Who Will Benefit From Obama's Mortgage Plan ?

Wow , this is scary and we should all be afraid , a bus driver with an $800,000 home expecting a bailout .

Is it possible that our "dear leader" intends to bail these "poor" folks out ?

Who Will Benefit From Obama's Mortgage Plan?
Posted by Kim Priestap
Published: February 23, 2009 - 3:44 PM

This woman thinks she deserves a bailout.

Minta Garcia is a bus driver.

She and her husband bought a $800,000 house they couldn't afford.

Now they want the American taxpayers to fix their problem for them because the bank is about to begin foreclosure proceedings.

Keep in mind as you watch the video that the bank will begin foreclosure proceedings only if you default on your loan, not because your home's value drops below your mortgage's value:

Yep, she bought a $800,000 house she couldn't afford, yet whose fault is it?

The bank's for making it too easy for her to enter into the loan. We live in a Veruca Salt world.
http://wizbangblog.com/

From what I've read, the way the bill will help people in foreclosure is through refinancing. First - people will have to qualify. Second, the refinance cannot be more than 90% of the value of the home. Considering the woman in the video bought the home for $800,000, and it is now worth $650,000 she would not qualify under the current standards set out by the bill.

So... no, we won't be helping the bus driver who bought more home than she could afford.

lisan23 wrote:From what I've read, the way the bill will help people in foreclosure is through refinancing. First - people will have to qualify. Second, the refinance cannot be more than 90% of the value of the home. Considering the woman in the video bought the home for $800,000, and it is now worth $650,000 she would not qualify under the current standards set out by the bill.

So... no, we won't be helping the bus driver who bought more home than she could afford.

Where did you read that ?

Frankg wrote:

lisan23 wrote:From what I've read, the way the bill will help people in foreclosure is through refinancing. First - people will have to qualify. Second, the refinance cannot be more than 90% of the value of the home. Considering the woman in the video bought the home for $800,000, and it is now worth $650,000 she would not qualify under the current standards set out by the bill.

So... no, we won't be helping the bus driver who bought more home than she could afford.

Where did you read that ?

Any reliable news source would do. It might be up on recovery.gov as well

I googled and found the info on a news site, making sure it was this mortgage bailout. Just curious, Frank, were you throwing fits with the mortgage bailout Bush was involved in? Or is this just hypocrisy and you're only upset because now Obama's doing it.

Lisan23 wrote:
So... no, we won't be helping the bus driver who bought more home than she could afford.

On the contrary , she would qualify for a mortgage modification as long as (a)she and her family occupy the house as thier primary residence; (b) her monthly mortgage payment is greater than 31% of your monthly gross income; and (c) her loan is not large enough to exceed current Fannie Mae and Freddie Mac loan limits.

Ok... so in the end neither one of us knows if she would or would not qualify since we don't know her monthly income is or how much her mortgage payment is.

lisan23 wrote:
Frank, were you throwing fits with the mortgage bailout Bush was involved in?

Now that you mention it , yes I was against it when President Bush came out with his homeowner rescue plan .

lisan23 wrote:
Or is this just hypocrisy and you're only upset because now Obama's doing it.

No, the democrats who voted against President George W Bush's bill to bail out the homeowners and turned around and voted for Barack Hussein Obama's bill would be the hypocrites.

Barack Hussein Obama and the socialist democrats only care about getting re-elected, not the homeowners.

Being a democratic socialist, I can tell you now that Obama is no socialist.