View Full Version : Fannie, Freddie to Cut Mortgage Balances for Thousands of Homeowners
Fannie, Freddie to Cut Mortgage Balances for Thousands of Homeowners
Fewer than 50,000 homeowners likely will be eligible for the plan
http://www.wsj.com/articles/fannie-freddie-to-cut-mortgage-balances-for-thousands-of-homeowners-1458580973
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I wonder who's pocket this is coming out of? Oh, yeah, yours and mine.
brickboy240
03-21-16, 13:39
Why are they cutting anyone's mortgage balance?
Why are they cutting anyone's mortgage balance?
Because they are underwater on the mortgage. Wish somebody would do that for me. Oh, that's right, I paid mine.
I know people on both sides of the aisle here. Both people that simply bought shit they couldn't afford, and people who honestly got a rough deal due to rapidly declining property values and a round of layoffs. I've had to become the heartless a-hole to be "fair." Pay your debts or file for bankruptcy. That's why bankruptcy exists. Yeah it's a terrible thing to have to do, it screws with your life for a long time, and I wouldn't hope for it to happen to anyone. That all said, being one of the "lucky few" that gets to benefit by a completely free of consequence loan balance modification is total BS vs everyone that sucks it up and pays the bills.
That's bullshit. I pay mine.
I'd love to see them add the amount cut to their income for the year so they'll at least have the IRS on their asses! No EITC for you! Bottom line is they need to pay somehow or in some way, not get off scott-free with a balance reduction.
Don't get me started about refundable tax credits... I had to walk someone through how a person could pay zero taxes and still get a refund in the thousands. After I got the concept across he looked like he was having some kind of a mental breakdown. "So they pay nothing, and then they get money back out of the taxes you and I pay in?"
And wouldn't you ****ing know it. Just this morning I got out of bed and said, I'd sure like to pay for someone else's mortgage in addition to my own....
FromMyColdDeadHand
03-21-16, 16:27
Got a non WSJ link? I tried google, but that was the only article I could find?
Just wait till Bernie forgives all the student loans...
Got a non WSJ link? I tried google, but that was the only article I could find?
http://www.morningstar.com/news/dow-jones/TDJNDN_2016032112205/fannie-freddie-to-cut-mortgage-balances-for-some-underwater-borrowers-update.html
Don't get me started about refundable tax credits... I had to walk someone through how a person could pay zero taxes and still get a refund in the thousands. After I got the concept across he looked like he was having some kind of a mental breakdown. "So they pay nothing, and then they get money back out of the taxes you and I pay in?"
I come close to breakdown reading your story.:) It can be a shock to the system when a member of the hard working class first learns of others playing the system.
This is a guy who has busted his as since 16 building a business. Seattle area resident who was raised liberal and always voted the same way himself. One of the "but I have so much" liberals... Then he started to see the other side of his party turn on him with the "fair share" nonsense a decade ago. His mentality came around, but it took some time.
Don't get me started about refundable tax credits... I had to walk someone through how a person could pay zero taxes and still get a refund in the thousands. After I got the concept across he looked like he was having some kind of a mental breakdown. "So they pay nothing, and then they get money back out of the taxes you and I pay in?"
Chaps a hard working man's ass doesn't it? I'm sick of the free shit army living off the backs of others.
Why do responsible, hard working people continue to take this crap. I know, I know, we all have jobs and families to look after and don't have time to protest like the BLMs but, there has got to be something that can be done to stop this unregulated, off the chain, gravy train.
I hope Trump, who I admit has a few shortcomings IMO, wins the presidency and lives up to most of his campaign rhetoric. It would at least be a start I think.
FromMyColdDeadHand
03-21-16, 21:14
My eight year old daughter and I were sitting on the couch the other day. She said in a very soft voice. "Dad, I think that I'm a 'giver'." I asked what that meant to her and she said that "I like to give people things..." and this is where she talked in a hushed tone, "like President Obama." She could tell that this was not a popular concept.
Trying to keep my crap together, I asked if she liked to give her friends things and she said yes. I knew she had made little 'beado' ( http://www.beadosbeads.com/ ) crafts for her friends. I said it is OK if you want to give your friends small gifts. I told her the difference was that when the govt gives something to someone the only way that can do that is if they take it away from someone else to give away. She was not down with that concept. "But that's not fair!". I told her that every time a politician on the TV says that 'they' are going to give you something, that means that they are going to take that away from someone else.
First step in a long job.
First step in a long job.
But at least you're there to be her guide...
FromMyColdDeadHand
03-21-16, 21:21
On the other hand, supporters of principal reduction say the tool is effective in getting some delinquent homeowners to start paying their mortgages again, which in the long-term can save taxpayers money. Some advocates say that the benefits can flow to the rest of the community, as the homeowner becomes more likely to spend to maintain their home.
So do they have the money or not? I never understood why if someone's loan is underwater that makes any impact on if they can pay the loan. You never really know if a loan is truly underwater until you sell.
How about a tax on home appreciation to cover those that lost value- let that try to get thru the political process- but that is what is happening. I was looking at houses in CO in 2005 and we sat out of the market for two years because I saw it as a suicide pact. I still didn't buy at the bottom, but good luck getting a loan then.
No one wants to heap more pain on these people, but someone has to be the cautionary tail here.
My eight year old daughter and I were sitting on the couch the other day. She said in a very soft voice. "Dad, I think that I'm a 'giver'." I asked what that meant to her and she said that "I like to give people things..." and this is where she talked in a hushed tone, "like President Obama." She could tell that this was not a popular concept.
Trying to keep my crap together, I asked if she liked to give her friends things and she said yes. I knew she had made little 'beado' ( http://www.beadosbeads.com/ ) crafts for her friends. I said it is OK if you want to give your friends small gifts. I told her the difference was that when the govt gives something to someone the only way that can do that is if they take it away from someone else to give away. She was not down with that concept. "But that's not fair!". I told her that every time a politician on the TV says that 'they' are going to give you something, that means that they are going to take that away from someone else.
First step in a long job.
I'm totally stealing that if necessary when my boys get older.
Sent from my SAMSUNG-SM-G890A using Tapatalk
.46caliber
03-21-16, 22:48
Grrrr.
I pay my stuff, you pay yours.
I've still got a big chunk of student loan hanging over my head, but I will not, I cannot vote to use TAXPAYERS' MONEY to reconcile MY DEBT. I took a risk taking that loan, the results of that risk are on me. It's as though the concept of personal responsibility is totally foreign to a sizeable portion of the US populace.
Many of my peers, and I use that term loosely, that I graduated with think Bernie and the Left's college debt forgiveness are the best thing since free beer at frats. They can't understand why I don't support sloughing off my debt to the taxpayers.
My eight year old daughter and I were sitting on the couch the other day. She said in a very soft voice. "Dad, I think that I'm a 'giver'." I asked what that meant to her and she said that "I like to give people things..." and this is where she talked in a hushed tone, "like President Obama." She could tell that this was not a popular concept.
Trying to keep my crap together, I asked if she liked to give her friends things and she said yes. I knew she had made little 'beado' ( http://www.beadosbeads.com/ ) crafts for her friends. I said it is OK if you want to give your friends small gifts. I told her the difference was that when the govt gives something to someone the only way that can do that is if they take it away from someone else to give away. She was not down with that concept. "But that's not fair!". I told her that every time a politician on the TV says that 'they' are going to give you something, that means that they are going to take that away from someone else.
First step in a long job.
Ha!... she sounds like a keeper.
Moose-Knuckle
03-22-16, 04:16
Man some days I wished my white privilege lived up to it's hype . . .
I've got to be honest guys, there's days that I feel like joining in the free shit Army. The rest of this just seems like a fight to nowhere.
I know that that is a chickenshit mentality, but man I am sure tired of the fight. Looking at what my liability is now, after all these years and not even able to make money, and my business still being a complete waste and smoldering with nothing but ash left, I still owe an insane amount. I honestly have no idea how I'm going to pay for it.
I could go back to school and finish that fancy degree I was working on. All that will do though is make me have payments for the next 20 years, because my wife is still paying on hers and she hasn't been in college for a long time.
Houses here now start at $1,000 to rent. The trailerhood here I come baby. Thank you to all of the politicians of about the last 15 years. Man you guys really make it awesome for us. May all of the **** in the universe be upon you. I hope you Pricks on both sides of the aisle had a good time stroking out all your special interest.
Because they are underwater on the mortgage. Wish somebody would do that for me. Oh, that's right, I paid mine.
That's exactly what I said.
brickboy240
03-22-16, 12:17
They ARE making it very attractive to just drop out and be an irresponsible dependent...aren't they?
They ARE making it very attractive to just drop out and be an irresponsible dependent...aren't they?
Coming soon to student loans, I predict!
If anyone thinks I am going to feel guilty for collecting SS benefits, which is 100% my own contribution plus a meager return, they are nuts!
Coming soon to student loans, I predict!
If anyone thinks I am going to feel guilty for collecting SS benefits, which is 100% my own contribution plus a meager return, they are nuts!
Beware, soon YOU will be identified as part of the problem for daring to want your SS bennies. Criticism in-bound in 3...2...1...
Criticism in-bound in 3...2...1...
IDGAF, LOL! Let'em come! I paid the max each year for the vast majority of years I paid in and I was never out of work. I won't live long enough to get it all back.
Moose-Knuckle
03-23-16, 00:38
Coming soon to student loans, I predict!
If anyone thinks I am going to feel guilty for collecting SS benefits, which is 100% my own contribution plus a meager return, they are nuts!
I'm in my 30's, SS will run out long before I'm eligible to get any.
Averageman
03-23-16, 06:14
Beware, soon YOU will be identified as part of the problem for daring to want your SS bennies. Criticism in-bound in 3...2...1...
Try having a Military Retirement, there are folks out there who are convinced you're robbing them blind getting both SS and a .Mil check every month.
I will have a retirement from my current employer, right now that's looking like enough money for a nice dinner and a premium bottle of scotch once a month.
I don't regret or feel guilty for looking after my future, if I depended solely upon on my current employer for my entire retirement, I would be eating canned cat food on a Ritz Cracker in my Golden Years.
I'm in my 30's, SS will run out long before I'm eligible to get any.
And that sucks. It is a shame when people that paid into a program get denied, but people who didn't pay into a program (mortgage relief, student loans, etc.) do get a benefit.
Averageman
03-23-16, 07:59
And that sucks. It is a shame when people that paid into a program get denied, but people who didn't pay into a program (mortgage relief, student loans, etc.) do get a benefit.
They are giving that money to the folks who will keep them and their Party in office.
platoonDaddy
03-23-16, 08:35
Excerpt from his speech yesterday, follows. Probably very likely, should help reduce their credit loss expenses, which means more profit going back to the government.
We are, however, drawing close to the end of this difficult process, and I expect to announce a decision within the next 30 days about whether we have been able to find a ‘win-win’ principal reduction strategy or whether, on the other hand, we will take principal reduction off the table entirely,” Watt said.
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