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Obama Promises Relief To Homeowners



  3. Swiyyah
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Promises, promises, promises:

Barack Obama, his campaign for the Democratic presidential nomination bolstered by endorsements, told a cheering union hall on Friday that he would provide relief for homeowners struggling to make mortgage payments and deliver tax cuts to the middle-class.

Endorsements, endorsements, endorsements:

From Arizona Gov. Janet Napolitano and former Sen. Gary Hart.
Swiyyah

12 responses // Obama Promises Relief To Homeowners

  • http://www.johnedwards.com/news/press-releases/20071205...
    Here is John Edwards plan for the US dream of home ownership.
    woodywoodbeck
  • All that Obama does is make promises. what can he back anything with?
    npendery
  • His endorsements seem to be flowing from people who are good politicians. Which is really only more of the same.

    Here's hoping the people will speak up and demand a real debate and not half-promises.
    mockrevolution
  • YAWN....zzzz zzzz zzzz

    Iraq ~ Katrina ~ Health care ~
    Outdoors2
  • yeah I guess thats good to hear but I went to one of his rallies and he was talking about change the whole time but never gave any good ideas of how to change
    npendery
  • Promise.....Promise. Bush also did but what did he do? He did nothing but ruined the national economy, global stability and international friendship. Please do not give any false assurance to us, Mr. Obama. If you are nominated, I will go for Reps.

    Sayed
    Sayed
  • People can say here what they think.
    Sayed
  • http://www.cnbc.com/id/21116983
    [QUOTE]Barack Obama (D)Would deliver $80 billion-$85 billion in tax cuts annually. Wants tax breaks for seniors and homeowners as well as a credit to offset payroll taxes. Would exclude some 10 million people from income taxes, including seniors making under $50,000 annually. Supports increases in capital gains and dividend tax rates to as much as 28%. Would increase taxes on off-shore businesses and eliminate tax breaks for oil and gas companies. Supports a carbon tax.
    [END QUOTE]
    barkway
  • That still won't help the people who are losing their homes. Tax cuts will be a drop in the bucket compared to the scam mortgage payments they've gotten themselves into. What these people need are a freeze on foreclosures for at least 6 months, a freeze on interest rates if you are one of those on ARM loans, and a plan to create more jobs. Pronto.

    Both Edwards and Hillary have said they will do all of the above, in addition to Barack's tax cuts. But he has not.
    phoenix_fire999
  • http://www.larouchepub.com/pr/2008/080127obama_foreclos...
    phoenixfire_999: Here is the exact text of what Obama said: STEPHANOPOULOS: But just to be clear on these specific ideas, you think that, by freezing home foreclosures for 90 days and freezing adjustable-rate mortgages for five years, that could create moral hazards; that's why you're not for it?

    OBAMA: Well, I think it is important for us not to bail out lenders who made, in some cases, poorly considered or speculative loans. I think what is important is to make sure that people are staying in their homes, particularly first-time home buyers, families who are actually living in the house, as opposed to just flipping a condominium. And I think that we have to sort through how we can help those individuals aggressively, at the same time that we're not bailing out banks who made loans that they shouldn't have made.

    It's not the first time. An Obama advisor told the Wall Street Journal, as reported on Jan. 11, that "a mandatory moratorium and rate freeze â?? which could force lenders to hold loan interest rates below market levels â?? could deter them from re-entering the market and would delay the return of liquidity." The advisor also raised the bogus argument, now being floated by Rohatyn-linked Congressmen like Barney Frank, that there would be "serious constitutional issues to consider from the government trying to directly change the terms of millions of mortgage contracts after the fact."
    barkway
  • Barack's definition of homeowners and "property flippers" are not as black and white as he thinks. A lot of homeowners also own other properties that they are using as investments. My parents, for example. Sure, they made an unwise decision when they took on extra properties, but in no way were they trying to flip homes. They were duped into thinking that buying more real estate was a good way to shore up their retirement nest egg.

    It has more to do with scam artists at the lending companies giving them crap advice more than anything else. But to punish people like them as "house flippers" is unfair and overly simplistic in thinking. Plus, it does no good to lecture the victims of fraud on "personal responsibility" when the banks are not held to the same standards of "responsibility".

    I think all homeowners caught in the mortgage crisis should be helped. We shouldn't throw anyone out. Sure, those with multiple properties will have to ditch most of them, but they shouldn't be left homeless because they acted on bad advice.

    I think Barack should do his homework more before he makes blanket statements like "responsibility".

    But as for not bailing out banks, I agree. They dug us into this mess. They should shoulder the consequences too.
    phoenix_fire999
  • phoenixfire_999: well I live in FL and we have so many "flippers" here they might as well rename the state to Flipper. We have whole condo buildings (LOTS) where people jumped to buy at any price (with these wacky loans) thinking they could flip it in a few weeks or months and make a fortune and instead they got left holding the bag when the market went south and was saturated with these properties. Now THOSE people have affected the rent prices because since they can't sell, they are trying to rent. When they can't rent (because they are asking insane prices or are in a bad school district), they dump the property at auction for a loss (no reserve auctions) affecting the value of the other HOMEOWNER'S condos. They are getting what they deserve if they get foreclosed on. They were greedy....and they bet wrong...and I don't think we should bail them out.
    barkway

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