My concern about this is simple....Will it help enough people, will it only help the New People facing foreclosure ? Will it help landlords that have several properties ? Because in my hood that is the situation, the landlords have been losing their properties and then the renters get booted....This may be selfish of me....but I want to see some sort of protections for renters, because I went through this once already in January 2007....and I don't want to go through it again. I don't understand why the Banks can not rent homes, even to the owners....it would be better than having 1000's of empty houses flooding the market.
And there are still many questions about the Original Money that went to the Banks in the Fall...WHO did that help ? Or Where is it?
And WHO will supervise and make sure that the Money does end up truly helping millions of homeowners ? and yes....renters too....shelter is needed by all - Homeless, near Homeless, under-employed, Unemployed, retired...etc...
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Thursday afternoon....
Fran mentioned in the comments how an elected rep in her state tried to live on Food Stamps, read about it here .....
7 comments:
There is talk of making the Bush bailout billions give-away have rules retroactively applied. Ya think they should have had some rules & regulations about those billions in the first place??
It was classic bush style.
I truly wish members of congress had to get out of their marble halls & go live in a tent city or a cardboard box on the streets for a month.
No health insurance, no credit cards or cash- have to apply for food stamps, eat at soup kitchens.
Our governor tried living on food stamps for 1 week- $3 bucks a day for food.
http://www.nytimes.com/2007/05/01/us/01stamps.html
It seems the government is too far removed from the people who are really struggling.
Also this is such a colossal mess, it is hard to know how to begin to fix it.
One thing I can say for sure-- why do we have endless war budgets?
How much will the Afghanistan & bomb Pakistan with drones programs cost? Why do those things not need approval?
We've burned $600 billion in the Iraq war.
The military budget is the elephant in the room. ...
that & Wall Street.
I still have to wonder if a huge wave of banks are going to fail in the near future, and jobs will continue to vanish at an alarming rate.
ahhhh Fran...
I hear ya...I heard the other night that the actual true monies on Iraq might indeed be well over a trillion - that we have not ever be given....
about food stamps...most of the people that I work with and my hood...many are on food stamps...and the odd thing is that I was doing some reading- it was never set up to be folks ONLY source of food....it was supposed to be Supplemental...and sadly most people are subsisting on it...I am always on the edge...I would not be shocked if I had to end up on them...there are monthes- esp winter when heat takes double in my budget...
About Banks...
Here is an update from here today...Some banks here are taking a Foreclosure break, including Charter One, and PNC ( National City) are taking a break until March to evaluate the New Obama Plans...so he has bought some folks here TIME....
and yeah...there should have been monitoring and Watchers and hell RULES about HOW the money was used...
Wells Fargo and Bank of America said Thursday they would extend their foreclosure moratoriums in the wake of President Obama introducing his plan to help as many as 9 million home owners avoid foreclosure.
BofA said it would not proceed on any foreclosure proceedings until the eligibility details of President Obama’s Homeowner Affordability and Stability Plan are released.
Wells Fargo Home Mortgage, the nation’s largest mortgage originator, said it has extended its foreclosure moratorium on loans it owns to March 13 as it works to help implement the Obama administration’s foreclosure-prevention plan.
Both companies said they back the plan.
Apparently the package will assist or help renters who are at risk....Donovan was intereviewed by Wolf and he was explainging that Renter protections are in the package- as an attempt to prevent Homelessness....it is also so those that are foreclosed can rent....or displaced renters due to Foreclosure....
Phew...will blog more on this later....good news...but need to read the document...
Lynn Sweet's blog has a really good detail about it. Also the White House web site has it there in the blog.
It must not be too bad..it is driving the rethugs and the wall streeters nuts.lol
I'm glad Obama is dealing with this sooner than later- I just wish there was a moratorium on ARM & variable rate loans.
I keep hearing foreclosure lawyers saying the bulk of the foreclosures are those kinds of loans.
In tough financial times, people need a SET RATE of mortgage that does not fluctuate.
Those adjustable rate mortgages open the door for predatory lenders to sell the low low rate & not really inform people the rate will skyrocket in the future. I wish they would take them off the table in the mortgage restructure rules.
I found out tonight...that our Foreclosure rate is 41 TIMES the National average...holy shit- no wonder I am really seeing it...wow...
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