AP out with another hit piece on Obama; this time with his mortgage plan

[TeamJordan23]

Why don't these people just stick to news reporting rather than BS Opinion pieces

Analysis: Obama offers carrots for mortgage firms
By JULIE HIRSCHFELD DAVIS and ALAN ZIBEL, Associated Press Writers

WASHINGTON – The same mortgage lenders that candidate Barack Obama accused last year of causing the housing mess would get a windfall from President Obama's government under his foreclosure rescue program.

The $75 billion plan announced Wednesday has the potential to be far more effective than past federal efforts to help struggling homeowners lower their mortgage payments and stay in their homes. But for that to happen, investors in complex mortgage securities have to agree to participate — something the government has so far failed miserably to persuade them to do.

That's where the goodies for the much-maligned industry come in.

Continue Reading: http://news.yahoo.com/s/ap/20090218/ap_on_go_pr_wh/foreclosures_analysis

[FrenchieCat]

1. I'm really tired of the lies on top of lies.

And to the DUers who want to hold Obama's feet to the fire, get in fucking line! Cause the media will roast him while they are at it....and by the time they are through, there won't be nothing left.

So go over to GD and whine about how you ain't getting nothing out of the mortgage deal (boohoo, like a foreclosure near you doesn't reduce your property values. sure :eyes: ), how he's gonna cut Social Security Benefits (big fat giant lie), how he doesn't support the Fairness Doctrine (like that's gonna make a difference with cable, radio or newspapers and magazines), or how he wants to turn Afghanistan into Vietnam (yeah...right! :eyes: ), and see how much that helps you get some fucking change in health care later on.

[w4rma]

9. "The $75 billion plan announced Wednesday has the potential to be far more effective than past..."

That's pretty good. I haven't read the whole piece. I usually expect the AP to suck when 'analyzing' Democrats, but the intro is good. And the intro is what matters the most, as newspapers often change the titles on their own.

[firedupdem]

2. These people talk out of both sides of their asses!

What would the alternative be?

They want him to do something but they smash whatever he decides to do. They are definitely working for the party of NO, and NO SOLUTIONS!

[FrenchieCat]

3. They are working for the party that caused this shit to fail in the first place.

and they are only fooling the fools........
Some of which are right here at DU, unfortunately!

[opihimoimoi]

4. Tis sad when in these dire times they do the obstructing manuver....Country First my ass

[FrenchieCat]

5. They fucked the country, so we know where they really stand!

[opihimoimoi]

7. and the worse part...they are blaming everyone else cept their own asses

Cowards and Misfits.....the GOP is a FLAWED ORG with FLAWED MEMBERS

Snipers and Whiners...never anythin Positive to say or suggest...always Negative crap....I know lotsa peeps like that...they exist everywhere.....somehow...the GOP has most of them

[kirby]

6. Seems fair to me...

I dont see the outrage.

[FrenchieCat]

11. Guess your reading skills must be impaired! If you don't see the negativity in this article

then your problem is greater than anything I can help you with.


Analysis: Obama offers carrots for mortgage firms
By JULIE HIRSCHFELD DAVIS and ALAN ZIBEL, Associated Press Writers

WASHINGTON – The same mortgage lenders that candidate Barack Obama accused last year of causing the housing mess would get a windfall from President Obama's government under his foreclosure rescue program.

The $75 billion plan announced Wednesday has the potential to be far more effective than past federal efforts to help struggling homeowners lower their mortgage payments and stay in their homes. But for that to happen, investors in complex mortgage securities have to agree to participate — something the government has so far failed miserably to persuade them to do.

That's where the goodies for the much-maligned industry come in.

[kirby]

16. Whoa there!

First off, who the hell are you to challenge my 'reading skills'? I am really getting sick and tired of people here on DU throwing around 'you cannot read' or you must be a 'freeper troll' to whoever they don't agree with. The lack of civility here is a big turnoff.

Second, ever heard of the saying that when you point a finger at someone, three are pointing back at you? Well in this case, it does appear that it is your reading skills that are impaired. I never said there wasn't any 'negativity' in the article. The original poster said it was another 'Obama HIT piece'. I went and read the entire article. A SMALL point of the article was that President Obamas foreclosure plan gives either a $1000, or $3000 bonus to lender under his voluntary program. That bonus is a 'carrot' (rather than stick) approach to getting voluntary participation in the plan. However as the article says:

'Last October in Reno, Nev., Obama vowed, "I won't let banks and lenders off the hook when it was their greed and irresponsibility that got us into this mess." But the outlines of his plan were an acknowledgment that he will need cooperation from firms that collect mortgage payments — known as loan servicers — if he intends to reach his goal of preventing up to 9 million foreclosures.'

I don't see that, especially in context of the entire article, as a 'hit piece'. It is more a realization of what a President can do to the private industry vs what a candidates populist message is.

So I stand by my statement that it seeems like a 'fair' news article, not a 'hit piece'. Sure there is some negativity, but I would expect any analysis to contain positive and negative points. Personally, I dont think the plan goes far enough. I would like to see a program that simply allows all existing mortgages to be refinanced into a 30-year fixed 5% assumable loan.

[depakid]

8. How is this a hit piece?

:shrug:

Looks like analysis to me.

[Two Americas]

10. that is a hit piece?

How is that a hit piece?

[AyanRand Is Dead]

12. Well from what I've seen the plan sucks.

It's great that people that are struggling will get help. But what about those famalies that are barely getting by, but have managed to pay their mortgage on time by having to cut back.

My wife and bought a house that wasn't too expensive for me and we saved every penny we made for a good down payment so were not underwater. But it still consumes 40% of my wife and mines income each month to make the payment. President Obamas plan will shift payment to 31% of income for people that bought luxury homes. while suckers like myself that bought a modest home gets totally screwed!

What happened to the plan for government backed refinancing at low interst rates available to all people?!!! What was that plan too far? It wasn't focused enough an a certain special interest group? It would 've diverted to much money away from the banks?

This sucks!

[FrenchieCat]

13. I'm curious....

If you bought a house that you could afford and made a good down payment, how come it is consuming 40% of your combined income each month to pay the mortgage? When they qualify one for a loan, part of what is looked at is documented income(stated income is what got some folks in trouble)and the percentage that will be required to debt service the monthly mortgage payment. 40% of one's income is what careless lenders started to allow, with 55% being subprime foolishness. The more accepted figure prior to the madness of this housing bubble was 28%-36% Debt to Income Ratio.

So can you clarify what has made you more responsible than everyone else?

If you have good credit and equity in your home, you should be able to refinance for as low as 5.+%.

It is folks who owe more on their mortgage then their house is worth due to property prices dropping who are unable to refinance or sell, hence the offered assistance......but still the consideration of looking at their income at the middle 31% to make sure they can actually afford the house is included in the plan. Remember that this is being offered only on 1st mortgages, not 2nd and Equity Credit lines.

But beyond that, your reasoning sucks, because you are taking a short view.....
What will happen to the equity in your home, if the property value of your house drops...due to the foreclosures in your neighborhood? Helping those on the verge of foreclosure ends up helping everyone quite directly.

[AyanRand Is Dead]

14. Oh please stop it with the blind defense.

Before I answer your questions lets look at the facts.

This plan is selective - so it doesn't serve the greater good, but only a small special interest. This is not how good government works.

I have nothing against helping out homeowners in trouble, but people underwater are not the only people struggling in this economy and to have their mortgages reduced from 50% to 31% it's literally like winning the lottery! I hate to sound like a rethug, but it IS essentially rewarding those whom were irresponsible.

Now onto your questions. Yes there are some people in this world that still save a up for a good down payment on their home. And no the banks didn't care about mortgage to debt ration when they gave me mortgage. What you state as if it were matter of factly, simply isn't true. Even though we got a fixed mortgage, during the boom times the lenders simply didn't care about the details, they only cared about pushing every mortgage through the door in order to get their commissions.

With that said our mortgage originally was 35% of our average monthly income but like many Americans I have been forced to take a pay cut, just in order to keep my job. And with the rising cost of goods in this economy, y wife and I are getting squeezed more and more.

Worse off we live in California where the idiots in Sacramento want to impose a series of tax hikes that will cost the average family $1,200 annually? What are they thinking? They want to squeeze the last breath out of people?!

What does the rest of the struggling American families have to do to survive in this economy?

[hileeopnyn8d]

15. I'm confused.

If your mortgage is 40% of your income, wouldn't you actually *be* one of the people to benefit from this plan, since you're over 31%?

[AyanRand Is Dead]

17. Nope, no benefit.

Because my wife and I spent 5 years to save up for a 25% down payment and we didn't buy a super expensive place. Basially we did things the way our parents taught us. Save up, don't owe too much and get hosed for trying to do the right thing.