Obama Housing Program Could Cost Up To $10 Billion

There are 12 comments on the Feb 1, 2012, CBS Local story titled Obama Housing Program Could Cost Up To $10 Billion. In it, CBS Local reports that:

The Obama administration is trying to fix a stubborn drag on the economy by allowing all homeowners to refinance their mortgages at lower interest rates even if they owe more than their homes are worth, tackling a difficult issue of vital concern in states key to President Barack Obama's re-election. Obama on Wednesday was to draw attention to a ... (more)

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Since: Sep 11

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#43 Feb 2, 2012
Hasn't Obama and his Marxist clan hurt housing enough already??? How many more people is he going to hurt with his Marxist agendas? How many?

Since: May 11

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#44 Feb 2, 2012
ZIAmouth585 wrote:
<quoted text>
CRA was part of the problem but not "the" problem. Countrywide Financial led the country in providing subprime loans yet was not governed by the CRA as it was not a bank. And if you look at the top ten providers of sub-prime loans during the housing boom you will find mostly finance companies, not banks. Plus when the Bush administration took over in Jan 2001 the so called threats made under the Clinton administration ended. Finally, the out of control housing boom was not universal across the country. Five states accounted for the bulk of bad loans. Those all happened to be in sunbelt states where large national builders provided one-stop shop home sales. Also interesting to note that over 20% of homes sold during the boom were bought by flippers/investors. Here in Albuquerque that very group led the foreclosures at the beginning of the bust given they could simply walk away as they had no skin in the game anyway.
Don't waste your time trying to explain it to them. The information is out there. It's easy to research and read about and learn the truth. There have been untold articles and documentaries done on the subject of the housing collapse - how it started, who was to blame, who got rich, who lost out.

But instead of learning about it in order to sound halfway knowledgeable, these fools will continue to regurgitate the same stale crap that Limbaugh and Hannity feeds them. They believe what they want to believe, not what is fact. If it can't be twisted to be Obama's fault then it obviously never happened. If it happened during GWB's time then someone else is to blame.

Since: May 11

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#45 Feb 2, 2012
Eleanor wrote:
<quoted text>
It seems you are missing the point. The point is that the bottom has fallen out of the VALUE of a home.
One does not need to own a McMansion to realize that value of their home, say five years ago, is LESS now than it was then.
Whether one has a mortgage or not, the VALUE of the home has declined.
Had Obama stepped in with a program he now suggests, the value of EVERYONE's home would have either stayed the same or even appreciated. By not stepping in, hundreds of thousands of homes were dumped on the market, causing EVERYONE's property value to decline.
This isn't about McMansions. It's about ordinary folks whose homes lost value because some people bought more than then could afford, or lost their jobs or lacked funds because of medical bills.
Refinancing mortgages to a lower interest rate would have kept MORE PEOPLE IN THEIR HOMES, rather than more homes on the market DRIVING home values down.
(Actually NOW would be the time to by a McMansion --- even they are currently UNDER valued.)
If BUSH had stepped in and reined in the banking and mortgage industry when it was out of control, we wouldn't even be having this conversation, would we? The biggest do-nothing president in the history of the country ruined everything he touched, and no one seems to remember that. All they seem to see is a 8-year mountain of sh*t and it's Obama's job to clean it up overnight.

You can't fix where you're going until you acknowledge where you've been. Until we can all agree that we were screwed royally by Bush and his cohorts, we'll never be able to see a clear path through any of the mess that we face.

Since: Sep 11

Location hidden

#46 Feb 2, 2012
PayThat CEO wrote:
<quoted text>
Don't waste your time trying to explain it to them. The information is out there. It's easy to research and read about and learn the truth. There have been untold articles and documentaries done on the subject of the housing collapse - how it started, who was to blame, who got rich, who lost out.
But instead of learning about it in order to sound halfway knowledgeable, these fools will continue to regurgitate the same stale crap that Limbaugh and Hannity feeds them. They believe what they want to believe, not what is fact. If it can't be twisted to be Obama's fault then it obviously never happened. If it happened during GWB's time then someone else is to blame.
It happened during a democratic majority in Congress during Bush's administration. It's history now. They steered the lenders, headed by Barney Frank. It's all history now. There is no debate about it. Everybody knows. The cat's out of the bag. That's why Barney, Dodd, and Pelosi quit. They know that we know that they did it. Obama needs them out of the picture for him to sneak back into power. I think he's pissing up a rope if you ask me. At least I know exactly what happened, because I lost a business when building died. You can bet on that. I fricken know everything. I blame them that caused it. Period.

Since: Sep 11

Location hidden

#47 Feb 2, 2012
Hasn't Obama caused enough heartache? Please make it stop.

“Stop the Brain Rot”

Since: Jan 12

Take a Looonng Vacation

#48 Feb 2, 2012
Far Away wrote:
<quoted text>
I don't have a party; I'm a free-market guy. I'm one who believes, as Reagan said, "I'm from the government and I'm here to help" are nine of the scariest words.
If the government had gotten out of the way in the beginning, the market would have found its level and we'd be well on our way to a thriving economy. Government makes things worse.
I apologize, then - a Conservative, not merely a Republican.

Your fairy-tales about the economy are no doubt comforting; if only they had some grounding in reality. Oh well, enjoy!:)

“Stop the Brain Rot”

Since: Jan 12

Take a Looonng Vacation

#49 Feb 2, 2012
BandMaster wrote:
Hasn't Obama caused enough heartache? Please make it stop.
A doctor could help you make the voices stop. Medication may be necessary, however.

“Stop the Brain Rot”

Since: Jan 12

Take a Looonng Vacation

#50 Feb 2, 2012
BandMaster wrote:
<quoted text>It happened during a democratic majority in Congress during Bush's administration. It's history now. They steered the lenders, headed by Barney Frank. It's all history now. There is no debate about it. Everybody knows. The cat's out of the bag. That's why Barney, Dodd, and Pelosi quit. They know that we know that they did it. Obama needs them out of the picture for him to sneak back into power. I think he's pissing up a rope if you ask me. At least I know exactly what happened, because I lost a business when building died. You can bet on that. I fricken know everything. I blame them that caused it. Period.
You just keep tossing off these comedy gems one after the other, don't you?

Barney Frank was a lender?

Barney, Dodd, and Pelosi all quit? When did this happen - I mean, in the REAL world?

Obama was out of power, and has snuck back in? Really?

You lost a business when your building died? How did that happen, did you have an episode and then shoot holes in it?

Priceless.:)

Since: May 11

Location hidden

#51 Feb 2, 2012
BandMaster wrote:
<quoted text>It happened during a democratic majority in Congress during Bush's administration. It's history now. They steered the lenders, headed by Barney Frank. It's all history now. There is no debate about it. Everybody knows. The cat's out of the bag. That's why Barney, Dodd, and Pelosi quit. They know that we know that they did it. Obama needs them out of the picture for him to sneak back into power. I think he's pissing up a rope if you ask me. At least I know exactly what happened, because I lost a business when building died. You can bet on that. I fricken know everything. I blame them that caused it. Period.
No, you don't know EVERYTHING. In fact, you seem to know little of nothing.

Were Barney and Pelosi involved? Very possibly. Was Bush involved? He damn well should have known the danger the banking/housing industry was in because of the bait and switch tactics of Wall Street.

I have no doubt a WHOLE LOT of politicians made money off the housing buble before it collapsed, but those on the inside - the all those banks and financial insitutions and those who were in charge who allowed the scam to go on should be forced to repay what this has cost the American homeowner and tax payers.

These damn banks won't even refinance these homes at a lower interest rate in order to keep them out of foreclosure. WTF!?!?! Instead, the taxpayer has to come in and AGAIN pay off the freakin' banks....AGAIN!!!!. Get it? We bailed their asses out once....now we have to do again because they are so greedy they won't even consider lowering an interest rate. They'd rather have a home go into foreclosure and sit vacant for months and months with no one paying on it at all, than give the homeowner a break so he can continue paying.

This isn't an Obama problem. This is a corporate greed problem. I'm sorry you lost your business, but you're beating the wrong dog. I don't blame you for being angry...but direct your anger in the right place. Wall Street. Learn about it. Watch "House of Cards". Listen to the people who were in the industry at the time and KNEW what was going on. Listen to them tell you how warnings were sent to Congress and no one paid attention.

When you start learning what REALLY took place you'll be even twice as angry.
ZIAmouth585

Albuquerque, NM

#52 Feb 2, 2012
Far Away wrote:
<quoted text>
Yes, but who controlled both houses of Congress?
Congress? Americans don't care about who controls Congress. They blame presidents not Congress. The Dems were in control but so what. Not sure what point your trying to make. Seems you imply that Congress created the housing mess - all of a sudden.
ZIAmouth585

Albuquerque, NM

#53 Feb 2, 2012
Telmark wrote:
<quoted text>
The recession began in 2008 (Bush was the President, but the Dems held a large majority in the House and Senate for a year or more by then).
The fact is that the deepest part of the recession occurred during the time that the Dems held the White House and a large majority in the House and Senate. I'll also add that I have little or no trust in either political party.
Again, no amount of Democrat biased liberal propaganda can change these facts.
BTW, non public assistance dependent private citizens that seek "something for nothing" from the government (such as a "housing bailout") usually end up with the latter.
Meanwhile, this housing program is probably nothing more than your standard election year hype.
Independent private sector citizens should, as always, try to help themselves, rather than just waiting and hoping for the government to "change" what it broke in the first place.
Official start date of the recession is December 2007. Mute point really as Bush was president. Funny how Republicans love to show Bush's positive employment numbers, all driven by the housing boom, yet want to point blame at Dems when it all fell apart. Can't have it both ways. Americans blame presidents for the good and the bad and that's fact. No one gives a rats ass about what party had control of what. Simple fact is, dems and repubs are not created equal. You have liberals and conservatives in both. It is getting more defined though given the South has finally turned the corner on their anti-Republican bias. Those Blue-dogs are finally disappearing.

The deepest part of the recession? While what you say is true its quite clear that regardless of party the numbers would not have changed. Once the economy started unraveling it was like a snowball going downhill - got bigger and bigger as it rolled. Snowballs don't care who is president or who controls Congress, they roll.

I'm an independent - that tells you plain and simple what I think of both parties. I tend to vote for Republicans but I never pull the straight party lever.
ZIAmouth585

Albuquerque, NM

#54 Feb 2, 2012
BandMaster wrote:
<quoted text>It happened during a democratic majority in Congress during Bush's administration. It's history now. They steered the lenders, headed by Barney Frank. It's all history now. There is no debate about it. Everybody knows. The cat's out of the bag. That's why Barney, Dodd, and Pelosi quit. They know that we know that they did it. Obama needs them out of the picture for him to sneak back into power. I think he's pissing up a rope if you ask me. At least I know exactly what happened, because I lost a business when building died. You can bet on that. I fricken know everything. I blame them that caused it. Period.
"They steered the lenders, headed by Barney Frank". WTF. Talk about a fairy tale. The boom had already gone bust in 2006, signs were clear it was unraveling. National housing prices peaked in April 2006 and in October 2006 Moody's issued a housing forecast that predicted significant declines in housing prices. Decline in home prices was lit fuse that brought housing down. People assumed home prices only go up not down so once prices started falling people quit buying.

Anyway, how did the Democratic Congress take down housing? They can't do anything without the presidents signature.

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