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February 19th, 2009
09:45 PM ET

Live Blog from the Anchor Desk 2/19/09

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Filed under: Live Blog • T1
soundoff (491 Responses)
  1. Fay - California

    @Casey, that is correct – there will never be a housing bailout plan that's going to please everyone – the point is to get something done to get out of this mess.

    February 19, 2009 at 10:17 pm |
  2. EJ (USA)

    I just heard Erica giggle on the webcast…

    I think I heard more of a guffaw than a giggle.

    February 19, 2009 at 10:17 pm |
  3. Bridget, TX

    I'm on board with the country assisting those in trouble with their mortgage. I thank God, we're okay and don't need the assistance. I know people who are hurting and they did everything right, except averaging in losing their jobs after 10.15 years and losing most of their stock right before getting laid off.

    February 19, 2009 at 10:17 pm |
  4. Jim

    LOL @ Gloria. She continues to carry the water for B.O. instead of admitting that Wall Street ain't got a shred of confidence in the Stimulus Package.

    February 19, 2009 at 10:17 pm |
  5. Tom Westerhof

    The unfairness of this whole housing bailout is all I have been hearing the last few days at the coffee shops here in Michigan. The thought is all who are paying taxes will be asked to cover those who don't pay any.

    February 19, 2009 at 10:17 pm |
  6. Sharon S

    Let All the American Car Companies go Bankrupt! Let them be held responsible for their actions! Deal with it!

    I am so sick of these overpaid employees and over padded pockets of the CEOs of the those companies whining! GET OVER IT!

    Get rid of the Union and restructure something YOU should have done before now!

    February 19, 2009 at 10:17 pm |
  7. carolyn cee yah

    hi anderson&erica; fellow bloggers.

    February 19, 2009 at 10:17 pm |
  8. Kevin C

    I say forget the Stock Market – it was a crap shoot to begin with. It's time the governmnet stopped incentivising debt and we got back to saving and living within our means.

    February 19, 2009 at 10:17 pm |
  9. Robert Heil

    Please remember that several million people have lost their jobs in the last 2 or less years, and it is probably those people who make up the largest percentage of folks who have lost thier homes or are most vulnerable, and only a small percentage are those who took on loans they could not afford.

    February 19, 2009 at 10:17 pm |
  10. Isabel Abreu, Brazil

    Almost 5 million Americans with aid-unemployment
    The number of Americans who are receiving government aid reached 4.99 million. It is a record number.
    This brings despair, anger, depression.

    February 19, 2009 at 10:17 pm |
  11. Cessy, Chicago

    Hi Anderson! Is there anyway how much each state gets from the stimulus package? I wish I paid more attention to our new IL governor when he talked on NPR news earlier this week. He mentioned the amount of money IL is asking and how the money will be used for each project which I think is good. He's got some good ideas!

    However, the mess here in IL is far from over. More to be revealed.

    February 19, 2009 at 10:17 pm |
  12. mark rose

    Remember a year or so ago when the CEO of GM sat on a talk show when gas was almost $4. per gallon and he was asked when they would make cars that get 30 plus mpg. He just sat back and said smuggly when people get pissed off enough they will yell louder. Until then GM will go nothing.

    Now he wants a bailout because now he is the one hurting?

    whats up here. If you want to keep them honest ask them why we should help smug people like this out of a bind? Let them fail!

    February 19, 2009 at 10:17 pm |
  13. Rita

    Hi everyone –

    Maybe I am little confused. Is there some reason why a restructuring of a mortgage loan can't include a 25 of 30 year balloon payment and not a reduction in the loan total. Housing will eventually come up again and history shows that the average appreciation per year before a boom, eventually evens out. It is likely that 10 years from now, housing should (I certainly hope) even out. Seemingly that should be enough time for those who need help now to get unburried.

    February 19, 2009 at 10:17 pm |
  14. Maureen T, Canada

    Anderson,
    I will say that President Obama's honesty is refreshing. It will take time. Patience is a virtue sought by many acquired by few.

    February 19, 2009 at 10:17 pm |
  15. Dave

    Good evening Anderson, quick question, does the Mortgage Rescue plan help home owners that do not have Fannie Mae and Freddie Mac loans or security backed loans?

    February 19, 2009 at 10:16 pm |
  16. Basil

    One way to make sure the right people are getting mortgage help is by weeding out all those who used their homes as ATMs by taking out "equity" and spending it. I'm all for helping the truly needy people.

    February 19, 2009 at 10:16 pm |
  17. Diane Jacobsen

    My comment is on the housing plan.

    I am sick of people criticizing the housing plan because they think someone else might be getting help and they won't. Boohoo, stop whining! I am happy for them if the they were lucky to buy a home before 2002, in a normal real estate lending market, didn't buy into the spend your future refinance play and have lived in the same place for years, congratulations you are now in the minority!

    BTW, I am not underwater, have a normal mortgage and in OK financial shape for now and do not begrudge anyone the help they need!

    February 19, 2009 at 10:16 pm |
  18. BettyAnn, Nacogdoches,TX

    @ Karen~ I don't know how they will do that. It will be interesting. Property values are out of whack!

    February 19, 2009 at 10:16 pm |
  19. Lauren--NY

    More praise for Michelle Obama here. It's an honor to have her represent this country.

    February 19, 2009 at 10:16 pm |
  20. Mave

    I understand the anger and do feel like I am being punished because I did not buy a house I can't afford but we have to take steps to stem the tide of foreclosure. Getting back on your feet is hard enough when you lose your job but darn near impossible if you become homeless in the process. I am angry with my neighbors but my compassion for their children outweighs my need to see them pay for their excesses.

    February 19, 2009 at 10:16 pm |
  21. Isabel Abreu, Brazil

    Three packages of ten days!

    One for rescuing the banks, that not convinced; another economic stimulus approved by the Congress, and the last package for those who can not pay for the house itself.

    For me, the benefit package of real estate is that it goes to the point that began to pull the US economy down.

    February 19, 2009 at 10:16 pm |
  22. Candace from Canada

    I think that there should be more on President Obama's visit to Canada! It is a more uplifting way to open the show! 🙂

    Obama did pick up cookies and a 'beaver tail' to take home!

    🙂

    February 19, 2009 at 10:16 pm |
  23. Mike

    I have excellent credit and a mortgage at maybe 15% of my income. I have been trying to refinance to a better rate, but the lenders want to charge 2 points. Why can't I get part of this home bailout deal? The people with good credit should also get a benefit.

    February 19, 2009 at 10:16 pm |
  24. Patricia - Louisiana

    If you think about it, history shows that everywhere the Protestant Reformation went, prosperity of all kinds followed. Prosperity in literacy and education, science, medicine, aid to the poor, financial, governmental, women's rights, the list never ends. If America, and maybe especially California, could get back to the principles of that Reformation, we could get our prosperity back. The farther we stray, the worse things get.

    February 19, 2009 at 10:16 pm |
  25. Matt R

    Hi, will the banks be affected by having to give these breaks to all of the homeowners? Will their revenues greatly decrease? Will they have to have major layoffs due to less money flowing to the banks?

    February 19, 2009 at 10:16 pm |
  26. Duane B

    Anderson,

    The Housing Foreclosure Plan may not be perfect, but it took 8 years to get into this situation, its simply ridiculous to think this will be solved within President Obama's First 100 days. Where were all the housing critics before?

    February 19, 2009 at 10:16 pm |
  27. Martin

    The responsible Home Owners complaining about this plan don't see to understand that if homes in their neighborhoods are Foreclosed on, they will feel the pain in their Home/Property Value! Don't you get it!

    February 19, 2009 at 10:16 pm |
  28. Christine

    Look I am busting my butt to keep my company open for at least the next year while I'm going for my masters. I pay my mortgage on time and am not behind on any credit card payments. Why should I help foot the bill for others? I work all day and go to school most nights and I will have to close my business because it is too small for any government help. So I say suck it up and stand on your own two feet.

    February 19, 2009 at 10:16 pm |
  29. Dave, Ohio

    Hi,

    I have worked all my life for what I have. I had 40k plus equity in out house in less than 4 months we now owe about what its current value is. I got layed off Dec 30th ( make batteries for hybrid cars) we are in a mess now due to having to live paycheck to paycheck. I was to be back to work Feb 9th now i am on indefinite layoff. What do we do now?? I had to deffer 2 house payments ( spread over 9 months) same with my car does this hurt me???? I am running out of answers

    February 19, 2009 at 10:16 pm |
  30. Sharon S

    Oh My God I am not buying that Americans are that stupid! I'm sorry most people well all the banks I went to when I bought a home checked to see how much I could afford, so forgive me for not buying into this stupidity of Oh well they were TOLD they could afford a home that was three times more than their salary???? NO I DON"T BUY IT!

    These People knew what they were doing and getting into they were just so caught up into the looking good for God knows who they didn't care!

    Just like OctoCrazy they assumed someone or everyone would just Give them Money to save them!

    PATHETIC

    February 19, 2009 at 10:16 pm |
  31. Caroline, Los Angeles

    This plan won't reinflate the housing bubble. It really won't.

    February 19, 2009 at 10:16 pm |
  32. Isabel Abreu, Brazil

    yes! Good question!

    February 19, 2009 at 10:16 pm |
  33. Jason Wiles, Connecticut

    It seems like the stimulus plan is trying to do too much, too fast. The massive influx of money would just be too unbalancing! Look at what happens during these massive changes: people loose jobs. The addition of jobs will allways help, but there's just too many jobs and too much money being added to the economy too fast!

    Not only that, but a significant portion of the jobs lost were in the financial departments. People making 200k + will want to keep their lifestyles and salaries, and they will be unfamiliar with the temporary jobs that the government will be "creating" mainly construction.

    The key point is that economy does need to be boosted, but a quick fix won't solve the long term. What happens when the projects are finished? We have the same amount of people unemployed. that cannot happen.

    February 19, 2009 at 10:15 pm |
  34. Mike, Syracuse NY

    Good point Anderson about hope. 'Yes we can' now seems to be 'the sky is falling'.

    February 19, 2009 at 10:15 pm |
  35. Julie

    Wow, the more money they print to try to "fix" these issues, the more folks pull out of the market (Obama's "crisis" in every other word have anything to do with this) and my little retirement account continues to go down. So less money and more and more debt, scares me to death.....

    February 19, 2009 at 10:15 pm |
  36. James in Kamiah Idaho

    Reset the mortages under water to their "introductory" interest rates and fix them there. that will fix a whole hell of a lot.

    February 19, 2009 at 10:15 pm |
  37. Dodie from Irvine, CA

    Doom and Gloom is reality. I am tired of having presidents being dishonest with us.

    Go Obama... keep it real! If people do not like it, they don't have to listen to it. Everyone has a choice.

    February 19, 2009 at 10:15 pm |
  38. Jo Ann, North Royalton, Ohio

    Mike, Syracuse NY, Those are good points. Now that Obama has "amended" his promise to include "saving" jobs as well as creating them, we will never know how many jobs were actually created. As far as the recovery is concerned, I don't think it is possible to measure what is natural recovery and what is due to the stimulus, but one thing is for sure when this recovery happens, and it will, the Democrats will take the credit. .

    February 19, 2009 at 10:15 pm |
  39. Gerri Hill

    We would be a lot better off as a nation if people worried about doing whatever it takes to get us ALL out of this financial difficulty. It does us no good to judge whether someone "deserves" help with the housing situation. I don't even own a home, but if it helps stablize the economy for us all, go for it.

    February 19, 2009 at 10:15 pm |
  40. Tom of Philly

    It seems that some are forgetting that we live in a common land with mutual interests, no one is completely safe from the economy. and whether its your property value not going down because we slow foreclosures, or the hungry dont break in and steal your food, we are part of a larger community. ANTS AND BEES know they are in it together, why cant humans figure it out or are we admitting that insects know more about formation of a society than we do?

    February 19, 2009 at 10:15 pm |
  41. Timothy Lewis

    The Homeowner Affordability and Stability Plan is targeted towards homeowners with adjustable rates, victims of sub-prime lending, and owing more than their home's value. One highly overlooked issue is the link between unemployment and foreclosure. President Obama did indicate in his announcement that all factors are intertwined, but the plan does not offer true relieve or assistance (even a legal stay on foreclosure) to those homeowners who are a victim of the economy itself. While the details will be released March 4, most preliminary documentation shows assitance through refinancing which requires income from employment unless I missed something. Waiting two years for jobs to be created will not help those in immediate need of foreclosure prevention.

    February 19, 2009 at 10:15 pm |
  42. Patrick Castronovo

    Why do I have to pay for people who could not pay for there home loans! I'm woundering if I made a mistake voting for Obama!?.This is not the change I was looking for.

    February 19, 2009 at 10:15 pm |
  43. Michelle

    Anderson there are many factors contributing to Wall Street.
    It is not just reaction to policy. Try the unemployment numbers
    and company profits. People are moving to gold.

    February 19, 2009 at 10:15 pm |
  44. David, Indiana

    Hi Anderson, Erica, everyone blogging. The markets have been trying to get moving throughout this month.

    I don't have a mortgate but I'm feeling underwater right now.

    Interesting to hear about the bank w sensible lending practices.

    Aren't there lots of people w subprime loans out there to begin with. Maybe success w this program would or can spur loan modifications for those not qualifying for this ?

    February 19, 2009 at 10:15 pm |
  45. Brandi - bottom of the boot

    k, they are blowing on things in the studio????? hmm, interesting to hear audio and have no video.

    February 19, 2009 at 10:15 pm |
  46. Glen Up North

    I just heard Erica giggle on the webcast... 😀

    February 19, 2009 at 10:15 pm |
  47. Lori Anne

    I tend to agree that there are many who are being bailed out who took advantage of the subprime lending...including the lenders who chased down just about anyone with a heartbeat to get them to refinance. I know, I worked for one of those lenders. I've never owned a home, because I couldn't afford it. I have no credit card debt, no house to be foreclosed upon. I don't live beyond my means...Where's my help?

    February 19, 2009 at 10:15 pm |
  48. Michael

    The Stimulus Plan misses too many points. For one, states like California, we all know was the hardest hit, will not qualify for the Fannie Mae & Freddie Mac conforming standards because the average home price during the last five years was well above the limit. Therefore, the plan will ultimately fail.

    February 19, 2009 at 10:14 pm |
  49. stefanie

    Regarding mortgages and the bailout money: it seems so simple to me; withhold assistance from anyone who has bought more than one or two houses in the last three or so years - or something along those lines. That's the way you identify the house-flippers versus those that really deserve help. SO SIMPLE!

    February 19, 2009 at 10:14 pm |
  50. CaseyJ - Novato, CA

    Anderson, GM wasn't true to it's plan in marketing and maintaining the Saturn brand. They just couldn't stick with the plan even after they started out really well. American business are all about short-term profits and the thinking that goes with it–it's a shame.

    Sorry, I wsitched locations. Forgot I'm not at home.

    February 19, 2009 at 10:14 pm |
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