate, and that includes YOUR house, your investment.

This is the only way to help stabilize the entire housing market so the people that are 'fiscally responsible' (and love to preach) won't keep losing on their investment.

Stop thinking inside a little bubble or playing your little partisan games and see the big picture.

Regardless of what people should/shouldn't have done, couldn't afford or the mistakes the banks made (big mistakes) we can't go back and change the past.

Please stop crying becasue now everyone is in this mess even those of us who've done things responsibly.

You're all correct! It is entirely George W. Bush's fault that every idiot making $42K per year could get a jumbo mortgage for $699 per month.

Hoover days are here again. Get your pup tents and tin soup bowls ready folks!

Everyone has freedom of speech, however I must inform you, not everyone in this foreclosure situation is there due to over spending or purchasing a home they could not afford, OR being uneducated buyers taking advantage of adjustable rate mortgages.
You may know some people that have taken advantage of the poor economy; however the vast majority in this mess have NOT! There will always be people who are irresponsible, can’t hold onto a job and milk there way into any government program they can. That is not the case with the majority now living in total desperation for many months!

Our situation is job loss, I have been disabled since 2003, and my husband lost his job of 18 yrs last January 2008. IF he was still working and his profession was not mostly in India now, we would NOT be in such desperate times! We would be paying our mortgage with no problem!

We used his 401K to stay responsible to our lenders, never considering what we wouldn’t have to rely on when we are older. We DO NOT go on vacations or to the movies in over 25 years. Dining out is a pizza or maybe at the most a $10.00 dinner! Our home is our priority and always has been!

Our Government created some of this mess by giving tax breaks to the companies who sent jobs off shore, they made this bed we are faced to lie in now!

I am not even going to go into what it is like in this day and age for a person over 50 to find a job!
I am truly ill hearing people stereotype people in the situation we are facing!

Freedom of speech lives on due to our wonderful military; however look at the true circumstances before you characterize all people into one large group of losers!

From the research I have been doing for many, many months there is no HOPE for people who lost jobs months or over a year ago, we don’t have the same income now and NO ONE will modify or refinance our loans! I have contacted every source available known to man and IF you lost income and it has not been replenished anywhere near what it was, there is no Plan for us! You must be able to have near the same income to qualify for any plan, and hundreds of thousands of us don’t have that now!

I can only imagine what will happen when the 200,000 people who recently lost their jobs get to the point we have many months ago!
OUR VOICES NEED TO BE HEARD!

Our story is at http://www.helpsavehomeowners.org AND NO, THIS IS NOT BEING POSTED TO ASK FOR ANY DONATIONS!

Is this plan going to offer any help to those of us who did everything we could to save our homes, but the resolute is us being extermely in debt on our credit cards now? We were out of work for 18 months and had almost on credit card debt. We take part-time jobs, collected unemployment, paid cobra benefits and used the money in the back to pay mortage, credits cards, and car payment first. We would use the remaining to pay what we could and everything else got put on our charge cards. Now we are in deep debt and none of these plans seem to take into consideration those of us who did everything right but got the screws put to us by corporate america.

The people who are irresponsible in this country get bailed out once again. What about the responsible people? The people do not spend beyond their means and buy homes they can afford. Oh wait....we are getting $13 a paycheck....my bad!

I'm getting a little sick of all the people who have managed to stay current on their mortgages and complaining about those who haven't.
How narrow minded are you?
Why do you all just assume that every home owner that is in NEED of HELP is a freeloading scumbag with no right to a home and no financial intelligence?

Our situation: Bought a home for $600k in 2007, 30 year fixed rate (not a balloon in sight!). Paid on time as with every home we have ever owned. Had 7 months worth of savings to cover every expense possible should our income be lost. Income is lost. in Job application after job application after job application! Nothing. Try to refinance. Guess what? House value has declined = refinance not possible. Used up entire savings. On unemployment & food stamps. Sold most of our furniture & posessions to pay our bills. Can't afford medical insurance. Still trying to find income, even going as far as to launch a small business to try another way to provide for our family. No one is hiring and no one is spending. Waiting to foreclose. Haven't paid mortgage for a year – yes 1 whole year. Tried several times to do a workout package with National City Mortgage. Awful people. Told me the lenders WANT to foreclose on people, I quote from the loss mitigation staff members mouth 'sometimes it's easier'.

We were one of you good citizens that worked hard, looked into the future, protected ourselves, paid thousands and thousands in taxes paid for ourselves and gave to charity, now look...... we lost our income during the worst economic time possible. Our house is valued in the high $200k now, we're surrounded by foreclosures and our car was repossessed yesterday. Our credit is absolutely trashed. I wish this on nobody. Just beware how fragile it all is and how much your life can be changed by circumstances that for the most part are entirely out of your personal control. Maybe I should write to Obama and tell him that the foreclosure plan is GREAT if you have income BUT IF WE HAD INCOME WE WOULDN'T NEED HELP. We need more time for the economy to change so there are jobs again in FL. Job interview today.... here's hoping.

Again, we reward BAD judgment. I, too, pay my bills, did not re-re-re-finance to take out equity for money to blow or buy a house that I could not afford.

For us, we just get to pay for others. What is this country coming to????

Does this mean that through my taxes, I may be helping my neighbor to stay? The neighbor that doesn't take care of his lawn, has let his house deteriorate, and disobeys all of our homeowner's association rules, not to mention city zoning regulations? The neighbor whose unsupervised teenage kids roam our neighborhood at night with baseball bats? The neighbor who takes takes takes from our community, but never contributes a thing?

To all of you who think that this plan does not help you. And to all of the people that think that their tax dollars are helping people that does not deserve it. WELL, It is clear. Your main advantage is that the economy of the country may be improved so you can keep your job, or your business will be selling more or your house won't continue losing value. So, by helping others you help yourself. If the economy goes down we will all go down, even the people that is current on their mortgages.
Some people may try to profit from this situation and we should ask the government to keep a close eye on loop holes in the law.

good luck

Daniel

what change said:

"So, I pay my bills, work hard, made the difficult choices in life, and do what I am supposed to do, and now my tax dollars are going to help people pay their mortgages when they most likely shouldn’t have bought the house they are living in right now. Why do I have to suffer for others stupidity! Where is my “bail out”."

What is wrong with some of you people? Don't you realize that the vast majority of those currently in need ALSO pay their bills, work hard, and made the difficult choices, etc.? Do you think you're something special?

Here's a clue: you can do everything right and still lose your job. I'm one of those people. Worked hard for 30 years, never missed a payment on anything, perfect credit rating, 20% downpayment on a 30 year fixed mortgage, always employed, payed tons of taxes.

Then, suddenly, without a job and not able to fully replace the lost income in a sinking market and home value plunging. Lender not willing to do ANYTHING to bridge me until things turn around. Still current on payments but running through life savings with an obvious brick wall in front of me.

So spare me your smart mouthed garbage about how you did everything right. The shoe could easily be on the other foot, and I wouldn't begrudge trying to help you out.

The real criminals are the lenders who gave out bad loans and the fools who took them, but the problem today is the ever growing collateral damage to the rest of us. Just because someone is in trouble today does not mean they did anything wrong or cut any corners. Remember that next time you get ready to pontificate.

How do we recoup the value lost on our homes for those who need no loan modification. We were robbed on the equity we accumulated over the years, so are we entitled to some relief? If we loss value during this crisis, why can't we write that difference off on our taxes for investment losses?

What would happen if we all just stopped paying our mortgages? It seems better to not pay your bills.

Ghetto President – Ghetto Solutions

There are good people who got in a bad situation with their morttgage/home, a lot just were irresponsible, some didn't care. Now we can help a few with a little, while the majority are left on the sidelines. We just watch our home's continue to decline in value, while the nieghbor who has two new cars and a home he couldn't afford to begin with gets a helping hand, niiice. I could go on and on, but I have to work to pay my mortgage.

Anyone orginally have their mortgage through AMERICAN HOME MORTGAGE and now being serviced by AHMSI? Any luck on modifications? Tips to work with them?

This is not fair to people who are doing everything by the book. If goverment is going to readjust the house value and lower the amount they owe by either crediting their account or lowering their interest rate than they should be giving money to those who pay everything on time with the current market value. Because poeple who are current on their loan payments will be punish twice. Fisrt of all when goverment lowers the value of the homes the money they put in their home and the value of the home will depriciate. Also they will be punished by only taking a little advantage from this program compare to people who did not put enough money down and who did not their payments on time. Most of these people did not put any money down and lied on their aplications about their income so they never owned these homes to begin with. There is nothing wrong with renting a home maybe thats what they should do instead of crying for home they never owned.

Write your Congressperson & Senators to oppose this government-funded bail out of other peoples irresponsible behavior. This is disgusting for the MAJORITY of us who buy our homes, pay our bills and make our own way in this world.

DOES ANYONE THINK THAT OWNING A HOME IS A LUXURY???? HELLO? You don't need to own a home to live in it, you can rent a place to live. It is not a neccessity like food. People are so spoiled that they act like they are going to be on the streets if they don't own a home. IT IS NOT A BID DEAL. JUST RENT ONE till this is all over.

I tried to modify my FHA loan and my mortgage company said that because I have a temporary job, I do not qualify and cannot afford my home anymore. However, if I was unemployed my unemployment compensation would qualify me to still afford the home, ironic. I want to work but, cannot find a job that pays me what the bank wants me to work. So, I'm being penalize for wanting to work at a lower rate while I go back to College. They really need to help us... Please note that I bought the house back in 2002 when I made 50-55K per year and now..... they basically have shut the door on me and my son. Regards, the honest and hardworking single mom Pamela....

I got my home the old fashioned way. I hope people realize that not only is it one of the most important decisions you ever make, it also affects alot of people, children and businesses. I hope everyone finds a way to stay in their homes. The propery taxes are so important to the schools.

Whine! Whine! Whine! No one should get a bailout! These bailouts will squash the american economy for the next 50 years! If both spouses work and you bought a home based on both incomes or if you were stupid enough to get a high risk mortgage, you deserve to be thrown out on the street. I am sick of americans who think they are owed something. You are not owed a home, health care, a nice car, a college education, a plasma TV....you WORK for it!!! You PLAN for problems. It is the irresponcible airheads of America that clamor for socialism because they don't want to Work for these goals. Guess what....it's going to get alot worse. Make sure you are prepared for the riots!

Regarding what is fair. Understand this. I knew what I got myself into with my mortgage. I refinanced from an out of control adjustable rate mortgage in April 2007. Put $50,000 down and had high 700 credit. Reality is I did not qualify based on income but got the loan anyways. I felt my business would continue to grow & I would be OK. Soon after, my business, like thousands of other business owners, started to suffer. Remember this, my business, as all legal businesses put money in other peoples pocket and added to the tax base. Then the big bust. I began to go into debt for the first time ever, other than home & car loans.
I never missed a payment on anything for 20 years. Now, to get out of my financial trouble, I cannot sell my house to save my life! There are few decent jobs available. I did not create this problem. It was caused by extreme predatory lending by the entire US financial system and complete lack of oversight by the US government. I am in danger of losing my average American home, my life savings and everything that goes with that. I responsibly tried to work with my bank before I got in trouble. They like most major banks DO NOT GET IT. The feds must step in. I need a cushion to maintain and rebuild my business so I can continue to contribute to the economy and have a fair life. I take full responsibility for my actions. I refuse to suffer, however, due to a problem caused by the greed and corruption of Wall Street and the blindness of the Bush Administration and Congress(both parties). My taxes pays the law makers that have failed. I will take the help to survive. This is not about me. It is about us. Everyone has to pay to survive this. I can only hope we can finally learn from our mistakes as a society.

To all those who don't want to pay for others "bad choices". There are many of us out here who have watched our businesses and jobs disapear because of the decisions and choices of our politians, banks and financial wizards, who have worked two and three jobs at a time to make up for the losses. Who've have to change their priorities (example: let their health insurance go) and make difficult and painful decisions all along the way. This problem is much, much, much complex than people who "can't afford" or have made "bad choices."

We have dealt with Chase for far too many years. They are the Idiots of Idiots. I can assume they will not do much if anything at all to help troubled home owners.

All you whiners crying about... "I'm responsible, pay my bills, why should I be burdened by others... who's gonna help me?"

GROWUP! Your job could be next... your spouse's after that, then you'll sing a different tune. "It's their fault! blah blah blah" You make me sick!

This is what the so called majority voted for in November. I'm a responsible homeowner who pays his bills,lives within my means and does what needs to be done to provide for my family.

For all of you that are complaining about supporting those that can't support themselves and you voted for Obama you have no one to blame but yourself. Maybe in 4 years you will finally get it.

Welcome to Sociialism

My husband and I are unemployed and looking for work desperately but have had no luck. Even if we do find jobs, we know our salaries will be less than we used to make because no one is offering the salaries we had when we bought our home. We are current our mortgage and bills, but that won't last much longer. So when we have zero income, what will happen to us? Payments no more than 31% of our income would be zero, but it's doubtful that's going to happen! It's not our fault that we're in a depressed area and can not relocate because we have no money to do so! We're looking at filing bankruptcy if we don't secure jobs in the next 60 days. Not sure what will happen to us and our three sons and I'm tired of the advice "Hang in there, things will get better eventually." We just want jobs!

Not everybody made "poor" or "bad" choices. My husband and I both lost our jobs and had to move to a different city to find work. Our house that we lived in previously has been on the market for over a year and hasn't sold. Now the neighborhood we lived in has had about 15 foreclosures or short sales, affecting values so drastically that we now owe WAY more on the mortgage than the home is worth. We are paying for a mortgage on a house we don't live in, as well as paying to live where we are now, and we will not be able to afford to do this much longer. We've tried renting but cannot charge enough to cover the cost and, in fact, had to evict one tenant for non-payment of rent. We keep depleting our savings to cover the cost to avoid foreclosure, but now my husband's company has filed Chapter 11 and he may not have a job much longer; the problems just keep growing.

This type of program will hopefully help us and others and prevent more foreclosures which are hurting EVERYONE. Maybe this plan isn't perfect and won't help in all cases, but the alternative of doing nothing is unacceptable and will lead to more and more problems.

if you voted for obama dont coplain

I love this county. If something goes bad, everyone automaticly deserves something for free. Guess what? People have lost their jobs for eons. If you can no longer afford your home , you lose it. Pretty simple. For all of you that paid too much for a home and now are upside down , tough luck, you made a bad investment. Let me ask all of you freeloaders a question? If you bought stock in a company at 100.00 per share and that stocks drops to 50.00 a share do you start asking for your money back???? Same with a house. And by all means please keep blaming the banks for all of this , because the general publics greed and stupidity had nothing to do with this mess???? I want to live in your dream land. We need to let everything bottom out and let people rebuild. I can't wait until Obama devalues the dollar to the point that the Carter years will look good.

I agree with Post #7. What is in this bailout for those of us who are responsible and live within our means?? Barry wants my tax dollars to bail out those idiots who overextended themselves???? Give me a break!!!

Ok, so I was responsible, boght a home within my means and support my family of 4 financially. WHere is MY bailout. Why are we helping these deadbeats that bought more house than they could afford? Its STUPID. Why not give everyone that is CURRENT on their payments a grant to stimulate the economy. It teaches a lesson in reward for being responsible. Instead we are helping the irresponsible jackasses that got into a mortgage they couldnt afford. I understand job-loss and situations differ...and for THOSE, I do not mean to offend...but 80% of this bailout is for people that were STUPID.....and Me, a responsible american trying to live the dream is paying for your mistakes. Where is MY reward?

Congratulations people. This is what electing a socialist-minded President got you. But I'm sure you all did your homework before voting for "Change." One step closer to communism.

For all of you who voted Democrat who are complaining about buying responsibly, making your payments on time and now not getting a fair shake, you have no room to open your mouths. This burden is what YOU placed on all of the responsible citizens of this country by casting your vote.

It's an unfortunate mistake that will reverberate in this country for a long, long time. Might as well cut out the middle-man (Government) and start handing your money over to all the Octo-moms, dead-beat dads, drug addicts, criminals and lazy bums who can't hold a job. Tax the responsible to give to the irresponsible. Welcome to a Democrat-run government.

Well I bought responsibly but unfortunately I live in Phoenix, AZ and the developers over developed and now my property dropped 40% in value...I put 20% down...just like the olden days and yet I am upside down 20%. I have gotten a divorce and basically am stuck with the house.

I think this plan will help some people who are long time owner's who did not buy a house they could not afford. If so then the 105% of value clause would not be in place. Due to recession and drop in property value I do not see anyone who bought in the past 5 years qualifying for this program. That being said, at least it is something and will help people like the woman above who lost her husband to cancer.

And to all of you who are complaining about bailing other people out...I have been paying in the higher tax brackets for years...and do not qualify for this program and am STILL not complaining.

Sigh, people are never happy.

I have a question – What if I did the right things, invested my money, didn't overextend myself, didn't buy a nice car, didn't buy 3 flat screens, didn't buy an iphone.....what do I get for doing the right thing? That's what I would like to know.....why is my money being used for those that can't (in many cases) properly assess risk or could not manage their budgets....this country is going down fast....what is the incentive to do the right thing?....so let's give more free money to people that couldn't handle the money they already have....brilliant.....tired and angry.

I hear ya...... I have 9 houses (1 personal 8 rentals) with a monthly mortgage of over $5800 dollars per month...... This is nuts..... I only recieve about $7600 per month on rent from my tenants... What can I get from the Obama/Pelosi team so I can make more money..... Oh by the way did I mention that I have over $450K in equity lines of credit on these properties...... , I need to get ahead I have kids that are going to College to learn a great trade......Over my head with $$$$$ Please let more short sales happen...... Those are the quickest to snap up..... at killer discounts...... Have $$$$ will travel...... Multiply streams of income is the path to follow..... Seize the DAY!! :>)

So if you are very conservative with your money. Pay bills on time, don't buys things you don't need or can't afford, and save your money, YOU GET NOTHING BUT MORE TAXES TO PAY for the people who bought it ALL. So this is a reward system AGAIN for the stupid and careless. This is not America!

What if your mortgage is not serviced by Fannie Mae or Freddie Mac – or your mortgage company did not receive federal funds – will you be left out?

I'm thinking about Lehman Brothers (Aurora Loan Services).

What about their mortgage customers?

I'm really sad to see such "what about mine?" attitude on here while tearing down those who do qualify for help under this program. I've been one of the responsible homeowners, paying bills, not getting into debt, etc., but I certainly do not resent those who have fallen on hard times because their jobs have been outsourced or a medical emergency that has caused them to be unable to pay. If we would invest in this country, instead of rebuilding Iraq, people would be able to work enough to support themselves with good jobs. Instead, the CEOs and the Wall Streeters have raped the middle class, building their fortunes on our backs, with no regard to the good of the country, the strength of our people, and we're supposed to sit here and say, what, that the CEOs have earned their 300 times their workers salaries before they decide to send those workers' jobs overseas? Wake up, America!!! It's not socialism to rebuild this country; its been nothing for the little guy, everything for CORPORATE WELFARE since Reagan.

Ken – quit blaming others. YOU are the only one at fault. YOU borrowed more than you could afford. YOU made a poor assumption about the future profitability of your business. We all make mistakes. This was a big one for you. Yes, there was a lack of oversight and regulation going all the way back to 94. However, YOU knew the terms and cost of your loan, and YOU signed it.

Well gosh let's see....I didnt qualify for the first time homebuyers tax "loan" of 7500 dollars because I bought my house a month to early. THEN I dont quality for the 8,000 tax break because I already have a house.....gosh. Where is the break I get for being a single lady, stayed on a budget, bought a house I CAN afford and READ my papers before I signed them, didnt over spend. And now I have to pay for these people who over spend and get into a house they could not afford and didnt read their mortgage before they signed? BS!! I work hard, Have NEVER been late on my payments....where the hell is MY break? It is paying for others irresponsible decisions!!! I dont get help but others do who over extended themselves. The people like me who worked hard and payed on time need the biggest break. Not the people who didnt. Get an apt. and live with your mistakes.

Well, as much as I hate paying for all of this, the silver lining is that it will hopefully work to stabilize housing values which will be a benefit to all.

I am MORE THAN ANGRY. Irresponsible ( and stupid) people bought homes that they couldn't afford and now WE have to pay for them. Why can't I buy a new Ferrari and when I can't afford the payments, ask the government to have taxpayers pay for it...? I have worked very hard, made responsible choices, lived in places that I didn't want in order to save money for a home I could afford – how do I get rewarded....? My socialistic government rewards me by giving losers my taxpaying money and then driving the prices of homes back up so I can't afford one again. I was hopeful for a new beginning with a president that would make us proud – I will not vote for this guy the second time around!!!!

No one here seems to understand that the bad choices of others are lowering everyone's house value. If we don't help out the folks who are about to foreclose or whose houses are worth less than they paid for them, they will walk away from their houses an then, those of us who can pay will be left with worthless houses, too.

Doing nothing will mean that ALL houses lose value and many homes will become worthless.

I was working in a bank in the 80's and I saw this happen. The bank owned many homes that could not be sold at any price. This crisis is much worse. So, if you don't want to bail out others, that's fine, but, at this point, you are bailing out yourself.

The root cause of this debacle is the liberal Democrats in congress, i.e. Barney Frank, Chris Dodd, etc. Wake up people. Democrat policies will ruin this country.

So this is what life in section 8 housing is like – so ghetto fabulous.

What about the people who worked honestly and hard to make smart choices with their money and not going over their heads with purchases of their home? Are they going to decrease our interest by 1 or 2 percent or do we have to foreclose on our home to be included in the stimulus package? I've worked years to save up and move my family of 6 into our house and with one income family we are on a tight budget every single day to maintain somewhat of a standard living. All I'm saying is their should be an incentive for those smart working Americans who lives within their means to stay afloat, we are probably the only family in my entire 5 miles radius neighborhood that doesn't have cable or internet because we use that money for food. I can only enjoy that luxury at work. Do I have to make a bad choice to be compensated?

"In addition to providing incentives to servicers and investors, the administration will also reduce borrowers' loan balances by up to $1,000 a year for five years if they keep up with payments."

Is this for everyone or just the people who cannot pay their mortgages? As someone who pays my mortgage, and pays on time, I'd like to benefit from this principal reduction too!

I didn’t buy a house I couldn’t afford. I planned for the future by not wasting money for big screen TV’s and SUVs. I have a savings account to cover my expenses in "any case". Where is my bailout Mr. B.H. Obama ? Why people like me have to work to cover stupidity of others?

What's in it for the people who wants to buy now!!! NOTHING!!!!!!People who over extented themselves are getting all the benefits. SO SO GHETTO!!!!

Don't they know that most of these stated income and 3 year adjustable loans were NOT a fannie or freddie product? Most of these bad mortgages were done by sub-prime lenders- which are not included in this...

Um, I'm confused. Does the bailed out homeowner who has their principal modified get to keep the profits when they sell the home or is that just a gift with purchase?

I don't love this plan (I've been saving and pinching pennies for years to come up with a downpayment and each year home prices kept escalating negating my effforts–so I'm with those other first time buyers who were seeing light at the end of tunnel as prices went down finally) but now having been laid off if the plan somehow gets the economy rolling and I can find another job, I am prepared to suck it up and let it be.

But, I do think its unfair for homeowner to keep the profits from the difference between their original loan and the newly modified one.

In reality this plan will not help homeowners is states like California, Nevada, Arizona, Florida, New York where either prices dropped more than 30%-50% just in the last year or so, or the jumbo market states.
You know sometimes I wonder in what planet the people who wrote all this plans lives. What about the people who has not good credit and reduced income because lost of a job or any other reasons.
They did not buy a house they could not afford just their conditions have change and they are not making enough money at this time.
Where is the help for all this homeowners strugling to keep a roof for their families.

This plan stinks, I work hard, take care of my family and pay my bills including my mortgage and I get nothing from this bailout except a lower home value for all my trouble.

READ and LISTEN before you WHINE! All this whining and narrow mindedness from people who don't get that we are ALL impacted by this economic downturn – it's not about how "good" YOU think you are have been. My husband and I have also worked hard, lived within our means (including conservative home ownership and no big screen TV's or SUV's or fancy vacations), saved aggressively for an emergency fund and retirement (and lost significantly 401K values.) We were feeling pretty proud, not to mention smug about our situation. However, when the two bread winners in a family lose their jobs, one after the other, the emergency fund just last so long, no matter how much belt tightening one does. We've always paid our mortgage on time but are concerned how we will make it much longer. It seems this new plan just might help people like us. If you still have a job consider yourself lucky! If you think you are so righteous and good that you can't be caught in a similar situation you need to think again. All it takes is to lose your jobs and health insurance (and not be able to get another one) or have a devastating health crisis and you'll see how fragile the tower you live in really is. As for any partyline rhetoric, can it; it doesn't help your cause or the country. If it did, I'd be standing in front of W's house right now with a big sign about his lies and stupidity.

Big D

Single parent helping three kids pay back college loans, a fixed mortgage and bills I pay on time (always have), pay full tuition/fees for re-training because my industry has been completely outsourced (3 layoffs in the past 5 years) , and now I have to pay for everyone else's greed! I am furious! Who's going to take the pressure off of me when the next layoff comes?

This officially ends the American Dream. No one can ever again say with a straight face "If you work hard, and are responsible, you will be rewarded" because this now certifiably not true in this country anymore. In fact, its now Government policy to only reward the reckless, careless and irresponsible.

(And I'm sorry if you lost your job, but you STILL should have PLANNED for that risk, as I and many others have)...YOUR actions are now hurting innocent people (including your own kids and grandkids), and that's nothing but immoral and criminal.

CRISIS....what part of this word do you not understand.....it's not how we got here....we're here...and as Missy stated....at least the president is trying to find a way out...that's more than we could say about Bush...and to most of you that have written your comments....please read the O&A 's a lot of your questions are answered there or do a little research there are a lot of answers out there........it's seems like most of you just want to gripppppping........look at people in third world countries...most don't have a roof over their heads...learn to be happy with what you have...and stop grippppping and complainnnning...I wish the best anyone that has lost their home, is losing their home and bless the one's that are able to keep and stay in their homes....take a breath and give the President a chance....

This should apply to all mortgage lenders, not just Freddie Mac and Fannie Mae.

So, what about the poor people who have lost their jobs due to the downturn in the economy caused by the banking industries bad decision of loaning money initially to people who should not have been borrowing it? It appears that they will not be eligible to participate as they will not be able to afford to make their payment of 31% of their gross income. 31% of nothing is nothing!

Or, what about the people who are losing their homes because the court system fails to enforce court ordered income within a normal time period?

Socialism at its best....punish the hardworkers and entitle the deadbeats. With a perfect payment record I have to jumpt through hoops to move from a 5/1 ARM into a 30-year fixed (a .25% drop in rate) because of "more restrictive guidelines." The lending community has no ability to discern the good borrowers from the bad.
This program is pure garbage!

Hey "fiscal conservatives" I had to pay for this unnecessary war and people lost their lives! You all are whining about the tax dollars for trying to get things done in our own country. Thousands of civilians aren't getting bombed and 4,000 Soldiers haven't died over this. Get over yourself.

By the way, I bought a house well within my means and have made good choices too. Can you not see how this is going to help you too.

Can I haz government cheese wif dat too?

the reponses on this blog are awesome! the american way is a freakin' joke. I pray that americans will one day take responsibility for their actions.

How many of you people complaining that this doesn't help you voted for Mr. Obama? This is pretty much his idea....as well as the beyond huge numbers of $$$$ going to worthless causes (ACORN) and beyond belief numbers going to bankrupt auto companies....

Our country is turning ugly and mean. The respondents here are blaming anyone who is having finacial problems with being deadbeats. The people I know that are in finacial trouble have all lost there jobs. To blame them for that is just wrong. This is becoming a Christian country that no longer follows Christ. No one wants to help people in need, they just place blame. 8 years of Bush has left this county in one of the worst messes its ever been in and the only way out is to come together and help each other.

I am in favor of this because my wife and I have seen the value of our house fall to the point where we are not able to sell it and break even. Her parents are elderly and if we have to move 200 miles to take care of them, we will be soaked.

And on the 7th day God created rental units.

I'm with you, "Good Borrower & Tax Payer" and "bobh". I too am tired of paying for the mistakes of others. This bill doesn't affect me because I bought a house I could afford at a rate I could handle instead of buying too much house and hoping I could dump it for a huge profit or would be magically able to afford it when the payments went up. I think we should help people in crisis due to unexpected job loss, but that's it! This will award those of us who were responsible and honest with lower home values...what a way to teach people to be responsible and not overextend themselves.
That's just awarding stupidity...

What do you do when your lender won't do a loan modification because you live in Michigan and you have just been laid off.

Obviously, most of you complaining about how you are bailing out people who bought houses they knew they could not afford and on and on ...have NOT read or listened to this housing plan details.

It DOES NOT offer help people who knowingly bought homes they knew they could not afford.

It DOES NOT help speculators get loan deals to buy homes for investment purposes.

It DOES NOT take over bad mortgages predatory banks intentionally lied to home buyers about. It corrects the interest rate to match what is the current rate and then makes up the difference between the payment the bank set and what the homeowner can pay until the rates are properly adjusted.

If you are going to complain – educate yourself first on the facts and quit whining how everybody but you is get a handout. You are showing your ignorance in not knowing what is true versus what you are making up based on not knowing what the housing relief does and does NOT cover.

Read and learn before you whine.

How does this help the homeowner who is upside down 40% -50% in value, has been struggling to make the house payments, either lost their job or had hours cut back at their job? How fair is this to homeowners who have been late on the mortgage payments due to financial struggles, but still made the house payments anyway and they just cannot continue to throw away money at a losing proposition. What we truly need in this package is to stop the expense refinances, have the lender modify the loan on the homeowner’s property by lowering the principal balance and lowering the interest rate, this would keep the homeowner in the home, and it would be an immediate action and would truly help the homeowner. You can penalize a homeowner who has been late on their payments; the economy has made it hard to keep up.

All of you, so called Americans, this great nation is on the verge of a depression. I only wish we had more men and women alive today who lived through those times. They could enlighten us. They had to sacrifice and share with one another having LESS, not more. Be thankful and help, hope, and pray. United We Stand, Divided We Fall.

4% to refinance
4% for modifications
4% for new home loans

That would be fair, the banks still make their money, many people in trouble get out of trouble and others can get into a home they could not previously afford.

The deal is this must be mandatory. Banks like GMAC, Chase and others need to be forced to solve the problem they created in the first place. The feds need to force the issue because they also failed to stop the problem in the first place.

----- Be informed for the next election in 2010---------

Oh yes ,the last 8 years did happen, but: Note the date on the article.

A New York Times article published September 11, 2003 described an emerging crisis with Freddie Mac and Fannie Mae and partisan resistance to proposed enhanced oversight of these two entities:
"The Bush administration today recommended.......a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac.......which together have issued more than $1.5 trillion in outstanding debt.......

"These two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis,' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. 'The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

So you "SEE",this really is the Democrats fault !!!Bush tried to stop the housing collapse,which would have saved the banks,which would have stopped wall street from crashing,which means your 401K would still be worth something,and you wouldn't be laid off,and we wouldn't need this spending bill,etc.You want to thank ,Barney Frank ranking Democrat on the Financial Services Committee.

What will this do for RENTERS? We make up 1/3 of the population. Many of us are renters because we had enough common sense to NOT get in over our heads.

So, aside from the privilege of paying for the irresponsibility of my neighbors, and therefore having fewer discretionary dollars to save for a downpayment, WHAT'S IN IT FOR ME? As far as I can tell, only a kick in the backside.

Here's an idea: let the irresponsible buyers and the speculators take their lumps, and let the housing market adjust itself. Then maybe I can actually afford to buy a home since it will no longer be over-inflated.

LOOSING EVERYTHING IS FREEDOM! THE LESS YOU, THE LESS WORRIES! JUST LET IT ALL GO!

I'm just sick of the complaining.

We have worked hard, bought a house, paid the house off and now my husband has lost his second job in 2 years. We aren't getting any help from the government.

I agree with many of the comments. Why did we work hard and live within our means, when we could have had so much more by not paying our mortgage off and just waited for the government to help us. I do not believe that there are that many stupid people that live in America that do understand what an adjustable rate mortgage is.

The best part of all of this is that we get to pay for other people's lack of responsablity. Maybe I should quit my job and sell the house so that I do not have to pay the taxes. And then the government could help us also.

My Lender already modify our loan, but the monthly payment stil too high about 75% of our monthly income. We asked for another modification but they said they cannot do second modification anymore. is this means we are stuck not getting help a all?

DOES ANYONE KNOW HOW TO BAKE APPLE PIE?

This bailout will not address the root of the problem which started this mess, that is, it will only encourage more people to live beyond their means. What is the incentive to do the right thing anymore when you know and expect the government to bail you out? True there are some responsible people that were caught by surprise by how quickly and how personal the downturn of the economy has affected them, but this has been happening throughout the history of this country. The worse part of this is, when the economy does recover (and it will recover) those who benefit from this handout will not be taxed or require to reimburse any benefit received. They will never pay more taxes than those who did not benefit from this program. For those who will not benefit from this (non-homeowners, and unaffected homeowners), the administration’s arbitrary pen just doesn’t think you worthy of any assistance, besides you will probably be considered a wealthy dissident that aims only to disrupt the new society if you voice any opposition to the administration’s wishes.

People used to make decisions and accepted the responsibilities that came with them. This just shows that self reliance is a concept completely gone from our society. Some people say that the administration has strong socialist tendencies, this is not socialism, socialism is for all not, a select few. The pendulum just swung the other way and for a majority of the populace, we just get to pay for everyone else’s mistakes. Go tell your kids to be all that they can be, and if they can’t make it, live like it anyway because they will not be responsible for their actions.

Hopefully you remember this when the next election comes around. The administration does not work for the entire country only for those who have and who they are expecting to keep them in power. God bless America (for only those that believe), because we sure do need it.

Dear Mr. President. I Will stand shoulder to shoulder with you. You sir have proven to me that you are walking the walk. I have my own bus. and they won' sell us health insuance because my wife has lupus. You sir have energized us in away they gets us up in the morning to work hard for a better day. Thankyou Sir. I will do my part .

Jimmy Roth

Every American deserves a home. It's time for the taxpayers to step up and make this happen. This is America where everyone is suppose to be equal.

cygnus

Some of us DID plan on losing our jobs and had substantial savings. But again, the money does eventually run out and when you cannot even find a low paying job, what do you do? Hopefully you will not be placed in the situation to be "immoral and criminal". Name calling does not solve anything.

I am sick of bailing out banks, car manufacturers and F buyers.
I'd love to be able to refuse paying this bail out with my taxes unless the buyers put 20% downpayment, got a loan no more of 3x single (no combined) annual income, had good credit history and 6 months expenses saved in the bank. To all the rest, you couldn't afford the house you bought, you shouldn't be living there and keeping houses unaffordable for the next generations. Move on and rent until you can really afford a house.

I was reading all these comments and was very upset with most of them.I am a Home owner as well.Pay my bills and mortgage on time.That is because I have a JOB.Most of the people who are home owners do not intend to default.The circumstances force them to do so.God forbid if something happens to the people who claim that they do not support bailout for forecloser homes because the owners are irr-responssible..they are full of it.Let me be clear on that this happens when people lose jobs,fatel illnesses ect..ect.they also paid taxes all their life.Please be more responsible in your comments which effects other people who are going through hard times.God Bless America.

Welcome to the world of the post-housing bubble … many people are understandably mad, but I did not see any mad people when they were pulling out money from the liquidity of their homes or moving from place to place and cashing out big fat checks, wasn't being a real state agent the hottest profession 5 yrs ago? That is right, people who's only talent was knowing how to fill paperwork and circumvent rules where making more than doctors and working professionals … it was all a lie, ficticious wealth, and now we are seeing the consequences … as a young working professional, all this time I was left out of the housing market, despite having an advanced engineering degree and working as a rocket scientist (which probably pays less than a UAW worker) … I am still living in my 1 bedroom apartment, no fancy cars, no high style living, leaving within my means … what do I get? I get to pay for all the rest of you! At least I am glad the bubble has bursted and we are starting the healing process

We were "created equal". After that, you're on your own.

It’s clear – veterans are not welcome at the trough. Obama's real agenda is clearly evident.

Why aren't VA loans in good standing eligible??

Tom
USAF Retired

What about people who like me, have never missed a payment did not buy more home than he could afford and now want to sell 10 after my purchase I will be LUCKY if I get to just walk away even let alone make anything on my investment.

My property taxes appear to have not lost any value at all.

I will not pay someone to buy my home.

America is the land of opportunity if you are a CEO.
You can stear your company into an iceberg and there will be a "golden" lifeboat with room for one.

I would like to know how would this bill help people who have already lost their homes to foreclosure. Their are so many young people who have fell into bad financial situations and not know the circumstances. Those same young people know better know and are trying to get better credit and credit scores. These same people want to buy a home, but credit score may not be quite there. Will the bill help them?

William,

Try http://www.sra.com this is a good company, and they may have positions available in your field. you didn't say where you were located, but they are American based with offices and opportunities all over the country and world.

sad to read about your situation...it will get better. Just hang in there and believe.

Anderson,
thank you for having a concise and to the point piece on this new mortgage legislation. it has been very difficult to get real answers as this thing has developed. looks like there might be some help on the way...and by the way i am just as responsible as the constant complainers. Unfortunately, i have been forced to take a job paying half of what i was earning. that's a crisis for anyone. Like my beloved country, i will bounce back though.

What about people that don't have mortgages with Fannie Mae or Freddie Mac? Last time I checked, there are people that are in foreclosure or struggling to stay current that use other banks. What assistance will they get?

Jean, you have no right to criticize the people who feel they are being unfairly singled out to pay for the problems of others. How dare you say they should quit gripppppping and complainnnning. Don't you see how unfair it is? Its robbery on the part of the government. I HATE IT and I will fight it in any way I can!

As a mortgage Loan Officer, I think it needs to be said and reminded to eveyone, this isn't just simply a problem of people buying more than they could afford. A lot of this came from poor judment on home buyers, on real estate agents, loan officers, appraisers, banks offering the programs that have us in this mess, etc..... And, we're not the only country facing this problem right now. There's a little bit of blame to go out to dozens of groups of people. Part of it is ALSO lack of regulation in the past, which is why everyone in mortgage underwriting are absolutely back to the basics, verify and document everything, which is as it should have been the whole time. To do nothing doesn't fix the problem. If it's not done, whether it's your fault or not, then your home price could be affected as well. And the cash being used isn't coming out of your paycheck, it's deferred. There is a cost to this yes, but it's not a direct impact on your livelihood RIGHT THIS SECOND. So calm down, back off and let's all stop being so selfish and petty, and let's all try to get our country back on track. Because if we don't, if we don't at least try, then the path we're on doesn't change, it only gets worse. After looking at your 401k, how much more inspiration do YOU need to be supportive of change?

The headline quote from Obama says "We're all paying for the home mortgage crisis". To the contrary – those of us living within our means and paying or own way WEREN'T paying for the home mortgage crisis until His Irresponsibleness robbed the taxpayer's pocketbook to do so!

My husband had worked in the construction industry for 20 years, lost his job in October 2008. He found another as a janitor making half of his previous pay. We are behind on our mortgage and Chase has been very helpful and kind in processing a modification of our mortgage. Our Chase branch told us that because we have only been late on our mortgage once in 12 years they are more than happy to work with us and help us keep our home.

How does Obama's housing plan effect VA loans? When we got our loan we could afford it. Unfortunately my husband lost his job and our income has gone down 100,000 dollars. We have made all our payments on time and have been responsible. Is there help for us?

The public outcry over this plan is considerable. I suspect the Dems will lose their majority in Congress in 2010 if they continue with these wealth transfer programs.

Keep your eyes on your 401(k) plans - they'll try to take that from you as well and they'll tell you it's for your own protection.

If anyone voted for Obama then your getting what you wanted and I dont want to hear a word from you. What did you expect from a Democrat? This is their mantra take from those who have and give to those who either don't have or who live beyond their means.
I pay my bills and taxes on time and not once have I gone to the government for assistance and then I see my hard earned dollars go to all these socialist programs because of stupidity and laziness. I have tried to refinance my home from 6.25 and never missed a home payment but noooo I cant refinance! WHY? Oh wait, all my credit cards are maxed out because of the gas prices that went over $4 a gallon sucking up any residual income I had. Now I am behind in my credit card payments. CAN I GET A BAIL OUT?

You know what, for all of us who live within our means and pay our bills on time, HOLD YOUR HEAD HIGH, because we didn't take money from those who earned it to pay the bills others brought upon themselves by making dumb choices.

My husband and I are also in danger of going into foreclosure. We did not purchase a home we could not afford; we are victims of outrageous increases in county property taxes where we live and the fact my husband lost his job which was grossing $75,000 per year. That hurt. Our property taxes were a couple of thousand dollars in 2005; $4500 in 2006; $9000 in 2007. Each time the taxes were paid from our escrow account which put us in a negative situation. The mortgage payments increased to cover the deficit and the increase to pay the next year's taxes. We started out with a decent principal and interest payment. The escrow killed us more and more each year. We've not been able to make a payment since 08/01/08 because the mortgage company won't take partial payments....all or nothing.

For those who continue to whine about being "taxed" for being responsible, wake-up. This recession is indiscriminate on who it takes down. There are many people who played it straight, saved, planned, and through no fault of their own are now unemployed. If you feel safe now and chose to do nothing but whine about helping others then guaranteed you will be next.

Wow, all these years I've been wrong!

It turns out that living responsibly, not spending money you don't
have and paying your debts is NOT the way you should live.

This is great! I can buy that super-expensive home, and use
my new BMW to pick up that 60" high-def TV that I liked- just
'cause I WANT it!

I wish I'd realized that the "American Way" meant "don't worry,
you're ENTITLED to every whim your heart desires" a long
time ago. Now I feel like a fool for being responsible. It
sickens me to realize all the money I've wasted by actually
paying my debts...

If we choose to refinance, will we be charged any closing costs?

Just who is this plan supposed to help? Those who are only 5% underwater AND and have a Fannie or Freddie mortgage? Anybody in that situation should be praising the Lord for their good fortune. Those who don't really need help get a cheaper mortgage and the mortgage companies make thousands on each re-fi. Responsible people who have been hit hard get nothing. This is not change anybody can believe in.

The best you can say for this program is that it is pretty limited. Most of the homes that were purchased with sub-prime mortgages and even many conventional loans will not qualify within the 105% requirement. The math: bought house for $300k, borrowed 90% or $270k, house value has dropped 20% to $240k, so $270k debt is more than 105% of current value ($252k), so does not qualify. How many markets have not fallen 20%? Close, but still does not qualify if market value has dropped only 15%. Houses bought with 95-100% financing very unlikely to qualify. So seems the program is designed to help the folks who played by the rules, put down 20%, didn't buy at wildly inflated price, and still have a chance to hang on to the house. I support the stimulus spending, but the government cannot set the price of housing, and certainly not with $75B. This program may have a small effect, but ultimately the market will find its own level. I fear this program will only delay the inevitable and have the unfortunate result of undermining a society of personal responsibility. There are plenty of people ready and able to commit my cash and credit to purchase properties at a price that can be supported by rental rates, but both banks and owners will now hold out hoping the government will save them from the consequences of their actions. The problem is housing prices became inflated by speculation and purchased with debt. The most we can hope for the Obama program is that it softens the re-adjustment a little and prevents some generally responsible folks the financial and personal trauma of losing their home.

How about getting rid of the illegal "for profit" credit reporting industry that is in cahoots with the illegal "greedy" banking industry? What happened to the 54% profit margin the banks made on the credit cards? Did they blow that too or are they hoarding it?

'The program is limited to loans held or securitized by Fannie Mae or Freddie Mac'

"The deal is this must be mandatory. Banks like GMAC, Chase and others need to be forced to solve the problem they created in the first place. The feds need to force the issue because they also failed to stop the problem in the first place"

This is too funny. Please go into detail about how the banks and banks alone created this crisis. Please educate yourself before posting in public. You help spread mis-information.

I have a question for all those people who lost their jobs. I feel horrible for each and every one of you. However if you lost your job and no longer can offord your home, why do you have the right to keep it? YOu don't. You take the hit and rebuild. No one is guarenteed a home and nor should they be. You took a risk and lost. If you made 60K a year and now make 25K , find a place to live that siuts your budget. People have been doing for years. Do not look to someone else to solve your problems.

Thanks, President Obama. You have been in office less than a month, and you are already WELL on your way to turning us into a socialist country.

For all of you hope and changers – enjoy this. I have paid all my bills, stayed current on loans, lived in my means, TAKEN PERSONAL RESPONSIBILITY, and paid my taxes – something Obama's friends don't do, in order for those who drive BRAND NEW CARS, own a house way out of their means, and spend – spend – spend to get a little help – because life is not fair.

What a crock. For those of you who think this is good, WAIT UNTIL WE START PAYING ALL THIS BACK.

Many of us voted a few months ago for hope and change...We are all now looking for signs that will be the case...maybe too soon to tell but at first glance the stimulus and this HSAP appears eerily like past gov't brute force approaches to problem solving...throw money (our money, our children's money, probably their children's money) at the banks, the auto industry, the states, and now homebuyers who have not demonstrated the ability and/or responsibility to manage their own affairs. I was bothered a little by the "take from the rich and give to the poor" narrative during the campaign...I'm much more bothered by the "take from the responsible and give to the irresponsible" policies they are now enacting...I want to be a good citizen and do my part, but I need to know that it will accomplish something positive. This plan does not appear to be heading toward that end.

I'm just tired of all this housing bubble. I too, am trying to work Chase Mortgage and to no avail!!! Why work paying my house pymt, forebearance for a year and then asking me to sign a loan modification without even talking with me first about size of pymt, my income and monthly bills????? Just sending the packet to my door on a Sat. and stated in the letter, please sign and send back in 3 DAYS...it takes longer to be foreclosed on versus what Chase did on my loan modification!
If I was Jamie, CEO I would think twice about your customers/clients. I know many people who have been with Washington Mutual Bank and now Since JP Morgan Chase has taken over, more depositers are pulling their money out of Chase because of the shoddy practices of their mortgages....Com'on JAMIE – YOU CAN DO BETTER FOR THIS BANKING INDUSTRY, YOUR EMPLOYEES AND CLIENTS... You give up some of your monies!!!!
signed, Fed Up In Texas!

It is not the fault of the homeowners entirely that they are in over there head. Lenders should not have approved there loan if they could not afford the home. I am against ARM's because the low adjustable rate gives the buyer the perception he can afford the house. The result is people who really could not afford a home bought a home.

Is the reason for this fiasco entirely the fault of people making a choice because they thought they could afford a home. Each should be looked at on a case by case basis. Those who deserve help are those who were deceived into thinking they were qualified to own a the home and are willing to work hard to keep there mortgage. How do we determine those homeowners facing foreclosure who were truly deceived by their lender?

I feel sorry for those that have lost jobs or income. But I bought a house within my means and have paid for it. Many are living in houses they knew they couldn't afford, and I am now paying for it. Where's my bail out????!!!!

I can't say that I am shedding a tear over anyone who is in foreclosure. If you bought a house that you cannot afford, that is your problem, not mine. If you got suckered into signing a loan with interest only payments or a low rate for 2 years that balooned or anything along those lines, you are a sucker, and bit off more than you can chew. Yes, banks are to blame somewhat. But now my hard earned money is going to bail all of you out... and I am a renter. I am saving to buy a home responsibly, with the adequate down payment, and will not be having my hand out for help. In my opinion, save the TRILLION dollars. This is not going to solve anything, just put the country, as a whole, in further debt. What did the first stimulus do? NADA. So what is this one going to do... well that has yet to be seen, but my guess is that we will not get any kind of ROI on it. Like someone else said, I am tired of paying for other's mistakes over and over. Let the economy fall on its face. People will learn, and not by being bailed out.

You know, how selfish can we be? I talked to someone the other day that said thet he believed that all this talk about our country being in a recession is media hype! Thats because he if od the very few that has not noticed an effect on his own life. We are military, and my husband works hard to serve his country and I stand beside him and serve in any way I can as a true partriot who loves her country. And yes to all of you, I'm about the same skin tone as Michelle Obama and have experienced many of the same things. Nonetheless, to all of you that thonk that you have all the answers and can sit up on a high horese. You sound like the guy I met in the store. Until it really comes down your street, you have no idea what your fello Americans are going through. How dare you have the audacity to sit there and ridicule others. Rather they came to this through life circumstance or bad decision, as if you have not made any.

You know people in other countries acan read these types of posts and it worsens what they think about US.

I am upset about the ones of you that were adults for the last 30 years, riding high, knowing that we never really completely recovered from the recesion of the 80's and have shunned off other times after that our economy recessed. You talk about the deficit we are getting into now trying to get of this mess and leaving it for our children to repay. What about those of us who were norn in the late 70's or later that you have left us to deal with this mess right now as we try to won homes, have a long lasting career and raise our families so that hopefully we they can do the same. To all of you with these belittleing and unpatriotic, uncaring, selfish comments...THANK UPI for this mess. I owe it all to you! I shall never forget it.

What about those of us who did not live above our means and only purchased what we could afford- why are we getting the short end of this stick? I have a mortgage and I pay it each month, on time. I did not go out and purchase the 4000 square foot home I wanted because we could not afford it. Now my family is one of the millions that are getting screwed by this new plan. I deserve a break in my mortgage because I did the right thing. Instead I am going to have to pick up the slack for the millions out there who did not do the right thing and are getting helped. Sure does not seem fair.

Maybe I should just call my mortgage company and tell them I am going to stop making my mortgage payments until they start foreclosure and then they will help me by lowering the payment and the interest rate. I think I deserve a better rate because I am making the required payments- don't you?????

"Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance."

... exactly who are these people, whose home values have only decreased by 5% or less? Even with a traditional loan, most of the first few years are occupied with paying down interest. (That's why the mortgage interest deduction is such a good deal for new homeowners). I took out a $350k loan (30 year fixed, 6%) on my own house last year, and so far it's lost about $50,000 market value. At my current amoritzation schedule, I won't have it down to owing 105% of the value until about 4 years from now (assuming the value stays around as low as it is now).

So the plan is:
the irresponsible people who bought houses over their means get a bailout & $5K reward after 5 years. But as a responsible person who only buys what I can afford, gets zilch & have to pay for their bailout & extra $5K reward (for on time payments).

How to solve Mortgage,Auto, and Economy.
Dont pay off, but just "0", out everyone who owes a mortgage.
Doesnt cost government anything. Solves foreclosures.
People will have 1000+ to spend. Probably on autos. Solves
Auto problem. And they will be spending money else where.
plus for the economy.
Probably put a 500K or 1 Million cap on mortgage balances.

Whatever happened to not spending more than you could afford? Being raised by Depression aged parents, I was taught that if you haven't got the cash, you do without. For those folks who bought into the entitlement theory of deserving the so-called "American Dream", owning your own home is a privilege not a right. If you are struggling to make ends meet, you probably shouldn't be a home owner. I can't understand why more people didn't ask themselves, "Will I be able to afford this if I loose my job?" Guess what? It could happen, and unfortunately, it did. Life struggles make us stronger, and we are loosing the greatest generation who learned that first hand. These new generations of spoiled, winey brats have their "wants" confused with their "needs"! Wake up America, there is a new sheriff in town.

I am so tired of everyone begging for a bailout. For all of you asking what kind of help is out there for you, why not try helping yourself by getting a second or third job if necessary and practicing a little self reliance. Or how about this....quit trying to have it all now. You may have to rent for awhile, or live in a smaller house that you can actually afford. Nobody owes you anything! Being responsible is liberating.

I'm furious! No one helped us when we lost our house because it was worth HALF of what we paid for it! We've lost $200,000 plus and there was NO help for us. So now our hard earned tax dollars are going to help out other people. I"M FURIOUS! This will help NO ONE. How many people are only underwater by only 5%? This is insanity! We should all stop paying taxes until we have control over how they are used.

I think the plan should only help people who have lost a job in the last six months and are looking for work. But why should we help someone who made a bad financial decision? They need to learn a life lesson.

Anyone who voted for Obama and pays their bills on time bend over and grab your ankles. No joke. This is the freaking "CHANGE" you were voting for.

Renters are asking...

What do we get because we were smart enough not to buy into a loan with high interest or when the market was at the top of its bubble?

Typical, we are once again paying for someone else's mistakes. We have worked hard to get where we are at, but the new trend is to mooch off the hard working middle class people who are responsible.

It is all about GREED!!! Sell, sell, sell, worry later. It is sad that our society can't live within their means and has to have all the gadgets and such to make them feel better. Sad days ahead in the the U.S.

I need to review the details more closely, but this plan sounds like a joke. If we are in fact planning institutionalization of cram downs, that is the ultimate slap in the face to those of us in the silent majority that do the right thing. I have lived my life attempting to be responsible. I work hard, pay all my bills on time, and bought a house I could afford (with over 20% down).

This plan sounds like it is a reward for behavior opposite mine. If I undertsand this correctly, I should have bought the $1M home I couldn't afford , instead of the 500K home I could. Then I could have filed as inacapable of paying for this excess, and had the government reward me by forcing my lender to reduce my principal owed.

As Americans, we need to say, ENOUGH IS ENOUGH. I am fair-minded, and more than willing to do my share to help a fellow American through a hard time, however I can (I think I'm doing my
"Patriotic duty" already, Joe). I am supportive of helping worthy people in hard places to get a fair market load as opposed to an intolerable balloon or ARM, but Cram-downs are just flat out wrong. The concept of rewarding irresponsible behavior at the expense of those that have lived their lives by making responsible choices and doing the right thing is just simply wrong.

Chuck F

Angel Smith February 18th, 2009 11:43 am ET

"Is there anything out there for someone who lost their home due to foreclosure?"

Angel...There are apartments in my building for rent.

Mac, Houston February 18th, 2009 1:49 pm ET

"Every American deserves a home. It’s time for the taxpayers to step up and make this happen. This is America where everyone is suppose to be equal"

Mac.....Move to Venezuela

The rest of you expecting your government to help you out......Wake up....It's not their job to support you and fix your woos. Though they seem to have decided to take that role lately....It'll end up costing your freedoms in the end.

Stupid Americans! My royal family owns most of your country now anyways from oil sales,so quit your whining until we make you move into
our deserts.
Saudi Prince

I'm probably not going to benefit from this plan, directly. However, there is no point in whinning about helping others. Most of the people who are in danger of loosing their homes at this point face the risk through no fault of their own...simply the ripple effect of this recession. Most, if not all of the irresponsible borrowers have already lost their homes and will be kept out of the market for years to come. I for one am glad to see that help is coming to my neighbors who need this so deperately. And, in the long run it will bring up home prices for those of us who are over/under, but current on our loans. Another added effect is realizing less blight and crime in our neighborhoods due to vacant houses that continue to bring down the value of other homes. Never mind the fact that the taxes paid by homeowners who keep their homes pay for schools and other community resources, e.g. police and fire protection.

Is this a perfect solution? No, probably not. But, it is better than doing nothing. And, I find it so depressing that as a society we want to bash those that are down instead of offering a hand up.

Homeownership – the great American dream!!! WHY?????

I don't see how this plan will help people who have lost jobs and have no income to pay mortgage even they can refinance. How long will this program last? Until the end of this recession, until most people are back to work? If you were a lender, will you lend to someone without a steady income? That's how we ended up in this mess in the first place.

I hope this plan will work, but I don't think so.

Losing a home affects everyone. I am in foreclosure with three kids and a husband who has a terminal illness. It is very difficult to tell your kids that they may be homeless in a few months. We have tried, worked very hard, we are educated and also dedicated to our family as well as our community and we are still failing. Obama gives a lilttle bit of hope to those who are in my situation as well as those in worst situations. I am not asking for a free government hand out, but a little help to keep a roof over my children head as well as peace on mind.

Please keep in mind that many people needing help did not necessarily make 'stupid' choices as so many of you are pointing out. Things happen. A spouse dies, an unexpected layoff occurs, a child can become very ill, etc.

Sometimes when person gets laid off from his job he has to take a lower paying job. He may even have to use his credit cards to help out while he's looking for a job. Then when he uses his cards, the credit card companies raise his rates and double his minimum payments making it impossible for him to pay his bills.

I have seen this happen to someone very close to me. This person bought a house for about $117,000 10 years ago, was making about $66,000 per year, and had his credit cards paid off. He was laid off 3 years after the purchase of the home. After the layoff several years ago many of the things mentioned in the previous paragraph happened. He had to use up his savings, used credit cards, etc., finally refinanced his house a couple of years ago, and now he's struggling with 2 kids in college. His spouse died 20 years ago, so he had been doing a great job supporting the family. He had to take a lower paying job and is now working 3 jobs. This guy was not living beyond his means, Y2K happened (IT employee) and he has never recovered because the credit card companies bumped everything up when he started using them. He always paid on time too.

Life happens. It could happen to any of us. Consider yourself fortunate if you never fall into a bad situation. I work for a well known national company, but I never know when I'm going to be laid off. I can't sell my house in today's market. So I'm just trying to be as prepared as possible.

I played by the rules and home prices rose 200% thus I was priced out of the market. So let me get this straight, those that did not play by the rules brought anyway and are going to be allowed to keep homes they could not afford in the first place. I am going to have to pay for those that did not play by the rules through higher taxes!!!!

I believe the people that did not play by the rules are in the minority. But listening to the MSM, our corrupt politicians and Obama you would think it was the majority.

Thanks MSM, our morally bankrupt congress and Obama from screwing me out of a home again and having me pay for the misdeeds of others.

It sadens me to see all the complaining about President Obamas Plan. Most want to know whats in it for me>>>>>> Can we stop and support our new president? He is doing what it takes to stop the bleeding of our economy. President Bush spent 10 Billion a month for the Iraq war...

Let's give Our President a hand by helping our neighbors. Let's take off our gloves and get to work at supporting instead of trying to tear things apart.

Preident Obama is doing good things. It's unfortunate that A FEW people who always cry that the sky is falling seem to be more destructive when there is so much fear. I want the United States to Win. Let's stop the bickering and SUPPORT OUR ELECTED PRESIDENT OF THE UNITED STATES.. Remember fear is
FALSE EVIDENCE APPEARING REAL..... Remember the days of the Bush Administration who promoted this type of fear everyday. This country is the best country to live in... So In my opinion if you can't support the positive then stop telling everyone your opinion. We as Americans can do what ever we set our mind out to do... Amer i Can.

Blessings to all

I lost my job last Fall due to the economy, but thank the Lord I got another one rather quickly; albeit at only two-thirds of my salary at my previous job (where I was working when I got my mortgage). For all of those sitting in judgement, I am affected by this mess and am struggling to pay my mortgage with fewer take home dollars. In fact, I am behind on my mortgage. I am hopeful that I will benefit from this. There are many more like me - working new jobs for less money. It's just the beginning.

This looks like a plan put together by HARVARD Graduate. Which means.
This program works on paper, but does not work in reality.
Houses lost 20-60 percent of value, so pretty much, no one qualifies. WHAT IT DOES is: strings people along so they keep paying their mortgage until they finally snap or another program comes along, which most likely will string them along more time. Finally, people will get it an stop paying as they have been doing.

Hope. Change. Rewarding Irresponsibility.

The message is loud and clear. Pay your bills? Still working? Those that don't are coming for your money.

I bet everyone who is blogging here and upset with this plan voted for Obama. Well, deal with it, you all voted for him, how am i judging this, because you are on CNN not Fox. Btw if i was eligible to vote, i would have voted for him as well, as there was no better choice. But its very clear in US you are paid when you make stupid mistakes and not punished. Would you give money to our kid to go to Grad school when he never completed high school, this is what is happening here.

While I understand the gravity of the situation I have a hardtime swallowing this. While my wife and I want to buy a home we realized that our past credit issues and the parameters of a sub prime loan were not in our best interest.

Now I wish we had jumped at the O down bandwagon.

If you signed the paperwork and did not understand what you were signing or bought a home that should have been out of your reach you deserve to be foreclosed!

Shame on me for being responsible and insisting on raising the standard 15-20% downpayment before we entered the market.

Now that lending has been constricted and I'm sitting on 15G I can't even step foot in a bank to ask for a mortgage.

When do I get some help making my dreams come true? I'm sitting on the sidelines while those that shouldn't have even thought about it are getting assistance. BTW...I realize that not all of those facing foreclosure fall into this category but it is a huge chunk.

I'm presently in foreclosure of my first home. My orginal lender was Peoples Choice Home Loan, Inc. who then in turn sold 80% to Homecoming Financial (a subsidary of GMAC – adjustable rate loan) and 20% to Litton Loan Servcing ( a balloon loan).

It was not until summer last year I received a notice from Homecoming that my interest rate was being increased in September of 2008. I was barely making ends meet before then and with the rate increase it became simply impossible considering the obstacles I was dealing with (mom sickness).

I've tried over and repeatedly to seek assistance and in late November a friend advised me to call HUD. In dealing with HUD I found out about the balloon payment. I kicked myself over and over for not reading the fine print because as it stands the seller Battle Properties should have never negotiated the sale of this house according to the details of my financies and the loan requirements.

I was so happy to have a first home but now it's so much misery my health has been affected along with the jeopardy of my job.

Homecomings says there dealing with it but now since President Obama made the announcement today I'm wondering whether or not Homecoming (the most difficult servicing lender) will even adhere to the cry of help according to the new legislation.

Please advise what can I do to ensure I get the proper and best advice to proceed in securing my first home? Thanks.

We were told that we had to delay the digital TV conversion because too many people had yet to convert. (Despite two years of warnings)

They can tell us how jobs the economic stimulus plan will save/create.

They can tell use how many homeowners will be help with the Homeowner Affordability and Stability Plan.

Can they tell us home many homeowners facing foreclosure have $50+ DSL and/or $100+ cable bills? (Cable and satellite companies are reporting low churn rates).

Doesnt help me with my scenario. First off I did NOT go over my head and I have paid my mortgage on time and well within 25% DTI. I bought a condo in phoenix for $140k and put 15% down in 2006. So according to Obama I cannot get in because i now owe 123K and my place now appears to be worth $112K which is over the 105% max.

That part is truly stupid and I dont understand. I am willing stay here and pay the mortgage no problem either way but why cant I (being responsible) get in on this due to the 5% limit?

There are TONS of people here in AZ, NV, FL, and CA who got traditional 30 year mortgages and didnt go higher then we can afford. But have now suffered thru a FIFTY PERCENT DROP in the price of their home!!

Someone please tell me y we are the ones to be hosed while people who did interest only ARMS should get the help?

Andy repeats a common sentiment: "This recession is indiscriminate on who it takes down. There are many people who played it straight, saved, planned, and through no fault of their own are now unemployed. "

While this is undoubtedly true, it illustrates part of the problem with this bill. It doesn't know what the problem is, and doesn't know how to fix it. Is it to stimulate the housing sector? Is it to end the recession? Is it to keep current home-borrowers in their mortgaged homes?

Keeping people in homes that they can't afford – for any number of valid or irresponsible reasons – is not going to pull us out of the recession. ANY government meddling in the market skews the natural market behavior. And rarely in good ways.

Want to stimulate the housing sector? Let prices fall, make credit available to good risks, lower the tax burden on buyers, and let the buying frenzy begin.

It is very sad that some made responsible choices, and yet in danger of losing their homes due to illness or loss of a job. That is life, always has been. God doesn't grant us promises of eternal comfort. The government can and must provide a baseline safety net for these situations. A mortgage bailout goes far beyond that.

I lost my job, what if i just filed chapter 7 and we are still having difficulties paying our morgage do I still qualify for help?

I still haven't seen anybody answer the question "Why does somebody else deserve the money I made more than I do?"

here's my idea for a bailout. families in foreclosure get a check for one year's rent for their neighborhood. anything of value in the house is auctioned off by the salvation army, then the house gets razed by contractors hired by the gov't. bingo...instant reduction in inventory props up the value of homeowners who are paying their bills. and the foreclosed people get a full year to get their life on track and buy a house they can afford.

Unlike some members of government, I have always paid my fair share of taxes and have never missed a mortgage payment on my home. Where is my "incentive" (up to $5000) for my good behavior of never having spent more than I earned which enabled me to make my monthly mortgage payment on time????

I was laid off last May, but we didn't get into trouble. Why? because we were saving, renting an appartment for 25% of one (not combined) take home check, not having car loans or credit card payments. Living within our means. yes, we are in a recession, and some of us have been or will be lay off. Guess what that's part of planning for your financial well being. My husband and I have more than one year expenses saved because it was pretty clear what was coming with house prices shooting to the stars. House prices need to come down so middle class can afford a house and save (for retirement, college, health expenses, unemployment...) at the same time.

I have a solution I could live with. Anyone bailed out by the government (including CEOs) should work 400hours a year for several years for the tax payers for free. One day a week every year, doing any task they can do (from paperwork to construction) and at least they will be a lower bill to be paid by future generations. If you want a bail out, work for it!

I agree with MJ Westerlund...
we bought a modest house, within our means – and nearly five years into it...I lost my job. Always paid our mortgage on time...and the double whammy...not only did we go down one income, but homes around me starting popping up for auction. So I'm owing about $30K more than my house is worth...
say what you want – but you can't pick your neighbors – and you can't control your circumstances.

I am hopeful that my family can, for once, actually receive some help...

and cygnus – we DID plan for a rainy day...but with our resources drying up – and work really hard to come by – some hard working people actually do have their backs against the wall...

I dont know if this new Homeowner Affordability and Stability Plan is really going to help homeowners that much. Even if the lender does try to mail information to the borrowers, it will be overwhelmingly difficult to get in touch with the lenders. I was personally in the same situation as most of you several months ago. I was falling behind on my mortgage due to a loss of income and was stressed out about what I should do. I have attempted to contact my lender several times and got no where. I finally turned to this 3rd party company called Modify Loans Inc. I found this company online at ModifyLoans.com. I began working with one of their agents that was extremely helpful. He even advised me of my rights to represent myself directly with my lender. I then told him of the headache that I had trying to modify my loan with them. He then took some basic information from me to determine if i was even eligible. Since then my loan has been modified to a much lower interest rate and my payment was cut almost in half!!! I think that if people dont want to risk waiting until march to just "see what happens" and want someone that can take care of all the negotiations, the long hold periods of trying to contact the lender, and knowing what to look for to qualify; they should definately contact this company or at least one like it.

I just don't know what this is going to do for me.... the guy that actually struggles to pay his mortgage every month and just barely makes it while oil and property taxes get higher every year.
If Obama really wanted to stimulate the economy he should have told all the banks... hey..we'll bail you out, but you have to lower everyone's mortgage rate to 3%. That would put real money in everyone's pocket every single month. Money for us to spend as we wished.
If the banks refused to do so, then they don't get bailed out.

My rate jumped to 11%–i could not afford it and my finance company refused to work with me even though i am 150,000 upside down–the house is up for a short sale and it will forclose on May 1–should I stop the short sale and see if they will work with me now–Thanks

I see that the help for homeowners is only for customers of Fannie Mae and Freddie Mac. Both are failed organizations bailed out by our tax dollars. What kind of money from them was donated to our congressmen for this special treatment? Where's the help for those of us not mortgaged by Freddie and Fannie?

Why is everybody on here so against helping their neighbors? Is there no sense of community anymore, for those of you that are against helping anybody else I really hope you don't lose your jobs in this economy. I bought my first home 9 months ago, and was laid off in December. I thought that I had a safe position and was financially able to get into our first home in a market that was great for the first time home buyer. My wife's income is half of what mine was last year, thanks to unemployment we are making our house payments but even since I bought our house the mortgage rates have dropped a full percent, however there is now way I would be able to refinance with only my wife's income. If President Obama's plan will encourage lenders to refinance people's loans who are struggling in this economy that's a good thing, if you don't stop the foreclosures, those of you who are lucky enough to still have jobs and your home will continue to see a falling value in your home. And since the economy is still bad if it hits you later and you lose your job, you'll have an even larger difference between your home's value and what you owe.

So many of you keep saying you did the right thing, you only bought what you could afford, etc... well so did I but how much could you afford if you lost 75% of your income? Could you still afford your home? Quit complaining and asking for your piece of the pie... your piece is the fact that you still have your job.

Wow- Interesting discussion. I think it is important to remember that the housing crisis is one part of the economy spiraling downward that affects other parts of the economy such as jobs, banks, etc. I don't think it is supposed to be about- " What is in it for me?" as much as how this housing plan will or will not help the economy as a whole revive itself and stabilize.

It sickens me to listen to all the winers! I Wish that just one of these people were to face forclosure. Not all, but many people caught up in these bad mortgages got there because of de-regulation and preditor mortgage brokers. This is not a pretty situation but Obama did not create it. Nearly 30 years of Reaganominics is the cause of most all our financial problems. When more Americans wake-up to what de-regulation has cost this nation we may begin to find our way back.

I have two foreclosures across the street and am now about 20% upside down on my home. My mortgage payment is current and consumes about 12% of my gross monthly income. What is Obama's housing plan gonna do for me? Nada! Well commrades, my ability is great, and your needs are many, so help yourselves to my tax dollars. This is one Democrat who is ashamed he voted for Obama. This whole bailout fiasco has been fundamentally unfair to those of us who tried to do the right thing. Because we did the right thing, the government has to appropriate our money to fix that which the irresponsible screwed up. I hope the Republicans continue to ask the tough questions. Honeymoon over!

Shouldn't this plan have a home value cap to qualify? For example, do we really need to help (subsidize) a family or individual escape foreclosure who has a $750,000USD home in an area with a $300,000USD average home value?

Renters are in the same fix that home owners are in that were responsible. Basically, a bailout is if you got yourself in a situation that you couldn't afford. So, if you are elgible for a bailout you were irresponsible.

Has everyone forgot about RISK and REWARD? As risk goes up, the chance of a reward goes up. However, everyone just forgets that as the chance of reward goes up due to risk so does that chance of getting smacked.

How many TV shows have been on about flipping houses? Did anyone else think things didn't add up when you could by a house for 40,000, paint it and sell it for 350,000? This is the practace that got everyone in this situation. These same people that were bragging about making $100,000 on a house are now the same people begging for a bailout. I didn't here anyone say "wow, I made 100,000, who wants some of it". Now you are hearing "I lost 100,000, when is someone going to help me".

I HAVE NO SIMPATHY FOR THIS SITUATION. IF YOU TAKE RISK, IF YOU WILLING TO TAKE THE REWARD, BE READY TO TAKE THE FALL!!!!!!!!!!!!!!!!!!!!!!!

My car is worth less than the balance of my car loan. Can I get my car loan subsidized by the US government? The mortgage bailout plan is dumb. I have no problem with the banks lowering these fools interest rates. But, to make my children subsidize their mortgage loans is morally criminal. This is taxation without representation. My children didn't get to vote in the last election. But they will be taxed in the future for this criminal act.

Ditto what Good Borrower said: I'm really sick of paying for the messes created by irresponsible idiots – both the bankers and the borrowers. If I sound a bit hostile, it's because I had to pay for the Savings and Loan fiasco in the seventies, so this is my second time bailing out rich and/or irresponsible people.

I didn't buy a house or car that I couldn't afford, but I have to pay for those that did. They'll get to stay in their home using my money while I continue to rent.

I just got off the phone with my lender First Franklin. Turns out that my loan is NOT Fannie Mae or Freddie Mac. So I'm left out of "the plan"
They offer loan modification, but to them that means they "freeze" your loan for 2 years. The interest rate doesn't come down. But they will give you 2 years, so that hopefully you can get yourself in position to refinance and get it fixed.
So far as I can see President Obama has been working his rear off to help our country. Just the fact that something is being done is a miracle in itself.
To those of you who complain about helping others all I can say is "shame on you". You never know when your "luck" might change, do you? You hide under the guise of being "rightous", and hard working. Well most of us that are in trouble were hard working and a) we're Human, we probably made an unwise decission b) we weren't all knowing,and didn't see the finacial system falling apart.
And nobody's looking for a hand out. Gotta go. Have to find out if I qualify to get an extension on my Cobra!
Make your day count!

I just called my lender because I know I quilify for a Affordibilty and stability plan. and my lender is Litton Loan Service out of Houston, Tx. I asked them who was the bank that owned them and they said Goldman Sach and they my not participate. I asked should I call back after march the 4th and they said they don't know when they will make that decision.

I don't know why everyone is complaining about this...when you voted for Obama, Pelosi, and all their tax-shirking minions, you essentially voted for your tax dollars to be wasted on this – helping out the greedy and those who willfully didn't live within their means. Unfortunately, the vast majority of society believes that the federal government owes them something for nothing. Nowhere in the Constitution does it say that the government was designed to help you out. You're entitled to 3 things...the right to life (unless you're an unborn baby who can be killed for convenience sakes...thanks humanists), liberty and the pursuit of happiness. Whatever happened to saving for a rainy day, retirement, etc.? Whatever happened to people trying to improve their plight in life and making the effort to better themselves? Oh wait...who cares? Obama promised that the government will take care of you...why do you think the welfare class voted for him? I'm 28 years old and I know this...but then again I voted for the other guy

Stop hating the players and hate the game. Tax cuts or spending? This plan has both. We haven't been in this same situation before and everyone has an opinion on how to fix it. Stop hating your fellow American because you think it’s your neighbors’ fault we’re in this mess. Give President Obama a chance to put SOMETHING in play. I’m sure we the people we hold him accountable. Doing nothing makes it worse for all.

Chris L. said: "You know what, for all of us who live within our means" "all my credit cards are maxed out" – from a "responsible" american. This is such a joke.....All I hear on this blog is selfishness and hatefullness. What do those of you want who are doing "okay?" I don't get it?? You are all complaining about helping other Americans, but not one word about the murdering of our children's future by Bush and this horrible, useless, war!! What are you scared of....a level playing field? lmao! By the way, I don't have a penny of credit card debt, paid it off when I bought my home and really learned to "live within my means" but still lost my job......go figure.

I was in forclosure on my mom's and dad's house. I filed chapter 13 bankruptsy to keep the house and have just recently finished paying of my 5 year chapter 13. I owe nothing and have no credit only a poor credut score. I was trying to repair my credit with a secured credit card for starters. Does this thing that has happened the stimulus and the foreclosure plan include me and will I be able to secure a loan –home equity or mortgage one under this plan.

What about the rest of us. I just got turned down on a refinance because of my property value dropping to exactly what I owe. I do not have a loan with Freddie Mae or Fannie Mac. Why am I not eligable for a refinance under this plan. So you only get help if you have a loan thru one of these two loser organizations whom are the ones ultimatly responsible for our situation. So I have a loan with a good mortgage company and I have to be left out because I did not take a loan from the Fannie Mae clan of rip off artists. This bail out is only for those who screwed up to begin with and the rest of us are going to pay for it. Our property values are going down down down.

William – you should talk to the President. You are the middle class like so many of us. We aren't poor or rich- we're just in the middle and we have been forgotten!

You know, there are cases out there where honest, trustworthy people have been hard hit by the economy and could use some sort of "help" to be able to hold onto their home. BUT, for the thousands of fools who bought a small palace on a small salary, and then tried to "keep up with the Jones's" by buying flat panel TV's, brand new cars, and all of the stupid modern entertainment electronics available on the market....LET THEM GET AN APARTMENT. Come on, is living within one's means such a foreign concept nowadays? All of this bailout nonsense went too far months ago when we bailed out Wall Street. Cut it out and let the market stabilize naturally. Throwing taxpayers' money at everything isn't going to fix the problem, and it's going to run up the deficit higher than people realize.

And yes, what about first time home buyers? You know, the number of Americans who the banks have shut out? Unfortunately, there are only two words for the first-time home buyer: HAVE FUN. Or possibly: HA HA. Even that nice little tax credit in the new "stimulus" bill won't help you, folks. You only get that money AFTER closing. Does Congress realize that the banks won't take an I.O.U. for a portion of the down payment?

Come on American and CNN . . . the problem is trying to give houses to those who could not afford the houses. And many tried to purchase more than they could afford. Get your heads out of your lower body part and start defining the problem. It does no good to continue democrat give-away programs to cover up previous bad decisions.

SO WHAT about people like me who were frugal and did not spend MONEY THEY DIDNT HAVE!
I hope those of you who maxed your cards out and bought more house than you can ever afford, appreciate what the rest of us are doing for you!

HOMOwners shuldnt have to pay mortgagez house shuld be free. Obama RULES! CHANGE! CHANGE! CHANGE!

My oh my have the righteous come out on their high horses!

I don't particularly agree with the bailouts but I do believe something has to be done. It has a recursive effect and if the problem gets worse it will affect all of us...even the "responsible" people. I'm current on all my bills and mortgage, but, I'm praying I don't lose my job. I'm not going to talk down on the over 7 million Americans that have lost their job in the last year. My wife hasn't been able to find work anywhere even with a 4 year degree in Business. Not even a low-paying retail job.
You can't blame people that are trying...people want to work. Let's just be grateful if we can say we still all!

So if I help PAY for other people's mortgage...........does that mean I am PART OWNER of their property?? Only seems fair to me.

I've read alot of these emails and I am disappointed. There are those who think no money should be spent on the housing crisis because they didn't "mess up", so why should they have to pay for it or their fine financially and don't see any upside for themselves. I totally see what your saying but, it seems a little short sighted, as if you advocate that we do nothing or increase our deficit to include a benefit for you. That means that you believe the economy is fine and we've experienced the worse of it but, the facts show otherwise. In fact, the economy is getting worse (you don't have to believe what I say, go look at the facts yourself).

You should care because this crisis doesn't have to get bad enough to affect YOU. When people start losing their jobs in your district, aren't able to get a loan because of the amount of foreclosures on the books of banks in your area or your community bank is unable to get a loan from another bank because they don't have the capital and when people just start staying home due to cut backs, you'll start singing a different tune because you'll feel the effects. You'll be forced to adjust your life style through no fault of your own and guess what, they'll be no one to help you because by then it will cost to much money. You'll just be another one of the many other trageties. It's a shame that some of us must face foreclosure, bankruptcy, and job loss before they realize that something must be done.

Where's your common sense? The economic crisis isn't going to magically disappear, something has to be done and while it may not help YOU, you need to ask yourself if you actually deserve help. I say all of this as an out of work sub-contractor who is going through bankruptcy and will pay for this down turn for years to come but, I recognize that I could and should have done better for myself and my family. I overextended and I had time and money to better educate myself and choose not to. So, I just look forward to a better day and I know it'll happen.

My wife and I got married found a house we could afford worked hard and payed it off. we did not buy a house that was outside our means. we did not buy a house to keep up with the joneses. we bought a house that we could afford. Now why do we and others like us have to foot the bill for others over extravagance. It's not right! The lesson here is you needn't worry about being responsible and making responsible decisions . Go live outside yours means don"t worry if you can't afford it somebody else will pay for it. Thats a terrible message being sent.

I'm a responsible buyer/borrower who is as frustrated as everyone else like me.

I have a solution that I'm somewhat more okay with:

For people we're helping, let's look at the day of their loan origination and the terms of their loan. At the time they got the loan could they have afforded the worst-case scenario (a max rate on an ARM for example)? If their payment grew to that worst-case scenario, could they have afforded it at the time they purchased the house?

If the answer is yes, then I'm more okay with helping because it means some other factor is involved in their difficulties now – loss of job, illness, etc.

If the answer is no – that they couldn't have afforded the worst case at the time of closing – then they made a bad choice by not preparing for that possible worst case and shouldn't get help.

Now you are getting the picture. The MESSIAH is a phony and has led a lot of fools down the path to irreversible government control of their private lives. Socialism HA, this is communism on the edge. "from each according to his ability to those according to their need" . Generational theft is an understatement. Work hard, save, budget, deny yourself instant gratification and YOU ARE NOW THE SUCKERS.......We need to crash this system. The government does NOT represent Americans. They just do it for the power and money. Remember the tax compliance system in this country is voluntary. Let them try to make it otherwise. Local Assessment boards have already got plans to RAISE taxes in our area, despite falling values etc. I am advising everyone to contest their property taxes as this is the way they will continue to steal from us. If the rate of error or non compliance in tax returns goes from current 1% to 3-4% the government would cease to function. That would be a good thing in my opinion. I don't advocate breaking the law, but use it to your advantage. And get mad as hell and tell them we aren't going to take it anymore. You might be surprised how effective you can be at the local level. This is a watershed event in America. Failure is the beginning or rebirth....preventing failure is promoting it.

What did you expect when we turned the country over to a community organizer. He appoints a tax cheat to run the IRS, and a political hack who is going to be in charge of the auto industry. I bet Putin is licking his chops!

Since I live in California and there is about 7 foreclosed homes within 3 blocks of my home I am naturally underwater on this mortgage. Mind you thats after I put down $100,000 on a $500,000 home. Fraom the looks of this government plan I still will get screwed by the lender. You want to reduce my payment and not the loan amount. I think its safer to let the lender have it back and go by another home. I wouldn't think of doing this but it seems to me that the banks and the mortgage company's where more interested in screwing everyone instead of just the subprime borrowers.

What about those of us who exercised the financial discipline to not buy a house during the go-go years? Now, instead of allowing the necessary Darwinian purge to occur, bringing back household pricing to its historical relationship with income, prices will remain inflated, and thus housing will remain out of reach? This is un-American.

Tonya C, first off, yes I am scared of a "level playing field". That is the antithesis of the American dream. It rewards those who are content to be a drain on everyone else and undermines those who actually make a determined effort to improve themselves and society. If you are so content in living in some socialistic utopia where everyone is on an equal playing field, might I suggest the island country of Cuba?

And regarding the "horrible, useless war" you speak, what do you know of war? Who made you the authority on this? I'm one of those children you speak of, currently on my 7th deployment overseas. I'm surrounded by thousands of fellow service members who do not view this conflict as useless (thanks for your support though...ha). It's a wonder that so many of us continue to do our job so effectively and willingly despite the media's and your anti-American attempts to belittle our efforts. But then again, you and everyone else in support of the bailout probably have never done anything else for the greater good...never been willing to put your life on the line for something bigger than yourself. Unfortuately, society is filled with too many people such as yourself who share this pervasive selfish attitude.

Look. My heart goes out to all of you that are suffering. Unlike most bloggers here I am not going to pass judgement. I have been where many of you are now. And even today things are not as good for us as they once were but we are admittedly probably better off than most today after being unemeployed, with no health insurance, BR, and lost our home just a few short years ago. All I I can tell you is don't give up. Things do get better. Most of the stories here appear to be from people that feel they got into their current poor financial situations through no particular fault of their own. I hate to be so direct but that is life. The bail out is wrong. We have mechanisms in place when these things happen including BR, foreclosure, and various Govt assistance programs not to mention your church and family. Take foreclosure for example. At least in the US if you are foreclosed upon the bank does not go after you for the difference. If we get into bail out mode where does it end. The postings here prove my point. Hang in there folks.

I think first off the President should take the failed banksand reopen them as Preferred Customer Banks for people who follow the rules, have excellent credit, pay their bills on time and deserve the best interest rates and terms on all things and rebuild our banking system from that firm foundation upon which to strive because the time to penalize without reward is over. Our economy will rebuild faster with a firm foundation. Our retirees and others with good financial habits should be rewarded with a iron clad banking organization to foster stability.

Just so everybody knows, I've been voting against banking comm. chairman Sen Chris Dodd (D-CT) for31 years! C'mon all you CT residents, I can't vote him out all by myself!!!

Shame on me for living responsibly. Shame on me for paying my bills timely, not living beyond my means. Shame on me for buying a house I could actually afford. Shame on me for educating myself about the mortgage process to make sure I didn't sign my name to something I didn't understand. What was I thinking!

So, my house is now valued below my mortgage in this economic mess, but because I am a good paying customer, I have no options, but others can get a principal reduction because they don't pay their mortgage? Brilliant!!!!

This so-called "HomeOwner Stability Plan" is an outright attack on the responsible citizens of this country. You now know why I didn't vote for Mr. Obama and his cronies. And for those who did – this is what you get. Thanks alot!

Where is the GODLY Love !!!!

People have forgotten God and are more concerned about money, credit and material things. Did we all forget we still live in the U.S. and have benefits and dreams that no others could even imagine!! Shame on us for feeling sorry for ourselves when whe have everything and most of the world has nothing. If people would stop feeling sorry for themselves like the couple who KILLED THEIR CHILDREN AND THEMSELVES because they lost their jobs, this country might still have hope...

I have been waiting for years to buy my first home but home prices in the bay area have been outrageous increasing over 300% in some areas. I never saw the right time to buy because I did not want to take out a massive loan to pay super inflated prices. I'm no financial guru but unlike some people, I used my common sense and knew that prices could not keep going up. I watched on the sideline as people were financing 100% on a home at the peak of the housing bubble thinking that they would end up making tons of money without investing a single dime! Some people bought homes as investments with 100% finance and rented them out so they earn some extra income and then they would let the bank foreclose the property when it didn't make sense any more. Others took out equity to buy more property or fancy cars or lavish vacations. So why are we even trying to bail out these people? I have always lived frugally and responsibly and now my tax dollars are going towards bailing out the very people who contributed to the housing bubble with zero dollar investment or zero common sense? Why can't we just let the market correct itself without government intervention? Why must we burden our future generations with tremendous debt without properly setting examples of the consequences of living outside our means? I see a lot of loopholes in this bill and if we are offering to bail out the same greedy and/or illogical people who were only in it for the money or could not see this coming or did not have adequate emergency savings, then we are in trouble. Before all this free money, unfortunate folks who lost their jobs or could not keep up with payments due to unforeseen events did not get a bailout. Why must we get into bailouts now? The state of the economy will get worse but let's suck it up and let's get it over with without dumping anymore money into it.

we have had my home now for 13 years,we have made improvements a little at a time,we don't have a mansion or live beyond our means,we have had a decrease in hours at both our jobs,currently looking for another to supplement our income,no luck yet,and are facing foreclosure,so what should we do move into a cardboard box before asking for help?placing blame isn't going to help anyone,the economy is hurting many,if not everyone.

I'm a divorced single woman who part of my income is from permanent alimony. My former husband is a 55 year old man with a Maters in Business & Marketing who is currently umemployed. He's applied everywhere for over a year and can't find work. For this reason, he can't pay his alimony obligation, which I depended on to pay my mortage. Due to this decrease in my income, I am now behind on my payments. I did all the right things. I bought a townhome I could afford with a fixed rate, $20,000 down. Now I owe more then my home is worth and could possibly loose my home that I planned to retire in. I hope I will be eligible for the foreclosure benefits. I don't won't a hand out, just some relief so I can keep my home until things get better then I can pay back what I owe. I do think this situation will get better hopefully sooner then later.

I purchased a home several years ago and have watched the value stagnate and perhaps decline a bit. I have never missed a payment and will not benefit from this plan, but here is why the plan is necessary – whether or not you think it is FAIR.

Let's say 25% of the people on your block end up in foreclosure and their houses go back to the bank. That will drive up the supply of houses for sale and the bank will likely sell the foreclosed houses at auction for a deep discount. When you (responsible bill payer) go to sell your house, you will find out that the only way to get any attention is to lower your price to meet the market which has been depressed SEVERELY by the massive supply of bank owned homes on the market. In fact, you might even decide to just leave the house to the bank because you will never realize enough from the sale to pay off your loan even though you were responsible and put 20% down when you purchased.

So while I agree that the plan is not necessarily FAIR, I don't see a better alternative, and I feel that in the end it benefits all homeowners.

At the end of the day, bad decisions have a cost associated to them that MUST BE PAID. Question is, who pays. Can any of the liberals out there explain to me why a government that limits individual accountability is better than a government than relies on individual accountability? What kind of financial system can function long-term with no individual accountability?

Re: I'm not a liberal but I can explain it to you. Just read Obama's comments. Nobody really cares if Jo-Blow buys a new house he can't afford then can't pay for it so he's kicked out. We start caring when half the neighborhood gets kicked out of their homes and the banks start going broke and now the good guys can't get a loan and the people who have just finished paying their mortgage off see their home's value cut in half. I guess we could just let everyone suffer through it and tell them to make better choices next time, but their may not be a next time if we don't do something this time. Good enough?

Look – for those who are complaining.....

My wife and I bought a house we could afford in 2005 with a decent interest rate. We don't need help now – BUT if my wife loses her job later this year, we certainly will as my income won't cut it.

There are circumstanes other than people buying homes they cannot afford. You could lose your job too – then what???

I'm not sure all this anger is helpful. This "I didn't get help why should you" or the "I'm not in trouble and lived within my means and therefore you didn't and deserve to lose your home". Who does that help?

I'm at risk of losing my home. Wife lost her job 8 months ago. We waited until Oct 2007 when the market was down 10% but eventually (we're nearly 40) you have to get in the game or be too late for a 30 year fixed which is what we have. Was the payment a bit high on one income (100K)? Yes, but what do you do? She had a good job and everyone back then was optimistic, or don't you remember?

Even then – with some help my lender will be whole. Reduce the interest to market rate (that I can't get now b/c I am 4 months behind). Roll the balance back into the loan. Just a little help is all we are asking for. And it's good business. Not even asking to have help on the loss of value of the home – that's the risk I took on.

Finally – remember these mortgage companies charge interest and take on risk as a business model. So stop acting like the terms are the terms and either pay it or go bankrupt. That also helps no one and is not in line with capitalist business either.

My primary residence is paid off, so I have no mortgage on it. I however have mortgages on three rental properties. Would it make sense for me to refinance my primary residence, take the money out and pay off the the mortage(s) on the rental properties? Is there a financial benefit for me to do this under President Obama's plan?

at the present time i am currently current on my debts...but am losing my income except for social security..my home is upside down and i have credit card debt...if i file for bankruptcy will this effect my filing for a loan modification or reduction...at the present time you must be 2 months behind on mortgage payments to be eligible...h4h but again does filing for banruptcy effect my qualifying thanks hweltman

Thank you for the insightful information! I am always impressed by your knowledge, professionalism and candor. I do have the desire to help those who are truly victims of unfortunate circumstance i.e. layoff from a job, loss of a spouse, etc.
However, when I see a friend of mine behind on her mortgage frequently spending money going to the hair salon or going out drinking I do not wish to help her nor her family. My husband and I live rather frugally to afford the occasional dinner out or item for the house. We do not take money earmarked for bills to go to the hair salon or go for a night on the town. In summation, before we decide to help people "save their homes" their spending habits and their finances should be carefully scrutinized.

In 2006, we bought a brand new home in San Jacinto, CA for $395,000. We put 20% down (80k). Our loan was originally $315,000. We currently owe $305,000, but is only worth $225,000. There are as many as 8-10 foreclosure homes in this housing development section. Our loan is a 30 yr. fix, with 5.875% interest rate. Our jobs are pretty secure. Our total gross income is 150k combined, annually. Our FICA score is 750. Our main concern is that we owe far more than the home is worth, even after we have been making payments faithfully and responsibly and with 20% down payment. Will there be any help available to us under the President's Homeowner's Affordability and Stability plan? Will the lender lower's the principal accordingly if we are not qualify for a lower interest rate? In addition, with the California's budget crisis, we will be the same hardworking people who are forced to pay 5-6% increased taxes, if the state budget get passed. And yet, our daughter does not qualified for any college financial aid because we're making too much money.

All you who are sitting ok or good – and are complaining – quit your whining. Consider your self lucky because your time may very well be coming. There are people out there struggling with an interest rate that is ridiculous by todays standard and can not refinance because of bad credit. Before they lose their house – give them the 5% mortgage and the opportunity to hold on. By providing this lower rate opportunity – with some creativity – they may be able to hold on. On a 150K mortgage – every point saved equates to almost $100 per month savings. There are people out there who could easily drop their payment by a minimum 3 points saving $300 dollars and be able to afford the house. This should be a no brainer but these mortgage companies would much rather foreclose. About time the US helps their own for a change – make it work.

Let me get this straight. I lied about my income. I lied about having a job. I lied about my saving account. I lied about my assets but I still was able to purchase a house without a downpayment. Do I qualify? Oh I forgot, I don't speak english and I have a fouth grade education. Where do I sign up?

All of you who voted for The Chosen One:

You are now complaining about why you should pay for someone else who is in default when you played by the rules when it came to buying your house.

You are looking for your deal to refi, get a lower interest rate, or even sell. You cannot do any of this because your house is not longer 'worth' what it was.

You asked why Bush gave bailout money to the banks who were failing because they gave out the bad loans, then refused to lend.

But now TCO is giving even more money to banks who are not lending and companies who are laying off thousands, and no one asks why he is spearheading this disasterous recovery plan.

Welcome to Socialism where you get rewarded for screwing up, and get screwed for playing by the rules!

Well I hope all of you self rightous people do not find yourselves without a job. I was on severance for 3 months, on unemployment for 6 months and working part time for 6 months to end up finally getting a job in a new field making 1/2 as much. You let me know if your savings keeps you afloat for that long. Don't tell me about making hard choices. I had to give my car back to the bank to keep my house, even after the bank modified it. I have to feed my kids. I am glad that the Prez is at least thinking about this and trying to help.

I didn't buy a house outside my means. I bought the cheapest, smallest house in a good suburb of Chicago. I am thinking of my children, their education and their safety. We are real people, not just the faceless you find so easy to hate. I say hate because the way you talk, you don't care. We deserve what we get, right? Do I deserve to loose my house, my car & my animals? Do my children deserve to be disappointed and have to move from their home? Changing schools and trying to make new friends, and under the stress of this devastation? I didn't make a bad decision to buy my home. I had money saved. The bad decision I made was ever believing that I was untouchable that I went to college and worked hard and it couldn't be taken away. That I was on my way to the American dream and true happiness. Do you think you are untouchable? Look around you carefully. Think it can't happen to you? Think again. So be careful what you say and do, it might be you next, or your Aunt or your best friend from 3rd grade.

Keep telling yourself what you need to in order to sleep at night. Remember though, how would you want to be treated if this happened to you?

My husband and I purchased a home 15 years ago when we both had very good incomes and steady jobs. Recently my husband was laid off from a job where the company was downsizing. We made every payment that we had until this happened. I could barely afford gas, food, childcare and utilities with my steady paycheck. Mind you we could afford the home when we purchased it and continued to put savings away in case of an emergency. The loss of his job was our emergency and savings was gone pretty fast. I am not complaining because the bad economy effects everyone of us who works and tries to survive day to day. Our home was forclosed in December and there were countless times I called Countrywide and tried to work out a plan. The only thing they offered was to tack the amount owed to our regular payments. What about the hard working individuals who could afford there homes when they purchased them and lost there jobs and home due to the economy? Although our lives are getting a little better because he has a new job, but this has ruined my credit and I won't be able to buy anything for 7 or 8 years. I just wish if the help would have been given it would have considered more peoples circumstances than what it did. Not all of us purchased homes knowing that we couldn't afford them.

I'm so sick of judgmental people who have no clue of a persons circumstances before they jump to the conclusion that EVERYONE in the predicament of being foreclosed on is in it because of irresponsible decisions!!....There are many reasons a person may be stuck in an unafforadable mortgage now. Job losses are increasing by the 10's of thousands daily!...and those who are fortunate enough to still have a job are suffering from decreases in pay, increases in health care costs, etc..The entire economy is in an uproar, so

I think this is a great plan! I haven't paid my mortgage in over a year and now I have more money than anyone that I know. And now i get to keep it and pay way less than I used to. I hope they lower my balance so I can sell it and make some more money! Obama is the Man!

YES WE CAN!

Wow, it's like America is our mommy and we are the screwed up teenagers and mommy is going to fix everything.
If this does not show that American society is going down the tubes, I don't know what does. Americans need to grow up and stop acting like spoiled teenagers.

Archman –

Why are there people out there struggling with an interest rate that is ridiculous by todays standard and can not refinance because of bad credit?

Why did those people get into mortgages with such high interest rates, and why should it be my problem?

Archman –

Why did those people get into loans with such high interest rates, and why should I have to help them out?

Just the same thing alot of others are writing about-I am current on my mortgage-I didnt buy a house that I could not afford-Where is my BAIL OUT? Why are we having to pay for others?

What a screw job! I'm tired of giving money to the corporations and individuals who make bad decisions! Let GM fail, let the homebuyers who bought homes they couldn't afford get foreclosed, let the banks who made bad loans go under!!! The country will come back, we are just postponing them going under and getting more in debt. If you really wanted to help the country I say mandate that the federal government will lower their mortgage interest rate by 2% on all current loans for EVERYBODY with a mortgage!!!

Money is money. Buying a home that has tripled in price in 5 years is no different than buying one of the internet stocks in 1999 that did the same boom and bust cycle. Did the govt bailout everyone's 401ks? Of course not. That would be ridiculous just as a homeowners bailout is now. All this is, is buying at the top of the cycle and not accepting responsibility that you made a mistake when the bust occurs. Take responsibility.

Hmm... I haven't found the part of the US Constitution or the
Bill of Rights that states "All residents of the USA shall have
a home and a job".

Can anyone point me to that?

Ginny – my condolences on the loss of your husband. My sweet husband passed away last year, also, so I know how scary our current financial crisis is – people like you and I have no one to turn to. This bailbout plan stinks! Because people like my husband and I chose to buy a modest house within our means and have kept current on all our bills, I now get to work my butt off so my tax dollars can pay the astronomical mortgage of my fancy-schmancy country club neighbors who don't know what 'self-control and restraint mean.

That's always been the way of this country – the salt of the earth, normal, hard-working people end up supporting the poor AND the rich.

5. I have a mortgage on a duplex. I live in one unit and rent the other. Will I still be eligible?

Yes. Mortgages on 2, 3 and 4 unit properties are eligible as long as you live in one unit as your primary residence.

This is a joke.. how many investors will simply move into one of their block of 4 (or more) properties and suck off the teat of the taxpayer.

These clowns got into debt well beyond sensible risk measures... why should I spent the rest of my life rewarding them ?

Let them have a fraction of mortgage relief (1/number of units) and not the whole deal. How hard is the maths to be fair Obama ?

Ginny Grieco and any Chase Home Finance customers needing modifications or refinance.

Working with Chase can be very difficult and takes grit and perseverance.
For help and information, I found the forum here: http://www.loansafe.org/forum/index.php to be very helpful.

- D

My home has dropped $100k in value, I have to relocate because my company is moving and this is no the time to say no and look for a new job. I can't sell my home, renting won't nearly cover the payments, taxes/ and I can't get any help under Obama's plan because the home will no longer be my primary residence. Oh well, I guess another foreclosure into the market. Thanks Obama!

We started building a home at the end of 2006. Due to a serious illness and death in the family, we were not able to put our present home on the market until early 2007, just before the bottom fall out of the housing market. Our new home was completed in May 2008, since then we have been paying two mortgages and second on our present home. The mortgage on our new home is an interest only loan. Our old home will not sale , we have dropped the price to reflect the current market, and the house still has not sold. It's like our financial lives have been frozen by the housing crisis. Will this new plan help us, before we have to foreclose on one of our homes?

What President Obama's team is trying to do is establish a new floor on housing prices by arresting the acceleration of foreclosures which drag down the market value of all others. In this goal, they are right. The plan however, trips right over moral hazard by insufficiently penalizing borrowers and lenders who proceed with a write down. Lenders should be penalized by having Fannie and Freddie (really the US Treasury in disguise!) buy the revalued loans at 90% of
the new value. Borrowers should be penalized by having all equity wiped out and perhaps an automatic penalty applied to their credit score (not sure how to do that). Refinancing borrowers must also submit full financial documentation, no more fraud. This is needed to ensure that all parties who participate do so only because it is their "least bad" option.

OK, to all of us who have been responsible, good for us. But right now the bubble is deflated to the point where houses in most markest are priced reasonably. But if we don't stop the downward spiral, even we will be upside down. Assume that you might want to or have to move in the next year. Maybe you lost your job, and found a new one 200 miles away. You need to sell your house, but with the mortgage market in its current state, you can't, and you can't buy a new one near your new job because you cannot get financing. We have to stabilize the market for ALL our good.

Nothing like a little economic stress to make us forget we are all in the same boat together. Part of the social contract is to help each other out, and then if someone takes advantage, deal with the individual.

Most people are very frustuated. I see that most blame the people who lived beyond their means. Yes, people bought expensives house, they only did it because the banks were willing to lend money. The people in charge of our tax money should have been watching the banks and should have NOT ALLOWED them to lend money irresponsible. It is not the people fault, its the business. During the time that we were buying houses we helped the economy grow. Yeah, it was a superficial p[rosperity but no one tried to stop it then, so why complaint now. All we can do is fix it. We are going to have loosers and winners. If we let the real estate industry continue to decline we can face more serious problems.

I'm glad as Americans we can sit around and blame the everyday people or as Obama puts it "we are a neighborhood people"! Well i guess it's a gated community neighborhood, this don't help anybody but the well off folks! I guess no one read all the articles over the pats ten years on how if you don't buy now you will never own a home! No one invested badly they took bad loans becasue they were offered in a way that made sense at the time. Remember every article written was about how owning a home will be out of reach for the average family all suported by the media, every developer, realtor and every states department of realty! We thought we would never be able to afford a home back then now you can buy one for what a house cost in the 70's. We got robbed by banks, our government and realtors and how do we repay them by bailing them out! I say there are harder restrictions for the modifications then there are for the bailouts. All the politicians friends are getting thiers. I think we should boycott every orginization that recieved bailout money till they drop to their knees and make things right! Everyone wants to blame the everyday people because we are the problem, right? Look very closely at your family and tell them in ten years they'll be in the same position we are cause if we don't help every American that's their future!!

My husband and I worked very hard to get our home and we sure did not go in over our heads at the time, we were both working. Two years later, his hours have been cut in half and we are hurting. I'm trying to keep everything on, food on the table and paying my mortgage payments. We got behind a few months ago due to a problem with our escrow. Didn't know there was a problem until we got a letter from our mortgage company stating that instead of paying 1300 this month, you will need to pay 1800. May not seem like a lot but when you are already robbing Peter to pay Paul, it's hard.

My question is, our PMI is $541.00 A MONTH!!! A normal PMI is around 50-100.00 a month. Will this plan help me get that reduced? If so, we would be just fine!!!

What Is the cost out of my pocket to refinance?

I live in southern California and I have a so called "jumbo loan" of 742,000. I put 20% down when I bought it in 2005 and I haven't refied since. My home is now worth about 80k less than I owe on it. I worked for Wachovia for 10 years but I was recently laid off. When I bought my home I could easily afford the payments but now I can't. I used to make $290k a year and now I have been forced to settle for a job paying $84k per year just to try and get by. I have drained all my savings in order to keep my credit spotless but I can't do it much longer. Does Obama's plan help anyone who doesn't have a conforming loan amount or a Fannie or Freddi loan?

Many people have focused their argument on compassion-
that we should help each other in need. It's a great concept.

Unfortunately most people in our nation today act in a
decidedly selfish way, without compassion. That includes
those that are asking for compassion now.

To those who wish to refocus the issue towards one of
compassion and helping others: what will you do to
demonstrate compassion when this storm has cleared?
How will you demonstrate the same virtues you are now
demanding from others you don't even know?

People keep mentioning "What about people that lost their jobs?"

This plan does nothing for them. You can't get your loan redone if you can't pay it back. If you don't have a job you can't pay it back.

I own an investment property in California that is now worth less than the money I owe on it. I cannot sell it and am renting it for about $1000 less a month than my payment due to the drop in rental property value because so many unsold homes are being rented. Is there any help for me?

I am so tired of all these people who think everyone who is having a housing problem purchased a home beyond their means or have bad spending or credit issues.

Things in life happen that are beyond our control, whether it is the loss of a job or the drop in home values. Those circumstances can put people in a bad situation that they never intended or could predict.

Instead of complaining that everyone being helped is undeserving and a screw up consider that this could happen to you one day very soon without warning.

It did to me and my wife.

Trust me the help doesn’t exactly show up and bail you out no matter who you contact. In fact it is virtually impossible to get. I know several people in the same boat and nothing. It’s been about a year for us and still no help or even a response no matter how often you try.

So all the complaining being done about having to bail people out or help them is really not necessary.

Sheila, Kel, and Kim -

Where has anyone on this blog dogged out or ragged on anyone who is losing their house because of a job loss or a death in the family or anything like that?

Most people posting here are upset because the majority of fourclosures are due to bad loans that the buyer should never have agreed to, or because the buyer gambled on the fact that he/she/they could get into a house with an ARM loan and then refi before the rates adjusted.

Why should the people who made responsible decisions have to "bail" these people who played a large part in starting this mess?

This has nothing to do with being laid off of work, injured and cannot work for awhile, or being affected by the death of a spouse another family member whose income was relied upon.

If a lender knowingly breaks the law, what are the penalties for that? Point, I needed to have a furnace and was unable to refinance because the home was 8/10th paid for at the time. I discovered I had a predatory lender who with all their technology manipulate fraud and incorporate it into their practice because they use that information to report to credit bureaus deliberate fraud information so that I couldn’t get out of their greedy hands. They have jacked up the legal system and pay for the soulless lawyers to lie in court without records; what about a report on that? Now if the fire department and the housing departments tell you that you cannot live in your home until it is livable and no one will loan you the money and you have to live with relatives for six or more months due to saving the money on your own; then what? How does this plan help a family under this type of situation? No defaults; all payments up to date even during unlivable period. I would like to know where some of the names can be dropped so that gov can investigate these people. They are some of the worse criminals of our time. Why should Freddie and Fannie be trusted? Shouldn’t they have known about some of these problems? The plan says that you have to be living in your home for help; sometimes it’s just not possible.

"Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property."

This eliminates the majority of people that have a problem. So how does this help?

Let's say two people bought $250k homes 5 years ago. Homeowner A did nothing but made payments over the past 5 years. Homeowner B refinanced his home multiple times over the past 5 years as the value appreciated and now owes $500k on the home because of all of the "equity-tapping". Homeowner B spent the cash from the money on lavish vacations, expensive vehicles, an RV, and other toys.

Both homeowners suddently have a reduction in income due to the recession... Homeowner A can still afford his payments because he didn't double the size of my debt and monthly payment. Homeowner B can't because of all of the refinancing to take cash out of the home...

According to Obama's plan, homeowner B will be rewarded by his lavish lifestyle, piling up debt, etc. Homeowner A will be punished and will be forced to subsidize Homeowner B...

Ridiculous!! Good behavior is being punished! Poor behavior is being rewarded. Thanks a lot, Obama!

Kel

Maybe you should have purchased your home based on ONE income. That would have been smart.

That is all that matters. No one should buy a home with a mortgage payment significantly more than what current rental rates are. That is the fix to this mess.

I feel bad for the people that are honest and hard working that are trying their best to make ends meet and are making their house payments! Then go to their place of employment one day and find out they lost their jobs! They are the ones that deserve the break! Those who have jobs should quit griping and just be thankful that you have a job today because tomorrow you may not have one. I do get mad at people that want government to bail them out and make a habit of it! They are the ones that should get their act together and not rely on government assistance! Part of the blame is the government's part in letting corporations sending jobs overseas, because the labor and the taxes are too high for corporations to pay because corporations want a big profit at the end of the quarter! Maybe if both would come to a truce and the government would lower taxes on corporations, then the corporations would be able to fill more jobs and our economy would be booming instead of deteriorating! It's all a vicious circle and the circle is run by the government. Until we can get government to break the circle by helping to keep the jobs in America and the government to stop spending money and balance the budget, we are all going to be in trouble! The more bailouts and government handouts we have, the more we pay in tax liability! We have to send responsible and honest people to Congress! The big problem here is we don't know that they are honest and responsible people before they get to hold a seat in Congress and that is part of the problem! They get to Washington and their pockets get to be a bottomless pit!

I hope this works I hate to hear about people getting put out of their homes especially those with kids.

I live by the rules and still have a job. If I lost my job I will do what I have to do, legally and fiind a way to pay my mortgage. I wonder if who ever wrote this article would respond to some of the comments on both sides. I doubt that, just like Begala will not answer any comments about Mark Sanford and statements written in response. What say you Bagala, if a state does not take any of the "PORKULUS BILL" money will we have to pay it back, do we have to support others that cannot control there spending habits, do we have to pay for dems that ran there cities and states into bankruptcy. Is this you column AC360, if so answer some of the question ask, why should all those that are just getting by even if they are middle class or upper middle class have to pay for those that overspent and were talked into something they could not afford?

I agree that the principals must be lowered in order to really help the homeowner. But, the banks cant lower principal amounts across the board as suggested. If they do this, they will all be bankrupt, and we will have an even larger bailout next. If the banks lower the principals then they are basically "admitting" that the assets on their books are indeed overstated. That would require them to have to mark to market all of their existing "assets" to that level tripping all of their leverage ratios and bankrupting them. The issue here isnt the homeowner. It is the banks and their leverage.

For those who think helping homeowners is fair, I would like to ask you a question. Would you have the same support for a bailout of the small investors and 401(k) participants, say for $5000 per household?

The TARP, the stimulus plan, the eight years of Bush, and now this plan are indicative of the end of this great experiment. A republic cannot stand if it continues to vote for the candidate who robs the public treasury the most.

If my own child couldn't pay for their mortgage, I would NOT step in, because the best lessons in life are learned through our mistakes.

Our children and our neighbors need to learn that defeat is NOT the end, but an opportunity to get off the ground and prove yourself stronger than you ever thought you were. There is not a greater lesson to be learned in liberty than this.

Although I am a man of hope, I do not have any for the long term lifespan of this great experiment. What will be the result of a bankrupt dollar? The pointing of fingers: and it will lead to the marginalization of a whole sections of the populace and the further erosion of our checks and balances. The ultimate loser, other than those that love liberty, will be the minority cultures in this society.

I am in a unique situation. I want the government to help me but I don't know where to turn. I too want to buy a McMansion that is rediculously out of my means. I won't be able to pay for it so I would like the government to reduce my price upon purchase and reduce my mortgage payments to something that is within my net pay.

Also, I would like my fellow tax payers to pay for a portion of my McMansion. Who do I call?

Joe Da Plummer

P.S. Do I have to keep my job or will the government give me a check for that too?

1) First Stop Blaming Obama. He trying to fix something. I don't agree with everything he is doing.
2) Its the long 8 year run of the Bush Administration which has brought us in this situation.
3) I think the govt should let the economy take its own path. Yes, times are tough for many. We are all in it together.
4) The economy will plunge down and come back up again. It doesn't make sense to borrow billions & billions and to put ourselves and our future generations in line of debt
5) FIXING doesn't mean 'TO BORROW MORE MONEY'.
6)If you screwed up by making a bad choice in buying a mansion. Pay for it.

I am continually amazed by people with the "what about me" attitude instead of "good for them" or more appropriately "we need to do this". Yes, many people and financial institutions made VERY bad decisions and I HATE that we as a country and taxpayers are having to take on so much debt and future tax burdens in response. But we are where we are – there is no going back and changing the past. The global economy is tanking, millions of jobs are being lost (not just by those who made bad decisions), real estate values are falling (for everyone), and retirement accounts are sustaining significant losses.

I'm doing well and not in any financial trouble as I minded my financial p's and q's, but many manyy people are in significant trouble. We must continue to take steps to stabalize the financial and housing markets to avoid further extreme impacts to the economy.

So, please stop asking "where's my bail out" when you don't need one. Recognize the extreme economic difficulties and the potential for further significant issues – which, if they continue, will likely impact you much more than you realize. Be thankful you are okay, work to help resolve the current issues, and make our legislature enact regulations that will ensure this never happens again.

I am all for helping those who truly have fallen on hard times. That said, I do not feel that owning a home is something we are entitled to. I do not own a home. Why? Because I did not feel that I could comfortably afford the payments and would rather live in a cardboard box than take one of "those" loans. And I DO have a problem paying for those who did take "those" loans while I do not own a home myself. This is too much of a blanket bailout. I think if you took one of "those" loans, you are now lying in the bed you have made for yourself. I am not asking for assistance for myself, only that the assistance my dollars are paying for be doled out more carefully. And I am truly sorry to those who have lost their jobs and wish you the best of luck in your search. You are the few deserving of a bailout.

"there are many reasons a person may be stuck in an unafforadable mortgage now. Job losses are increasing by the 10’s of thousands daily"

True. There are many responsible people that through no fault on their own find themselves without a job and is really unfortunate, but that doesn't mean they should be bailed out to keep their homes. We should provide assistance for basic necessarities, but a home is not one of them, last time I checked it is cheaper to rent – which is exactly what I am doing as a working professional.

what is all this means to new home buyers? please someone answer me. thx

What about people who is behind on their house taxes, that can cause a forclosurer. They have been paying their house note and wasn't able to pay their taxes also. What kind of relief will you have for them? Will their be anything set up for those people who is in need to pay their taxes to save their homes?

What if your loan is not with Fannie Mae or Mac? I am with Countrywide.

The artificial support of asset values is exactly why Japan is still suffering for mistakes made in the 80's. The government should stay out of this and let home prices adjust in an open market environment. I think I speak for all taxpayers who live within their means that we are sick of paying for the mistakes of those less disciplined!

These comments reflect how clueless most of us are about the true situation of our economy. Unless you have a stash of cash that will last you for years and not dependent on working for a living – you are all at risk of being in the same situation. Sorry – that's the way it is.
Nobody's job or current economic position is safe. Hope you are ready for change – because you will be a part of the many who struggle today. Basically, due to your poor attitudes.

This plan is a great start for people who need to refinance or in threat of losing their home. I'll gladly pay for the rest of my life in tax dollars in order to give some people peace and be able to sleep at night. I've been there – and it's not fun. Good luck to all!

Hey Obama said he was going to spread the wealth, so now if you have kept-up, or payed off your house like my Family has done. We get to pay for the Bank Bail-out and the bailout of our Neighbor. Since we have a little money not going ot to house Payments we have to share it...
I believe in helping my neighbor even if they made bad choices, but this is too much... Oh yea and my property value is low due to there non-Payment... Lets sort out the ones that mis represented there Income or LIED, and the ones the Banks should never have given these loans to.

Andrew wrote – "Why do I have to pay for the failure of others????"

I guess I can say... Why do I have to pay higher taxes, when a new school is built in my community and I have no children?

Anderson
What do I do if my loan is not held or securitized by Fannie Mae or Freddie Mac?????????
Do I file bankruptcy and wait for the judge to modify my loan??

Thanks taxpayers, I'm in for forecloser support :}

To all those "how is this going to help me?" who have also stayed current on their mortgage and are underwater on their loan. It helps by stabalizing the econonmy, the housing market, and your neighborhood which is all necessary if you want to see your house come back in value. So keep playing by the rules because you'll be ahead in the end.

For all those getting foreclosed on the solution is called an Apartment...... this is where you live until you get your finances back in order to purchase another home. Its not my problem that you lost your job, got sick, the cat died, or whatever. Bad things happen – its called life – Its up to you to regroup and move on.

I never actually read through all the comments to articles, but these comments were so vicious, that I could not keep myself for moving to the next statement.

Bush is the cause for all of this destruction. Obama is just the person that is trying to clean on the mess. Why is there such negativity toward a MAN who has agreed to step up and help ease the mess that the BUSH economy has thrown us into. Change sometimes requires time. In this case, it will require more than the short period of time that he has been in office. Can he get a fair chance? BUSH was allowed 8 years to put us in the worst economical situation since the 1900's. If you want to be angry, be angry at the person that allowed this to happen, not the one who is trying to resolve it.

so, i have been paying on time for over 5 years, where is my $5000 off my debt?

So how do I fit in when I lost my job in SC and am working In VA
now they say that is my second home When its the only home I own!
So does that make me not intitiled to any program?

I don't know about your area but here in good old NH a few months ago a local newspaper did an article about the food pantries and demand being higher than it ever has been. The Picture in the article showed people in designer clothes, designer sunglasses, driving high end SUV lining up for free food! Barf ! My family doesn't have cable, my husband and I drive 8 year old cars and our 2 kids( all that was fiscally responsible to have) wear Walmart clothes. We might see a movie once a year and go to the Matinee. I know that there are people who have done it "right " and have been unfortunate victims of the mess our Government has created, but the Government continuing to do the same thing that got us into mess will not make it better. If our government keeps taking what some of us earn and giving it to those who want hand outs we will all loose. Why am I "Lucky" not to have been hit by a Truck – If I chose not to play in traffic?
And Yes I understand that sometimes a truck jumps a curb and hits people on the sidewalk. Those people are innocent victims -Not the ones playing in traffic!!!

The Banks & US Goverment are robbing the future.

Please call and email your representatives and tell them how you feel. Obama and his cronies are out of control. Remember this when election time comes around. Get the out. Cannot wait!!!!!!!!!!!!

I'll bet most of those offering these negative comments are good church going Christians or maybe they're the sharks that arranged the mortgages that people can't pay. Have they never known anyone down on their luck? Not everyone losing their homes over spent. And surprise .... not all these people are of low-income, or in a particular class you assume them to be in. Some may have lost jobs and either couldn't find re-employment or were employed for lower wages, suffered illness or disability, or some other unforeseen incident occurred. If you can't be compassionate or considerate, then at least be selfish and realize that if homes sit vacant in your neighborhood, your property values go down, vacant properties are vandalized and become eyesores or hangouts, the banks will continue to lose and need more money and more bailout tax dollars from you, and further failures may end up in a complete financial breakdown, all of which will affect each and every one of us in some way - maybe a job loss and then you'll need assistance and others will be talking about you in this negative way!!

This plan ,along with the Porkulus bill just passed is the official death notice of the U.S. middle class

I own a house that I need to refinance because I need a better interest
rate. I was never late with my payment and still has a good paying
job for the pass 6 years. My credit is good but not enough that meets their guidelines. My question is, Why don't I qualify when my house payments are in excellent standings? Why can't they consider the fact
that I make good money and can pay my bills. Can I not even get compensation for not being a "Free Loader".

to Hildegarde,
your lender is the pioneer of the mortgage of mass distruction. they are the most feared company known in the market. nobody will ???? them on their practices. i'd love to see the media do a story on them.

Now about Palin: i saw a ticker that said she was going to pay her back taxes. those of you who! get to help our neighbors, think on that.

obama is working on the problem that the last administration left us. otherwise, well ya kno! we could be watching family vids from the w/h
if that administration continued. Hum-what a thought

If I have an 80/20 mortgage, and the new plan only applies to the first mortgage, does this mean I am stuck with this subprime 20% interest only piece of junk line of credit?

The 80 is fixxed and the 20 is interest only variable. I am current on my payments but might still be stuck in an unscrupulous subprime junk loan?

When I applied, I was preapproved for a 30 year fixxed rate, went on to sign a contract with a seller and when I went back to the bank they said I had to use a different mortgage product. I feel like I got forced into this 80/20 by bank of america and cant tell if I would be eligible to go 100% 30 year fixxed via the new plan.

My husband was raised in a one room house. I was raised in an alcoholic family. My husband worked hard ,earned good grades and was awarded a full scholarship to a good school. We chose the high road and took care of our family and bought homes we could afford. We saved money and lived below our means.. I am all for rewarding people for hard work and good decision making. Tax me for helping students who work hard with scholarships or job training, but do not ask me to continue to pay for those people who act irresponsibly.

You elect our actual resident of white House, and every body was happy and saying that we will have a CHANGE, there it ia you have a CHANGE.

My husband has been self-employed in the construction field for 13 years and I have been a stay-at-home mom of our three children. We own a home, have no credit card debt and have a credit score of 791. My husband's very busy business has died down so much that he hasn't had work in 5 months. Luckily, we have a savings to pay our mortgage, but are going through that quickly. I'm starting a job in March, but it won't cover everything. We will still go under if my husband doesn't get a little something for work each month. We tried selling our house and had a buyer. We were willing to sell our house for less than what we owe to get out from under it. We were willing to walk away from the $50,000 we had put down on the house and say goodbye to all the money we had put into it. Finally, when we thought we'd be out of the home debt, the bank would not release the money to the buyers. We had trouble finding anyone to rent to us anyway because of my husband being in construction. We took our house off the market and tried to refinance at a lower rate, but we were told no lenders would touch us until our house was off the market for 6 months. There was one exception, but the loan could be no more than $270,000 and ours is. So...no help. I'm just worried there will be more cracks for us to fall through and again receive no help. We are able bodied hard workers who just want to work and pay for our home.

to all you bottom feeders who bought more house than you could afford...interest only...ARM... 150% of value.....you ALL get what you deserve....the street. The only problem is now WE are all paying for your greed. I bought within my means, have a year's salrary in savings, rarely went on vacations, paid my children's college tuition, etc. What do I get? A home in a neighborhood with declining values. Thanks a lot! I am sick and tired of bailout this and bailout that. Let the market dictate what will happen, it ALWAYS corrects itself.

When my husband and I bought our first house 2 years ago, our lender tried to talk us into all sorts of slick loans to buy a $500,000 house. We had done scrupulous budgeting and knew we couldn't afford more than $280,000. We rejected his persistent coercion and bought a house for $280,000. It's a tight budget, but we make our payments on time every month. Had we gone with his sneaky arm and balloon loans, we would be facing foreclosure in a few years (well, not with this new bailout). My point is - much of this housing crisis originates with dishonest lenders who wanted a quick bonus and didn't care what their customer's finances would be in the future. However, much of the crisis is also due to borrowers who stuck their heads in the sand and were greedy. My husband and I were cautious enough to read the fine print and know our own budget. I know many people are in danger of losing their homes for legitimate reasons such as a job loss. But too many face foreclosure because of their own negligence. And that makes me really mad.

I'm a Democrat who is really concerned with how this mess is being handled. Home prices and mortgages need to come down to a place where working folks can afford them. I hate to say the Republicans are right, but their initial plan of simply offering a $15,000 tax credit for any new home buyer and 4% mortgages or refinances for any credit worthy responsible individuals seems like a good idea.

Quick, simple and to the point. It would provide stimulus and get people spending again.

I hear what the President claims, but it really seems the irresponsible are going to be saved while those of us that played by the rules will be left without getting a break from the government. If the Republicans didn't pander to those that hate anyone who isn't white, straight, and Christian I'd consider changing parties!!!

Hi,
i have a question , my house has lost almost 50% of the value. How is the bailout plan will be helping us. We have never been late on our payments.It seems that acting responsibly has not helped us and I do not see anything which seems will help us.

Maybe I should go buy a home that I cant afford, or fail to read the fine print, default on my loan, but have no fear because our socialist government will bail me out....people that is why there are apartments. Do not buy a home until you are ABLE to. The US Constitution states people have the right to Life, Liberty, and the PURSUIT of Happiness.....no where does it say my tax dollars are to security your happiness. What a joke....

More Obama fluff. Spending billions that we are borrowing from other countries to help people who pruchased housing they could not afford. All this while Barney Frank sat there in charge of Fanny Mae and Freddie Mac talking about how great they were when he knew that they were a mess. These tax and spend liberal plans will destry America and we will owe debts that we cant pay.

Thanks for the balanced comments from individuals such as the Lisa the Loan Officer, "me" and others who realize that solving economic woes this wide and deep should not become a contest between the "just" and the "unjust". For those who are asking, "where's MY compensation for doing the 'right' things (i.e. lack of financial excess), here are two thoughts: (A) where did you get the idea that you'd get paid or compensated for doing the right thing; what about doing the 'right' and responsible thing being its own reward? and (B) you are supremely arrogant (not to mention ignorant) if you think that doing the 'right things' keeps anyone safe from such an economic sunami. Fall on your knees now and give thanks that circumstances have not devastated your best planning and preparation. Doing 'right' didn't spare Job from suffering nor has it spared a lot of us in this economic downturn. You'd do well to remember that "there but for the grace of God go I." Going forward, those individuals who don't contribute constructive ideas WILL be contributing to a deepening problem.

Disappointed to see the plan WON'T cover the Jumbo Loan borrower. Jumbo Loan used to be only 0.25% higher than conforming loan. Now it's way higher. Does anybody know if there is opportunity to speak out this issue before Mar.4 and make government changing the criteria if possible? Otherwise, it won't be fair. Furthermore, it won't be help to stop house price declining.

I am not suffering because of the present economic situation luckily. I don't need a bail-out but those who need help, I say it is great our President is trying to do something to get the economy moving.

If you don't need a bail-out, good for you, stop whining because others just might need help. Illness, loss of jobs, housing values sinking in certain areas of the country..all these contribute to our economy being in the condition it is in. It isn't always someone living above their means. Where are these Christian attitudes that so many Americans profess to have.

.

Let me see if I have this right – the very group (Fannie) that is really at the core of our current problems are going to re-finance the toxic loans that got us here in the first place. Is there anything that guarantees the whole problem is not going to happen again? Probably not. Oh, and with Fannie's problems, have their contributions to Dodd, Obama, et al stopped?

I am glad they are finally doing something for these middle class families. Think of all the poor children involved. Some of these people were responsible, they could actually afford the mortgage but they were first time buyers and their credit wasnt good, they were told "get an adjustable, you can refi later" then before their pre payment penalty, the housing prices go down and they're stuck... before you know it their rate went from 5% to 12%. How can you not feel bad for these people? They were conned by banks and realtors. I rather see my tax money go to help the people of my country rather than CEO's of banks who arent doing anything to help these people! Im glad that Obama is doing this....he is showing he cares about the people in this country. Im tired of all the other people bickering and pointing fingers. Whats done is done and all we can do is try to help those in need!!!

Most of the people that are in trouble with their mortgages now are not people that should have not bought a home or bought a home that they couldn’t afford. The first round of foreclosure that started this economic mess was those who had no business buying a home in the first place. This recent round of foreclosures or soon to be foreclosures are people that have lost their job, lost assets, drained their savings due to unforeseen circumstances, had good credit scores etc.

I can’t stand when people says that this is happening because some of us deserved this. I can’t help that my sales commission income has gone from $8,000+ per month to less than $4,000 per month. I definitely did not foresee that I would get diagnosed with cancer last year and would accumulate a mountain of debt due to medical expenses and treatment. I definitely never imagined that my house would be worth almost 30% less than when I bought it 5 years ago. Yet I am still employed working twice as hard for half the money and despite of my medical problems somehow, some way barely scrapping by to stay current with all my expenses. How dare some of you tell me that I somehow deserved this for being irresponsible!!!!!!!

Look I took 25k to vegas last month. I play blackjack and I had very large (4k) bet out and got a pair of 8's the dealer was showing a 5. The book says split the 8's so I did, I picked up a 3 on the first 8 making 11 the book says double down so I did and pulled a 9 for 20, on the second 8 I got another 8 and split again pulled a 2 on the first one for a 10 doubled down and got a Queen for 20 on the third 8 I pulled an Ace and doubled down on the 9 and got a 9 for 18. I followed the rules, I did everything I was supposed to do the dealer turned up her down card it was a 6 so she had 11 she took a hit and got a Jack.... 21.... I lost 24k on one hand.....

Obama is there any room in your plans for a guy like me. I mean I did everything I was supposed to do, I went to Vegas to try and stimulate the economy and myself at the same time. I played by the rules and I think by anyone's estimation I got burned. Please help me.

My case is exactly like Kim. I'm not with Freddie or Fannie, and I'm current on my mortgage AND I'm upside down! Who the hell is resucing me??????

I concur with the other people, living "realistically." Why should the hard working tax payers, living within their means, have to shell out for people that were totally irresponsible and got in over their heads? Damn, if I would have foreseen this disaster, I would have gone out and purchased a home that was not within my means.
I don't even own a home, my husband is unemployed due to the state of the economy, what does this do for us except take money out of our pockets so someone else can retain their home?
btw- George, democrat, L.A. I am a Republican in L.A. and for your information the Republican party does not hate anyone that is not white, gay or other of other religions. Au contraire, I have friends of many colors, religious backgrounds and gay friends and we all respect each other's point of view.

i lost my job in oct 2008 am current on my mortage. we cant blame this problem on each other. this country is screwed. all of us are in this together.

This sickens me to the bone and core of my upbringing. Of course I was taught to care for my neighbors and fellow country men but as some have pointed out, why should I be penalized for being a responsible hard working parent and adult? Whose fault is all of this mess? It does not lie in the past president(s). It lies on the very basic assumption that so many citizens of this nation have come to expect , quoting an 80's band, Money for nothing. They want everything with immediate self gratification without having to scrimp and save for it.

It disheartens me to see this type of rampant disregard for the old adage that hard work will get you somewhere. Apparently hard work will result in having to pay higher taxes to float the folks that chose the easy way.

I did not vote for P BO but I sure will have to bear his and his cabinets weight for the next four years....hopefully he will not take (what is left of) my 401K as the democrats are considering.

Please explain: 75 Billion divided into 5 million homeowners= 1.5 million per homeowner
Should I pray that I will one of the few ?

QUESTION: I have a Fannie Mae loan. Purchased home for $150,000. Have fixed rate 7.87% and also pay $347.00 a month PMI. Owe $146,000. Monthly payment with taxes and insurance $1800.00. I am current on loan. Probably moderate credit score. Would I qualify for refinance under this plan?

My lenders been playing on me and my spouse, I haven't been late in my payments. They promised will notify us for loan modification but never contacted me until I didn't start paying but gave us 5 months lower payment only, what's next? So, we decided to hire an attorney paying $2900.00 100% money back guarantee if were not qualified,trying to gumble. Do you think we can get a solution to modify our loans?

Just an FYI...
I worked for a "first time home builder" and saw the fast ones that they pulled on their buyers. They owned their own financial company and would direct the unfit buyers through there where they could get them into the home and then sell the note. They would make "contributions" to an "down payment assistance" program that would then turn aroung and give the buyers the money for their down payment and the funds would not have to be disclosed as a gift. Granted, the buyers should have known better but the sales people and the mortgage people were taught to convince these people that everything was great. It was very high pressure. Besides the banks, I know from my experience that a lot of homebuilders are also to blame for a lot of this mess yet all we hear is poor them. The builder that I had worked for sold their mortgage company to Wells Fargo about six months before the owners (privately held company) cashed out and started proceedings to shut down.

Why don't they make the people that splurged on these houses move into my modest houses, let me move into their house. I think I could make the payments with a little taxpayers assistance. Maybe even get a pool by refinancing in a few years when house prices rise again.
What were people thinking.

So is there anything in this plan for a Homeowner with the following stats?
30 year mortgage @ 5.0%. Made every payment not only on time, but pays $100.00 extra per month towards principal.
Steady income with no chance of losing job.
Where is any benefit for hard work and good planning? This plan so far sounds like just helping the people who make bad choices and have bad habits or are criminals?????

Just wanted to know, I was previously approved by my lender for a modification of my loan, but I did not sign the paperwork because my mortgage was still unafordable. It changed by $49, I have too much debt and we still cannot afford the payment. Can I reapply under the incentive plan?

Far too many of you are making the assumption that the mortgage crisis is purely the result of individuals making poor financial decisions and mismanaging their money. When actually many people that were responsible with their home purchase are facing mortgage issues due to the plummetting home values. My primary and only mortgage is $365k. My house is now worth $170k and still dropping. I make my payments, but just as I responsibly chose to pay this mortgage, I have to consider responsibly choosing to not pay it. It doesn't make financial sense to pay $365k for something worth only $170k. Would you pay $20 for a loaf of bread that sat next to an identical loaf of bread for $4? So, those of you that are being judgemental dinks, need to back off. Not every body made bad decisions!

We should let the markets take care of the problem. While I saw many people buying all kinds of things they could not afford, living it up on credit, and getting rich off of flipping houses, I worked hard, payed my bills and saved money. Now that it is time for the irresponsible to pay the piper we are suddenly "all in this together" and the taxes the responsible pay go to subsidize the irresponsible? No way! We are going down a dangerous, slippery slope. When people are allowed to fail, they suddenly innovate. When people are subsidized, they stagnate.

If we are suddenly going to spend taxpayer money to bail out home speculators, then we should also be asking for all the money home speculators made on the run up of housing prices to be given to the government.

Saddling this country with more debt will make bankruptcy the only logical choice for the country. How can we ever pay off the debt that has been racked up over the past eight years?

GCV: using your logic, if your home increases in value then
you shouldn't be happy either. Guess what- the "value" of items
changes throughout time. Can your home regain value?
Absolutely. Just because the value is lower now doesn't
mean you shouldn't have to pay WHAT YOU AGREED TO
BUY IT FOR.

That's like someone buying a PC for $1,000 with a 2 year
loan, and then complaining 6 months later when the PC
is worth $300 but they still owe $900- "Why should I
have to pay for more than it's worth?"

Back in August of 08i spoke to my morgage company and they offered me a modification. I was told it wouldn't be finished until January. In January I received the packet to be signed and notorized. Along with this they told me that I need to give them $3020.00 for this modification. Is this allowed? They needed this cashier's check with my signed documents or the contract will be voided. First of all I was told this would cost me nothing. Is this a common procedure?

To the many fine Americans that are ahead for now of there game. Don't you realize that any of these situation can be you. Many of the people did not ask for the broker to help them afford a home for more than they could afford. We are all to blame for some of the mess that we are in today. I am honest taxpayer who loss her husband about two years ago. I have been struggling month to month on all my bills. My husband was not on my mortgage when we purchased the home. But after the second year of owning my home his name was going to be added. So sometimes situation changes things. (death, marriage, loss of income etc.) These people are not people that made poor choices in life. They had a dream for their family and they proceded to make that dream come true. So to many of you that are left with extra money after your bills have been paid God bless you. But I believe that we are placed here on earth to help our brothers and sisters.

If the election were held today ,Mcain would win.

"Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property." This will help some people I know who just bought a home within the last year or so, and that's great for them. My wife and I bought our place in 2006 right before the market crashed, we are now down about 200k from what we first bought at. Even if the real estate market turns around today and home prices started to appreciate to at 3% a year it would take more than 20 years for us to get back to what we originally paid for it. It makes more since for us to just stop paying our mortgage take the hit on our credit save the 2,000 per month that we would save by renting every month and buy a newer bigger home 3 years from now.

It feels good to get that off my chest, I had to complain to someone. In reality we will not stop paying our mortgage, even thought we don't want to keep living in our small townhouse forever. We took the risk and bought when we did, when you buy a home it's not guaranteed that it will go up in value. Although it would be nice to get a lower interest rate.

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