Housing rescue plan passes key Senate test - DFWstangs Forums
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post #1 of 8 (permalink) Old 06-25-2008, 05:22 AM Thread Starter
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Housing rescue plan passes key Senate test

The mortgage aid plan would let the Federal Housing Administration back $300 billion in new, cheaper home loans for an estimated 400,000 distressed borrowers

$300 billion divided by 400,000 homes is $750,000 for each home. Are we bailing out millionaires?
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post #2 of 8 (permalink) Old 06-25-2008, 05:47 AM
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You're right, and that's why Bush will veto it.

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post #3 of 8 (permalink) Old 06-25-2008, 07:59 AM
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somebody tell me why a 750k loan needs to be fed backed? screw them. they caused all this shit in the first place.

" dont mess with the porchdog........ he bites "
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post #4 of 8 (permalink) Old 06-25-2008, 08:08 AM
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I like this guy:

"They expect the federal government to turn their backs on responsible lenders and borrowers and renters waiting - waiting - to become first-time homeowners, and support those groups that have pushed our housing market into decline with bad loans and bad investments," said Sen. Mike Enzi, R-Wyo. "This bill is a federal government bailout."

Responsibility FTW!!! If we bail all these idiots out that bought a $350K+ while holding 2 car leases (on expensive cars) with a combined income of $50-60K a year, then we're just contributing to the problem. It pisses me off when people continue to blame the lenders for creating this mess. C'mon, if you make combined income of $50-60K, you know you can't afford a $400K house, so why take it? Jeez!

My company works in the housing industry and needs housing starts to grow/recover to where we were before this mess started. They have sent e-mails to us asking us to back this and contact our representatives/senators. Sorry, I can't do it. It's just another example of the responsible Americans having to foot the bill for everyone else. What reward do we get for living within our means and being responsible -- their bills.

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post #5 of 8 (permalink) Old 06-25-2008, 08:15 AM
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Yeah, fuck those of us who planned for a worst case scenario and surviving a few months if things turn bad.

I knew I should've bought the 400K house down the street, the governement would've bailed me out.

hmmm....there is a 1.6 mill house about 3 miles from here. Maybe I'll put up my Mustang for collateral and move in there. All I know, is I damned well better get a government check when I can't afford the electric bill on that place.

Just jacking around - those who plan don't have worries. Still sucks that people are getting handheld again. No one was forced into buying a place they obviously could not afford under less than perfect conditions.

Take care,

My '03 Sold.
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post #6 of 8 (permalink) Old 06-25-2008, 10:41 AM
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This will be the next mess and Texas is one of the worst

My 401K is now a 400K (was 301K)
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post #7 of 8 (permalink) Old 06-25-2008, 10:45 AM
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What a bunch of horseshit.
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post #8 of 8 (permalink) Old 06-25-2008, 11:31 AM
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Guess I should just stop making the house payment.

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