February 19th, 2009
10:49 PM ET

On the Radar: Foreclosure backlog

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/POLITICS/02/18/foreclosure.plan/art.foreclosure.gi.jpg]Cate Vojdik
AC360° Writer

The housing crisis is pounding the Florida court system like a Category 5 hurricane; the state has one of the highest default rates in the country.

The state’s legal system requires judges to sign off on foreclosures. With so many Floridians losing their homes, cases are piling up and overwhelming the courts. To tackle the backlog, judges are hearing so-called “rocket dockets” of close to 1,000 cases a day. Some hearings last less than 20 seconds.

Imagine the scenario: A struggling homeowner shows up with reams of mortgage statements and other documentation, prepared to explain his plight to the judge. But he judge doesn’t have time to look at your papers. Next!

Given that reality, we’re wondering if Floridians believe President Obama’s $75 billion housing plan will actually help them?

Gary Tuchman digs deeper Friday.

See you at 10 p.m. eastern.

Filed under: 360° Radar • Cate Vojdik
soundoff (60 Responses)
  1. Geo

    Hey CNN why not post the Rick Santelli rant on your site, why not run the report on your TV station. Whats wrong? Does it make too much sense and is the criticsm your candidate deserves. The one you worked so hard to elect?

    Not surprised...

    February 20, 2009 at 9:43 am |
  2. Michael "C" Lorton, Virginia

    And believe me, it is not going to get better soon!

    February 20, 2009 at 9:39 am |
  3. Als

    My response is the Governor of Califorina is worried more about his next movie role. Thats why America is in sad shape. California is in crisis and a Rep- held up the budget for that state. Chimp cartoonist insulted white-black people Pres. Obama has both races in his genes.

    February 20, 2009 at 9:02 am |
  4. George Owen

    I remember the different banks flooding my mailbox with financing offers or credit cards that i did not need. They were a huge culprit in people taking advantage of loans and credit cards. Now they get bailed out by tax payers and instead of lending begin to buy other banks with our money.

    February 20, 2009 at 8:42 am |
  5. Michael C. McHugh

    I think the people complaining about this proposal are asking the wrong questions. They should be asking why the costs of housing are so high that people have to work two or three jobs just to be able to afford a house. They should be asking the government to help reduce housing costs for all working class and middle class families, not just the ones already near foreclosure.

    That's why I believe this federal housing program should be significantly expanded, with funds from the Federal Reserve. Then we might actually have a system in this country that provides housing that people can afford, instead of what we've had for the last 20-30 years.

    February 20, 2009 at 8:40 am |
  6. George Owen

    There was something shown to be really wrong with this nation when President Bush decided to bail out the very wealthy banks that then turned around and began to kick whole families out on the streets. The terrible irony is that these very families put up their hard earned tax dollars to save these banks. The people that work at these banks and are doing their bosses dirty work should be ashamed of themselves.

    February 20, 2009 at 8:39 am |
  7. Luis

    We are going to have a massive panic on wall street, you fools at cnn must stop spreading rumors of nationalization. You guys want socialism, Warner time company is next and you fools at cnn.You better quit your B.S.

    Massive panic today on the street.

    February 20, 2009 at 8:07 am |
  8. Janice Yeager

    Who was that idiot having a tantrum on the floor of the stockmarket? My husband and I have been home owners for 40 years but realize that something has to be done to help this crisis, yes that is our tax money, but so was the first half ( or more) of the T A R P that disappeared, where was his tantrum then? Oh, thats right, the money didn't go to help his neighbors with an extra bathroom, It went to his friends on WALLSTREET who has 5 bathrooms, by the way how many bathrooms does he have/

    February 20, 2009 at 7:44 am |
  9. Nech

    I just don't think the stimulus bill is going to help people. Mortgages were given to people who never would have been able to pay for them, and now we are paying so they can stay in their irresponsibly acquired homes. We just need to pray that everything should get better. For those who are facing a foreclosure threat a powerful option I found is to request a prayer for 40 days at the Western Wall.

    February 20, 2009 at 5:58 am |
  10. Mary

    What really gets my Goat is How some people who claim to care so much about this Country are so upset because there are people that might get a little advantage from the Housing crisis. Are we that greedy or that petty, that we would want the whole Ship/Country to Sink, Instead of helping to plug up the Hole. Hey, I have been a Good Steward Also, and Its great that Many other people have also, and we should continue to be so. Hopefully when we are out of this Massive Mess, by working together to Fix the Problem, Maybe the people who didn't do exactly do the right thing will learn from there mistake and we will defintely whole them more accountable. I'm not willing to throw the baby out with the bath water over there mistakes. Come on America, we're in a Crisis, do we have to Complain about everything?
    Mr. President I Feel for You. You have Inherited a Massive Mess Fix and people in Distress. I support you 100% and I ask God to Give you Favor and Widsom in Handling all that is put before you, no matter what opposition that might come in you path. America Needs You.

    February 20, 2009 at 5:32 am |
  11. Wardell katrina Survivor

    WAKE-UP AMERICA, this is what happens when you put someone in office that you can have a beer with,who corrupts the court system.George Bush chose GREED over GREATNESS, his party over saw THE GREAT AMERICAN RIPP-OFF, and a lot of you supported the party, whose philosophy was LET THE MARKET DECIDE, now you see the market doesn't care about you,after the saving and loan ripp-off, realestate was devalued,to pennies on the dollar ,people got in , thinking now I can get rich, the market took advantage of that mind set,jacked up the value, 20 to 40 percent, YOU GOT RIPPED-OFF,going in, the court system in place now is to help cover-up,can you say supreme court 2000, I feel sorry for those who blindly have gotten caught up in this COVER-UP, that NOW president OBAMA , is trying to clean-up,but for those of you who thought the REPLUBS,really cared, LOOK AT OUR COUNTRY NOW,support OUR president, this is for from over,more people will be jumping out of planes, going to jail, and killing themselves. God help US. God bless ALL of you.

    February 20, 2009 at 5:08 am |
  12. Anita Johnson

    We (Us), as a nation, have come a long, long way in my lifetime. Black America did not elect President Obama, for there are not enough Black people in America who vote, to do this. That fact, in itself, shows how far we have come. We are all connected to each other regardless of what we may feel our 'status' in life is. So many, of our fellow Americans lives have changed and the future is covered with clouds. We are at a point in the history of America where the words 'UNITED STATES' demands to be embraced by all of us. We (Us) have never been in this position before. But we have a new President, one who became President on Nov 5th, weeks before he raised his hand on Jan 20th. Mr. Obama came into his Presidency with a plan to turn the direction of our nation around. Thank goodness he, and the team he has chosen, began their work immediately because if they did not I can only imagine what the news media would be reporting. We hear reports about what needs to be done, what won't work and experts to explain why. Rome fell from within. Are we, modern day Rome? We are one nation, under God, indivisible and America's failure at this time of our history is not an option. Let us visualize our success.

    February 20, 2009 at 2:44 am |
  13. G. Jack

    Mr. Cooper, I appreciate your in-depth reporting on so many of our critical issues that face this nation and those abroad.

    Regarding the bail-out, I do not see how it is going to help the people who need it the most. I am a hardworking guy who has had a job since I was 15. I put myself through college and have had a good job for many years. Recently, I have had my hours cut so that now I am making 2/3 of what I was making last year, even with taking on a second job.

    I bought my second home in the middle of 2006, when 30 year fixed interest rates were much higher. I was assured by Band of America that I would be able to refinance in the upcoming year when rates went down. Unfortunately, they did not, but the value of my home sure did! I did not feel that I over-paid for my home, but do to homes in my surrounding area being sold at fire-sale prices, especially those in a nearby track development, my home value has suffered. I am in a 7% mortgage, even though I have good credit and never have missed ANY payments. I have tried to refinance with Bank of America twice in the past year, and once using a broker. I qualify for a 30 year fixed at 5.0% mortgage, the problem is that I am upside down 40k in my current mortgage due to decreasing home values in my area.

    I am unable to refinance. Bank of America offers NO HELP (but a poor attitude) because I am current on my mortgage payments. They tell me they only offer assistance to those who are in foreclosure. I have spoke to the Loss Mitigation department, to no avail. I have spoke to the Payment Assistance department, to no avail. I have spoke to their corporate customer service, to no avail. They will not assist me until I am close to foreclosure. I was told by a manager in their Loss Mitigation department that I would be better-off to stop paying my mortgage for a few months in order to receive any assistance in a loan modification. I was also told by the same manager that they do not lower the interest rates, or principle, but add time on to your mortgage (up to a 40 year mortgage), to lower the payments. Is that REALLY a solution?

    Bank of America is one of the largest banks in the U.S., and I am sure there are many in my situation. If they are completely unwilling to assist people in avoiding foreclosure and missing payments, how are we ever going to get out of this housing crisis?

    It is my sincere feeling that they are so unwilling to assist because they are waiting for the government to sweeten the deal at the expense of honest, hardworking Americans who deserve a little assistance. Yet, they want OUR tax money to keep them afloat!

    If I was able to refinance, and that is all I am asking, to a market rate of 4.5 to 5.0%, I could shave $400+ off my payments. This would keep me from having to borrow money from my 401k and my CC to keep current on my mortgage payments.

    On a side note, what ever happened to all that PMI we have been paying all these years to protect the banks from bad loans. I am currently forced to pay $200 a month to this SCAM, BOGUS insurance, and for what?

    Much appreciated,

    G. Jack

    February 20, 2009 at 2:42 am |
  14. Ambreen Khawaja

    There are many home owners who bought the house as an intention to keep it as their primary residence, with the housing market crash and money situation change every family is facing difficulty making payments. Since the housing prices were artificially raised from 2002 to 2006 people who bought the houses in that time frame are the one suffering now. The bail out plan should offer the home owners who are willing to keep their houses & who bought the houses in that time frame a loan modification plan that can offer them a lower interest rate i.e.3.5% for the first five years and either 4.5% or 5% for the rest of the life of the loan and this opportunity should be equally provided to all home owners who didn't pull out any equity and are willing to make payments even though they have negative equity in their existing homes. Banks are equally responsible in giving false loans and fooling people off to buy a house on 0 down at that time they were offering 5% interest rate for the first two years on a 600,000 loan and the interest only loan were given to the people with no Docs it was a trap to attract people and have a house of their dreams even in that scanario in two years all the money was going in Banks pockets with my own loan the Bank have earned over ninety thousand dollars interest in last few years and now when the market crash down banks are not taking any responsibillity and every thing is on a poor home owner. Even the president is saying the plan is not for the home owners who bought the houses irresponsibly.The game Lenders were playing in past few years could attract any one since its an American dream to buy a house and with all those attractive offers many people got trapped. Now the President should consider all the facts its not only the Buyers it was lenders and those real estate agents who were fooling people.

    February 20, 2009 at 2:02 am |
  15. Bigbobcat

    Why don't these AUTO big CEO's take a drop the prices of an auto n its parts to half price, to where middle class people can afford these cars that they are making .. That would keep the people that are working for them through out the auto industrial to keep there jops .. I know this sounds crazy , but at least people will be able to work n that also goes for the housing industrial would do the same then people could by homes n afford them.. That is the trouble with all these big CEO's in every Industries they are big hug's and want more money in there pockets n don't care about the little man who is trying to make a living .. If every Industries in the USA would drop there prices regardles of what they are ( Auto , houseing , medical fieds ,Ect. ) it would be better on every one n jops would be saved . This would include those ( Republicans ) in the white house do the same , then they would know what it is like for the little man to try n live with all these high prices that are going on .

    February 20, 2009 at 1:54 am |
  16. Myles

    Under the new bailout for homeowners... I know that if a homeowner pays their mortgage on time they will receive a 1000 dollars toward their principal at the end of the year for up to 5 years. I also hear that is has been outraging homeowners that haven't taken a bailout. With all this money getting thrown around and government intervention in the banking system do you think its logical to offer the same incentive for the ones that have made it on their own?

    The argument on the other side is that if pay for your neighbors house will actually increase the value of your own home. I think thats more optimistic rather than realistic point of view.

    February 20, 2009 at 1:51 am |
  17. J.V.Hodgson

    If thats the case and no work or correspondence from the clerk of the court to the defendant to verify the plaintiffs claim and facts submitted.
    The system is
    a) Broken and should be fixed
    b) Is in reality not helping the banks or borrowers because both crystallize losses.
    c) The key question from the clerk to the banks needs to be have you provided for this loss, if so it goes to the bottom of the docket, and the marginal possibly defendable cases become the target of court time and the mortgage bailout package, the others later when more facts known.
    Is it really a reality and fact that some cases got 20 seconds in Court or is that just media drama and hype.If so shame on you as well.

    February 20, 2009 at 1:40 am |
  18. Christopher Reynolds


    I am in complete disbelief with all the negativity about this refinance proposal. I have been working on refinancing my home for over a year, watching as many of my neighbor either short sale their homes or like just a few days ago have a neighbor getting the "boot" by the police. I pay my bills, my own medical insurance and have watched as my home's value diminish 20%. Why are others worried that they will be paying for the people that are getting something from taxpayers when $350 billion already (7.1K for each of us) has paid for banks that have ripped us off? I am just barely making it and could a break.... Why are so many worried that they will be keeping me in my home... when they have already kept the fat cats in theirs?

    February 20, 2009 at 1:29 am |
  19. Rene Rodriguez

    My partner and bought our house 3 yrs ago.....we pay our mortgage on time but in the last year, it as become hard to keep up with our obligations, my partners hours have been cut, I have had surgery which caused my salary to decrese and my mother passes away and now I have a separate note to pay besides my share on my house. While speaking with someone from Countrywide about my situation, the end result was the we were only in the negative 116 dollars and there was nothing they could do for us to modify our loan.....is this true? They did agree that if we would fall behind on our note, we may get the help we need. We are not that type of people.....What can we do so the 200k plus loss of the value of our home wouldn't hit us so hard, especially when my neighbor how made a bad decision would get bailed out?

    February 20, 2009 at 1:26 am |
  20. michelle

    what do I think of this real estate bailout? I'm seriously ticked. My husband and I were one of the skeptics severs
    al years ago who chose to sir on the sidelines and not buy as the market spun out of control. This despite our $200k plus a year salary. And this is our reward for having insight and good stewardship. What the hell msg are we sending to Americans? I'm beyond disgusted.

    February 20, 2009 at 1:25 am |
  21. Purnell Kankakee IL.

    The Republicans were for giving the peoples money to the rich, but when it comes to helping the people they turn off the money flow. But they will give billions upon billions to broken companies like GM, who ran their company into the ground!

    And they wonder why they are not in office right now, their ideology is totally crazy! Rob from the poor and grive to the rich is totally wrong, have they ever heard of Robin Hood?

    February 20, 2009 at 1:24 am |
  22. John

    If you are paying your mortgage and are not in trouble, be thankful for that. You are not suffering. Others are.

    Envy is an despicable thing. It is even more despicable when the envied are in need while the envious are not.

    February 20, 2009 at 1:20 am |
  23. Cliff

    Cliff Ca
    I think President Obama has the right idea, we as American are going to find out in the mortgage criss, the strong will survive. 10 million that have been doing the right thing will survive..

    February 20, 2009 at 1:17 am |

    I fail to understand why people are complaining about not wanting to help pay for their neighbor's foreclosure situation with their tax dollars in regards to the Foreclosure Bill

    The Government bailed out Wall Street and numerous Banks. If the banks can get a bail out, why can't the regular person who is losing his home get help from the government. That same person who is complaining about his neighbor is paying taxes to bail out those banks.

    Also, we need to be careful how we talk about our neighbors and others. Tomorrow that person could be out of a job. Times are very bad right now. Everyone needs to help wherever they can. We need to STOP COMPLAINING, AND BE THANKFUL.

    February 20, 2009 at 1:17 am |
  25. Stephen

    Ok, I am not in Florida but the other hard hit market of San Diego Ca. I bought my home 2 years ago for 430K it is now valued at 280K. I have paid every month on time and am looking for any answers as to how I can get any relief from this plan. Truthfully I love my home and can continue to make the payments, But really if I let the bank take it away I could walk across the street and buy a similar house for basically half of what I owe on mine....Any ideas?

    February 20, 2009 at 1:16 am |
  26. Aaron Metz

    My wife and I, gen Xers, would like to buy a 3 bedroom 2 bath houses in Los Angeles, but prices need to fall to 2001 levels that Zillow.com shows to be affordable. Putting federal money into the real estate market stymies free market pricing which frankly blocks our attempt to buy a home in the near term.

    February 20, 2009 at 1:16 am |
  27. David Friedman

    I am confused about the stimulus checks. I have already got my refunds and filed head of house with one child, How much will I get back and how will i receive it?

    February 20, 2009 at 1:12 am |
  28. Patti

    I keep hearing about how unfair it is that we taxpayers will be bailing out irresponsible homebuyers. Remember that our tax dollars have always been used to take care of the irresponsible. If everyone behaved correctly, we wouldn't even need to spend tax dollars for police!

    February 20, 2009 at 12:53 am |
  29. Chris Alen

    Hi Anderson:

    Like 80% of Canadians, I have followed President Obama's incredible journey and have a tremendous amount of admiration for the sense of humanity and respect for others he has portrayed. However, I am very disappointed in the way he and his handlers have managed his trip to Canada. No allowance for proper photo ops, no speech in the parliment, no allowance for him to meet or be seen by ordinary Canadians in any fashion. The steets were shut down like we were a worn torn, high risk country. Bush, Clinton as well as Reagan all made proper appearances to show the kind of respect Canadians deserve by a visiting American President. Why is it that we have to remind this administration that we are your largest trading partner in the world. Our soldiers are dying every week in Afganistan to try and keep some order in the chaos there. We have always had your back when you really needed us.......and yet we cannot even register more than a six hour visit. We were barely allowed to see the beast being wisked through the streets. Gosh and you wonder why America gets such a bad rap around the world? When you treat your best friends this way, it is no wonder you make so many enemies. Shame ,Shame, Shame.


    February 20, 2009 at 12:31 am |
  30. Alvin Binion

    Hey, I heard it mention that banks were giving loans to people who should have got them. That may be true but what being forgotten is that the average new house being built is well over a 100, 000 dollars. That shows a sign of a housing market that was hell bent on selling to those who didn't mind having a morgage that was 1700.00 dollars a month....right? Or is it more like we (the Consumers) got so caught up with luxury and wealth and keeping up with the joneses we forgot our common since. Yes it the American dream to own a House with a two car garage but there are some cheaper versions out there.

    February 20, 2009 at 12:30 am |
  31. Erin

    I would like to extend a big “THANK YOU TO PRESIDENT OBAMA” for approving the Plan to help the home mortgage crisis that will help millions of Main Street Americans.

    I cannot predict the impact on the Florida foreclosure backlog or any other foreclosure markets. However, I believe the long term impact on the housing crisis will be positive. I have faith that it will lend a hand in jump starting the sluggish housing market.

    The first TARP released under former President Bush fell into the wrong hands resulting in huge bonuses for Wall Street and Bank executives. Americans should be appalled at this.

    On the other hand, Americans should applaud President Obama taking this bold step to provide assistance to average Americans on Main Street who are responsible, but would like to restructure or refinance their mortgage in these tough economic times. These responsible people who pay their bills on time who need to refinance ARE NOT RECEIVING HANDOUTS.

    In addition by helping homeowners, the housing package will ultimately improve many other markets, such as, stabilize market value, improve existing and new home sales and improve lending opportunities. This will, in turn, create job opportunities. Many other markets are dependent on the HOUSING MARKET COMEBACK.

    Complainers are selfish and self seeking. They are “us 4 and no more” kind of folk. As long as things are going well for them, they say “forget everyone else.” To Wall Street and the complainers I say, “BE PATIENT, GIVE THE PLAN A CHANCE TO WORK.”

    Erin Smith

    February 20, 2009 at 12:01 am |
  32. Massoud Tafazzoli

    Dear Mr. Cooper,

    Lately, as I watch your broadcast I feel as though I'm watching FOX News (almost want to turn it off). You complain the President is negative about the economy, housing and the job market, and then you promote a negative tone in questioning your panel. I am beginning to believe that the only reporter you like is Candy C. It seems as though the moment I am feeling a little hopful and optimistic and, pray that the initiatives the President is taking will turn things around, I turn the news on and get depressed due to the negative tone.

    Please inject some optimistic in your tone. Are you trying to compete with Rush Limbaugh?

    February 20, 2009 at 12:00 am |
  33. Marilyn

    I think it is so unfair that they would think the 9 yr old boy understands
    what he has done . how can he . he only a child

    February 19, 2009 at 11:53 pm |
  34. Jay1982

    The 8-year-old could not sign a contract because he is too young to ujnderstand what it means. The contract would be invalid. How, then, can any "plea agreement" be valid. This is a child. Adults are behaving with ignorance and malice! The child needs help, and this agreement will only label him and scar him.

    February 19, 2009 at 11:46 pm |
  35. Gerrie Smith

    Despite the saturation coverage of the foreclosure crisis, I've been baffled, frustrated and angry at the failure of the media, as well as the government spokespersons, to examine the connection between our failed health care system and the foreclosure epidemic. As a recent Harvard study suggests, 50% or more of forclosures are medical foreclosures. Clearly this information should be framing the discussion. Arguably, many of the critics of the rescue plan might be less bitter and more compassionate if they were aware of this.
    Moreover, the obstructionists to universal health care might have no choice but to acknowledge that a failed economy is inevitable unless we address our health care crisis. To neglect coverage of this pivotal connection is to enable reactive, uninformed and divisive attitudes.

    February 19, 2009 at 11:45 pm |
  36. Glen

    Here's one for you, The Mortgage " calculation for a house should be removed from our system, it is so unfare. You end up paying for a house 6 or 10 times before the principle is paid off. And on a 30 yr mortgage, if you don't refinance somewhere down the road, you don't ever have a chace to OWN a home that you can resell. And by then you are in your 60's. So much for the American Dream"

    February 19, 2009 at 11:41 pm |
  37. kay

    It is disgusting to hear that there is 'a lot of anger out there' over the housing plan. We should remember that some banks got bail out money and others did not. The housing plan is more fair. Even those who would not be getting direct help would be helped by the fact their houses would not dip further in values and their neighborhood more stable because foreclosures are reduced. Somebody had to do something about the housing problem that has been so much linked to the recession. If the plan is going to help get the country out of recession, the whole country gains. I hope those angry about the housing plan get t understand this.

    February 19, 2009 at 11:37 pm |
  38. T.C. Christian, Jr.

    Isn't this Obama's house prior to his moving to the White House?

    February 19, 2009 at 11:37 pm |
  39. Nadine Ithaca,NY

    I am one of those people who have had my home for 17+ years, my pay has gone from 45k a year to 28k a year all with in that last 10 months. I work for a car dealer and my husband works as a factory worker who makes parts for many car manufacturers.
    I have applied for help with my mortgage holder. I wait for the answer that will save me and my family.
    Up until the past few months I have been able to keep my bills up to date. Now, I can't. My mortgage has gone up twice because of miscalculations in my loan because of taxes.
    So between my pay going down and my payments going up I am desperate for the help that is being offered so I can keep the home I have raised my children in. I want to pay my mortgage on time and pray for payment I can afford.
    For those like me in my situation I pray for you.

    February 19, 2009 at 11:36 pm |
  40. Pam

    I'm a Realtor and see families losing everything; also saw lenders lower their guidelines and buyers with eyes wide open buy more home than they could afford; Please, why does the press just give "seal of approval" to everythiing Pres. Obama does? If Obama wanted to effectively help real estate market he should talk to people in the trenches, realtor associations, etc. His ideas and spending plan is nothing more than giving more money away. Doesn't help those currently losing their homes at all.

    February 19, 2009 at 11:34 pm |
  41. Glen

    Did I just hear the Housing Sec. say that housing will increase about 6000.00. Does everyone know that also make your taxes go up.

    February 19, 2009 at 11:30 pm |
  42. Sandra Stockton

    The Mortgage part of the stimulus is upseting to a lot of people, but how do they know it is not going to work if they don't give it a chance. It is not going to work overnight. Just give it time to work. The president can not do it by himself, The people, the banks are going to have to do their part and make it work. It is all about the mind set. Live by your means and make it work. My pastor always say, "To every problem there is a solution", We all must work to solve our problems , stop blaming others and expecting others to fix it. I feel the goverment is here to HELP us, not do solve the problem for us. With a great leader and God's watchful eye, We will make, just be patient and let it work.

    February 19, 2009 at 11:25 pm |
  43. anton j brogden

    Ok two things first sorry for the ignorance about the child it seems that people die everyday not a nation....now Florida again did they not already prosper from high pay and low housing costs. Come up north and then complain if I was a judge well...a lot of things are actually happening.

    February 19, 2009 at 11:24 pm |
  44. Deb L

    So here's the recap of this story.

    Mr & Mrs. Unqualified bought a house they couldn't afford with zero down encouraged by our gov't because it;'s everyone's right to own a home. Now they can't make the payments.

    Then there's the Dogoods. We bought houses we could afford and put 20% down – some more (we put 40%). Because of Mr. & Mrs. Qualified and all their buddies are headed for foreclosure, everyone's home value dropped. Those of us that put money down – have lost most of it. In our case about $50,000.

    So now Pres. Obama Mr. Feelgood, decides to help those who were unqualified – took no personal risk and is giving them a handout with taxes I have to pay.

    The Unqualifies who have no personal money or very little at stake are now being rewarded for irresponsiblily and those of us that did the right thing are out hundreds of thousands of dollars.

    We the Dogoods will not get anything from this Bill except another stab in the back and a tax for it.

    The Unqualifies will probably still not be able to keep their freebe home, temporarily the values will be artificially inflated (as they were before) and then the values will continue to decline, we will have added Billions to our national debt for nothing gained, and our gov't will have again screwed with the market.

    Did I miss something?

    February 19, 2009 at 11:24 pm |
  45. gayle

    If yor neighbor's house was on fire, would you want the fire dept. to decide if they were "worthy" people a before putting out the fire?
    Forclosures hurt everyone in the area.

    February 19, 2009 at 11:21 pm |
  46. Mike

    I am really stunned at the market's reaction over the last 10 days. The plan announced by the Treasury Secretary was blamed for a slide beacuse it lacked specifics. The Housing Plan, announced by the President, was recognized as having many more specifics but those details aren't popular.

    If we (the American people, the American investor, American banks) don't get out of a the lose-lose mentaility, no amount of stimulus...no plan, no level of detail will ever suffice.

    This confulance of circumstances that caused this problem was truly amazing. The President is trying to target the three or four key components to the melt-down. Trillions of dollars are in the mix, millions of people, hundreds of thousands of homes, hundreds of industries. No single plan, is going to be the perfect fix for anyone.

    My wife and I work hard. We have 3 kids. I work for my family's small ad agency and most of our clients are car dealers. I, too, am worried about my job. I'm worried that our house is going to decline in value. Interestingly, I personally know someone at the center of the housing meltdown. He went to Florida and made a fortune pushing subprime loans on an unsuspecting population. I'm mad as hell at him and the others that brought about this situation. I'm mad at individuals who live beyond their means. These people may get away with what they did. They may get help from the housing plan. That said, if the plan stems foreclosures, everyone wins. I'm willing to pay for the irresponsible people if my house retains its value.

    Bottom line...let's get behind the plan. If you have a job, spend some money. If you can invest...invest. Let's manifest the faith in our economy that we had when times were good now that times are tough. If we can't do that, we should just nationalize everything, have a planned economy and call it a day on capitalism.

    February 19, 2009 at 11:21 pm |
  47. Joe Manuel

    Big Problem Easy Soulation

    Mortgage Rate Reset for Every Borrower. from Current Rate to 3%

    February 19, 2009 at 11:17 pm |
  48. michelle

    To all the people that are angry that people are getting some help, why do you assume that they don't deserve it? Oh the people who make their payments on time are mad that their neighbors are compensated for not making them on time. Get over it!! Haven't your home values declined as well? In the end, won't you benefit as well? Sure you won't get any hand outs, but you won't have late payments on your credit report, you won't have the anxiety of dealing with the mortage company and ultimately you will get the value back on your home. Shut up already. People have lost their jobs, people can't refinance their mortages due to declining values. What is wrong with people? It is so sad that as americans we are so quick to bail out the banks and insurance companies to try to save our 401ks, but we have no regard for our neighbors. It could happen to anyone.

    February 19, 2009 at 11:16 pm |
  49. Brian B.

    The softening of America continues! I don't understand how this Country has gotten so timid as it relates to holding people accountable for their actions. In the past, the country had a "debtors prison". Well guess what....people were responsible with their money and paid their bills on time when a real "punishment" awaited the irresponsible. Now, we have evolved to a society where we reward the weak and punish the strong. I'm sorry to sound so cold, but I have no sympathy for anyone in this predicament. To make matters worse, I am losing faith in the U.S.A. overall. I believe that the character that once made this Country great is no longer present. Heaven help us all!!!!!

    February 19, 2009 at 11:15 pm |
  50. Irina

    It is disgusting. Most of the so called "homeowners" could not even afford to have hame. The more responsible you are the more "penalized" you are, meaning you keep paying and do all of dues , but the ones that know how to work the system get rewarded. Shame and disgrace. It is outrages.

    February 19, 2009 at 11:07 pm |
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