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08:36 PM on 09/13/2012
Was any of his programs a success?
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HUFFPOST SUPER USER
Illuminarts
You live and learn. At any rate, you live. D.Adams
08:37 PM on 09/13/2012
Cash for clunkers?
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HUFFPOST SUPER USER
MyResponsibility
Action over hope
08:34 PM on 09/13/2012
HAMP is a joke.  I put an offer on a house that was preapproved by the bank for a short sale back on August 13.  The homeowner put a Under Contract notice on the sign, and my contract has removed the house from the market and any other potential buyers since then (good for me).  The bank still has not accepted our offer. The bank still has not rejected our offer. The bank still has not countered our offer. Meanwhile, the seller isn't paying the mortgage and the house WILL be foreclosed without the bank taking action.  The reality is, it's easy for banks to hide their losses by holding on to an asset against which they receive no payments than it is to accept the short sale or modify.  If they shortsell or modify, they take the loss on their books immediately. As long as it is in modification, they can delay.
09:43 PM on 09/13/2012
Now that's a rational post. Thank you M.R.
08:31 PM on 09/13/2012
uuuuuuuugggggggggg. Lets all bend over for the banks and take their abuses since our elected officials are completely impotent to do anything for the people.
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SteveM39
I think for myself, what's your excuse?
08:05 PM on 09/13/2012
You can't fix a charade.

Mortgages are business deals. The risk lies primarily with the lender. That is why it was always pretty hard to get a mortgage. If the deal didn't work out for whatever reason, the borrower would lose their equity and the bank would get the collateral. If the collateral didn't cover the balance of the loan, the bank lost money as well.

But this time the entire market melted down. There are trillions of dollars in over valued mortgages. Right now most of that money sits on the books of the homeowner. You have a house worth X and a mortgage for 2X. You know you have lost a lot of value. The bank says they have a mortgage worth 2X. But they don't. The homeowner can default and the bank will need to true up the deal. Moral hazard is all that is keeping commercial banks alive.

If the banks were to adjust these mortgages to the true value of the collateral, they would be out of business. But so would Washington. Fannie and Freddie are on the hook for many of these toxic assets. The US government is insolvent based on the guarantees they have made on home mortgages.

But the real problem is that the investment banks leveraged these mortgages into derivatives. A good portion of the world's debt load is secured by over valued mortgages. Any real fix that trued up the real estate market would throw the world into turmoil.
08:33 PM on 09/13/2012
I think Max Keiser called this "phantom wealth" and it is what the entire economy is based on right now. All it will take is for someone to call in the loan.
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lotus65
Bible, meet crutch. Oh, you're acquainted!
09:41 PM on 09/13/2012
Fanned for the Max Keiser shoutout!
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dogspeed
Your mico-bio is empty.
10:12 PM on 09/13/2012
Max Keiser is god. Fanned.
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HUFFPOST SUPER USER
Illuminarts
You live and learn. At any rate, you live. D.Adams
08:47 PM on 09/13/2012
I dunno. Seems like the only reason the risk lies so heavily with the lender at this point is that the banks made so many bad loans and then bundled them and made MORE money on them, then bet AGAINST them and made MORE money. Then, the bottom fell out, and the government handed them MORE money, which they thought would make great Christmas gifts to themselves, rather than lending money again and helping the economy.
11:09 PM on 09/13/2012
In my view the bottom should have fallen out. Realistic wise it should have failed after the first "MORE" didn't work. Then the money would have been showered on the people gratuitously. Just like anyone with a family member who has a gambling addiction though... Here we are. Standing on a thin glass floor. Holding up bags of hammers. Welcome back to fiscal 1929 llluminarts. Socially it's anybodys guess. I just hope the right one is made. For all our sakes.
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pstaub
08:04 PM on 09/13/2012
Yet another failed program by Obama. Glad to see even liberals waking up to his incompetence!
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HUFFPOST SUPER USER
Illuminarts
You live and learn. At any rate, you live. D.Adams
08:35 PM on 09/13/2012
I still support his reelection because I just don't see Romney as a good alternative. I AM glad to agree with a conservative, however, that yes, this is a big failure. And it's not his only one. I just don't often find myself seeing eye to eye with conservatives about what those failures are. Or, when I see conservatives complaining about some things that I do agree are problems, like the fact that US troops aren't out of Afghanistan yet, I just find their complaints disingenuous.
08:40 PM on 09/13/2012
I believe that you would find many Republicans who do not see Romney as a good alternative either. They see him as simply a tool to try to get Obama out, then work toward getting a more viable person in next time around.
10:25 PM on 09/13/2012
Yes I agree. I also find the complaints and societal cherades of the liberal pop cultures of this day to be disingenuous. On other days they have been much more genuine. It's like they're stuck in the fish bait fudalism of the late 90's and 2000's for eternity.
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Deep228
My micro-bio is no longer empty.
09:47 PM on 09/13/2012
Did you read the article?
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Annespeaks
07:59 PM on 09/13/2012
While I am sad the program was in some ways a failure, I am far more pissed off about the banks - while the administration tried to help, the banks did everything to avoid helping, as usual. I'm so sick of these guys.
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gevan
07:58 PM on 09/13/2012
This program has never lived up to what it was supposed to accomplish. One would think it is a fixable problem, but the White House seems distracted in its focus.
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1oldhippie
yes WE did... again!
07:49 PM on 09/13/2012
Its HARD to get a bank to modify a loan when YOU can't determine the bank!
Most hide behind servicing groups.
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Denise Shelton
Fear is the mind-killer
07:38 PM on 09/13/2012
For most people it was just too late. The plan also relied on people eventually getting back to work. Without a paycheck, even a reduced mortgage is too expensive. Since so many are still below the necessary level of income, this outcome was inevitable.
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HUFFPOST SUPER USER
Reio2288
Reio88 on Twitter
07:36 PM on 09/13/2012
ok, stop the trolley. A brief note. I know of people who applied for this program, trying to be shifty they got bounced. Or you have to make 6 agreed new payments, they didn't and got bounced. Or their income could never support such a residence, they got bounced. Or in the middle they filed bankruptcy quit making payments and got bounced. Or changed jobs, income and didn't provide the new paperwork and got bounced.
It's free - it's also still a program that Does require effort from the homie, they told me the rules UP FRONT what we had to do and how to do it to qualify, we did - IT worked.
Don't blame Obama for a good program that some lost out on. Instead blame him for the success. It did help, it does help and we are glad not to lose our home of 10 years due to the Bush Wall St. economy. Sorry this was not brief.
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HUFFPOST SUPER USER
Illuminarts
You live and learn. At any rate, you live. D.Adams
08:40 PM on 09/13/2012
Yeah, I had a friend go through the process, too. It was long and arduous, but the modification did go through eventually.
07:31 PM on 09/13/2012
OK, let's go at the banks then. Cancel all interest debt and abolish usury. Do something like that, Mr. President, and then get out of the way of your landslide reelection.
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cogwheel1
Just call me Cog
07:14 PM on 09/13/2012
Another hope that changed
08:37 PM on 09/13/2012
Add it to the long list!
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cogwheel1
Just call me Cog
11:13 PM on 09/13/2012
The list gets longer and longer.
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laubelkins
07:11 PM on 09/13/2012
Are we really surprised that banks were doing everything in their power to stop the modified mortgages?
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Wally Preissing
06:50 PM on 09/13/2012
Wouldn't it have been a lot simpler to just buy down the principle on peoples mortgages so the banks would be more willing to refinance on a lower priced home with the modification money actually affect it like a down payment?
06:47 PM on 09/13/2012
wonder how that 'hope for change' is working out?
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Rachel Flanagan
Don't Tread on Me
07:05 PM on 09/13/2012
Nothing more than marketing slogans like;

Leave no child behind - because they just pass them to the next grade.
A thousand points of light - whatever that meant
Compassionate conservatism - an oxymoron
Yes, America Can - when clearly we couldn't
Building a bridge to the 21st century - by shipping all the jobs to China
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Justly James
intolerant of intolerance
07:21 PM on 09/13/2012
Your forgot "Mission Accomplished."
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alaligator
07:39 PM on 09/13/2012
pretty well thank you