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Edited Date/Time
1/19/2012 10:39am
75 billion divided by 8 million.
That is the amount per mortgage Obama's new housing bailout package will net.
If you are upside down on your mortgage, and the value of your home is no longer what you owe, is this going to help?
That is the amount per mortgage Obama's new housing bailout package will net.
If you are upside down on your mortgage, and the value of your home is no longer what you owe, is this going to help?
How much of a handout do you want?
Back to the point. If you signed a ridiculous contract, and your monthly payment keeps growing, but your income stays the same, and the market is such that your house is worth 1/2 of what you owe on it, is that 9 grand going to make that much of a difference?
I guess it might bolster the fianance companies, which would be good I guess, but what will it do for the homeowner?
Watch what happens when interest rates start to climb like they did in the early 80's. I still remember people getting mortgages at nearly 20% interest. What's the payment on a $250,000 mortgage at 19%. Don't say it can't happen. To spur savings you'll need to offer an interest rate return that provides incentive to put your money in a bank. Right now interest rates are below inflation rates. No wonder the government has to provide the capital to the banks that they can use for lending. What fool would put his money into a bank only to see it's buying power decrease faster than the interest it accumulates?
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