Bush plan to assist borrowers struggles -- Financial and Busine...

Last October, the Bush administration jump-started a plan to aid troubled borrowers and bolster the deteriorating housing market.

[Political Dookie]

How about the homeowner take personal resonsibility and deal with thier own mess?

[john]

Political Dookie wrote:

How about the homeowner take personal resonsibility and deal with thier own mess?

This is everyone's mess now, the question should be who is going to be held accountable for the fall of the US economy because of this?.

[browneyedflalady]

too many people were given credit that couldnt afford it it was made to easy to get a mortage and also the poor that rented that couldn't buy were forced to buy their condos

then there were those of us that bought before this period and needed to have a letter from the pope to purchase a home

go figure

so looks like between the government and banking someone smelled big profit and alot a people are now ruined

[One of US]

The wonderful cycle of selfish greed.
At one point or another we are ALL guilty of it on some level.

[Taxh8ter]

Doesn't sound so bad to me. So we went from 850 possible foreclosures in Feb. 2007 to 1700 possible foreclosures in Feb 2008. How is this a major crisis? How does this sink the market across the nation? over 51% of all homes in the US carry NO mortgage. Out of the remaining 49% of homes that have a mortgage, approximately 47% of them are paying as promised. So basically 2% of all home loans in the country are in possible jeopardy. I can't see how this is the real problem with the housing crisis and what is truly bringing it down. The real problem is the liquidity in the marketplace. Banks and lenders need to free up cash and create mortgage products that are accessable and at the same time transparent. It seems none of the lenders are ready to take that risk, or the investors are still skitish over the junk bonds they were sold. Until credit becomes available again, the real estate market will suffer. Its just sad how the media and the Gov't spin it so that it looks like the problem in real estate is the individual consumer's fault, and they need to bail them out. the truth is that large instituions sold crappy mortgages to investors as packaged AAA rated bonds and couldn't deliver the rates of return that were promised. Just another typical the rich get richer scheme in big business.

[Trapped]

I'm suing the real estate broker who sold me my half million dollar home two years ago and guaranteed in front of witnesses that it would appreciate 20% a year. I can't sell it now for any price... literally ANY PRICE. It's worthless. My lawyer is claiming breach of a verbal contract, fraud, and misrepresentation. I know it's a long shot and it will cost me, but I am determined to nail this thief. Anyone out there with similar circumstances???

[Walking in Faith]

You know...I read your comments about the housing market and owners taking responsibility for their own mess. Has anyone stopped to consider the fact that the housing market has affected the economy. Which in turn has affected those of us who were taking care of their loans but now stand the chance or have lost their homes? My husband is a Long Shoreman at the LA/Long Beach Harbor. With the slow down in the economy no one is buying or building which means there is a decrease in shipping. He has only been able to get work 3 days a week on average. NOW, China is closing their ports and factories for a 2 month period due to some "gold medal runner" that will not participate because of the air quality. We have been told that the LA/LB Harbor will now be dead for a 64 day period. Our lender is OCWEN and while they have worked with us on a Forbearance Agreement, they would NEVER accept partial payments and would NEVER agree to a decreased payment until we can get through this. Like most of you, we also had to prove EVERYTHING to get our loan done. We had no choice in OCWEN purchasing our loan, now they are being inflexible. The housing market has affected the ecomony, which has affected my husbands previous good job, which has resulted in the loss of our home. How is that the Homeowner NOT taking responsibility? The bank hasnt sold our house yet, it's only been 6 days. Anyone have any ideas?