David Leonhardt:

…there are two different groups of homeowners who are at risk of foreclosure.

The first group is made up of people who cannot afford their mortgages and have fallen behind on their monthly payments. Many took out loans they were never going to be able to afford, while others have since lost their jobs. About three million households — and rising — fall into this category. Without help, they will lose their homes.

The second group is far larger. It is made up of the more than 10 million households that can afford their monthly payments but whose houses are worth less than what is owed on their mortgages. In real estate parlance, they are underwater. If they want to stay in their homes, they will have no trouble doing so. But some may choose to walk away voluntarily, rather than continue to make payments on an investment that may never pay off.

Hiya Laura, just wanted to say that you were great on KO yesterday.

Why bailout people that bought something they never could afford to buy? Screw them and fuck the idiots that lent them the money?

The details are up. They don’t look good. 105% or less can refinance? Plus fees? This plan is not so great and it gives more money to mortgagors than they already make on loans? WTF?

http://www.treas.gov/initiativ…..umerQA.pdf

Why hasn’t that congress woman looked at the details? The details don’t offer much at all.
That site has lots of information and it looks like fluff.

Why don’t you address all the bonuses to mortgage brokers and or “servicers.” that is the part that disturbs me the most. They aren’t waiving any fees for the modification from what the details I see show.

Jesus, billions more for housing bailouts after nearly $800 billion in stimulus. Obama is quickly making Bush look like a great steward of the treasury.

The real kicker here is that cheaper homes are good for the poor, but Obama wants to “stabilize” prices and keep them from becoming more affordable. Unreal.

Right on Ted!!! I agree w/ you 100%!!