Comments on: Housing Crisis Getting Uglier in 2010
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- What about the people who's 401K plans lost money because of the irresponsibility and I suspect greediness of those who purchased $700K homes and didn't look at the big picture?
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- 2004 and 2005 ARM loans were given to many. 5 years later many are not able to pay their loans.
The 2004 loans went bad in 2009.
The 2005 loans are going bad in 2010. - Reply to this comment
- What about those of us who just paid off our loan a few years ago? We need help too. We paid $300,000 plus interest and can only get $200,000 if we sell. I want a $100,000 refund from Obama.
We can't get the tax accessor to cut the value our taxes are calculated from. Maybe Obama will pay for 1/3 of my taxes.
Or maybe Obama will help with our move from heaven on earth to reality. - Reply to this comment
- After my husband had been unemployed for over 1 year we tried for over 9 months to work with our mortgage company so that we could keep our home. We didn't qualify for the making home affordable because my income was $10.00 too high to qualify. TEN DOLLARS!!!
They wouldn't do a refinance because our income was insufficient!!!! They wouldn't defer any payments so that we could get ahead on other bills which would have allowed us to keep our home. Instead they increased our payment by $250.00 a month!!!! We tried every avenue we knew to try to keep our home, to no avail. Unfortunately, we, along with millions of others have been forced to walk away from our home that we poured our hearts in to for 5 years.
Our American dream of being a homeowner turned into a disaster with the help of an uncooperative mortgage company!!! This was our first home and probably our last!!! - Reply to this comment
- Mr. President & Members of both Parties in Congress & the Federal Reserve Board & the Chairman of the Republican & Democratic National Committee
Here is a way that I believe will help the U .S. A. Balance the Budget and Solve the Two Major Problems that confront the American People. If you want to solve the Jobs Problem you must First solve the Housing Problem. I believe that my suggestions below will do just that.
I am 63 years old, a VietNam Vet and I was laid off in June of 2009 , which is why I am on Social Security, after working for the same company for 32 years, my wife has been out of work for 2 1/2 years after she was laid off after working for the same company for 24 years. We have 3 children and 5 grandchildren, we are trying to pay all our bills which include our mortgage on the house that we have lived in for over 20 years, but on it is very hard when we only have SS and unemployment coming in. I have a question for you and maybe a suggestion on how people like me can pay their bills, stay in their homes and have money to help get this great country moving and get people back to work.
Since Congress passed the Tarp Funds to help bail out the Big Banks and also helped Bail Out Big Business why can't the same thing be done to help the American People. My suggestion is as follows:
a. use some of the Tarp Money to help people pay off all the mortgages, only on Primary Homes, this would let people stay in their homes.
b. use some of the Tarp Money to help people pay off all the Student Loans, .
c. use some of the Tarp Money to help people pay off Credit Card, Loans and other debits.
The above would remove all these Toxic Assets from the Banks Balance Sheets.
This doesn't seem to be a bad idea since in 2008 the population of the US was approx 304,059,724 million people as per the U.S. Census Bureau, according to the US Census Bureau in 2008 the average family size was 3.20. To make the math easier lets say that they average family size is 3 that would me that there were 101,350,241.33 million families in the U.S. in 2008. If the government was to Loan each family lets say $2,000,000 Million Dollars to each family that would come to $202,700,482.66 Million Dollars.
According to the U.S. Census Bureau between 2006 & 2008 there were approx 51,487,282 million homes in the U.S. with mortgages, not sure how many were owner occupied but Only the Owner Occupied Homes would get there mortgages paid off. Something else would have to be done for renters. If people brought homes on speculation something would have to be done for them also. Right now I am concerned about the people, who are still living in their homes but are having a hard time paying the mortgages.
Once people have their homes paid for and have some extra money then they will start to think about spending on the things that they need and that will put people back to work. It would also allow people in their 60's to not have to work and this will allow the younger generation a chance of getting a job.
On paying back the $202,700,482.66 Million Dollars, since the banks will now have all those Toxic Assets off their Balance Sheets and they will show higher profits a one time special windfall tax could be enacted to get the money back. - Reply to this comment
- Really stupid article. Yes, housing prices FLUCTUATE. They go up, they go down. All these homeowners upset because their homes are down in value - any of them going to give money back when the home goes back up? Being underwater doesn't mean much of anything at all - unless you were foolish enough to buy a house you couldn't afford.
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