This photo from the New York Times sums it up via a rooftop message — “I WANT 2 BE HEARD.” After President Obama unveiled the $75 billion “Homeowner Affordability and Stability Plan” this morning, people are abuzz with thoughts about the plan, and how it will impact them.
To voice your opinion, or just be heard, visit Zillow Advice:
Finally something is being done about the Real Estate Market. I agree with President Obama that regardless of how one may feel about the so called “bail out program” we all are being affected negatively by the foreclosures. Doing nothing is not an option.
Hmm, a “Homeowner Affordability and Stability Plan” — an oxymoron if there ever was one. How can “stabilizing” home prices at 100-year highs increase “affordability”?
This government meddling in markets will destroy what they are trying to protect.
Comparable sales — “comps” — will no longer have meaning, because the sale price recorded at the local Town Hall will now be much higher than what the “owner” actually paid, thereby reducing affordability for new entrants into the market (e.g., first time home buyers).
They are absolutely destroying the housing market to “save it.”
A lot of people were victimized by predatory lenders and need help to save their homes from foreclosure, and a lot of people bought into homes they couldn’t afford and are going to get a semi-bailout.
But in reality these people getting loan modification bailouts should not be demonized, when in reality the Morgan Stanleys of the world got away with so much more money and demonizing these poor people is like adding insult to injury — a loan modification is no “million dollar bonus”.
And how about first time buyers waiting for “affordable” homes? They get neither a “million dollar bonus” nor a bailout.
$8,000? That goes far when 1,200 square feet houses cost $600,000 and up in coastal areas (New York, Los Angeles, etc, etc).
The government should have kept the $15,000 tax credit for home buyers in the intitial draft of the stimulus package. All of this mess started with the housing market. Imagine if they gave a one time 15K tax credit to anyone who bought a home this year! I believe that would be a major boost to the economy. The $8000 tax credit is nice for first time home buyers, but I think the they should have done more.
Can you really blame the homeowners? This is so distressing!
LOL, Is that so the Bailed out Bank Exec can see the Message when they fly over in their Jets?…lol
True, this is effecting everyone, and thats not a joking matter..
G.F
Obama ran on a platform of change and having the people taking a more active role in government. Looks like this guy just might have gotten his message across. Out of curiosity, what ended up happening, was he/she foreclosed upon?
been in the construction industry most of my life. unfortunately retail construction , as everybody knows crapped out two years ago. I bought my house three years ago. my mortgage was supposed to be a two year interest only. NOT!!!!!!! to make things even more complicated, i was laid off 24 months ago. my wife had an operation on her neck, now she cant help with the finances ! what i’m getting at is , now i have to do residential work which doesn’t pay nearly enough to live on never mind the mortgage !!!! somebody has to do something . I will lose this house. PLEASE!!!!!!!!!!!!!!!!!!!!!!
To President Obama (or whomever reads this),
I’m writing to you as a last resort in an effort to keep our home! When we bought the home it wasn’t a case of us buying something over our head. My wife, when we moved here 3 years ago, had a good job making six figures and we could afford it, but then she was laid off last December at the age of 63! She has searched in vain for almost a year now to find a job that would work for us, of course without any success. We have been working with Chase Bank since March to work out some kind of deal with them that would allow us to stay here. I’m a 100% disabled Vietnam veteran and draw a small amount from the military once a month. Between that and our Social Security we can’t continue making the payments any longer. We’ve been trying to keep current on our payments by drawing from savings but that has run out. Also, we even started getting into our retirement accounts to stay current! We still have no answer from the bank and have just been getting the runaround. I thought President Obama’s billions of dollars to the banks was to help people like us – not to build the bank’s net worth!! The last straw to me was yesterday I contacted the negotiator’s office to see if they had received the last piece of information they claimed they couldn’t read. We rewrote it darker (just another runaround) and they had received it. Then when I asked if I could please speak to the negotiator they said it could take up to 6 months for him to get back to us from the time we started this and when I asked when we had started it according to their records they replied in May. And when I told her that added up to 7 months already she replied and I quote “Well, you must be one of the unfortunate ones”!! Anyone out there reading this that is in the same shape as us write emails to your Congressman and the White House!! Our loan is with Chase Bank so be sure to include that information.
Thank You Very Much For Your Time and Attention,
Ken Smith
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