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dukemack posted: 02 Oct at 12:07 pm
Its better than what was proposed, but I dont favor changing contracts based on a new law. Leave existing mortgages as they are.
Ali posted: 05 Oct at 8:35 pm
No. The idea is that some people who are behind have lost income (because of the rise in gas prices, company cutting back, health plans increases, among other things) and while they may have fine loans the value of their home has dropped. They are in the red and cannot sell due to a loss in value. Cannot afford the mtg. any longer due to loss of income. Many people in the housing industry and construction have already used their reserves and credit available to them trying to hang on.
Your plan does not help them and they are not to blame.
evader23 posted: 07 Oct at 5:44 pm
and pay for it how?
SmartA$$ posted: 10 Oct at 8:13 am
you have a lot of good ideas, but let me make a few suggestions.
This would be more expensive than $700 billion. I think it has potential thought.
I like the idea of lowering interest rates and taking money off of the principle for people who are current on their payments. However its not fair to the banks, (and it doesn’t help them any) to force them to suddenly lower everyone interest rate which was already agreed upon. I think the government should buy up bad debt (as the original bailout plan was slated to do) but one of the conditions of buying bad debt would be that the lending institution would have to implement the benefits you’ve suggested and reduce the interest rate for the loans they hold that are in good standing. Each homeowner could then choose to either lower their payment because of the reduced interest rate, or stay at the same payment but pay their balance down faster.
regarding idea #2. I don’t like the idea of an absolute limit of 4 times a person’s income. I currently own a house that is worth 5 times my annual income and I’ve made every payment on time. Its a good concept, but it needs to be a graduated scale. A person who makes $20k per year probably can’t afford a $60k mobile home, but a person who makes $200k, could easily afford a $1 million house if they are willing to live as though they only make $40k, and put the rest toward their payments. I guess the 90 days late clause covers most of this, but I think there should be a graduated scale of some kind regarding the price to income ratio.
I agree that we should do away with long term ARMs and sub-prime loans. Interest only loans with a ballon payment would work fine for investors who are trying to flip houses.