nice post, anyhelp is good help

Brett, you are right about any help is good help!  This should help with some of the consumer confidence that has been lacking lately.  People have been waiting for the real estate market to hit bottom.  Maybe, just maybe, this is bottom.

I agree, it is a nice post, and any help is good help,  I too hope that the market has bottomed out and will begin a normal climb out of this mess.  Anything to boost consumer confidence will help!

So does that mean when Ca has it's booms, these same folks will give their equity to the bank?

I like the FHA secure type of program. They can refi into a better loan if they can qualify, if they don't qualify then they don't qualify and they should sell the house and if they are upside down, oh well. 

The reason they can't afford the house is because they can't afford it and should have never bought it. (I know not all and some just got in trouble for other reasons).

I am not against giving a leg up, but CA is enabling people to make bad financial decisions and then not have any concequences for thrie actions.

Here is an excerpt from the Declaration of the United States. 

with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness

Notice it said the pursuit, not a guarantee of happiness.

Tony & Darcy, thank you for sharing your thoughts and comments here.  I agree with you fully about consumer confidence and it is much needed.  I think next year should be the bottom of this real estate cycle.

Rob, these banks are the same lenders who put out these loans.  It is not a government hand out, but our governor went out of his way to get these lenders to do something about the loans they had provided to people.  Those same loans were never meant to be long term loans, but when the market dropped and it dropped hard in some areas of California, it caused a whirlwind effect that trapped some good people with good income and credit into it.

There have been over 186 lenders that have gone out of business or stopped their operations since last year.  People who could afford their payments, who have good credit, and good jobs are having difficulty refinancing because the values are not there.  The foreclosures and short sales have caused the real estate prices to drop way below what they currently owe.  It is heart breaking to see these families sucked into this whirlwind.

I understand the feeling of some that people should get punished for what they did, and they certainly will, but we need to be positive people who try to help others.  The market will do all the punishing and it will be hard for people to get away unblemished.  But, I do believe in the Declaration of this great country and I am glad that we have the ability to and the opportunity to get second chances.  Thank you for sharing your thoughts and comments.

My wish today on this THANKSGIVING DAY is that we say thanks for having the opportunity to live and work in the greatest country in the world!

Ernie,

I know they are not hand outs and I am not trying to be insensitive.

Which is worse, teaching your child when they make decisions they have to deal with the consequence or pay their fines every time they get in trouble.

If those that got burned are getting assistance then those that made money should give it back.

I don't think there are too many innocent people including consumers, although the consumer seems to take it on the chin.

My position is life IS fair. You are the sum of all your decisions. If you are in a loan that doesn't make sense when the market shifts then you are getting the consequences. Markets change, always have always will.

The market falsely expanded because of loans that should not have taking place. So if there is a false expansion then there NEEDS to be a natural contraction. If we don't allow the NATURAL correction then we are saying it is OK to make bad decisions.

Rob, appreciate your comments here and I agree with you on the way the market works.  I have been through a couple of real estate cycles over the last 17 years being in the real estate business.  The market gives and takes, it is what it is.  We have the best system in the world.  It is not perfect, but it works. 

I believe in disciple!  I practiced it with my kids and I totally understand your position.  The good news about this press release is that the consumer and the lenders that put them there are trying to work it out themselves.  The more they get it together, the better everyone else will do.  Unfortunately the sub-prime problem has affected the whole economy in California.  It is said that 25% of the people who live here are some how involved in real estate industry. 

We have a lot to be thankful for!  Thanks again for your comments!  :o)

Best wishes!

I will read the link and see what this is about.  Thank you for the information.  I think I heard this on the news last week.