The new Obama housing guidelines SUCK!
I think I'm really mad that Obama's new guidelines to help homeowners really doesn't help everyone. I posted some links in my previous blog post as an update to how this "rescue" plan really doesn't rescue enough.
IMO stop giving all the money to them damn selfish ass banks! Let the bitches fail....I mean really if those banks weren't smart enough to have a solid business policy then shame on them. Common sense would tell anyone that a NO INCOME DOCUMENTED loan is a default waiting to happen...ESPECIALLY on a house that was four times the amount the person CLAIMED to have made!
There are so many people underwater...good people that did the right thing....but just because their mortgage isn't backed by Fannie Mae or Freddie Mac they have to suffer? WHY? I need to understand the rational behind this whack ass thinking!!!!
Let find out this was a lame attempt to help...
Now I do agree that investors and speculators should suffer because they were trying to take advantage of the situation....but come on now...
As stated in the Forbes.com article:
Recent borrowers without Fannie Mae and Freddie Mac loans: The biggest part of the government's plan allows people with Fannie Mae or Freddie Mac mortgages to refinance to a better rate, even if their mortgage is as much as 5% underwater--for example, if you owed $105,000 but your house was only worth $100,000. Under the old rules, a homeowner needed 20% equity to refinance. Thus, many recent buyers who have seen their homes lose value have been unable to refinance at today's low rates.
The government is quick to point out that this program is for responsible home buyers who haven't missed payments. OK, but what about responsible buyers who haven't missed payments but have little or slightly negative home equity and just happen not to have a Fannie or Freddie loan? Tough luck.
Tough luck suckers!!!! Obama's got your vote now! LMAO!
Don't get me wrong, I voted for Big O. But you would think this policy would have had MORE thought into it. Just a tad bit....it's like for the sake of saying "look - I've done more in my first 100 days than Bush did in eight years" - but my question is...is the policy sound? Does it make sense? Will it be effective? Will this policy dry up the spigot of bad mortgages? Will this policy REALLY help the people out who pay on time and deserve to hold on to their home value?
This has really got my Vickies in a bunch. I hope there is a part two when this round is over....