As the special inspector general for the federal financial bailout program faults a lack of planning and "constant changes" for the failure of the Obama Administration's home loan assistance program, the President is set to announce a new initiative to help homeowners by potentially refinancing a million of them with government back loans!
The New York Times article also states that the plan will require banks to reduce mortgage payments for a minimum of three months for unemployed borrowers.
While I'm not an economist shouldn't the government be more concerned with stimulating the economy to create jobs, than rushing through another program that's sure to have problems down the road and cost already overburdened taxpayers millions more?
What was the quote that won Bill Clinton an upset victory in 1992...oh yea..."IT'S THE ECONOMY STUPID!"
Little Egg Harbor REALTOR® Laura Giannotta
Your Jersey Shore real estate resource!
609.384.6121
www.JerseyShoreViews.com
Laura@JerseyShoreViews.com
Laura, this whole country is crazy and confused. We need business people in htere who understand the value of what makes the wheels on the bus go round.
Obama has one point to his programs...socialism and building his legacy as the man who broke ($$$) the USA!
Seems to be anymore there is a race to put in new laws without thinking them through. I wish we would take more time and think these through before unleashing them on a unsuspecting public. Yikes.
2012 can't come soon enough.....it may actually come too late.
The only thing I can say about the economy is, Lets Get A Move On!
Laura, We may run out of buckets, before we bailout this tilting ship. Sounds like more debt for our children is on its way.
Laura - I'm working on a post that will outline the failures of the loan modification program and will also point out the flaws in the new principal reduction plan. The government is still off track.
If any one knew the answers wish they would step up...over...higher...more....energy saving initiatives that produce employment...sounds right...feels good...let's do it !
Laura, it will always be the economy! And jobs. Without them we are too screwed!
Tje government is all about numbers -- not people. The government is all about . . . the government. If 10 Million people make use of this FHA program to refinance (which is what I've heard) even if the mortage is underwater, the FHA makes 2.5% off the top on each loan. That's hard, new money and it would be a lot of it!
One more time ! Without middle class jobs paying 14-28 dollars per hour , there will be no substainable RECOVERY !!!!!!!!!!
There are solutions to our problems but nobody is willing to stick his neck out to implement them because they will not be popular solutions. The new NJ Governor is making some tough decisions and he is hated by many right now but in the end, he is going to leave the state in a better place.
Laura....nothing is going to get better until the government stops giving away money!
Eventually we are just going to have to admit that there is nothing we can do to completely repair this situation and throwing more and more money at it doesn't seem to be helping either. The economy goes up and down and it will eventually repair itself.