Bush isnt freezing rates to stop foreclosures?

Question

Everything you have been hearing about the "deal" he worked out with the major mortage companies is BS.
You have to have less than 3% equity in your home and you must not have more than one 30 day late in the last 12 months or you dont qualify. All this is is a bunch of PR for Bush and the mortgage companies involved. You are going to have a bunch of people run to these mortgage companies because of the free advertising they are getting by having this story all over the news. But, the only people that will be "helped" are those who could have refinanced anway.

spifman...can you read? My "point" is exactly what I said in the first sentence. Try reading slower it might help you comprehend more

Answer 1

So what's your point?

The people that should lose their homes are going to and the lenders are going to get stuck with the losses, just the way it should be for making the stupid loans in the first place.

Answer 2

No the place in the form is any authority of that nature granted to Congress or any of the different branches. a number of those loans have been for sure made in blunders -- on the area of banks to make undesirable loans and sell them earlier coping with the effects, and on the area of property vendors who overstated earnings to get greater properties. this would not cause them to unlawful unavoidably, yet shows how corrupt and greed can impression banks and domicile clientele. yet different loans are merely superb, with low quotes and no ARM will improve, yet property vendors merely misplaced a job, experienced a scientific disaster, or had yet another hardship. those loans must be foreclosed, despite if subprime or no longer, if the vendors can no longer arise with the money for the properties or in any different case sell/refinance, and so on. the only branch that ought to at last have something to do with it is the judicial branch, and on condition that property vendors sue the banks under some latest regulation and the case is litigated in federal courtroom, appeals courtroom, or the suitable courtroom and a determination is made. in any different case, Congress won't be able to easily bypass regulations now that overturn contracts that have been completely valid and criminal on the time they have been entered into. i may well be much greater frightened if the President tried to do this on his or her very own, nevertheless. that must be meddling in the industry and in the voluntary contracts of human beings to a plenty greater degree than has been executed at present. it isn't any longer on the point of gold confiscation, yet enable the human beings paintings out those issues in the process the institutions of government that are handy real now. yet besides, i does no longer situation approximately what Hillary (or any flesh presser (as properly Ron Paul)) is asserting. it is going to likely be a various "answer" next time she's asked proper to the venture. i'm no longer asserting Ron Paul's answer may well be real or incorrect, the two, yet a minimum of he does no longer exchange the message reckoning on what activity team or radio show he's speaking to.

Answer 3

The president is the easiest target since he represents this country, but we have to understand the role of the executive, legislative, and judicial branches. Your question assumes the executive has the power to bypass FHA (Federal Housing Act) passed by Congress.

Bush can get volunteer acts from mortgage companies but he doesn't have the ability to do anything aside from enforce laws. That's the job of the executive power. In order for him to enforce additional regulations, laws, and bypasses to FHA, Congress needs to ammend the FHA.

With that said, your question should be: "Congress isn't freezing rates to stop foreclosures?"

Answer 4

lets see,

it's bush's fought that the people that got most of these loans have bad credit and the mortgage companies that gave them the mortgage in order for them at the time to make money is all Bush's fought. so it is up to him to bail everyone out.

when a person buys a house they should have good credit and at least 10% or more to put down on a house and thy need to get a fixed rate. now stop blaming everyone but yourself

Answer 5

You are incorrect with your comment that the only folks who will be 'helped' are those who could have refinanced anyway.

Many of these folks CAN'T refinance because the appraised values of their homes has dropped substantially since they purchased. The only way they COULD refinance is to come to the refinance closing table with tens of thousands in cash.

With dropping real estate values, those who formerly had positive equity are NOW in the negative equity range.

The others who posted are correct. You really DON'T have a clue about real estate and financing.

Answer 6

John, what is it exactly that you're smoking?! Clearly you've got no clue what you're talking about. You have nothing to do with the real estate or mortgage industry, do you? Didn't think so. You really shouldn't be giving advice on these issues! I dare you to reply.

Answer 7

I don't want to offend my American cousins just after being allowed back on this site after 4 months suspension for being obnoxious to one of you ....

But Bush? Speaking as an English observer, are you seriously thinking that he gives a damn?

Answer 8

I agree. I hate being treated like I'm stupid.

Answer 9

Could not have said it better SPIFIMAN!