The big push by the Fed Govt

[stormrider]

seems to be backfiring.

quote from the AP

"NEW YORK (June 6) - The Federal Reserve announced a $1.2 trillion plan three months ago designed to push down mortgage rates and breathe life into the housing market.
But this and other big government spending programs are turning out to have the opposite effect. Rates for mortgages and U.S. Treasury debt are now marching higher as nervous bond investors fret about a resurgence of inflation.
That's the Catch-22 threatening to make an awful housing market potentially worse and keep the economy stuck in a funk. Kick-starting the economy requires higher spending, but rising rates mean fewer Americans will be able to refinance their home loans. And some potential buyers will be shut out of the market by higher monthly payments they won't be able to afford."   So much for fiat money.

I think that tank of $2.39 gas needs burning up tomorrow.

[Robert]

As with most things in the Obama administration its all smoke and mirrors. There was a flood of press reports how the new administration set up a program to help people save their house that refinancing plans would be available and that even the forgiveness of some of the indebtedness of the home owner would be adjusted. This all came on the heels of the give away to big company's and banks. Yes I know Bush was in it too but he didn't run on a campaign of helping people like Obama did. Well all the banks that we all do business with got a hefty boost to get along while we got nothing but tighter restrictions on mortgages and also more foreclosures. The very banks that got handouts have now raised the requirements to get refinanced and became hard line instead of helping on a case by case basis. Even people in good financial positions did not get the new rates. The new 4.55% loans no one will be getting and the program set up by the government to help people seems to be gone but at best was a credit counseling service thats it. The new way is to know the problem start talking all kinds of solutions, maybe start legislation and maybe a office or two and then let the thing dye or just not direct it. The press picks it up and has all kinds of fan fare thereby extolling the person free publicity and then the real work just dies never to be any real help while the promoter got all the free publicity and looks good till you do the research or follow up. Who said our stars are the only ones who can use the media. The press has gone along and propagated this sham so that the people who control things look like they are doing something till the heat is off and then the American people go back to more pressing things and forget that their are more foreclosures now than when this thing started and there is less help. Plus the banks ARE NOT renegotiating peoples loans when some had a balloon payment that either could have been delayed or financing terms changed to help people keep their homes. This would have been a easy solution and help people but the banks are hard lining it and saying no. Take an extra 5 to 10 years to pay but they WILL NOT restructure loans Just foreclose. I am not numbered among those loosing their homes but I know quite a few that are and its disgusting what the banks are doing and even our own government bailing them out and not helping the common man. I am not saying that the people are not responsible too the way out spending on credit and refinancing to the hilt is the problem. But even people with good credit and never missed a payment will not be helped either. I think of the movie with Jimmy Stewart its a Wonderful Life and know that Potter is the one that won out this time.

It's A Wonderful Life Ending	powered by Aeva

[MP]

There have been some restructured.
They just reported that of those restructured, 9 out of 10 are again in default, not paying.
What good to keep making loans to people who cannot pay, who bought a house they could never afford?
I know of people making $35,000 per year, that managed to buy $300,000 houses.  WTF?
How could they EVER expect to pay?
There is very little personal responsibility anymore.  Take what you can get, then when you get in trouble, want someone to help you out.
I am sorry.  You spent too much, accept the results.
For those who paid the right amount, and defaulted because they lost the jobs, I feel better for, but still, why am I responsible for their debt?

The Fed govt is in the same situation.
The Dems said Bush was spending way too much, 1 trillion shortfall.  Three months after the Dems get in power, we now have a 4 Trillion shortfall, and they say it will be at 10 Trillion in 20 months.
MY GOD.  Is there no end to the spending?
There is NO WAY we can pay this massive spending off.  And much of it continues into years ahead.
AND, we are now to pay everyones HEALTH CARE TOO!
Why does the govt owe me or anyone health care free?

Inflation and higher interest rates are already coming.  They are the "hidden" tax no one talks about.

Boy, am I glad I got my $8 a week.  That will take care of it all!!!

What a load of cr-p!

MP

[mikeb]

my wife lost her job uaw  i tyied to refinance my house my credit score is over 800 .. i was told by my morgage that i could not refinace until i ruined my credit and was in default.then i could get the 2%loan ..this is the most stupid thing i have ever seen the houses in michigan have all lost so much value that we all owe more than their worth this sucks i have to pick up  the health ins and have lost all my over time and it takes three checks to make the house payment now ..this guy is ruining the usa
the best statement he ever said
the united states of america is a great place together we can change it .. Barack Obama