behaviour??? Posted February 8, 2009 #1 Share Posted February 8, 2009 The Obama administration hopes the new bailout plan it announces on Monday will rescue the U.S. banking system, but experts caution it will be difficult to get through Congress, difficult to implement and may ultimately fail.U.S. banks are in a world of pain right now, as the mortgage crisis has destroyed a lot of assets, earnings and capital, and losses in areas such as commercial real estate and credit cards have only just started to ramp up.U.S. Treasury Secretary Timothy Geithner is expected to announce a series of steps on Monday to heal bank balance sheets, including government insurance of bad assets, a plan to shift toxic securities off bank balance sheets and money to modify homeowner mortgages.Some analysts fear the plan will be a mishmash of efforts that have already failed and new programs that may help the system, but will not fix it. http://in.news.yahoo.com/137/20090208/748/...ge-may-not.html Thanks B??? Link to comment Share on other sites More sharing options...
MasterPo Posted February 8, 2009 #2 Share Posted February 8, 2009 a plan to shift toxic securities off bank balance sheets and money to modify homeowner mortgages. So the gov now will own bad debt? Great plan. As to the mortgages, I bet if you're a borrower in good stand you don't get jack! Link to comment Share on other sites More sharing options...
AzTide Posted February 8, 2009 #3 Share Posted February 8, 2009 So the gov now will own bad debt? Great plan. As to the mortgages, I bet if you're a borrower in good stand you don't get jack! And don't forget we've heard this before with the 700 Billion remember!!!!!!!!!!!!! Link to comment Share on other sites More sharing options...
Bez Posted February 8, 2009 #4 Share Posted February 8, 2009 You wake up in the morning, your paint's peeling, your curtains are gone, and the water is boiling. Which problem do you deal with first? None of them! The building's on fire! Link to comment Share on other sites More sharing options...
MasterPo Posted February 8, 2009 #5 Share Posted February 8, 2009 So if it was bad debt when the bank owned it why will it become good debt when the gov owns it? BTW, how many foreclosures will the gov be doing? Or will people simply be living in free houses? Link to comment Share on other sites More sharing options...
AzTide Posted February 8, 2009 #6 Share Posted February 8, 2009 So if it was bad debt when the bank owned it why will it become good debt when the gov owns it? BTW, how many foreclosures will the gov be doing? Or will people simply be living in free houses? The Fed announced last week they'll be setting it up so that The Fed Reserve Regional Branches will take over these bad mortgages and The Fed Reserve will do Loan Mods on all these bad mortgages. I have a link to a web conference teaching realestate agents how to work the up coming system. Link to comment Share on other sites More sharing options...
MasterPo Posted February 8, 2009 #7 Share Posted February 8, 2009 The Fed announced last week they'll be setting it up so that The Fed Reserve Regional Branches will take over these bad mortgages and The Fed Reserve will do Loan Mods on all these bad mortgages. I have a link to a web conference teaching realestate agents how to work the up coming system. All mortgages have 3 parts to the payments: Principle (how much you borrowed), interest (the "cost" of the money), and escrow (for property tax). The Federal gov can't do anything about the property tax unless they are going to pay it or override the tax as a kind of state/local tax amnesty which I don't think the Fed has the authority to do. The principle is what the bank loaned. That's your money and mine! Are they going to forgive that part? And as to the interest, even if they drop it to zero, who says the person can still make the principle and escrow payments?! This sounds like another typical liberal welfare handout - keep your overpriced house that you had no chance at $12/hr to afford and the rest of us will pay for it. :angry2: Link to comment Share on other sites More sharing options...
AzTide Posted February 8, 2009 #8 Share Posted February 8, 2009 All mortgages have 3 parts to the payments: Principle (how much you borrowed), interest (the "cost" of the money), and escrow (for property tax). The Federal gov can't do anything about the property tax unless they are going to pay it or override the tax as a kind of state/local tax amnesty which I don't think the Fed has the authority to do. The principle is what the bank loaned. That's your money and mine! Are they going to forgive that part? And as to the interest, even if they drop it to zero, who says the person can still make the principle and escrow payments?! This sounds like another typical liberal welfare handout - keep your overpriced house that you had no chance at $12/hr to afford and the rest of us will pay for it. :angry2: Principle= They are going to do 3 month Comps of your neighborhood and go with the avg.. So if my principle is currently 335k and my comps come back at 275k they write down the principal to 275k. And it's also not being considered taxable income so you'll receive a 1099-C and on your taxes you'll use Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used for other purposes in addition to reporting the exclusion of forgiveness of qualified principal residence indebtedness. Interest= Will be reduced to between 2 and 4% depending on the circumstances and will remain at that between 3 and 5 years. At the end of that time period it cannot go up more than 2%. So if you had 3.5% the most it will increase to is 5.5%. Length of Note= If help is still needed then the length of payments can be extended from 30 years to 35 or 40 years. That's just to start..... Link to comment Share on other sites More sharing options...
graylady2 Posted February 8, 2009 #9 Share Posted February 8, 2009 All mortgages have 3 parts to the payments: Principle (how much you borrowed), interest (the "cost" of the money), and escrow (for property tax). This sounds like another typical liberal welfare handout - keep your overpriced house that you had no chance at $12/hr to afford and the rest of us will pay for it. :angry2: Welfare handout? Hardly... This is Bush's bull. He and Cheney dug so deep into the tp's pockets they should be arrested for pick pocketing. Or insurrection....War criminals that they are. They bastardized and raped the Constitution and, obviously, they're hoping Obama will fall for their actions. I'm still stunned how all this came to be ---very little, if any, resistance to their blatant and obscene greed. The voice of the people? Unheard, unless it's to rip apart Obama. Shame. At least he cares which is more one can say for the Diabolical duo. KIds are still dying everyday in Iraq and Afghanistan...They don't acknowledge Afghan war, they'd have to change the number of deaths if they did. Can't have reality falling into the war zone. BiteBite... Link to comment Share on other sites More sharing options...
AzTide Posted February 8, 2009 #10 Share Posted February 8, 2009 Welfare handout? Hardly... This is Bush's bull. He and Cheney dug so deep into the tp's pockets they should be arrested for pick pocketing. Or insurrection....War criminals that they are. They bastardized and raped the Constitution and, obviously, they're hoping Obama will fall for their actions. I'm still stunned how all this came to be ---very little, if any, resistance to their blatant and obscene greed. The voice of the people? Unheard, unless it's to rip apart Obama. Shame. At least he cares which is more one can say for the Diabolical duo. KIds are still dying everyday in Iraq and Afghanistan...They don't acknowledge Afghan war, they'd have to change the number of deaths if they did. Can't have reality falling into the war zone. BiteBite... How did we get from Loan Mods and Mortgages to WAR? You got the wrong thread Graylady Link to comment Share on other sites More sharing options...
graylady2 Posted February 14, 2009 #11 Share Posted February 14, 2009 How did we get from Loan Mods and Mortgages to WAR? I can digress with the best of them.... The finacial aspect is how I went from mortgages to war... Link to comment Share on other sites More sharing options...
stevewinn Posted February 14, 2009 #12 Share Posted February 14, 2009 What is happening with Obama, all am hearing is people resigning from his "team" how many people have resigned about four or five? Link to comment Share on other sites More sharing options...
ninjadude Posted February 14, 2009 #13 Share Posted February 14, 2009 (edited) What is happening with Obama, all am hearing is people resigning from his "team" how many people have resigned about four or five? Zero. They left before they were confirmed by the congress. (I think). Edited February 14, 2009 by ninjadude Link to comment Share on other sites More sharing options...
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