President Obama today will announce $50 billion to help homeowners stay in their homes. But many homeowners will eventually owe more than their homes are actually worth. So will you be able to save your home? Sarah Ludwig of the Neighborhood Economic Development Advocacy Project, Paul Leonard of the Center for Responsible Lending and others discuss the foreclosure crisis.
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David Leonhardt:
…there are two different groups of homeowners who are at risk of foreclosure.
The first group is made up of people who cannot afford their mortgages and have fallen behind on their monthly payments. Many took out loans they were never going to be able to afford, while others have since lost their jobs. About three million households — and rising — fall into this category. Without help, they will lose their homes.
The second group is far larger. It is made up of the more than 10 million households that can afford their monthly payments but whose houses are worth less than what is owed on their mortgages. In real estate parlance, they are underwater. If they want to stay in their homes, they will have no trouble doing so. But some may choose to walk away voluntarily, rather than continue to make payments on an investment that may never pay off.
By GRITtv on February 18th, 2009 at 11:56 am
Hiya Laura, just wanted to say that you were great on KO yesterday.
By Petrocelli on February 18th, 2009 at 12:52 pm
Why bailout people that bought something they never could afford to buy? Screw them and fuck the idiots that lent them the money?
By Ted666 on February 18th, 2009 at 12:52 pm
The details are up. They don’t look good. 105% or less can refinance? Plus fees? This plan is not so great and it gives more money to mortgagors than they already make on loans? WTF?
http://www.treas.gov/initiativ…..umerQA.pdf
By BradleyMills on February 18th, 2009 at 4:07 pm
Why hasn’t that congress woman looked at the details? The details don’t offer much at all.
That site has lots of information and it looks like fluff.
By BradleyMills on February 18th, 2009 at 4:08 pm
Why don’t you address all the bonuses to mortgage brokers and or “servicers.” that is the part that disturbs me the most. They aren’t waiving any fees for the modification from what the details I see show.
By BradleyMills on February 18th, 2009 at 4:14 pm
Jesus, billions more for housing bailouts after nearly $800 billion in stimulus. Obama is quickly making Bush look like a great steward of the treasury.
The real kicker here is that cheaper homes are good for the poor, but Obama wants to “stabilize” prices and keep them from becoming more affordable. Unreal.
By ColinDC on February 18th, 2009 at 11:23 pm
Right on Ted!!! I agree w/ you 100%!!
By wolffisman on February 19th, 2009 at 6:57 pm