Comments on: President Bush Signs New Housing Rescue Bill But Why

By: ECDomain Article Directory » President Bush Signs New Housing Rescue, Bill But Why?

Tue, 30 Jun 2009 02:52:09 +0000

[...] the original: President Bush Signs New Housing Rescue, Bill But Why? No TweetBacks yet. (Be the first to Tweet this post)SHARETHIS.addEntry({ title: "President Bush [...]

By: Jennifer

Jennifer — Wed, 27 Aug 2008 19:58:08 +0000

It makes me want to scream (like how you say) when people blame this whole housing situation on people who bought more house than they can afford. You must not be affected by the economy. There are a lot of small businesses making less money than they were 2 years ago, going out of business and can’t afford the house payment anymore. Along with all the prices going up on everything, every little bit counts. No raises are being made to keep up with inflation, because the big companies can’t afford to either.
It’s not just the baby’s daddy kind of people, it’s the middle class suffering. I made $300 more a week when I first got my loan and now the overtime is over. All of my paycheck goes to bills now with nothing left for anything.
I blame this on the economy, not the people.

By: George E. Sinacori

George E. Sinacori — Thu, 31 Jul 2008 16:48:42 +0000

Robin,
I can’t disagree that the bill creates a government sponsored national clearing house for short sales. That was and is my biggest impression of the legislation. I have not read the 684 pages of the bill and so I’m still a bit fuzzy on some of the mechanics. Like, when does the 1st mortgage holder agree to discount the loan? Is the discount negotiated by the new lender or by the homeowner prior to applying? If you know please let me know.
Your (disenchantment) with the legislation seems to be with the homeowners refinace portion or “Hope for Homeowners Act of 2008″ . There is a whole lot more to the legislation that a guy in President Bush’s situation needs to consider or needs to be advised of which may answer why he signed it. Primarily I believe that it’s a “you gotta do something” kind of reaction and he hasn’t seen anything better yet. Doing something may be better than doing nothing. i.e. If your boat is sinking you try to bail it out until real help arrives or it sinks….. or fight a blaze with buckets until help gets there or it becomes uncontrollable. This legislation is like the bucket. Band-aids for an economy and people who may have had there legs cut out from them. We can only hope that real help is on the way.

By: W.Hatt

W.Hatt — Thu, 31 Jul 2008 05:15:07 +0000

I think the whole real estate was such a scam! The property being overly inflated by the agents, mortgage companies and the appraisers! Hhmmm who was making the money for running up the prices? They were.
In our situation, single mom, worked all the years while my children were small, never in the welfare system. Not in the greatest neighborhood but the one down the road was much worse. I had a dream to buy one day and then all of the sudden, the prices go sky high. The properties were not worth what the appraisers were saying, but I was about to get priced right out of my neighborhood that I already didn’t like much. The appraiser was told by the agent, to make it at least the amount that the agent needed. I didn’t feel like I had a great choice. I, who had worked very hard to get my credit where it was, bought a home that I had already been renting for years. I was not really happy about it at all, but I knew I didn’t want to get pushed down the the next neighborhood where I don’t even feel like my kids will be safe. Then what? Surprise! The big drop. Now I am paying for a home worth 1/2 of what it is worth and it still is a fixer upper!
So after everything I worked for, this loss is not worth putting another dime into it.
My credit will now be shot, but now it just a horrible investment and a waste of money. It was never worth what the inflated price stated. I just think people bought because the were afraid the couldn’t afford to later if the prices kept rising.
Call it socialism….I call it the biggest real estate scam. Now who can buy all of these foreclosed home at incredibly low prices? The real estate agents the made all of the money in the first place! Their great plan worked well for them! It is the rest of us that fell for it that got scammed.