As the special inspector general for the federal financial bailout program faults a lack of planning and "constant changes" for the failure of the Obama Administration's home loan assistance program, the President is set to announce a new initiative to help homeowners by potentially refinancing a million of them with government back loans!
The New York Times article also states that the plan will require banks to reduce mortgage payments for a minimum of three months for unemployed borrowers.
While I'm not an economist shouldn't the government be more concerned with stimulating the economy to create jobs, than rushing through another program that's sure to have problems down the road and cost already overburdened taxpayers millions more?
What was the quote that won Bill Clinton an upset victory in 1992...oh yea..."IT'S THE ECONOMY STUPID!"
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team
Laura, this whole country is crazy and confused. We need business people in htere who understand the value of what makes the wheels on the bus go round.
Mar 26, 2010 01:01 AM
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County
Obama has one point to his programs...socialism and building his legacy as the man who broke ($$$) the USA!
Mar 26, 2010 01:04 AM
Lake and Lodge Realty LLC - Big Rapids, MI
Real Estate Broker, Serving Big Rapids and West Central MI
Seems to be anymore there is a race to put in new laws without thinking them through. I wish we would take more time and think these through before unleashing them on a unsuspecting public. Yikes.
Mar 26, 2010 01:06 AM
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team
Keller Williams Keystone Realty - Gettysburg, PA
Gettysburg Real Estate Agent
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH
Laura, We may run out of buckets, before we bailout this tilting ship. Sounds like more debt for our children is on its way.
Mar 26, 2010 01:31 AM
TheHousingGuru.com - Waleska, GA
Housing Guru
Laura - I'm working on a post that will outline the failures of the loan modification program and will also point out the flaws in the new principal reduction plan. The government is still off track.
Mar 26, 2010 01:36 AM
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce
If any one knew the answers wish they would step up...over...higher...more....energy saving initiatives that produce employment...sounds right...feels good...let's do it !
Mar 26, 2010 02:01 AM
RLAH@properties - Washington, DC
Home in the Capital
Laura, it will always be the economy! And jobs. Without them we are too screwed!
Mar 26, 2010 02:25 AM
RETIRED / State License is Inactive - Portland, OR
Tje government is all about numbers -- not people. The government is all about . . . the government. If 10 Million people make use of this FHA program to refinance (which is what I've heard) even if the mortage is underwater, the FHA makes 2.5% off the top on each loan. That's hard, new money and it would be a lot of it!
Mar 26, 2010 05:40 AM
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist
One more time ! Without middle class jobs paying 14-28 dollars per hour , there will be no substainable RECOVERY !!!!!!!!!!
Mar 26, 2010 12:37 PM
Eric J - Dream Home Financing - Freehold, NJ
Dream Home Financing
There are solutions to our problems but nobody is willing to stick his neck out to implement them because they will not be popular solutions. The new NJ Governor is making some tough decisions and he is hated by many right now but in the end, he is going to leave the state in a better place.
Mar 26, 2010 12:55 PM
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.
Laura....nothing is going to get better until the government stops giving away money!
Mar 26, 2010 01:03 PM
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate
Eventually we are just going to have to admit that there is nothing we can do to completely repair this situation and throwing more and more money at it doesn't seem to be helping either. The economy goes up and down and it will eventually repair itself.
Mar 28, 2010 12:27 PM
Rainmaker
595,336
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Laura Giannotta
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Comments(14)