February 20th, 2009
03:20 PM ET

Send us your questions on the economy

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You’ve heard about the Stimulus plan, and the Housing rescue plan, and the TARP bank bailouts. But you still have questions, right?

Ask us your questions here, and our experts will give you some answers tonight on AC360° at 10PM ET.

Filed under: Economy • T1
soundoff (315 Responses)
  1. Kelly Hounshell

    My name is Kelly Hounshell
    I have lived in my home for 28 years,I haven't missed one mortage pymt. The company i was employed with for 22 years closed my plant
    in East Chicago, In. I am not behind on my house pymt.,but I am running out of funds, quickly, I can't seem to find employment right away. Now, without a job,no matter how low the interest rates go,because of the stimulis package, I will not be able to get a loan,because I am unemployed.
    Question....not missing a mortage pymt in 28 years,Have I been responsable or not .In Mr. Obama's eyes. Will people like me be able to keep their homes,untill I can find employment. will someone Please ask Mr. Obama this question for me.
    Thank you Kelly Hounshell

    February 21, 2009 at 8:16 am |
  2. Q.

    We are in a time of recession in and I have notice the lotto (mega millions and Power Ball) are up around $100 million. I guess they are trying to make up the 1% that does not play the lotto. I have notice with amounts this large white elderly man wins; guess they are the only ones that play. The question I have, how much does lotto gives towards education? Other than making a person a very rich person what else dose the lotto’s do and are they govern by anyone? I have notice about the Mega Millions it hit three times in GA in 2008 (Portal, Dallas and they are over 80% white). Thanks for listening.

    February 21, 2009 at 8:15 am |
  3. Larry Walls

    I'm sorry Mr. Cooper I got carried away. I am hoping that Barack can do what Mr. Clinton did. This stimulas package, well I don't know what to think about it, All I know is we need help and if this is what it takes then let's do it. The Republican party said it's a waste, and our kids will have to pay for it.Well we need to do something because if we can't get the economy turned around what do our kids have to look forward to.

    February 21, 2009 at 7:10 am |
  4. Larry Walls

    Mr. Cooper,
    If the (United States of America) is built around the hard working people of this country why is it that the first bail-out went to banks. We are trying to stay afloat just like they are. You know I have always been told family comes first. I think if theses companies are so concerned about their profits maybe they should just pack it up and go over seas. They don't really care to much about the USA. Atleast that is what it looks like.

    February 21, 2009 at 7:02 am |
  5. Gail Ellis Duncan

    This crisis is going on world wide and I wonder if we are missing the big picture here. Do we continue living and spending like we did in the past? Shouldn't we use this crisis to get back to community, small farming, trade schools and stop just looking at the money issue? Is the money issue just a bandage that keeps us from looking at the true nature of capitalism? Many are going towards crime to survive. Those already in crime are spreading out doing more crime. Shouldn't we begin to change our lifestyle and adapt some of the ways of our ancestors to save this planet? Are we just too selfish? Is this a wakeup call? Fix our inner as and the outer.

    February 21, 2009 at 5:34 am |
  6. James McGill

    This is so lame. We're circling the drain, and Republicans are arguing about which direction we're draining. These a-holes have buried us. Don't you get it? Average family incomes have cratered the last thirty thirty years, basically since the labor unions were targeted for destruction by Reagan, and now the middle class is wondering why they've suddenly got nothing at the same time Republicans told them their world was full of rising home prices and more shopping and rosy scenarios, even when we invaded Iraq, which had nothing to do with 9/11 so we didn't have to pay for it, but will nevertheless cost all of us one or two trillion dollars for the next twenty years, on top of all the interest debt created, but no matter, we're Americans, and we can do anything. Republicans have buried us. Have you got that? Republicans have buried the United States of America. With flag waving, defense expenditures, anti-liberalism, anti-welfare, anti-government, anti-, well, anti anything American, with their Halliburton payoffs, Madoff ripoffs, everbody for himself ideology, they've won. We're done. You're welcome, Mr. Bush, and goodbye.

    February 21, 2009 at 4:41 am |
  7. Irene I. McPheron

    I see all these unemployment figures which I assume are compiled by the number of people who are filing or receiving unemployment benefits or by company notifications of lay-offs.
    What happens to the thousands of people who are self-employed and have a reduction or loss of income because of the economy ? Nothing is mentioned about those who are self-employed and therefore not eligible for unemployment compensation. It bothers me that these are not counted or mentioned since it would certainly change the unemployment figures drastically.

    February 21, 2009 at 3:44 am |
  8. Shawn

    Look up the Amortization table for a home that costs 250,000.00 dollars.Look up how much interest /principal is paid to "THE BANKS".At 5.0% interest (and thats avery good rate) look how much a family will pay after a 30 year mortgage.Then tell me that everybody is not barking up the wrong tree!My parents bought two houses right next to each other (same builder,same floor plan)for 22,000.00 dollars in 1974.I bought one of the houses from them,then sold it a few years later for 135,000.00.I know it would cost more than 11,000.00 to build that house today,But do you think it would cost 135,000.00 to build today?I don't think so!There are so many people telling us what our houses are worth that when they tell us it's constantly going up we just fall in line with that .Houses have never been close to what they are really worth,They just boost up the prices to get more taxes and the builders make more money.The chickens have come home to roost!

    February 21, 2009 at 3:25 am |
  9. James McGill

    I just watched your "expert" panel on the economy, and I simply do not understand how racing from from one "expert" to another breathlessly answering questions that no one understands very well contributes to anyone of us understanding anything well If you yell a question at David Gergan and expect him to answer it in 76 words or less, and then pivot to to somebody I've never heard of and breathlessly demand that he address the same question in 50 words or less, and then go to a map showing a graph that may mean something or not, and then challenge the lone woman on the panel to make sense of it, it's all show-biz. It's all show-biz. Where's the beef, guys? Settle down. Take a breath. Give us something that we can make sense of. Please.

    February 21, 2009 at 3:22 am |
  10. maggy simony

    Listened to the economy program, just over. It occurs to me,IF we can demand that unions settle for salaries comparable to Japanese in-state mfg – Toyota, etc. in the USA - WHYcannot we demand that (1) executive salaries conform as well, and (2) in the case of the finanacial mess, require that Bank of America et al (receiving billions from taxpayers) adopt the executive's payscale of, say, Meredith Village Savings Bank in New Hampshire? It is a throwback to banks of yore and totally successful.

    I believe we SHOULD nationalize banks for, say 2 years, and in that time, change salary schedule as above, AND offer 4% mortgage refinancing for those responsible taxpayers who have been paying all along. Think of the "stimulus" of the extra money each month this would bring to the 90% who PAY their mortgages. Would end resentment about bailing out the freeloaders. THEN turn back the backs to private ownership.


    Look into it!!!!.....................................................................................................................................................................................................................................................................

    February 21, 2009 at 3:09 am |
  11. Gerri

    everyone should stop assuming that people bought homes they couldn't afford. If you live in a state that lost jobs like steel mills or factories those jobs paid very well and if you bought a home at a reasonable price and were laid off then who do you blame? And while everyone is complaining about helping their neighbors keep in mind you could be next!!! I think we should all pitch in and do what we can to make sure we all come out ok because if we continue to fail we leave ourselves at the mercy of other countries who are just waiting to see us fall on our faces. And would someone please tell our elected officials to stop playing with our lives. President Obama is trying at least to do something which is more than I can say for the last man in the house but instead of helping the republicans in the senate and in congress keep trying to make him fail. Don't they know they aren't hurting him they are hurting us. Play games later after things pick up!

    February 21, 2009 at 3:02 am |
  12. bashar

    will the first time home buyers that bought after june 2nd 2008 and recieved the 1st time home buyer "tax loan credit" of $7500 be forgivin of that loan since the requirements of that loan were only a 7 month duration before the required January 1 2009 to December 31 2009?

    February 21, 2009 at 2:52 am |
  13. L. A. Herzenberg

    Why isn't the government talking about decreasing credit card interest rates? Many people are not shopping because their credit card debt is so high. The interest keeps piling up. Some people have even used their credit cards to pay their mortgage payments, so they are paying credit card interest on top of their mortgage interest. Can the economy possibly get better without about controlling the credit card industry?

    February 21, 2009 at 2:51 am |
  14. Robert M. Chavis

    Why is the government so afraid to give funds directly to the tax filling people of this country. There are only approx 150 million tax filing people in the country. $ 600.00 to 900.00 too people is a joke. Give people not big business real funds. 150 million dollars going to the tax filing people of this country would be far less funds than the billions being spent. Give people real money they spend it with companies,banks,loan companies and that is the fastest way to inject funds into the economy. many would start new businesses and or save old businesses and their homes. Giving funds to lenders will not get into the hands of people who really need it , the people whom have lost jobs , lost credit, lost homes and on unemployment. I would 100 times rather work than receive unemployment funds.

    February 21, 2009 at 2:48 am |
  15. Queen Rosenberg

    I'm so tired of people complaining about this stimulus plan and bailing out people that have already lost their homes, saying that these people are irresponsible and why should we as tax payers and those of us that have kept our homes and did what we were suppose to do, why should we help these people. First of all, this economy was inherited by our president, from the past 8 years of Republican leadership and yet the Republicans are the ones mostly complaining about this stimulus package instead of offering suggestions or ideas to our stimulus plan that President Obama has asked several times of the Republicans input and support and was refused. Now that this Stimulus bill has passed these very Republican Politicians aren't hesitating to request a great portion of these funds to help bail them out. The reality of a lot of tax payers complaints, which I'm a tax payer too, is that the Banks are mostly at fault regarding the people that have lost their homes through foreclosure, which has caused a domino effect with our present economy of loosing not only your home, but jobs as well, with Corp. and bissnesses going under everyday and the banks approving bad loans and also not being honest and forthcoming to the consumer on the type of loan they are signing and accepting. This is why if the Government is going to provide this Bailout to State,Banks and Car Corporations, they need to be held accountable to the federal government for their spending of our tax payer dollars.

    February 21, 2009 at 2:45 am |
  16. Jae Woodsmall

    I was layed off in2005. My husband has Alzheimers,Prostate Cancer,Skin Cancer,Congestive Heart Failure,PAD and Kidney Failure. He is in a nursing home under Title 19. Before he went into the home we moved to Iowa to be closer to my son and his family. I bought a home that was forclosed and I could pay for in full with enough money left to put in the new heating and air conditioning,water heater and new kitchen appliances. I want to move back to Arkansas to help my parents that are in less than good health now and could use my help. I listed my home six months ago at a price that was a little above what I have in the home. I hope to at least come out with what I have in it so I can pay for a home down there and have no mortgage. Is there any hope of the banks starting to loan money any time soon so someone would be able to buy my home? I bought what I could afford to pay for and live on what I have comming in. I have no credit cards only a debit card. We need to go back to saving for what we want and living within our income. Our children and grandchildren need to earn their allowance and not just be given money every time they want it. I was not given a car on my 16th birthday nor did my parents pay for what I wanted , I got a job at 16 and paid my own way. We need to raise a generation of people that live on what they earn and it needs to start yesterday. When I sign my new contract on my home I will be dropping my price to $72,900 for a 4Bed/1Bath on a half acre. I hope this stimulus trickles down soon.

    February 21, 2009 at 2:44 am |
  17. Thomas

    What I would like to know is what they are going to to about the credit industry? If you are using 75-90% of credit cards, like most Americans you are using to much of your available credit, which causes your credit score to go down and you are unable to get a student loan, mortage, car or personal loan. If you are 30 days late on your credit cards your credit score goes down. The taxpayers are giving the banks 780 bilion dollar to try to fix the US economy and supposedly credit is what oil the wheels of our economy to get people spending and create jobs. Since the banks base what you can borrow off your credit score and if it low how is anyone going to be able to get a loan? The 3 credit bureaus will keep negative information on your credit file for 7-10 years from whatever point that your credit goes bad.
    My questions is if it takes this long to get something negitative off your credit reports how is anyone going to get credit? Also, the banks will be getting the money, but the will not be releasing it because again of your credit then why are the taxpayers bailing them out?

    February 21, 2009 at 2:44 am |
  18. Imran

    giving judges the power to cut home values to lower principal and mortgage payment is a better idea than letting banks make that decision. When I tried to refinance with my bank a year and half ago, my home was appraised 10% less than what I had paid for it. Six months ago when I tried to modify, I was told my house was worth 10% more than what I had baught it for.
    It forces me to question my lenders intentions.
    That lender is Country Wide.

    February 21, 2009 at 2:43 am |
  19. Kim

    Is anyone else enraged by John Stumpf's full page ad in the Wall Street Journal whinning about not being able to take his "best employees" on a corporate junket to properly thank them? Has it never occured to him that companies with a balance sheet like his could perhaps say a meanigful "thank you" within the walls of their own offices instead of in the Bahamas or with a $60K ad in the Wall Street Journal? Why do any of these bank CEO's get to keep their job?

    February 21, 2009 at 2:42 am |
  20. Kimberly Dover

    I think the bailout plan is wong let me tell you what to do to make it right. Give $5000.00 dollars to every adult (18 upwards) this will do many things first it will give to everyone, secondly it will help troubled home owners as much as possible lets average the home loan mortgage to $1000.00 dollars across the board this will provide 5 months of back home payments or pay for the next 5 months, if your loan is a little more, well you'll have to make that up but if it is a little less good for you. If you need to pay for medicine or pay a light bill that is behind because you focused on your mortgage instead you can do that. Welp you see the idea here is much better and all persons get some help and you spend about the same monies but accomplish all around good. A $500.00 dollar stimulus lets face it is a joke in todays economy if you're going to do it then make it count.

    February 21, 2009 at 2:41 am |
  21. Robert M. Chavis

    Extending unemployment helps one eat but not live. It would be greater to spend more time and more funds on actually making sure people have jobs. Its that simple. If Obama started with making sure all federal positions that are open be filled that would be a start. The funds for federal jobs are there already with out a Bill being signed. I look at usajobs.com and there are thousands of jobs open if not 100s of thousands open. If I had not lost my job I would not be lossing my home , my vehicles etc.

    February 21, 2009 at 2:40 am |
  22. Denny

    With the socialism track we seem to be on can the government take the great $13 a week that they are going giving us put it an account with my name on it let it draw intrest then the government borrow against it. I would much rather give up intrest rather than pay for the auto workers to keep drawing $25 to $30 an hour and have my kids pay for this country's greed. Also what about all the companies that have moved their production to Mexico or overseas. If you brought them back here even at minimum wage why wouldn't that make a huge difference.

    February 21, 2009 at 2:37 am |
  23. Angelo Pisani

    The economists talk about Americans spending, offering a few hundred dollars as if it will make a difference. Why can't they give the American people enough money to pay off our homes, pay off our debts, upgrade or rebuild our homes. If the government had given each American citizen one million dollars before taxes, not to be incorporated with any other income, then take out whatever tax would be on the one million leaving approximately $600,000 for each citizen. Require any citizen under the age of 21 to have half of their 600,000 invested in government bonds until they reach the age of 21. Lock in all prices across the country so that companies can't gouge the American people. Then you might see some serious spending on the part of the American people. Forclosures would stop, building might resume, and people could use this stimulus for just that, to stimulate the economy.

    February 21, 2009 at 2:37 am |
  24. David F

    I am angry about the mortgage bailout. Do I understand the plan?

    I see that my neighbor would get his mortgage debt reduced, so he can afford to live where he does. I can make my payments, though my home is worth less than I owe, I intend to continue to make the payments. I don’t qualify for any help. But I know and believe that real estate values will recover, and when they do, I will wind up with little to no equity for my diligence and my neighbor will have a windfall profit because he doesn’t owe as much against the recovered value of the property.

    Any amounts reduced from the original mortgage should not be forgiven, they should be repaid when the market recovers and the property is resold.

    Why not just amortize my neighbor’s debt differently, over a longer period of time, for example, until real estate values recover? This would serve to make his home affordable during this period of time and allow him to sell the property at a break even price when the market is restored.

    If we are trying to encourage consumer spending and jumpstart the credit system, why don’t banks just lower their usurious interest rates? They are, in many cases, legalizes stealing, and probably point to the real problem of our economy . . . greed.

    February 21, 2009 at 2:36 am |
  25. Mickey

    I do not understand why the Tax Credit for New Homebuyers in the New Stimulus Plan was not retro back to April 2008 for people like my daughter that did buy to help the market in 2008. Yes, they will be eligible to apply for up to $ 7,500 but have to pay back beginning 2010.

    February 21, 2009 at 2:35 am |
  26. Gerri

    My question is what will this package do for me? I have been working two jobs since 2002. I was working for a transportation company that held a contract with another transit company while driving a school bus part time during the day. The night job closed because they lost their contract so in turn I could no longer afford to keep my home. I lost it and had to move in with my daughter. I can't collect unemployment benefits because I had to quit the day job (school bus job) because my daughter lives 4 hours away from the jobs I held. now I'm just unemployed with no income from anywhere and working part time I couldn't even afford to pay rent where I lived before.

    February 21, 2009 at 2:33 am |
  27. Robert M. Chavis

    People are not spending because they do not have the funds, no jobs equals no funds too spend. On unemployment barely can feed the family, no less keep our home of 16 years. Obama needs to understand that only jobs produce funds and peoples confidence to spend. I went thru foreclosure now they want possession. Its too late for me. No job, no credit I can not afford to move to a rental. Rentals check credit. Had 780 score two years ago now you can not even find my credit score.I was making my mortgage payments until I lost my job. Will be homeless in two weeks. No help for my family. Obama could open up federal jobs and help somewhat. I have three college degrees and good fit for many federal jobs. Applied to approx 2000 no job yet in one year of no job.

    February 21, 2009 at 2:31 am |
  28. Imran

    Hi Ali,

    Common sense, tax payers who are opposed to helping people in trouble haven't lost a job or run out of their savings. If it happens to them and they are 4 or 5 months behind on their mortgage, I am certain they will have a change of mind.
    It is always easy to be on a side line and make comments.

    I am hoping that if my comment doesn't make it to your show, at least you will bring up this point over and over.
    thank you.

    February 21, 2009 at 2:30 am |
  29. Russell

    Why can't the feds drop interest rates to refinance to 2% for the people who have made the right choices. Wouldn't this stimulate the economy, It would save me $1000 a month.

    February 21, 2009 at 2:21 am |
  30. James From KC.MO.

    I understand the mortgage situation. However, nothing has been said about how this stimulous package will help FIRST TIME home buyers aquire loans thru F H A or other avenues. Is there any help for us at all?

    February 21, 2009 at 2:20 am |
  31. Tenise

    Ali Velshi is a joke. He and his Wall Street buddies are so far removed from Main Street. Hit the streets and go to California and Florida. See how people are feeling and what people are saying. Personally, as a young professional, I feel like the American dream was stolen from me. Greedy Wall Street bankers have stolen the American dream from the middle class.

    February 21, 2009 at 2:17 am |
  32. John Harp

    Why not make a condition to businesses that if there looking for taxpayer bailouts, to get help they must commit to bring back overseas jobs to our country. Why do politicians not support keeping American tax payers with jobs that should have never left this country. I feel that this economy will never rebound without people keeping jobs. I here no one on reporting on this issue. American taxpayers should have first advantage on jobs before anyone. Don't forget they are the ones that pay our politicians wages.

    February 21, 2009 at 2:15 am |
  33. Tenise

    Anderson ~ check out the lastest scam concerning homeownership. Several banks are running advertisements promoting reverse mortgages. They are preying on the elderly. The bankers want to get their hands on the home equity of our elderly citizens. The greedy bankers are continue to suck the financial life of the American people.

    February 21, 2009 at 2:11 am |
  34. understand?

    What I don't understand is I am a public school tmath eacher who has always worked an extra part-time job and was taught not to purchase anything unless you can pay for. Why I am paying for others to over spend and aspect others to pay their way. I am also tired of others being over paid for what they do such as actors, sports players, and the CEO's of compays. I don't want to pay for anyone 's else mistakes for over spending and not having the knowledge or taking the time to truley understand what they were getting into. Truely if we educated well more people would truely understand what we are facinfgright now. If people had any true caring for each other they always wouldn't want people to pay for them especially when the true hard working people are working to hard to pay for them.

    February 21, 2009 at 2:08 am |
  35. Tanya

    I have a hard time understanding why when it comes to the american people (mainstreet), everyone wants to make sure we don't help the people who got themselves into this foreclosure mess. But when the banks got their bailout money noone wanted to make sure we didn't give money to banks that also contributed to this mess. I don't remember people being upset about the banks that made bad business decisions getting bailout money. No one was concerned about helping banks that also contributed to this foreclosure mess. I'm a single mom that takes care of two disabled parents. I too was a homeowner, a while back I became ill, I have lupus and I am no longer able to work. Long story short I got behind on my mortgage. The mortgage company told me it would be best to sell the home to my brother in-law so I could keep my home and I wouldn't have to move my paralyzed father. Since, that has happened I have fallen behind again, I drained my savings just trying to keep lights, gas and water on in my home. My mortgage payments were increased because of the purchase and our area has built new schools so my taxes have also gone up. I'm now in a house that now I can't afford and the house is falling apart. The loan on the home is now 220,000.00 but it's only worth 176,000.00. When I moved into my home in 2000 my mortgage payments were 1600.00 my mortgage payment now is 2600.00. I can afford to pay the 1600.00 a month I can't afford the 2600.00.

    February 21, 2009 at 2:06 am |
  36. Patrick Keith

    As a concened "outsider", financial professional and (Canadian) friend, here are three sets of questions:

    Why not dispose of the term "nationalization" which can be polarizing and anathema to everything a capitalist society stands for? Instead why not think in terms of government "partnering" with banks to solve the credit problem(s) FOR all Americans (and the world) in the MOST effective way possible? Why not make it "fluid" and "flexible" instead of rigid and polarizing? Will it not beasier to move forward on this basis? Would this not give President Obama a much more effective bi-partisan concensus? Could not all Americans support such an intiative in such challenging times?

    People now know this is serious and need no more reminders. Is it now time to take a page from President Regan's book and simplify, simplify, simplify. As THE leader shouldn't the President be saying here is the solution? Leaders need to lead and no where they are leading to and how they are going to get there. Is the President not too focused on short term tactics and not enough on long term DIRECTION. This is how you give hope and optimism at a critical time.

    This is a vote and not a question as others on the show have suggested this solution which seems sooo simple. The government should absolutely buy up the foreclosed houses, hold them in invesntory and feed them back in to the market as demand warrants. This is a simple solution that is within the means of the government and would instantly fix the housig market.

    February 21, 2009 at 2:06 am |
  37. Tenise

    Anderson ~ As the taxpayers rush to keep this economy afloat by bailing out companys, the banks are continuing to hustle people out of their money. The banks have no mercy and they are continuing to prey on the American dream of homeownership. My friend just had her ARM reset and after months of calling the bank, the gave her another ARM. She is still paying "interest only" on her mortgage. The only winner in this situation is the bank and the American people are continuning to rob out of their money. The banks have no skin in the game. They are only considering their bottom lines.

    February 21, 2009 at 2:06 am |
  38. Addison

    We didn't take out mortgages we couldn't afford. With adjustable mortgages, the mortgage companies raised them beyond our reach. Even though the original interest rate was high for at-risk clients and companies were exploiting them, most people were apparently making their payments. It seems to me the solution would be to require the mortgage companies to revert to the original interest rates which would solve most of the problems.

    February 21, 2009 at 2:04 am |
  39. Deborah Young

    Make up your mind. You can't have it both ways. The American people were lied to for the better part of eight years. President Obama told us he would tell the truth about the situation we were in. Partly because people in this country have a severe affliction of Messiah complex. Now that he is telling us the dire straights the banks and Wall Street types have gotten us into, we don't want to hear it. I guarantee you if President Obama sugar coats this situation, 6 months from now, Anderson, you will be accusing him of not being truthful.

    Make up your mind. You can't have it both ways.

    February 21, 2009 at 1:58 am |
  40. Gilbert Barajas

    I borrowed against my home equity, do I qualify for anything?

    February 21, 2009 at 1:58 am |
  41. Lisa

    Anderson, It makes me mad some people place blame, we know part of our money problems is our fault ,but we didnt plan on my husband getting laid off 4x last year, or have to go 33 hours away to get work in his trade,and now worried they are laying off there too. We made alot of mistakes we know that, we dont want someone to pay our bills we just need to work in our home town,not have to pay in 2 or 3 places to live.Homes are not selling thats not our fault,we are paying for 2 homes & for my husband to live in another state, we have been selling what we can just to get by.There is A story for every family out there, so dont judge, it could be you in our place. Thanks

    February 21, 2009 at 1:57 am |
  42. veronica

    Why are the loan officers not charged for anything they are the ones responsible for this mess, why are people not demanding more from those company's who gave false information so they can make money? Then they want to give themselves bonuses after they create a mess in the economy.

    February 21, 2009 at 1:55 am |
  43. Jeff P

    How much did it cost forPresident Obama to fly to Colorado to sign a bill created in Washington. Was this an appropriate expenditure of money in a crisis like this? I estimate using publicly available expense estimates for Air Force One and the entourage that goes with it that cost was just over $700,000 or the equivalent of 134 CEO traveling to Washington to be grilled by congress and chastised for flying in private jets.

    February 21, 2009 at 1:55 am |
  44. Sherry

    Why are all the commentators focusing on folks who bought "too much house"? This cannot possibly be ALL of the folks who may be helped by the homeowner bail out. What about those people who have been paying on-time for the last 10 to 15 years, but have now lost their jobs or have had to take significantly lower salaries? And for all those people who don't want to help slow the foreclosures....WHAT ABOUT YOUR PROPERTY VALUES???!!! The more foreclosures, the less your property is worth. Anderson, apply some reality...please!

    February 21, 2009 at 1:54 am |
  45. Karen

    For god's sake, Mr. Cooper, stop with the "pull yourself up by the bootstrap" commentators. Those folks, like Santelli, are so clueless as to how bad it is out there and so worried that someone make take advantage of the situation, they've lost all perspective.

    Why not have a guest to talk about "zombie banks"? How about how banks packaged the loans to investors so that mortgage brokers were trolling for ANY kind of mortgage taker. I think a pulse was all that was needed. How about how the market betting over and over again on defaults in an unregulated environment? How dare people like Santelli sit there in the middle of Wall Street and blame the homeowners?

    Don't you think you have some responsibility to tell your viewing public the truth?

    Bottom line, even if you took a traditional mortgage and made your payments faithfully, your house is now worth far, far less than it was and your healthy down payment is vaporized. Bought for $300K? It's now worth $90K and why should you pay on that? Why shouldn't you walk away?

    That's why you help people, because the repercussions if you don't are horrible.

    Why don't you guys make yourself relevant. If people aren't down at banks with pitchforks, they should be.

    February 21, 2009 at 1:53 am |
  46. Tenise

    Because the banks approved loans for everyone and their grandma, the prices of homes had skyrocketed. My husband and I brought our home because we thought that we were going to "priced out." We overpaid for our house and it is a burden on our family. If we were thinking like the banks, we should have walked away several months ago. According to the banks' philosophy, it should be about the bottom line and profitability. If it is not financially profitable, then let it go. Ethics and morality go out the window.

    February 21, 2009 at 1:52 am |
  47. lorine

    What is the motivation to stay in your home when your mortgage is upside down? It seems to me that an easy fix would be to lower the current loan amounts to the current values for everyone. The lenders could keep the same interest rates currently on the homes, homeowners would be able to make their payments based on the lower loan amount. Sounds like a win , win situation for the borrower and the investor, it beats walking away or foreclosure in which case the investor would lose out, this way the homeowner stays in the home and the investor still makes money on the property. Why can't this work? I've heard over and over that the loan amounts will not be lowered, either I'm missing it or no one is actually giving a reason why this won't work.

    February 21, 2009 at 1:52 am |
  48. Julio Vazquez

    My wife and I purchase a home in Riverview, Florida in 2006 for $240,000 According to zillow.com my house is now worth $162,000 I'm clearly upside down on my mortgage.

    I lost a job last year through no fault of my own. I've since found employment, however I'm making more than $20,000 less than in my previous job. We have exhausted our savings and are facing the possibility of falling into fanancial distress. Do we qualify for re-financing the mortgage at today's market in order to off-set the difference between what we owe and the value of the home?

    We have great crdeit scores and have never been late on our mortgage.

    Thank you

    February 21, 2009 at 1:51 am |
  49. Rick


    How come loan mitigation companies are 1) looked so down upon 2) never discussed as a viable alternative to foreclosure? They cannot stop foreclosure, but they can work through the never ending network of stop gaps to getting resolution.



    February 21, 2009 at 1:50 am |
  50. Derek Keeping

    Do you think that if every household received $5000.00 per person that had to be spent by the end of the year that this would be a more American way to keep capitalism alive while creating the much needed stimulant for our economy?

    February 21, 2009 at 1:49 am |
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