I was just watching the how this new housing incentive to help home owners by letting them refinance if they are paying at least 1/3 of their total wages that come into their home per month. However the catch is, your house has to be worth at least $700K. Now does anyone here have that big of a house? I mean you have to be rich to own a house that expensive. The people that need help are the ones in the middle to low income range whose houses are foreclosing and have the hundred thousand dollar or less houses or around there with no job or on minimum wage, President Obama duhhhhh. The rich already are getting tax breaks. On top of that, there is nothing in this bill that says the banks have to do it, only they are "encouraged" to do it. So, us little people will not be able to refinance our loans for lower interest to help lower our payments, which would stimulate the economy because then we could buy groceries and clothing, pay for our cars, and other things we need. There are more of us little people that own smaller homes than the seven hundred thousand dollar homes, thats for sure that could use a refinance at lower interest, am I right here? Now am I wrong with this way of thinking? Take care Lost
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read more blogs!
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kywonder
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Feb 18 @ 2:27PM
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I don't know how a single person can make it on $10 an hour income. Before I lost my job, it was taking half of what I brought home just to buy gas to get back and forth to work. Forget about owing a home and paying car payments and all the other stuff associated with living.
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Josuha
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Feb 18 @ 2:28PM
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There are more of us little people that own smaller homes than the seven hundred thousand dollar homes, thats for sure that could use a refinance at lower interest, am I right here? Now am I wrong with this way of thinking?
No..your not wrong.
But does it surprise you how this bill was written?
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imlost2
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Feb 18 @ 2:32PM
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Josh, perhaps it might be incorrect to call it a bill, Obama was just on TV here speaking and wanting to implement this into action. So however this gets done it will cost $79 Billion dollars, and I am assuming he means of our tax dollars, which means he must have permission through a bill? I'm sure we will find out more as this comes in to light. Lost
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1frantastic
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Feb 18 @ 2:39PM
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and we pay for the emperor to have no clothes as we look on naked ourselves....   
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misschief
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Feb 18 @ 2:41PM
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I wouldn't say that those in $700k homes are super rich and apparently it's the super rich all this hasn't affected. Maybe the banks stand to lose too much if those people lose their homes and they will gain a lot more in the long run with future interest rates. 
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imlost2
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Feb 18 @ 3:08PM
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I think I'm seeing de je vu, didn't we hear a similar bank bail out before? Ok let me get this straight. They are taking $75 not $79 sorry,Billion for the banks, but the banks are not going to be "forced"only encouraged to give the money to the people. It's now being called a "stability homeowner package". Ok and this is going to work though Fannie May and Freddie Mac, does it get better? Along with this, Lenders are getting a bonus of our taxes of $1500 each loan along with interest to write the loans, hmmmm more perks. I wonder what else is in this package. Didn't we do this once already in the first stimulus package where the banks kept the money? Lost
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jayej
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Feb 18 @ 3:16PM
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Didn't we do this once already in the first stimulus package where the banks kept the money?
The first time around they just wanted to lower the interest rate but they wanted to extend the mortgages another ten years....
They lost nothing.
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lizardlicks
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Feb 18 @ 3:22PM
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Your right, we can't understand because these people are lying to us !
I think we really need an organization that punishes the cheaters in
government, banks, and businesses.. I see supposedly rich entertainers
living in bankrupt towns, cities, and states. Telling us we should give
more to the richest people cause they have too many writoffs..
good topic though
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john49887
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Feb 18 @ 3:27PM
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There is only one thing to say about this entire mess: BOHICA  
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silksox
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Feb 18 @ 3:33PM
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$700,000 ????
Obama is just another spendthrift politician (cut of the same cloth) who has learned to say.. "fantastic, fanastic instead of BULLChit." 
Silk
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AttractedCentaur
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Feb 18 @ 5:19PM
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Yeah, I have my doubts on this one too. But, like everyone else who was asked their opinion about the bailout, I will wait and see.
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TroutFishing
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Feb 18 @ 6:09PM
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luneib
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Feb 18 @ 7:00PM
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No, you are right. I'd love to refinance my condo, now that the interest rates have come down it might be a good idea, however, I don't have $2,000 to do this. The middle class always seem to get screwed and the rich make out like bandits.
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Jacksonboy
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Feb 18 @ 8:14PM
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I was watching tv a few minutes ago and they said if your house was worth less than 700 thousand you were eligible. Makes more sense that way. I did not say that I agree with it but that is what they said. 
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jamminjerry
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Feb 18 @ 8:26PM
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i was wondering how the rich man would get his finger into this particular pie! LOL we be jammin
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bardnsage
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Feb 18 @ 11:24PM
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Well, in the neighborhood he lived in,,, $700K is much less than the average price. But, maybe the catch is that the houses in the 700K range are the ones that are not selling,,,, even in foreclosure. It's also about the price of the houses in the neighborhoods the vote wranglers live in around DC...
Like the stimulus plan,,,, I will take the same tack,,,
I want to see the written plan.
The costs.
The return on investment.
The disbursement,
The oversite,
Etc. Etc. Etc.
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imlost2
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Feb 19 @ 1:00AM
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Well Jackson it changed from this morning to this evening because from this mornings news the houses had to average $700.000 at least. Still, houses around here that are empty and people are foreclosing on cost around the $150.000 range and I bet they wouldn't qualify in this plan. Along with that, only certain banks are being allowed to participate. I asked my bank today if they can lower interest rates, they said they are not allowed in the plan. The Government is hand picking the banks, so if you don't meet all these qualifications you may as well forget it. They will take all the money from all the people, but not all the people can benefit. Lost
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Slohand_47
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Feb 19 @ 1:59AM
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I also read they have tagged a lot of money to forgive credit card debt.
Stupid me for paying mine off every month 
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ANGRY_MUPPET
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Feb 22 @ 6:40AM
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hey.,all i know is they better hurry up with that stimulus check.,  .,so i can go out and spend it.,and do my part to save economy 
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