2008-07-17T08:17:43Z opencongress.org tag:opencongress.org,2007:/bill/comments/50154 2008-07-17T08:17:43Z tag:opencongress.org,2008-07-17:/comment/34512 opinionatedlady1972 The only way we can stabilize anything in thsi economy is to re-educate consumers on how to use money correctly, cap interest rates on home, car and credit purchases to below 10%, have the government intervene with oil company profits, the government also needs to focus on rebuilding this country with strong values. It has run wild and there is no respect amongst our youth, we lag behind in technology growth, to much outsourcing, not enough jobs, cost of living rising, all this will increase all the negatives.....theft, homelessness, agression, fear, confidence ect...Are we living in HELL? I think we are coming close. This will be a very viscious cycle we will live to see and it will not be pretty. the new president will have lots to do, rebuild relationships destroyed by Bush and his horrible decisions, rebuild the economy, address healthcare, address energy concerns, Global warming....we have waited too long and have spent way to much time on other poeple problems,..get back to basics...focus on the USA and USA only!!! The peolpe here will soon be on those charitable commercials for funds....that's where we are heading. Will we become a third world country????? 2008-07-10T23:18:24Z tag:opencongress.org,2008-07-10:/comment/33366 KenBrandel Help, this is all I ask. I am one of those who, in time will lose their home. I was one who gambled that the market would stay up. My gamble lost and now I am trying to find a solution before everything falls apart. The United States is in its worst time. Our dollar amounts to very little in the rest of the world. Our people are becoming homeless because they were lead to believe that the market was still good and they had nothing to worry about. We are fighting a war that we will never win and it's costing us trillions of dollars. Everybody was having too much fun and didn't realize that what goes up must come down. What do we do? There are millions of us that are going to be homeless with our families in tow. Again, I ask for help. 2008-06-27T07:20:10Z tag:opencongress.org,2008-06-27:/comment/30022 Anonymous Keep in mind; our politicians now has American taxpayers over $56 TRILLION DOLLARS in debt. If you would like to view the fast moving clock, go to: http://www.truthin2008.org 2008-05-30T22:38:50Z tag:opencongress.org,2008-05-30:/comment/18605 Anonymous This is not an issue of liars. We did not buy our homes hoping that the market would depreciate by half within 2 years as my home did. I didn't lie on my application. I didn't deceive anyone. And no one deceived me. I took a loan to purchase a property. Period the end. How arrogant the anonymous writer is with his/her claims. He/She has no idea what he/she is talking about. I work in the industry and see it every day. Every walk of life. Not investors, but real human beings are losing their dreams and their lives to this horror... Losing their income because the economy is continually weakening. Losing their jobs to foreign soil as thousands did last year... and to 3rd world countries who have access to ALL of our private information with no international laws governing identity theft, or recourse against individuals when it happens... This collapse did not occur because of liars... Check your facts before you spout off. When you have been there, had a single conversation with anyone who has lost their job or home due to dominoe effect of this crisis... (I know 4 people who are either losing or have lost their homes already due to the economic quake) or done your research, then maybe that book will be worth the paper it's going to be printed on... or not... However I think it is naive of the government to believe the funds allocated could make a dent in the mortgage industries struggles at this point... What happens when the strongest banks in the world collapse due to record losses... CITI has experiences record losses in the billions, and their stock has been reduced to an embarrassment at this point... Bank of America is just realizing the vastness of the bailout they have intiated with Countrywide... Wells Fargo is struggling to figure out what loss mitigation even is... Prime lenders who never thought they needed loss mitigation are scrambling to figure out how to do it because they never believed in the necessity before, never experienced this kind of loss before. Are you aware that for every dollar lent on a home, between .50 and .60 cents are lost on that dollar?! All banks are taking increased losses in the billions quarter over quarter... Everyday I see it. The trickle down effect is emense. If the government doesn't want to see further colapse, perhaps their proposal would be to back the banks and FORCE the mitigation efforts in reasonable measures rather than asking the banks to take all of the losses and expect to reap the benefit of those losses later? What is the government insuring? The loss is taken by the financial institution which has to agree to the loss... and then somehow magically the government is owed the deficiency balance for the first 5 years until forgiven? How does that keep the banks afloat? Like them or love them, banks are integral to financial security of this nation. Something is rotten in this bill. Why is the government entitled to the deficiency losses of the banks that are owed the money? Who else gets these imaginary dollars? What is missing? 2008-05-30T22:43:45Z tag:opencongress.org,2008-05-30:/comment/18606 Anonymous Oh, and in addition, the banking industry has been modifying loans for decades to avoid taking losses and taking homes back. The bank doesn't want your house... They want to be repaid and recover the money they loan. When they can not? They MITIGATE THAT LOSS to decrease it and save the home for the customer as well as for the bottom line. Yes, lending practices were lax, but everyone pays with their health, sanity, dreams, dollars, jobs... everyone pays till a real solutions is met... 2008-05-07T21:15:02Z tag:opencongress.org,2008-05-07:/comment/13225 Anonymous This egregious legislation is going to be a fine addition to the book I am writing. The individuals who supported this bill are going to be 'famous', or rather, infamous. To attempt to assign taxpayers to fund 'new' mortgages for liars is a slap in the face to all citizens (except the liars). It's not about the speculators and second-homeowners, it's about liar buyers, liar lenders, liar builder/lenders. There is no justice for the taxpayer in being forced to pay any more 'bailout' scams without FIRST including fraud investigations upon all borrowers and lenders. Some buyers say 'the lender did the W-2's'. Well, the buyers signed it off. All the money they are proposing here, all that money, and not one of these representatives has the spine to call for fraud investigation first? We're not talking about a big process there. Before they start 'insuring' hundreds of billions I want proof of who lied in each case. When did these people get so lavish with my taxes? I can't believe I will have to say something nice in my book about George Bush now. My 'review' of him would have been perfectly vile without this. I cannot believe he is one of the only people standing up against this gross, theiving exercise in arrogant ignorance. Thanks, CM 2008-05-05T21:18:16Z tag:opencongress.org,2008-05-05:/comment/12815 jhubert28 This proposal is brushing over two key items that seem to make it be a complete failure. One is assuming the current lender will comply to taking a short payoff the other is assuming applicant's debt to income will be that low. Not only are homes in the downward trend of values, credit cards balances are at their all time high. This bill appears it will only benefit the government not the average consumer. 2008-04-19T10:21:04Z tag:opencongress.org,2008-04-19:/comment/7723 betsystansell Self-employed persons need provisions in this bill to ensure they may qualify for FHA loans. The problem with self-employment is that even if a home based business has a mortgage as an expense of the business, and regardless of substantial gross income, only net income is used to qualify for FHA loans. Further, those persons who do not receive W-2's to verify income appear to be excluded from FHA loans in the qualification requirementsm i.e, stated income borrowers. This procedural exclusion stifles the small business owner, and can exclude him/her from home ownership through this home-saving FHA bill.