Not enough nor fast enough. But then it is business as usual. And they did help some of the people. Most likely anothe r2 or 4 million will lost their homes and thats the facts.

Homeowner rescue awaits President Bush's signature By JULIE HIRSCHFELD DAVIS, Associated Press Writer
43 minutes ago: For the entire story go to the link below.

Homeowner rescue awaits President Bush's signature - Yahoo! News

WASHINGTON - Congress approved mortgage relief for 400,000 struggling homeowners Saturday as part of an election-year housing plan that also aims to calm jittery financial markets and bolster the sagging economy. President Bush said he would sign it promptly, despite reservations.

The measure, regarded as the most significant housing legislation in decades, lets homeowners who cannot afford their payments refinance into more affordable government-backed loans rather than losing their homes.

It offers a temporary financial lifeline to troubled mortgage companies Fannie Mae and Freddie Mac — pillars of the home loan market whose losses have sparked investor fears — and tightens controls over the two government-sponsored businesses.

I wouldn't give them one red cent if it was up to me. Let Fanny and Freddie go bankrupt and maybe other shysters would think twice in the future. I don't care about it maybe causing a slump in the building boom. That's why they call it a boom. It's not supposed to exist perpetually!
As for people who didn't read the fine print, or bought to resell for a big profit- they come under two categories: dum basses and speculators.
So we are going to bail people out for being stupid or making a wrong call on a business decision?
Stupid is as stupid does.

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This is a bad situation because it sounds as if they are too big to let fail. What ticks me off is that its people like Phil Graham who was behind allowing these kind of loans to people. And deregulating banking. And they feel like its expected that they be bailed out. So this will happen again and again. They did it in the eighties. It took 5 years to recover my home values. Now they have done it again. And McCain is in the same mold. In fact Graham is his economic adviser. The same people is who McCain will bring. Same lobby groups. He's the candidate for "SAME" not "CHANGE"

I think that's the distinguishing factor for a lot of the support for this legislation.


Tie in issues on "monopolies" as well.
Would we be having this problem if the "two biggest" mortgage companies weren't hogging up this much of the market?

This whole debacle screams out that "deregulation" is a huge problem.
The desire for unfettered capitalism comes with an ugly dark-side, and we're seeing it.


Hearing George Bush speak about this "situation" is as disturbing as when he said he hadn't heard about $4 gas. It just shows their clueless about the situation, and they don't recognize the root problems.

Maybe it comes from having "job security" and the wealth capable of riding out the storm with little to no sacrifices. "For the troops", George Bush claims he gave up golf.
And he didn't have a fricken' clue as to how pathetic and repugnant that sounded.

Some of these guys are just plain clueless. Hopefully they become better educated on the REAL root of the problems and come up with some REAL solutions. Otherwise, the blue-collar worker may just see through the facade and realize how we came to be where we are, and what voting for the same could get them tomorrow...

fannie and freddy hold half the nations mortages. Just how much economy disruption do you want?

The point was about the 400,000 people who need help with their mortage situation. So lets put another 400,000 people in the streets, that will go with the other 2 million plus in th enear future. You want to rethink that?

No. I don't want to rethink that.
First the people won't be in the street. If they default on a $250 to half a mil mortgage that should leave them some money to restructure their bills and find a new place to live. Some of th houses will be sold at below their formerly inflated value and -shucks, they might even be able to move back into their old neighborhood!

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Maybe but not all the 400,00 are living in way over their heads. Some got scammed or did you forget that. Thats why the FBI made 160+ arrest!

Still think there isn't room for consideration?

I think the chips have to fall sometimes. The housing "crisis" wasn't putting us in danger of a major depression. Or any thing even close. If the gas crunch and the food increases and the stock market haven't pushed us over the edge, a bunch of empty houses isn't going to do it.
None of these houses was worth what they were priced at. That's saying even in todays modern high priced economy! They just weren't. Some people even bought vehicles with balloon notes! One of my kids did that and then had to come up with a big chunk of money after she paid off what should have been the entire note. Plus she had borrowed some of the down payment and signed a note for that! She had gotten bad advice and because it was a "sweet ride" she was suckered into the deal. But yes I must brag and say she paid everybody off and now owns the vehicle outright. And she is much wiser about sales people. She now knows she has something the salesman wants and can bargain from a place of experience.
Not everyone makes the mistake of buying something they can't possibly pay for. They seek good advise and weigh their decisions more appropriately. But Joe taxpayer can't bail them out every time they make a mistake. Just like Fanny and Freddy made big mistakes thinking they could get away with this forever. (Well actually they did get away with it because I am covering their a$$).
Up Fanny and Freddy's nose with a rubber hose!
Really, really.
And to the people who got "scammed" into thinking they were worth 400 thousand a year when they were really worth 50 or 75, that's the breaks.

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You should see what it's like over here in Cent. Or. Hundreds of lots with nothing but water and power and "FOR SALE" signs on them. BIG construction cos. getting sued becuase they can't pay their bills. Lot's of people who want to move to a better situation but can't because they literally can't afford to sell thier home (they owe more than their home is worth). It's a sucky situation, but it's one which has a simple solution - let the chips fall where they may. Investment always has an element of risk and if you're not willing/able to absorb that risk, then stay out of the market.

Right now, if you have the cash and the know-how, one of the easiest ways to make money is to buy up partially finished homes from developers (I can find a dozen or more within a 20 walk from my house) and finish them up. You can pick 'em up for cheap and the lumber yards will extend you some pretty substantial discounts - if you pay up front. Finish the house and then sit on it for another year or so and you'll be able to sell it for a substantial profit. It's a great way for someone with some cash, know-how and time to make a nice profit.

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Our nation has not always lived up to its ideals, yet those ideals have never ceased to guide us. They expose our flaws, and lead us to mend them. We are the beneficiaries of the work of the generations before us and it is each generation's responsibility to continue that work. - Laura Bush

God is a conservative -

Ecclesiastes 10:2--"A wise man's heart inclines him to the right, but a fool's heart to the left."

saltwn you have your opinion I have mine. I am not trying to make you think like me.
But if you think people losing their homes and are not rich with little savings doesn't hurt all of us you sadly mistaken. And for the next two years we can except about 2.5 million of them losing their homes. And if it was only 1.5 million you don't think that has blow back.

Buying a house isn't quite like buying stock faithful_servant. Gee lets see, both of you lose your jobs/income. Then use all your savings trying to get back above. Then you lose your house because you can't buy food and pay all the bills plus pay your mortage. Yes simple and now you paid the piper for your foolish idea of owning a home.

And your idea of buying up these homes is what was the main reason behind the scam.. SO go for it.

Now stocks are always a risk. But for how many years was owning a home a risk till these rip off artist came along?