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Comments

1. #1
   On January 8th, 2009 at 10:12 pm, havok said:

   That’s it. From now on I will spend all my mortgage money on giant piles of smack! Then when I can’t pay for my house AND I am an addict President Hussein will give me giant piles of money to live the easy life on!!!!

2. #2
   On January 8th, 2009 at 10:15 pm, JHSII said:

   I guess I miss out – because I already own my house. sigh.

3. #3
   On January 8th, 2009 at 10:15 pm, Wellsy said:

   More proof that the mammoth spending bill is more about an agenda than it is about fixing the economy. Of course, anyone here could have told you that. I think there’s also a slight formatting error with this page, Michelle.

4. #4
   On January 8th, 2009 at 10:44 pm, Elm Creek Smith said:

   I’m going to pay my mortgage payments because my word and my honor are worth more than Dodd, Frank, Schumer, Durbin, and Obama all added together.

   ECS

5. #5
   On January 8th, 2009 at 11:03 pm, Cal City Conservative said:

   I too will do the same ECS. The others just take and take because that’s what they do.

   When is this nightmare going to end???

6. #6
   On January 8th, 2009 at 11:06 pm, vickisoup said:

   I’m angry about this!
   I have previously mentioned an irresponsible family member who is planning to “go BK” so she can have her mortgage principal drastically reduced by this very scheme. I exhorted her to reconsider. She had deaf ears.
   

7. #7
   On January 8th, 2009 at 11:12 pm, Tennessee Dave said:

   And when the people who declare bankruptcy can’t get more credit cards to keep paying their mortgage are we going to bail them out again so they can get more credit cards and get deeper into debt and declare bankruptcy…..

   And when the people who declare bankruptcy can’t get more credit cards to keep paying their mortgage are we going to bail them out again so they can get more credit cards and get deeper into debt and declare bankruptcy…..

   It’s a never ending irresponsible circle _______ (fill in the blank)

8. #8
   On January 8th, 2009 at 11:43 pm, reine.de.tout said:

   I’m still paying MY mortgage because I was stupid enough to buy a modest home that I could actually afford, and it is now almost completely paid for.

   Silly me. I could be living in a larger and more luxuriously comfortable home, and the government would be bailing me out, if only I had had the foresight to overspend.

   Silly, silly me.

9. #9
   On January 9th, 2009 at 12:26 am, Wellsy said:

   This country is going down the shi++er thanks to responsibility-shirking, consequence-ignoring crap like this. Bush’s 2nd term brought us to the precipice, since he apparently was gunning for the affection of the squishy moderates and the hard left to atone for his “war crime” in Iraq. Now we have a President-Elect ready to double down on all those queasy liberal missteps Bush II made.

10. #10
    On January 9th, 2009 at 12:31 am, SpeakEasy said:

    Organize and fight.

    Or take it.

    Choose one.

11. #11
    On January 9th, 2009 at 4:02 am, By Choice said:

    organizing and fighting all the way….time for another rebellion, Send a tea bag to your Senator and Rep and tell them enough is enough. They do not have your authorization to spend another dime. The checkbook is out of checks and the account is closed. Spending this non-money IS unconstitutional after all–you know, the one they swore to uphold and protect–yeah, that one!

12. #12
    On January 9th, 2009 at 6:36 am, zorro said:

    Someone please throw a bucket of water on our burning Constitution before the socialist democraps and republican chumps destroy it completely.

13. #13
    On January 9th, 2009 at 7:46 am, rambler said:

    Of course BHO would favor this. He bought a house he couldn’t afford. People are entitled to have things they can’t afford because change means income redistribution. At some point, those of us who make the money will not allow it to be stolen by our government.

14. #14
    On January 9th, 2009 at 8:46 am, jsmiddleton4 said:

    I’ve emailed Michelle about this but this just is so angering here you go.

    I have been on short term disability for 4 months due to tearing both rotator cuffs in my shoulders and have just now returned to work. With the slow down, etc., I am back to work but only part time.

    My mortgage is with GMAC. I asked them to consider lowering my interest rate and to reduce my monthly payment by 188 dollars. Yes, a measly 188 dollar reduction. What do you think GMAC said?

    They said “NO”. They will not lower my interest rate nor reduce my monthly payment by 188 dollars.

    I have contacted my senators, McCain and Kyl, and have emailed Michelle. I am thinking I am not the only one GMAC refuses to work with. So THEY can put their hands in my pockets for bail out money but in turn they do not extend and grace to us, their customers!? We need to collect a list of folks just like me to bring to the media’s attention. The bailout money is suppose to trickle down yes? Well its not.

15. #15
    On January 9th, 2009 at 9:04 am, rplatt said:

    When Obama and his socialist buddies on the hill finish with us we’ll be a barter society. I didn’t believe even politicians could be this stupid. Say goodbye to a once great Republic . . . and do it quickly because it won’t be around much longer.

16. #16
    On January 9th, 2009 at 9:16 am, sonofdy said:

    Getting harder and harder to justify paying the mortgage…

17. #17
    On January 9th, 2009 at 9:21 am, John Deaux said:

    On January 8th, 2009 at 10:15 pm, JHSII said:
    I guess I miss out – because I already own my house. sigh.

    That only applies to loans made before the bill is signed. Refinance now!

18. #18
    On January 9th, 2009 at 9:33 am, md1964 said:

    Amazing these people still have jobs..witha 9% approval rating.

    Chris Dodd was in the pockets fo the very people he was overseeing.

    Barney Frank was in the Underwear of the very people he was supposed to be overseeing.

19. #19
    On January 9th, 2009 at 10:05 am, walterc said:

    Since I bought a house I can afford I guess I’m stuck in the responsible column. Although I am refinancing to knock a point and a half off my rate.

    The real downside I see for me (other than my taxes going up) is that I’m not a bankruptcy attorney. Those guys must be thinking KA-CHING!!!! Now that people can get part of their house paid off by filing BK, they’ll be filing in droves.

20. #20
    On January 9th, 2009 at 11:37 am, ALC said:

    jsmiddleton4; What you can do is go to another bank or FHA and refinance your home. If they won’t do it then try your insurance company. If they won’t do it and you are in a Union ask them, if you are a veteran then there is no problem of getting a refinance of your home for less payments. Negotiate for NO closing cost. They will do it. There’s no reason for you to stay with GMAC. Go to another lender. Find out how much payment you can safely make and know you can make no matter what and ask them if there is any way to refinance your home for that amount. If not then your next best bet is to look for a home you can make that type of payment and sell the one you have. Remember, things always change and after you get back on your feet again you can go back and get an even better, newer and better finance home than you have now. Good Luck.

21. #21
    On January 9th, 2009 at 11:38 am, Perfesser said:

    The Mortgage Bankers Association expressed concern (Inman News 09/25/07) that this would make it harder to securitize loans. In other words, the only source for funding home loans would be the Fed Gov’t.

    There was also an estimate (still searching for source) that interest rates would carry a 2% premium – the pricing adjust Michelle mentioned.

    That’s the equivalent of a 20% increase in home price. For example, say at 6% interest a home buyer qualifies for a $100,000 loan. If the interest rate goes up to 8% the payments increase so much the same homebuyer can only afford (or qualify) for $80,000.

22. #22
    On January 9th, 2009 at 12:29 pm, ALC said:

    I just downloaded Suze Orman’s FREE book about Suze Orman’s 2009 Action Plan. It looks like it might be good information about mortgage-modification options, debt, and personal finance. It’s not a very long download for dial up 1.23mb. This offer is good until Jan. 15, 2009.
    http://www.oprah.com/article/oprahshow/20081119_tows_bookdownload

23. #23
    On January 9th, 2009 at 12:46 pm, vargas said:

    I think this actually is something that has been a long time coming. Bankruptcy in the US is designed to allow people/companies to readjust their debt and ideally come back as a productive member of society–this is why US bankruptcy is much more forgiving than bankruptcy in many other countries, and why it is far more common in the US. It doesn’t make much sense to let bankruptcy judges alter other debt but not allow them to adjust mortgage debt, which usually will be the largest single source of debt.
    It’s certainly debatable whether our emphasis on ‘productive’ bankruptcy is preferable as an initial matter, as an overall policy decision. But since that is the current emphasis, this change seems to make sense.

24. #24
    On January 9th, 2009 at 3:39 pm, jsmiddleton4 said:

    ALC,

    Thanks but the problem is my income is half of what it used to be and will be for a few months. I don’t need to refinance, I need a small break for about 4 months.

    It is as others have reported. The mortgage folks have told me to stop paying for 3 months, THEN they can help. For folks who want to pay but just need a bit of a break there is no help.

25. #25
    On January 9th, 2009 at 5:35 pm, usa_usa said:

    Bankruptcies should be banned. If you can’t pay your debts, lose all your assets and serve the lender until the debt is paid.

26. #26
    On January 9th, 2009 at 7:02 pm, Chief RZ said:

    Stealing from the honest to give to the dishonest.

27. #27
    On January 10th, 2009 at 5:21 pm, vargas said:

    25:
    So, we’re advocating indentured servitude again? Pretty sure your suggestion went out of style by the time the 20th century rolled around.

28. #28
    On January 10th, 2009 at 10:18 pm, robert537 said:

    Bankruptcies should be banned.

    That’s a dumb idea. There are legitimate circumstances for bankruptcy. The interest on a loan prices (or, at least it used to) the risk inherent making a loan.

    As far as bankruptcy judges rewriting mortgages… is there some reason that lenders can’t do this? Given the surplus of foreclosed and abandoned properties in some areas, I would think that lenders would be willing to work with borrowers to prevent default. But that’s probably only true if there’s no gubmint bailout in the winds.