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President Barack Obama exits Air Force One after arriving at McCarran International Airport in Las Vegas on Thursday.
Published Friday, Feb. 19, 2010 | 3 a.m.
Updated Friday, Feb. 19, 2010 | 8:57 a.m.
Sun Archives
- Obama lands in Las Vegas for second visit of presidency (2-18-2010)
- Obama and Reid forge bond beyond politics as usual (2-18-2010)
- Green Valley High will host Obama town hall meeting (2-16-2010)
- FAA restricting Las Vegas air space during Obama visit (2-17-2010)
- Goodman: Obama needs to ‘straighten out’ what he said about Las Vegas (2-17-2010)
- Green Valley High will host Obama town hall meeting (2-16-2010)
- Obama’s Las Vegas visit to include DNC fundraiser (2-15-2010)
- Obama to visit Las Vegas next week to discuss economy (2-12-2010)
- Short sales soar while foreclosure sales slacken (1-29-2010)
- Experts: Foreclosures threaten possible Las Vegas housing recovery (7-17-2009)
President Barack Obama will announce today during his visit to Las Vegas a new foreclosure rescue program, pumping $1.5 billion into Nevada and other hard-hit states to help housing agencies rework mortgages and save homes.
The president’s program, drafted at the urging of Senate Majority Leader Harry Reid, comes as Nevada’s housing crisis continues unabated while other regions show improvements, contributing to a dismal economic environment that is threatening electoral fortunes this fall.
Both Obama and Reid know that until the economy begins to show signs of improvement, Democrats, the party in power, will likely suffer at the polls in struggling states such as Nevada.
The program is also an acknowledgment that federal efforts have fallen short, as banks have been unwilling or unable to rework mortgages to keep families in their homes.
Under the program, state housing departments in Nevada, Arizona, California, Florida and Michigan will share $1.5 billion toward foreclosure aid.
The money will be divided by a formula based on the number of unemployed residents and the decline in home prices, which means California and the bigger states would likely get the lion’s share. Nevada is expected to receive at least $100 million.
The feds are unleashing the funds to encourage the states to tap innovative ways to help homeowners, saying states have expertise in local market conditions. A White House official pointed to programs under way in Massachusetts, Connecticut and Pennsylvania as possible models.
States could use the money to:
• Provide bridge loans, as is being done in Pennsylvania, to help unemployed homeowners pay the mortgage until they land jobs.
• Provide incentives to lenders to rewrite upside-down mortgages — when a homeowner owes more than the home is worth, as is the case in 70 percent of Las Vegas.
• Provide incentives for lenders to rewrite second liens, a common barrier for homeowners trying to refinance.
“President Obama recognizes the challenges facing our families in the nation’s housing markets, where local conditions vary considerably,” the White House said. “The legacy of price declines, together with the effects of high unemployment, means that many working- and middle-class families in these especially hard-hit areas are facing serious challenges, in many cases beyond what their families’ resources can handle.”
Julia Gordon, a senior policy counsel at the Center for Responsible Lending, said the extra money could help Nevada’s mediation program bring in more staffing and resources to help homeowners.
But she cautioned that while states can put the money to good use — states are doing innovative work to stem the crisis in local regions — the White House should still work to address the housing crisis on a national level.
“It’s certainly an acknowledgment that we need to do more, and we’ve long said this needs to be attacked on all fronts,” Gordon said.
“For these five states it’s a heck of a lot more than they have in their budgets right now,” she said. “But we do need to do something more at the federal level.”
Nevada’s homeowners have particularly struggled because home prices have fallen precipitously as unemployment skyrocketed to 13 percent.
Normally, if a bread-winner loses a job, a family could refinance or relocate, relying on their home equity to temporarily make ends meet. But with so many Nevadans upside down on their mortgages, they are trapped in their homes yet without paychecks to pay the mortgage.
Reid said the $100 million headed to Nevada “will go a long way toward helping to keep people in their homes and assisting those who are underwater.”
The money would go to the state’s Housing Division, the agency that offers housing counseling, low-income loans and down-payment assistance, often for moderate-income and first-time homebuyers.
Dina Titus speaks during a meeting with the Las Vegas Sun editorial board on January 5, 2010.
In other states, housing agencies are running various programs to help homeowners through the crisis. Nevada last summer established a mortgage mediation service that is trying to provide homeowners another avenue for working with banks to modify or refinance their loans.
Democratic Rep. Dina Titus also has been pushing the Obama administration to do more to help homeowners in Nevada.
The congresswoman's Southern Nevada district has one of the nation's highest rates of foreclosures and she has repeatedly pressed the president, his Treasury secretary, Timothy Geithner, and Housing Secretary Shaun Donovan to improve existing rescue programs to better meet the demands for aid in Nevada.
"Southern Nevada, and the district I represent in particular, has been ground zero as Nevada has led the nation in foreclosures for far too long," Titus said.
“I have been working hard with Secretaries Donovan and Geithner to convey the depth of the housing problem in Southern Nevada, and I am pleased that President Obama is taking this important step to provide our community with additional resources that will help families remain in their home."
Reid is trying to buy his own reelection here, don't be fooled. It's too little too late!!!
Home owners are the ones that bought too much, paid to much.Now are crying for help, learn money managment people.
The realtors that over sold to these people should be compensating to the fund also.
Yeah you go Harry Reid and why dont you just stay in your home in DC. You are to out of touch with Nevada you should just stay home. I am really looking forward to seeing Sarah Palin in Searchlight in March.
Stop fooling yourselves.....Banks are not modifying loans, the principles remain the same. It is not working, bottom line...........
Banks received a bailout funded by taxpayers.....taxpayers never received a return on their investment....therefore modifying the loan is a fair return on their investment....
I will wait to here the testimonials from families who say that Barack Hussein Obama's foreclosure rescue program actually helped them.
"The president's [$1.5 billion]program, drafted at the urging of Senate Majority Leader Harry Reid,.....The program is also an acknowledgment that federal efforts have fallen short,"
-----------------------------
Obama is on underwater foreclousure rescue number 5 or 6 in less the last year.
FAILURE after FAILURE
This new program exclusive for NEVADA only looks to be just as confusing, complex, will require new processes in the Banks and in the will fail just like all the othe 5 or 6 plans
But anything to re-elect Harry Reid Thanks Obama
What have the republicans done that is so great? This did not start last year. You sheep that follow Rush Limbaugh believe every lie he tells without fact checking. Blame anyone but Bush for the incompetence of his 8 year disaster.
This is the 4th year that reid, pelosi and obama has controlled the Senate and the House. obama was the one that went and and taught ACORNie to go into banks and threaten bank employees if they didn't make loans to unquailfied buyer. reid, schumer, dodd, frank, waters were in Congress threatening Bankers they would lose their bankers license if they didn't make loans to unqualified buyers. Rahm deadfish emmanual and Franks boyfriend both worked in management of Freddie-Fannie promoting obama incompetent tactics.
Please don't try and lay all the blame on Bush.
So Obama taught the folks at Acorn to go into banks and threaten bank employees. Not much compared to Bill Clinton. He sold drugs when he was governor of Arkanas. Also Clinton had many people murdered. You Limbaugh sheep will believe any lie about Obama or Clinton. Did Limbaugh talk about how he got out of Vietnam because he had a cyst in his behind?
Osama Bin Laden, Saddamn Hussein,
Barrack Hussein Obama.... the similarities
are chilling if you ask me. That alone was enough not to vote for him on my part. But the list just keeps on going now. I don't care what Bush did it was greed across the board that landed us where we are. Reagrdless waking up everyday and handing out these huge plans with huge price tags is not the fix. You think we're in a mess now wait until he's done.
Rule #1 -----You cannot spend your way out of debt. What Obamination is doing is just putting off the inevitable. While trying to buy votes. This empty suited dolt lacks experience and is guided by a bunch of far left liberals that hate this country. Funding people that lived beyond their means is a path to destruction.
Ok let me get this straight. The article says:
"Under the program, state housing departments in Nevada, Arizona, California, Florida and Michigan will share $1.5 billion toward foreclosure aid.
The money will be divided by a formula based on the number of unemployed residents and the decline in home prices, which means California and the bigger states would likely get the lion's share. Nevada is expected to receive at least $100 million."
So Nevada's most powerful man in the Senate, got us .1 of the 1.5 Billion dollars? So Harry's little project netted other states 1.4 billion dollars. With a majority of that probably going to California. Hmmm... sounds like Harry is working real hard for Nevada as usual.
Oh and lv55, did Obama talk about his alcoholic father, son of a rich family, and an affluent tribe that controlled the reins of government in Kenya for years, who died while driving drunk? Did Obama talk about how during a Television interview he word for word off the top of his head recited the Islamic call for prayer in Arabic? Then stated that the sound of that call at Sunset is one of the most beautiful sounds on Earth. And then quipped, "That will drive the voters in Alabama crazy." Not bad for a man whose campaign claimed he never had anything to do with Islam. Oh and my source for this is not Rush Limbaugh, but a little book called "Dreams from My Father," authored by one Barrack Hussein Obama. Read it, it's very enlightening once you separate the fact from the spin.
Cool, add this to the other fantastic success programs TARP, HAMP, HAFA, HOPE. We don't need no stinkin jobs, we got Obama bucks free.
Oh yeah, and when is the official apology to the people of Nevada scheduled to be made? You know the one for those stupid remarks made by one Barack Obama about, don't have your conventions in Nevada, or don't spend money on Nevada. You know the ones that cost Nevada businesses hundreds of millions of dollars in cancellations.
Hmmm... and we get 100 million to help bail out home owners who are losing their homes because they have either been laid off or had their salaries slashed, probably in a large part due to Obama's comments. Wow Harry you are just cleaning up for us baby.
So lets see, if we appoint Harry as Village Idiot, would that be a job created or a job saved...
how does a realtor "oversell" someone?
that's such a moronic statement.
look, put on your big boy pants and come to grips with the fact that most of you bought a house...that you really weren't qualified to buy, but you thought, "hey, i'll sell it in 3 years for 50% profit", and now that era is gone, you're looking for someone to blame.
it ain't the realtor.
do you go back and blame the car salesman when your car gets repo'd?
this is nothing more than throwing out a fish to the stupid clapping seals that are obama voters.
the IRS guy yesterday was like most people that are sick of working for a living and then being bled dry to pay for the 4 kids of a $9.00 worker.
can't afford 4 kids?
don't HAVE 4 kids.
To LV55 Is it Limbaugh's fault that with a majority of the Democratic Senate and House there wasn't any major legislation passed? The only thing we have gotten is meetings behind closed doors and Pelosi flying with US Airforce personnel at the citizens cost!
stevem :
You have been strangely silent on most of yesterday's stories.. What gives?
1.5 Billion in aid for foreclosured homes aren't there over a million homes in foreclosure ? If there are a million homes in foreclosure that would be $1,500.00 per home... Sounds like another gift to the bankers to me.
I am not a default Bama-basher - nor do I drink sugar drinks made from a foil packet...but this PR stunt cost the taxpayer an ea$y Million bucks!
Every time Prez-One moves, there is the full contingent of secret service agents, pre-arrival dudes and motorcade cargo flights, hotels, perdium and the lot.
Nancy Pelosi ran up $2.1 M in air travel since she became speaker!
If the USA decided to seriously lower our debt -- we would take the next 5 years and stop all this madness in bulk. This would include the foreign aid we give to countries- who are not TRUE allies.
Put Queen Nancy on an old Beech Queen Air (with 3000+ cycles) and feed her botox lips a box lunch.
Great, people over extend themselves on their mortgages because they are idiots and the rest of us that are responsible pay extra taxes to bail them out.
And again We are going to BAIL these people out
Absolutely Frustrating
peace out
Joseph Stack will become the symbol and martyred hero of the people! They are mad as hell and they're not gonna take it anymore!!!
As an Obama voter I find it interesting that the Federal Government will throw money at a forclosure program without a clear plan of implementation. Very few overextended homeowners will benefit from this. And they shouldn't. That would amount to a bandaid being applied to a severe head wound. Most of those $$$'s will be eaten away in the name of fees and commissions. More people will die of natural causes in Nevada than what will be helped with this program. Dead Man Walking is all I can say. The only cure is to de-value the housing market another 25% and then the Banks will begin to issues more loans. The "victims" can all head to Bankruptcy Court when they can't afford their mortgage and their unemployment entitlement runs out. What's needed here is a correction. The poor are a necessary ballast to our ecomomy,
http://www.foreclosurelistingsnationwide...
I did a little research since my previous post and the above hyperlink states there are 1.5 million foreclosed homes for sale... If this is so the 1.5 billion bale out is just so much BS. What will a thousand dollars per foreclosure do to help. I realize it is only the four or five states that Obama is suppose to be helping. Are your eyes open, if so, then you can see that this is a effort to help Democrats like Reid and Barbara Boxer of California who probably will not be re elected. Obama seems to be in Public Relations and he does have a nice smile while he is writing checks to bankers and Wall Street.
"Joseph Stack will become the symbol and martyred hero of the people!"
Oh yeh, but you forgot the 9/11 terrorists.
Only an idiot would call suicide bombers "martyred hero(s)".
The foreclosure crisis will not be resolved until those that cannot afford their homes are replaced by those that can. This new plan will just delay the inevitable.
The money should be used to pay down our federal debt, dampening increases in taxes and interest rates which are on the horizon for all of us.
Wow - I don't see what everyone is so mad about. I doubt any of the posters who are politicizing this plan trying to save someone's home is homeless or facing foreclosure or know of anyone who is. The reasons for being in this mess is not the focus, people. What's done, no matter who is to blame, is done. In the meantime, if this is a "Christian" nation, as over 80% of Americans say they are, we should be doing anything we can to save our neighbors. Keep in mind your property values will go down if your neighbor goes belly up. And if one really wants to get at the root of this fiasco, the real estate industry, it is nothing but legalized bigorty as "property values" were created to keep segments of society apart from each other and is a throw back to Europe. So I dare anyone against this to go to a person whose family is about to be homeless and tell them how you really feel and not to accept the money. It could be your co-worker, cousin, friend or immediate family member. This political commentary is crap right now. Now is not the time for it. It's akin to someone is in a car crash bleeding and the paramedics start arguing over health care. You aid the patient first and then you can bicker about it later.
Too little too late.
Move along. Nothing to see here.
i have a life.
i go out and do things instead of complain about them.
Openrange, good point. I hadn't thought about it, but you are probably right. The problem won't be fixed until those that are overextended are replaced with responsible home buyers. They should just let this sort itself out sooner by doing nothing instead of prolonging with bandaids and temporary false hope. We'll all be better off once the market stabilizes.
"The program is also an acknowledgment that federal efforts have fallen short, as banks have been unwilling or unable to rework mortgages to keep families in their homes."
That's because when challenged the banks usually are NOT able to prove they even own the loan -- or know who does. It's all about getting the money, period. And millions of homeowners are falling for it.
Yet not a word of this in ANY of these stories about these government programs. A loan mod is step 3 or 4 of "I'm keeping my home" 101 -- the first being "bank, prove you're the Note Holder." If they can't they should be added to the defendants list on the massive federal RICO the feds haven't got around to filing yet.
"If you're going to take my house away from me, you better own the note." -- Joe Lents (who hasn't made a payment on his $1.5 million mortgage since 2002) in Bloomberg's 2/22/08 "Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish"
NOTHING could get me to vote for Reid. And my options are TOTALLY open in '12.
Wow this is another waste of money. Foreclose on the homes and let people with cash buy them as has seemed to work so far. Give those who loose the home $1500 for a moving expense/security deposit so they can RENT a place for a few years at much cheaper price and rebuild their credit and pay back the banks for the money they still owe.
***Reid Jobs Bill Gives Tax Breaks for Hiring Illegal Workers
The Federation for American Immigration
February 16, 2010
"Senate Majority Leader Harry Reid (D-NV) unveiled his jobs bill last week that proposes tax exemptions and tax credits for employers who hire and retain workers-----regardless of their immigration status."
Cont'd............
http://www.fairus.org/site/News2?page=Ne...
http://www.numbersusa.com
A better plan would be to buy up all the toxic assests and repackage them as in the S/L fiasco. Mr Obama's plan once again will not work. It is like pouring gas on a fire. It will be seen for what it is, pandering to Mr Reid. I wonder if there are any thoughtful politicians in Washington left?
On a personal note, thank you Mr President for keepimg me stuck on the 215 for 45 minutes trapped while you sipped champagne with Mr Maloof.
$30,000 a plate fundraiser.
I never want to hear again the Republicans are the party of the rich.
chediski - So being a Christian, I need to help these greedy folks who were trying to beat the system and make a fast buck and got caught at their game?? I followed the rules but I'm supposed to bail out those that did not follow the rules as they saw a "get rich quick scheme" ? You know, its like when your a child and your mother tells over and over to not touch the stove because its hot, do you listen, no, and you find our for yourself its hot. The same is true for get rich quick schemes to overpay for a house you cannot afford because you were going to flip it and laugh all the way to the bank. They got caught. I'm not saying all those upside down tried to beat the sytem, but a lot of them did. They gambled, lost, and now want somebody else to cover their marker. In my thinking, being a Christian does not mean you support greed. There are many folks who truly need help, and these get rich quick folks are not on the top of my list.
"Tax Breaks for Hiring Illegal Workers"
Oh what a joke of a talking point this is, folks.
The federal government already outlaws illegal immigrants, making this moot. You know what else this bill doesn't ban? Murder, rape and polygamy. Does that mean murder rape and polygamy are suddenly legal? No.
You know, I know at least three families... people with two incomes trying to provide for their children, lose their homes.
These were not people trying to, "beat the system and make a fast buck." These were families trying to provide a stable home for their kids.
What a waste of money!
ksand99 - yes I know folks also that really need help - did not over extend or try and make a fast buck - and those folks can use some help. I'm talking about the others, and they know who they are, that do not deserve the taxpayers support. The problem is that the flippers who are caught will also benefit from this money and a really deserving family will be put out on the street. There needs to be a system so that only the truly needy, who did not over extend, get the help.
Despite what the right-wing nuts are saying, this is a HUGE announcement for Nevada. We need this assistance, and we wouldn't have it unless we had Senator Reid. Thank you Senator!!!
Notice the shadow on the right of the plane door in the top picture of this story. It sure looks like a Slot Machine. A good name for that one armed bandit would be "Wheel Of Misfortune". It comes with a Zero percent Payback. Legal in all 57 states too!
Just Another Politician buying votes with special treatment for Fellow Politician in trouble. This is a 1.5 Billion Dollar vote buy. Just think how many people could be helped with just the cost of this trip. Neither your Senator or President give a damn about the citizens of Las Vegas.
"chediski - So being a Christian, I need to help these greedy folks who were trying to beat the system and make a fast buck and got caught at their game?? I followed the rules but I'm supposed to bail out those that did not follow the rules as they saw a "get rich quick scheme" ?"
brownIn4 -- you just described the feds bailing out Big Finance ON OUR DIME.
"...I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." -- Thomas Jefferson in his May 28, 1816, letter to John Taylor
Bailing out stupid homeowners who bought into the faux housing bubble through weak credit practices by unscrupulous crooks, being bailed out by a super crook, The Kenyan Marxist!
Enough!
The stimulus dollars at work!
http://video.aol.ca/video-detail/stimulu...
"Stop fooling yourselves.....Banks are not modifying loans, the principles remain the same. It is not working, bottom line..........."
This is true. This has been on the news quite a bit this week. THey interviewed people trying to modify their mortgages and they said it is a nightmare. One man was trying desperately to save his home but the bank told him he was making too much money for a remodification! And he was retired! The banks are giving people runarounds at every chance. The statistics were dismal. I cannot remember the exact numbers but it is obvious the banks are not cooperating.
But it was also mentioned that people themselves are not doing what they are supposed to do, primarily providing two paycheck stubs to verify employment/salary and various other things that should not be that hard to provide to the bank.
I also heard the gov't was thinking of putting in new guidelines again for the banks to use; one was just astonishing: NO verification of a job, ie no pay stubs!!! Ahhhh.....didn't that get us into this mess in the first place?????
Those of you condemning this program and the motives of President Obama and Senator Reid, may I ask if you go to church? If so, do you think God feels better about helping others or sticking it to them? If you think God hates people so much that He wants them hurt, you must think the standards at the Pearly Gates have fallen off considerably. I, for one, think that if you and Obama or you and Reid got Up There and there was room for only one of you, you would be headed south, and I don't mean to Laughlin. We should be grateful to the President and to Senator Reid for their efforts. They have done something or tried to do something. Near as I can tell, the people some of you would support just want to continue the policies that got us into this mess in the first place--and the housing bubble here burst before Barack Obama was anywhere near the White House.
As for Pierre BeauRegard, you seem to share some of the views of the general whose name you have taken. Too bad they are the disgraceful views.
I'm one of the lucky 30% who's home mortgage is not upside down and used to be unsympathetic to those 70% with upside down mortgages. Since then, I changed my thinking after talking to many of my friends who got caught in these housing mess. These people were made to believe by greedy realtors that housing prices will keep going up and sold them houses with artificially bloated prices. They still have good paying jobs but are now foreclosing their 500K homes next to a newly bought 200K home of the same size. If these mess continues, we the few lucky ones, will also be affected big time because our home prices will keep on going down. The whole neighborhood will go down unless help comes soon!
"Osama Bin Laden, Saddamn Hussein,
Barrack Hussein Obama.... the similarities
are chilling if you ask me."
You gotta be kidding me!!! How can ANYONE be as dense as you????
THe big difference honey: you would be dead by now if you lived under Osama's BS and Saddam's dictatorship! Remember: Freedome of speech is nonexistent in OBL's world and certainly was in Saddam's.
Go back into your hole in the ground. Your comments are just plain assinine!
Michael Green,
I feel that God wants his children to learn so that we may be better stewards of the world that He has made for us. God doesn't hate the over-extended homeowner, he loves them and he knows that not everyone can be successful in their finances. God will give you a sign and it may come in the form of a forclosure notice. So learn your lesson. Quit trying to make a silk purse out of a sows ear.
Another bad idea that will work to prolong the recession.
Greed is so powerful that it takes up 2 of the seven deadly sins.
logic_should_rule :
911 was Intl. terrorism, Joseph's domestic terrorism was no better, however his actions reflect the frustration most Americans are feeling towards the government..
Obama picked the foreclosure capitol of the world to announce because former Deputy Commissioner Susan Eckhardt's official corruption is the root cause of the state's financial collapse as detailed in federal RICO action: 10-cv-00235-SI filed January 19, 2010 in the Northern District of California.
The bottom line is that the buyers, for the most part, did not exercise good judgement when making the decision to buy a home that they could not afford in the first place. If they could afford the payments when the home was worth 500k and are making the same salary or wages today then they should be able to afford the home now even though it is worth half of that. Just because you lost money on speculation doesn't mean you deserve a bailout.
I am forturnate that I have a decent job, and in fact, am closing today on a house (first time for me) at $125k that sold for over $300k 3 years ago. I feel sorry for the family that is moving out, but I feel no obligation to help them keep it.
Our oldest son bought his house in 2006 and is now underwater by a considerable amount, but he is making the same wages or a little better as then and is therefore able to continue his payments. He doesn't complain or talk about needing help to recoup his loss of equity.
Suck it up people and admit you were stupid.
MichaelGreen, Kaliscanner -- your invisible genie in the sky is completely irrelevant here.
Read my first post above. That's the heart of this whole problem and the key to fighting foreclosures. All government can seem to do is provide band-aids which benefit the pretender lenders, not the homeowners who need real relief. If they were serious the many laws passed the last two years would require exhibiting the note with a sworn statement of authenticity and a certificate the "lender" is the current note holder. With stiff penalties for fraudulent presentments.
"The paper bubble is then burst ... there will be a general revolution of property in this state." -- Thomas Jefferson by letter to John Adams, 1819, from "The Works of Thomas Jefferson" Vol. 12
It has been said that you can not con an honest person. I think a large majority of the people who have lost money today in the housing market, whether they be indiduals or corporations, are nothing more than victims of their own (un-acknowledged) greed and are not deserving of any sympathy whatsoever.
I still don't know what the big guy gave Nevada.
It's looks to me to be the same old crap that we got last year that didn't work.
One year from now, we will still be trying to pull ourselves out of this depressed market.
Pity Obama and Reid didn't recognize that we were losing our homes and jobs last year. But of course, they were way too busy pushing that miserable Obamacare until Brown won in MA, then suddenly Obama feels our pain. Well, you pair of losers, it is too late for so many of us. Our homes and jobs are gone and we still don't want your pork fest, special-interest pandering HC bill. Take your lies and advice that people not spend their money in our town, go back to Washington, and quit spending our grandchildren's money!
What's another 1.5 Billion to help "Harry Reid" win re-election? Reid is a cheap backroom deal making crook and I hope the voters don't forget it. Obama is just giving more taxpayer dollars away. We'll see ir this bailout flops like the others.
New Jersey, Virgina and Massachusetts knew they had to vote the Dems out of office, lets pray that Nevada will do the same.
"Joseph Stack will become the symbol and martyred hero of the people! They are mad as hell and they're not gonna take it anymore!!!"
What is wrong with you? That man tried to MURDER 200 people!! You think that's ok? How on earth is that okay with you????
jenlv :
I NEVER said it was alright with me you boob ! If you have been paying attention to the news today, you would have read that many (primarily on the internet) have become sympathetic to his situation regarding the treatment he got from the IRS through his decree he posted on his web site. I'm not gonna respond to any more of you uninformed idiots on this comment!!
thanks for nothing, obama. you're way too late. what's another $1.5 billion for all the banks to pocket going to do, anway?
Celebrating the fact that "he will become a martyr" sort of implies that you're fine with his actions... sorry if I was wrong-
Sorry, I couldn't scour the internet and blog all day, I had to work-
And yet people keep insisting that Capitalism works. The question is for who?
The country's in debt and the POTUS is buying Reid's seat for him with my tax money. We are so screw-ed!
Foreclosure problems??? Where has Obama been for the last year?
Oh, I remember, he has been trying to pass his socialist health care overhaul, and has been neglecting the economy...
It's the economy stupid...
Those of us who stayed within our means, didn't over extend, kept the little 1200 SF house and worked whatever extra hours we could get to keep up the payments, and are barely making the payments, but making them, nonetheless......
We get NOTHING.
Oh, except higher taxes to allow our former neighbors who moved up to a bigger house and laughed at us for sticking to the old neighborhood, get to keep the house they couldn't afford.
Those of us who try and be responsible are paying for all of the losers who don't pay their bills.
Yes, I got laid off over a year ago, and taken what work I can get to stay afloat.
How about a break for the responsible people?
Maybe he can cut the principle on my house by 100k, then I'd have NO payments, and I'd even let them keep the portion between the balance and 100k.
"Foreclosure problems??? Where has Obama been for the last year?"
LarryVegas -- there's his HAMP program. You know, the one where We the Herd keep buying into the deception the banks We bailed out have any legal right to the homes they foreclose on. So far it's effect has been little more than insurance to keep the suits feeding on us.
"It is the eternal struggle between these two principles -- right and wrong -- throughout the world ... It is the same spirit that says, 'You toil and earn the bread, and I'll eat it.'" -- Abraham Lincoln, from Reply, Seventh and Last Joint Debate with Judge Douglas, 1858
Poor Larry. Talking points & putdowns.
Hey Lar, I had a nightmare last night;
Newt Gingrich was walking up to the podium to accept the Republican nomination for President. The Beatles tune
"I, Me, Mine" was playing in the background. And Uncle Newtie was about to expound upon his new "Contract With America." AHHHHHHH!
Oh, I forgot...Newt had one of those pig-noses on. You know, the ones with the elastic band...
AHHHHHH!
Did I read this wrong? I was under the impression that the idea of this package is to help people out who are upside down with their mortgage because of a decrease in property value. In other words, I owe more on my home than what the current market value is and if I wanted to get out from under it the right way I would have to do a short sale on it then pay tax on the difference of what I owe and what it sells for. So, if something happens to me and I lose my source of income and cannot afford my mortgage, in order to get out of it and get into something more affordable I would have to pay tax on my losses rather than on any gains had it the equity available vice negative equity. That means that being upsided down right now creates a sense of insecurity knowing that losing my job could be so costly. Nothing to do with the realtor or the banker. I qualified when I bought it and I can still afford my mortgage.
Will people try to take advantage of it for other reasons? Of course. The money's may or may not be carelessly distributed and right or wrong some will make out.
What I do know is that I didn't vote for Obama strictly because I didn't, and still don't, see him for being the solution to our countries needs. Would McCain and Sarah Palin be capable of doing a better job? We'll never know.
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Dittoheads will be the first in line for this program. Quintessential Hypocrites.
I love it, more money going to North Las Vegas and Obama followers. You idiots, if you couldn't afford the place in the first place and you made no contingency plan to cover your expenses if you became unemployed then you deserve to lose your place.
Its simple economics, if you can't afford it, don't buy it. If it sounds too good to be true, it is. And we wonder why America is so screwed up, you liberals continue to desecrate America and expect us who work to pay for your lazy pathetic choices.
It's about time people experience the earned consequences of their choices, you created it, you earned; now suffer the consequences for your choices.
The more money this idiot throws and the investable, the easier it will be to ensure liberals are removed from office for many years to come. America needs exactly what Obama and the rest of the lunatic liberals are doing, they've awoken many to their sick policies and we're going to ensure they're not reelected.
Most with common sense will benefit for years to come after these nut cases are removed from office and laws are changed. Our taxes will be reduced, less government in our personal life's, no more token money, no more nut care freebies, and hopefully many new prisons built to house the criminal pathetic liberals. It's cheap, put a fence around all liberal controlled communities and let them take one another one by one, the savings to America would be realized instantly and our national debt problems fixed and crime against humanity would be reduced to almost nothing.
I would like to nominate "its2hot", or "jlb101", whatever he's calling himself right this minute, for NeoNut Of The Day;
"You liberals continue to desecrate America and expect us who work to pay for your lazy pathetic choices.
It's cheap, put a fence around all liberal controlled communities and let them take one another one by one, the savings to America would be realized instantly and our national debt problems fixed and crime against humanity would be reduced to almost nothing."
Is he putting us on, or putting himself on? Hard to decide.
i have a foreclosure rescue plan.
1) don't buy a home you can't afford.
2) see #1.
Obama and the rest of the liberal idiots are throwing more money at a problem that can't be fixed. What don't they understand; it is simple math for what's ailing our economy. People who had no place to buy a house in the first place is what screwed us up and he wants to give more of our money to people who belong in the gutters with their liberals. Mortgages were given to people who clearly did not have the means to pay them back. These people didn't create a budget before buying to determine just how much house they can really afford and they now expect taxpayers to bail their bungers out.
Get a clue, we don't care if you're on the streets or in the gutters, you created your own destiny now sleep in your bed you made. We're sick and tired of paying for people who made a choice to live beyond their income and for not making sound financial choices. We pay our taxes and we made a choice, we live within our means and based our standard of living not just for the moment but for the future as well and now these idiots expect us to give Mo Obama money to his followers again. He's a moron and a pathetic excuse of a human, he is a disgrace to America and it is going to cost Americans even more money supporting liberals.
I for one want hope and change and it isn't the hope the change that Obama is doing. Let people sleep in their own beds they've created and stop taking our money and giving his no good for nothing freeloading voting pool. History has proven that liberals don't want people to succeed on their own let alone become self supportive, it's an oxymoron, liberal and self supportive, and the two just don't mix.
Honestly, anybody with common sense knows what is wrong with America, just look around the USA; look at the communities with the highest crime rates and the laziest people wanting something for nothing and expect everyone else to do it for them, they scream the loudest when more isn't given, they have very high crime rates, they blame the world for their choices, they're too lazy to get out and work, and they all have one thing in common, they're controlled by democrats and vote liberal. If you're still confused, do you see that $100.00 car with $15,000.00 wheels and tires and car stereo? It's a liberal.
liberals = "capitalism is evil...but, can i borrow a dime?"
For all the "Christians"
Matthew 7
1. Judge not, that ye be not judged.
2. For with what judgment ye judge, ye shall be judged: and with what measure ye mete, it shall be measured to you again.
3. And why beholdest thou the mote that is in thy brother's eye, but considerest not the beam that is in thine own eye?
4. Or how wilt thou say to thy brother, Let me pull out the mote out of thine eye; and, behold, a beam is in thine own eye?
5. Thou hypocrite, first cast out the beam out of thine own eye; and then shalt thou see clearly to cast out the mote out of thy brother's eye.
6. Give not that which is holy unto the dogs, neither cast ye your pearls before swine, lest they trample them under their feet, and turn again and rend you.
A little video that demonstrates the mentality of bailout:
http://www.youtube.com/watch?v=RWttKddn_...
ARE YOU KIDDING.....SO OBAMA IS NOW PUTTING MORE MONEY INTO A MARKET THAT IS 70% UPSIDE DOWN. WHY DONT WE JUST SEND THE MONEY OVERSEAS BECAUSE IT DOES ABOUT THE SAME...NO GOOD. HERE IS AN IDEA MR OBAMA.....THE BANKS HAVE NO REASON TO MODIFY PEOPLES LOANS BECAUSE WITH THE STIMULOUS MONEY IS HELPED THEM WITH NEGATIVE NUMBERS ON THEIR BOOKS DUE TO THE HOUSING MARKET. THE HOMEOWNER WILL NOT STAY UNLESS YOU GIVE SUBSTANTIAL INCENTIVES. LOWERING THE PAYMENT IS A SHORT TERM FIX....LIKE A BANDAID ON A MAJOR WOUND...UNLESS YOU WRITE THE BALANCE DOWN AND LOWER THE RATE AT SOME POINT THE HOMEOWNER IS GOING TO WALK.....YOU WANT TO STOP THE FORECLOSURES FROM HAPPENING? REALLY? THEN FIND A REAL SOLUTION TO THE PROBLEM AND FOCUS IN ON THE HOME OWNER AND NOT THE BANK.....HERE IS A SUGGESTION FROM SOMEONE WITH 12 YEARS LENDING EXPERIENCE AND LOSS PREVENTION EXPERIENCE.....
1) GIVE EACH HOMEONWER AND VISA DEBIT CARD THAT CAN ONLY BE USED TO PAY THE MORTGAGE BALANCE DOWN OR MAKE MORTGAGE PAYMENTS ON THE CURRRENT RESIDENCE ONLY. THE DEBIT CARD CAN BE TRACKED BY NO CASH TAKEN OUT.
2) DEBIT CARD CAN BE USED TO NEGOTIATE THE RATE WITH THE BANK AS WELL. THE HOMEOWNER CAN BUY THE RATE DOWN WITH MONEY FROM THE DEBIT CARD SUCH AS POINTS USED IN LOAN ORIGINATION OR DISCOUNT PTS.
BOTTOM LINE IS FOCUS ON THE HOMEOWNER AND NOT THE BANK........ I AM 300k UPSIDE DOWN IN MY HOUSE AND BEEN PAYING FOR 4 YEARS ON TIME...UNLESS THE BANK MODIFYS OUR BALANCE IN THE NEXT YEAR WE ARE WALKING AND BUYING SOMETHING ELSE......PEOPLE WILL KEEP DOING THIS SO FIND A REAL SOLUTION
I spent 25 years of my life working from nothing up to a good job, good pay, and good benefits had perfect credit never owed the IRS a dime every year when filing my taxes you know the American dream work hard pay your bills and live life. So many people are bitching about helping people whom face foreclosures, well there were many different paths taken for all those that are facing the possibility of loosing there home. I just want to stand up for people like me that had everything and of no fault of there own lost employment when the economy took a turn for the worse. Our situation had nothing to do with over extending, living beyond our means or trying to make a fast buck flipping real-estate we are just victims of changing times. I'm personally not looking for a hand out of cash all I want is for the bank to do a loan modification and stop playing endless games and just reduce my interest rate so I can afford my monthly mortgage payment. It seem so simple to me and I will eat the 200K that I'm upside down so my kids have a home and yard to play in and can continue to go to the schools they use too. The banks are the problem in my eyes they would rather eat the $200,000 in my case and possibly even more with many other then help families stay in there homes, ironically the bank had no problem with my $88,000 down payment and the roughly $140,000 in interest paid to date!!!!