Welcome Guest ( Log In | Register )

Reply to this topicStart new topicStart Poll

> New Mortgage Plan Likely To Spark Crisis.
Bookmark and Share
Posted: 25-Oct-2011, 02:13 PM
Quote Post

Member is Offline

Celtic Guardian

Group: Celtic Nation
Posts: 7,710
Joined: 22-Dec-2002

Realm: America, Mid West



President Barack Obama's plan to allow homeowners owing more than their houses are worth to refinance will create a credit crisis down the road, says Peter Morici, a professor at the University of Maryland School of Business and former chief economist at the U.S. International Trade Commission.

The program seeks to prevent foreclosures by allowing homeowners still current on their federally guaranteed mortgages to refinance even if their home values have dropped below what they still owe.

"That is a prescription for more failed loans and another crisis in mortgage finance down the road or huge losses for U.S. taxpayers that can only be accommodated by even bigger deficits and printing money," Morici writes in a RealClearMarkets column.

Other outlets have reported that there are to be no credit checks, no job or income check and no apprasials. The only requirement is that the mortgage payments be current. No matter that credit cards may have been maxed to accomplish this. This sets the scene for a real horror show!

I learned early in life that at times it is best to cut your losses and take whatever lumps you have coming.

These are signs of a desperate president and a desperate political party.


PMEmail Poster               
Posted: 25-Oct-2011, 05:39 PM
Quote Post

Member is Offline

Fear-leanmhainn an Ŕgh
Group Icon

Group: Founder
Posts: 2,952
Joined: 18-Jan-2004

Realm: Cape Coral, Florida, USA, Planet Earth


This whole thing is nothing but one more part of the HTOKHJ Plan (Help "The One" Keep His Job). If we read the plan in its entirety we see that the only people who qualify to refinance are people who are already having no problem making their mortgage payments. People who are in or on the verge of foreclosure are not helped at all and anyone who does get refinancing and latter loses the ability to make their new payments are still going to lose their homes. Just more smoke and mirrors! rolleyes.gif

Steve Ewing

I know that my Redeemer lives, and that in the end he will stand upon the earth. Job 19:25

"Non sibi sed patriae!"

Reviresco (I grow strong again)
Clan MacEwen motto

Audaciter (Audacity)
My Ewing Family Motto
(descendants of Baron William Ewing of Glasgow, born about 1630)

"Better to remain silent and be thought a fool than to speak out and remove all doubt." Abraham Lincoln

"Igitur qui desiderat pacem, praeparet bellum." from "Epitoma Rei Militaris," by Vegetius

PMEmail PosterUsers Website My Photo Album               
Posted: 26-Oct-2011, 09:14 PM
Quote Post

Member is Offline

Celtic Guardian

Group: Celtic Nation
Posts: 985
Joined: 30-Jan-2009

Realm: My place

Absolutely despicable policy!
PMEmail Poster                
0 User(s) are reading this topic (0 Guests and 0 Anonymous Users)
0 Members:

Reply to this topicStart new topicStart Poll


Celtic RadioTM broadcasts through Live365.com and StreamLicensing.com which are officially licensed under SoundExchange, ASCAP, BMI, SESAC and SOCAN.
© Celtic Radio Network, Highlander Radio, Celtic Moon, Celtic Dance, Ye O' Celtic Pub and Celt-Rock-Radio.
All rights and trademarks reserved. Read our Privacy Policy.
Celtic Graphics ©, Cari Buziak

Link to CelticRadio.net!
Link to CelticRadio.net
View Broadcast Status and Statistics!

Best Viewed With IE 8.0 (1680 x 1050 Resolution), Javascript & Cookies Enabled.

[Home] [Top]

Celtic Hearts Gallery | Celtic Mates Dating | My Celtic Friends | Celtic Music Radio | Family Heraldry | Medieval Kingdom | Top Celtic Sites | Web Celt Blog | Video Celt