Obama's AZ visit and magically mortgage announcement...

[tryingtostay]

President to visit Mesa school

Anybody here in AZ going to hear him at this school? I'm sure the spots are filled already if people started lining up 8pm Sunday. Wall Street Journal says he is reading a letter written to him by an AZ homeowner who lost her house.

Hmm...shall we all send letters to him? Let him know how screwy the mortgage companies are?

I really wish the details of this new plan would leak out. The media is already making it sound soo wonderful and amazing that it will fix ALL problems within the market...

[LadyDoveFL]

From what I've read, the plan doesn't seem to offer any assistance to those of us who are underwater. Even if the economy improves and underwater homeowners have had their loans modified, I'm sure that we'll still see a higher percentage of foreclosures for a number of years than pre-2006 rates as the homeowners decide to just walk away... Market values will likely take many years to recover to their 2006 levels, so what happens if you have to sell for one reason or another? I know that I won't be able to come up with the tens of thousands of dollars needed at a closing on the sale of my place...

[AZ Meltdown]

Sorry but I have ZERO faith that a quick fix to this problem can be found.

Any program if it actually helps underwater home buyers will only encourage more defaults.

Why pay your mortgage if your neighbors is reduced or subsitized?

Why should future generations of solvent taxpayers bailout the current insolvent ones? There is a tax revolt brewing, this will only make it more likely.

The only equitable and fair solution is to let home prices fall to a sustainable level of 2.5 to 3 times the median income.

And let insolvent banks fail!
Propping them up with taxpayers cash is nutz!!

[925girl]

I agree. The banks brought this on. Where is the representation of the people? BO's plan will not help. I really thought it would be better than that. Things are changing fast and nothing is looking better.