Obama?s Foreclosure Plan May Back Rewritten Loans (Update1)

[Anonymous_IHB]

Ugh, if this passes, seems unfair to renters living within their means, who now have to taxpayer pay to guarantee refi's for people who overpaid for the houses that the renters prudently avoided overpaying for...



<A href="http://www.bloomberg.com/apps/news?pid=20601110&sid=a5fPaVAwxElk">http://www.bloomberg.com/apps/news?pid=20601110&sid=a5fPaVAwxElk</A>

 

[carljanderson_IHB]

F*** all of these plans.



My wife and I were priced out of the market in 2004 or so. I can not remember when we finally stopped looked, but we realized that $550K+ in Long Beach was not realistic, considering that just a few years prior it was $250K or so. We never applied for any of those "teaser" rates or exotic mortgages. We thought that getting a mortgage at 0% interest was a HORRIBLE idea, knowing full well that the rates could ONLY GO UP from there.



However, we chose to continue renting and thinking we were out for a while, we lived beyond out means for a bit. We are getting that all under control now, and were thinking of jumping back in mid 2010, after the next round of Option and Alt-A ARMs all reset.



If the homeowners who took these loans get saved, I am going to more pissed that I already am at the whole "loan modification" thing.



I have decent apartment in Huntington Beach. Why am I being screwed? I mean look, if I move out of here then the underwater homeowner can move in where I live now, as I move into the house.