August Surprise?

#1
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VolsNSkinsFan

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#1
Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion
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The key date to watch is August 17 when the Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie. A few key points:

1) Republican leaders believe this is going to happen since GOPers and Democratic moderates in the Senate are unwilling to spend more taxpayer money on more stimulus. But such a housing plan would allow the White House to sidestep congressional objections and show voters it is doing something tangible about an economy that seems to be weakening.

2) Wall Street banks are alerting their clients privately to this possibility. Here is what some are cautiously saying publicly.
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An August Surprise from Obama? | Analysis & Opinion |

I am so glad I put 20% down and continue to overpay my mortgage every month.

discuss amongst yourselves
 
#2
#2
Thanks to the tanking markets and all of the foreclosures around here my home value dropped big time. If I needed to move I'd have to pay to get out of my house. I wonder if I can demand a bailout as well? I mean honestly why just help the Mae's and Mac's? What happened to equality here?
 
#4
#4
they should just forgive all our mortgages, i'm sure there was be in an increase in dem voting. why be responsible anymore.
 
#7
#7
Obama plans to campaign for republicans since he is the kiss of death to democrat candidates and they have all asked him to stay away except for the crooked banker in Chicago that barry has been trying to avoid.

Not really that big of a surprise though.
 
#8
#8
I'd be torn on something like this because, on the one hand, I wonder how that ultimately gets paid for -- wiping all the debt off the books. On the other hand, here in Florida, the number of upside-down mortgage holders is WAY more than the 20 percent national average. This means that people either have to strategically default or stay where they are and give up opportunity or shift jobs.

The housing market cannot turn around unil people can afford to move, and therefore buy another house.
 
#9
#9
lawgator1 said:
I'd be torn on something like this because, on the one hand, I wonder how that ultimately gets paid for -- wiping all the debt off the books. On the other hand, here in Florida, the number of upside-down mortgage holders is WAY more than the 20 percent national average. This means that people either have to strategically default or stay where they are and give up opportunity or shift jobs.

The housing market cannot turn around unil people can afford to move, and therefore buy another house.
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Don't you think that removing all risk for consumers is going to reinforce people to keep making risky moves?
 
#10
#10
This SHOULD be a coffin nail for Obama if it happens. The sad part is it won't.

I continue to pay my mortgage on our 1500 sq. ft. house that I can afford, meanwhile the idiot down the street with a 2500 sq. ft. house he can't afford gets bailed out of his. This would piss me off to no end. Just like with the banks, there shouldn't be any bailouts. Period.
 
#11
#11
rjd970 said:
This SHOULD be a coffin nail for Obama if it happens. The sad part is it won't.

I continue to pay my mortgage on our 1500 sq. ft. house that I can afford, meanwhile the idiot down the street with a 2500 sq. ft. house he can't afford gets bailed out of his. This would piss me off to no end. Just like with the banks, there shouldn't be any bailouts. Period.
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He will play it as helping out the less fortunate that should be able to live in a nicer house. And a lot of people NOT in that mess will buy it. Thats the sad part.
 
#14
#14
So is VolsNSkinsFan going to apologize for pedaling nonsense if this does not happen by August 31?
 
#15
#15
Oh wait, if you follow it with a question mark I guess it's OK to throw out any kind of gibberish?
 
#16
#16
Velo Vol said:
So is VolsNSkinsFan going to apologize for pedaling nonsense if this does not happen by August 31?
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Gee, I didn't know VolsNSkinsFan wrote articles for the media??? So I guess its only correct when you link articles about your topics. Pot meet Kettle!
 
#18
#18
This country is toast, there is no denying it anymore. Soon, the majority of people will be on the gov't dole and the rest of us won't be able to vote our way out of supporting everyone else.
 
#19
#19
Velo Vol said:
So is VolsNSkinsFan going to apologize for pedaling nonsense if this does not happen by August 31?
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Nope, I am just posting what a respected guy, who is on CNBC constantly, had to say in a Blog on Reuters. Its been a rumor on Wall Street for over a week now. I personally think its pretty ridiculous, because its just making things worse, like the homebuyers tax credit
 
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#21
#21
Surpirse!

News Headlines

The Obama administration is providing $3 billion to unemployed homeowners facing foreclosure in the nation's toughest job markets. The Treasury Department says it will send $2 billion to 17 states that have unemployment rates higher than the national average for a year.
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Another $1 billion will go to a new program being run by the Department of Housing and Urban Development. It will provide homeowners with emergency zero-interest rate loans of up to $50,000 for up to two years.
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Oh cool $50K HELOCs for free, where do I sign up?
 
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#23
#23
volinbham said:
Wonder if those 17 states are predominantly blue or have a toss up election?
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latest data

Unemployment Rates for States

35 DISTRICT OF COLUMBIA 10.0
35 GEORGIA 10.0
35 KENTUCKY 10.0
35 NORTH CAROLINA 10.0
39 INDIANA 10.1
39 TENNESSEE 10.1
41 ALABAMA 10.3
42 ILLINOIS 10.4
43 OHIO 10.5
43 OREGON 10.5
45 SOUTH CAROLINA 10.7
46 MISSISSIPPI 11.0
47 FLORIDA 11.4
48 RHODE ISLAND 12.0
49 CALIFORNIA 12.3
50 MICHIGAN 13.2
51 NEVADA 14.2
 
#24
#24
Hmm..... I live in Ohio and trying to sell my house with no luck. I wonder if the gubment will help me out.......
 
#25
#25
Where is the bailouts to all the school systems that are having to lay off tons of teachers? Oh wait, if the federal government actually paid what they were supposed to then there would be no need for layoffs. Whatever they say I owe next year on my taxes Im only gonna pay 12% of it, and see where that lands me.
 
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