Joe Madison: There should be a morgage Holiday in the stimulus package

[bigdarryl]

for a full year you wouldn't have to pay for you mortgage that will free up extra money for families that will automatic stimulate the economy. DAMN!! he's on to something

[Madam Mossfern]

1. Ahem........

What about people who rent?

[bigdarryl]

2. he said that could be worked out

[Uzybone]

12. How will it be worked out?

this is one of those incredibly dumb ideas that sounds good when its first blurted out. But once you try and figure out how it'll actually work, it dissolves like a packet of sugar in Lake Michigan.

[Brazenly Liberal]

3. what about the many thousands of families

who are dependent on income from a job at a mortgage company? The vast majority of them aren't taxpayer-screwing, private jet riding, million dollar bonus sucking scumbags. They're average people who just pay their bills by working at the job they were able to find.

Don't get me wrong -- I'd love a year off paying our mortgage (though I'd probably be kicking myself when the payoff year came and I realized I still had a year left because this one got tacked on at the end).

[Warren Stupidity]

4. How is that going to work?

Is the federal government going to cover those payments for 12 months? What is the price tag on that?

Edit: a guesstimate.

80,000,000,000 billion or so a month for 12 months? I suppose that is only 960 billion. So the entire stimulus would be a no rent for a year program?

[Vinca]

5. Oh great. This sounds like one of those buy a roomful of furniture

and start paying us in 2 years plans. Meanwhile, interest is building up and you're getting screwed. Would renters get a rent holiday? Would the government pay your mortgage or would it just sit there waiting for you? If this happened, I'd take the extra money and pay off other bills. I'm not buying a big screen TV anytime soon. Maybe we ought to wipe out everyone's debt and start from scratch - that makes about as much sense.

[stray cat]

6. I would like to see them refinanced for people who have a chance at saving their house

[QueenOfCalifornia]

7. Does that mean

we have to spell Mortgage without a "t" throughout that year too?

bigdarryl... where is your brother Darryl? Off with Larry I betcha'

[Bluenorthwest]

8. Hey, your Highness

Your Queendom is falling to bits. Because of real estate greed and a lack of common sense. Office closed, the place is shutting down. But gee wiz, you know how to spell mortgage. Too bad so many in your state can not pay them.

[oviedodem]

9. Ultimate WELFARE program I would never go for that.

[bigdarryl]

10. How is saving your own money WELFARE you sound like a RETHUG

[Chief]

14. Saving Money?

Actually, it wouldn't save most people any money, it would cost MORE in the long run. The interest would accrue over the 1-year "holiday", and you'd end up with people paying that year's worth of payments, plus another year of payments just to cover the interest accrued.

[wyldwolf]

11. I'd settle for a month

[zulchzulu]

13. Gee... I'm sure the banks would go right along with that

Madison is on crack.

[TexasObserver]

15. These kinds of ideas are simply stupid.

And they evidence a complete lack of understanding of economics.

JOBS are what we need. JOB programs, such as massive infra structure building projects.

Jobs create income, and income pays mortgages, and bills, and create demand, and produce revenues to state, local and federal governments.

[HOLOS]

16. Since SUBPRIMES WERE PREDATORY AS MANY BANKS HAVE OWNED UP TO...

FRAUDULENT AND OPAQUE TO THE LENDER...WE DESERVE MORTGAGE FORGIVENESS!!
ALSO, THE CREDIT CARD COS ARE DECEITFUL AND USURIOUS...DEBT FORGIVENESS HERE ALSO!!