What do you think of Obama's Foreclosure Plan?

Tuesday, February 24, 2009

http://www.etsy.com/forums_thread.php?thread_id=6048486
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1 comment

RustChic said...

its awful that so many people are having foreclosure problems yet i'd have to agree that rewarding those who are underwater in their mortgages seems counter productive. also rewarding banks(car companies, et al) by bailing them out for their poor business decisions seems equally insufficient to solve the problem.

we're paying extreme taxes on an overly inflated appreciation of a home that in no way would sell for that amount. the mortgage has also doubled due to the government's screw up in handling katrina, thus increasing (a basically value-less)insurance policy and i dont live in a flood zone. we have insurance for a home with a 5000-10000 wind deductable. thats a new roof- what is the point of it?
everyone we know here has the same exact problem. yet we are required to have insurance b/c we have a mortgage.its a vicious cycle.
i am wondering why these homes that are foreclosing- especially folks who had to pay the PMI insurance arent having the PMI paid out? many of them were predatory loans, and many of them had to pay PMI. where did that money go?
if you ask me, the insurance industry is the biggest scam out there and could use the biggest overhaul.

February 24, 2009 at 11:42:00 PM EST

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