jgln

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Because I will never be able to afford it if you don't!!!!

Listened to radio talk show Saturday where they have finance experts that take calls and the hot topic was the bailout. Lady calls in and explains that she and her husband brought a house on an ARM loan that in June was at 9%. They told the bank they couldn't make the payments so the bank gave them a fixed 5% loan. She called the show to see if she could qualify for a yet even lower rate as they still cannot make the payments. She explained she worked for the school system and was only collecting unemployment during the summer. From what I heard nothing has changed since they brought the house (except it is costing them less now).
Now get this, the expert told her yes she could get an even lower rate if she could prove she could not make the payments and they could not deny her that. WTF!!!
First off it sounds like they never could afford this house so why are our tax dollars helping them pay for it. Second that 5% rate is 5/8 lower that my fixed rate that I had to put 20% down to get. And lastly since I can afford to make my payments I don't think I will be able to get any help paying my mortgage. Oh, and I'll bet if they do get the 3% rate it will never go up no matter how much money they make later on.

Evan!

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What a load a sh!t. I have a mortgage, one that I, get this, made sure I could afford before I signed the goddamned papers. I've never missed a payment, not even been late. Why the hell should I have to subsidize jagoffs who overstretched themselves just so they could try to cash in on the housing boom? You see all these f*cksticks crying because their big expensive house with the interest-only ARM is unsustainable. Then GTFO and go rent, dumbass. One of Obama's people were on meet the press yesterday and they were trying to explain why I need to subsidize these people because of their poor planning, and it was nothing but obfuscation...talking about how stringent they would be regarding who qualifies...like, you can only qualify for this BS if you're an owner-occupant. SO? Just because you're discriminant in choosing who you steal from and give to, doesn't make it any less than theft.

That's right, just punish people for actually paying their mortgage on time. I think I'm gonna stop paying mine just so I can get a piece of the stimulus money grab.

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RICLARK

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Well Said Evan! This is why I am going to keep renting until I can afford a 20% Down Payment. No friggin way should people making 10 bucks an hour being given 300,000$ Mortgages with no money down.

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GilaMinumBeer

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Amen brutha'!

Wonder if the OP's post mindset would work for me. I just refinanced for 3.5% (points paid). It's not that I can't afford the payment. I just don;t want to pay that anymore.

Mebe I can get 0%. Oh. Wait.

Then I'd just be renting from the Bank, wouldn't I?

Ah well, guess I'll send in the check since I am one of the few left (like you Evan) in this world that does care about my credit scores and will only commit to financing that I can afford.

wildwest450

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Count me in. 22 years of credit history and not 1 missed payment. I honestly can't see taking handouts while your still able to work. It sucks that a few have to bear the weight of a country full of asswipes.

mmb

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Is it just me or are all these band-aid patches the government keeps trying to apply to the economy just going to hurt that much more when they get ripped off?

If they get ripped off....

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IrregularPulse

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I agree with all the posts here but should this not be in the debate forum?
I come to DR&MM for funny drunken nonsense. Not the 100th thread about the bailout.

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jgln

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Because I vowed to no longer participate in the debate forum I figured it was more of a statement than a question or suggesting a debate. Oh, wait a minute I did ask a question only I used WTF!! instead of WTF??

jgln

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Its 0% interest rate, all your payments would go to the principal.

CBBaron

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This is what I did not understand about the stimulus package. Allowing someone to refinance at the current rates, despite being upside down on their house makes sense, if they can afford the payment. If someone cannot make the payment then this makes no sense. There are some people that did have 20% equity in their home at one point who due to market dropping no longer have that 20%. Allowing them to refinance makes sense because they are less likely to foreclose and/or they will have additional money to spend and it should not cost the government much if anything. If the person can not afford the payment then changing the loan to a sub market rate loan is most likely just delaying the time when they are behind in payments again. Which is going to cost.

However if you have 20% equity in your house and good credit you can refinance for a sub 5% without any government help. If you are paying well over that it is your own fault.

Craig