Obama to pay homeowners to leave

Discussion in 'Wall St. News' started by KINGOFSHORTS, Mar 8, 2010.

  1. This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.

    Under the new program, the servicing bank, as with all modifications, will get $10,000. Another $10,000 can go toward a second loan, if there is one. And for the first time the government would give money to the distressed homeowners themselves. They will get $10,500 in “relocation assistance.”

  2. Participants in the program must promise to only vote for Democratic candidates in the future! :cool:
  3. sumfuka


  4. wave


    The article referenced reads $1,500 not $10,500. Government realizing how bad housing will get. I doubt $1,500 will entice folks to move on.
  5. wave


    The failure of this program as well will fuel the fire. Folks have no clue what is ahead. S&P 200 buy of a lifetime.
  6. Not clear who gets the losses
    The gov't?
    The bank?
  7. Just more proof of the notion that the government has zero game plan. There is a complete and utter loss of control.

    They are truly winging it, and that, to me, is what's most alarming.
  8. S2007S


    Damn this just keeps getting better and better, unfuckingbelievable.

    The entire housing market is completely upside down along with the entire economy.
  9. Mav88


    incorrect, the game plan is keep power at all costs
  10. Lethn


    Am I the only one who just wants the damn economy to crash? I'm sick of holding my breath at the moment >_< Sure it'll be a bad thing and there probably is going to be chaos soon enough but I bet everyone will be better off than watching this bullshit constantly being shoveled.
    #10     Mar 9, 2010