Black People : Foreclosure Bailout? (or not)

Discussion in 'Black People Open Forum' started by Ankhur, Mar 30, 2010.

  1. Ankhur

    Ankhur Well-Known Member MEMBER

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    Economist Dean Baker: Banks Could Be Big Winners of President Obama’s Foreclosure Prevention Program
    The Obama administration has announced changes to its signature foreclosure prevention program, Making Home Affordable. The initial foreclosure relief program unveiled one year ago was supposed to help up to four million struggling homeowners. So far fewer than 200,000 borrowers have been granted permanent loan modifications. Meanwhile, a record 2.8 million properties with mortgages received foreclosure notices last year, according to the real estate data company RealtyTrac

    full article and video
    http://www.democracynow.org/2010/3/29/economist_dean_baker_banks_could_be
     
  2. hexzerg

    hexzerg Banned MEMBER

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    This is a bad plan. For one thing the country is broke and can't afford. Another is it is propping up housing prices and making them unaffordable to most americans. The housing market has to adjust to people's incomes. One last thing. Why should renters who acted responbiliy be bailing out people who speculated on housing prices or just didn't read the fine print on their mortages.
     
  3. Ankhur

    Ankhur Well-Known Member MEMBER

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    no one is saying they should bail out anyone, this was the money from the first bailout that is floatingaround, secondly, the subripme mortgages actually had illegal loopholes that were not printed in the fine print.
    No one is saying folks should assist or pamper unwise consumers, or folks who gamble before paying bills.
     
  4. Knowledge Seed

    Knowledge Seed Well-Known Member MEMBER

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    Foreclosures = more discounted properties for cash investors. Now is the time to buy!
     
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