Thoughts on the mortgage relief bill?
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Thoughts on the mortgage relief bill?
| Wed, 02-18-2009 - 8:29pm |
I'm curious how other members feel about Obama's mortgage relief proposal.
I have very mixed feelings about this.

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I thing ARM was avoided very seriously for a long period after the major downturn in the early 80's!
Hi, Sullengirl....
I hear what you're saying about outsourcing...I was laid off twice in favor of outsourcing.
This bill is a decent start, but it's not going to fix the problem in the hardest hit places. I wonder if anyone will come up with something to help CA and NV (and a few others, I'm sure)? My house has lost 40% of it's value in 2 years. I live in one of the worst housing markets in the country. We are underwater on our mortgage, but can afford it so it's not a huge deal for us. But there are houses in my neighborhood that were purchased for $450K a year ago, and are worth $250 now. They dont qualify under the new bill. But my country already has a foreclosure rate of 8% - it will be a disaster if most of these houses end up vacant.
This bill isnt perfect, but I'm glad it will help at least some of those who need it.
I know gaining new skills would help....how to find out which skills will be in demand though? I don't trust the gov't and what they say about that because I know all too well how their programs work.....The ones I've been involved with really don't.
Gaining skills costs money. So I need to know what would be a good investment and what is just going to go toward someone else's profit. Education is a joke right now. It's a HUGE risk with little payoff, and only if you are lucky.
I have a master's and my dh has a bachelor's degree and all the student loans to go along with it. We did not use our loans to live off of so they are the bare minimum, and still the payments (if we don't just pay interest)
I'm 100% against it. No mixed feelings whatsoever.
We can't borrow and spend our way out of the problems we're facing. If you think the economy is bad now, just wait. It's going to get much, much worse.
Sue
Whew this guy is intense.
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