Conservation Voice wrote: Many of the people who need to refinance are upside down because home prices dropped below what they owe and who are paying their mortgage and who haven't defaulted or missed their payments. They just want to get a lower mortgage payments and the banks won't refinance without this program. I am one of them.
:faint: I just bought a new car last week and now I find out I am underwater on the payments. Do you think Obama will let me refinance my loan since my car is no longer new? That would be pretty sweet to pay 1/2 price for a car I bought last week at full price.
You DO realize refinancing your home at a lower interest rate is not that same as paying 1/2 price for a car you bought last week full price, right? It's not even close.
I refinanced my home last year using Obama's current program on which this is based (and it was approved by Congress). I was able to avoid the cost (and consternation) of a new appraisal and I ended up saving about $500 a month (much of which is now going to health insurance )! I wasn't supposed to even have to go through any income verification (didn't have to for my original loan either), but that got changed at the last minute and I ended up having to do that.
You still need to have a very good credit score to do this. I've always made my payments on time and have no intention to default on my loan. Never have defaulted on any loans.
LadyJazzer wrote: Me too... It's time to shut down AIG; Goldman-Sachs; Wells-Fargo; Chase... Let 'em fail....
Amazing how many other people "bought homes they could afford" 15-20-25 years ago, and through no fault of their own, got laid off... Bastards... They should have known.
At least they know not to expect anything from the right-wingers... That should help them decide who to vote for in the next election.
Looks like I may get my wish...at least on one:
Rajat Gupta, Former Goldman Sachs Director, Expected To Face Criminal Charges: Source
Former Goldman Sachs director Rajat Gupta will surrender to the FBI on Wednesday to face criminal charges, a person familiar with the investigation said.
Gupta was named as an unindicted co-conspirator in hedge fund founder Raj Rajaratnam's trial earlier this year. He has denied wrongdoing.
Rajaratnam was sentenced to 11-years in prison this month. Gupta's attorney, Gary Naftalis, did not immediately respond to a call seeking comment.
Tax Evasion Campaign Yields $19 Billion Worth Of Offshore Assets
An international drive against offshore tax havens has reaped nearly 14 billion euros from would-be tax evaders, the Organization for Economic Cooperation and Development (OECD) said on Tuesday.
Some 100,000 taxpayers in 20 major economies surveyed by the OECD have revealed previously undetected offshore assets in the last two years, allowing tax authorities to collect the equivalent of nearly $19 billion.
"As cash-strapped governments look to pay down their deficits, this will make a substantial contribution to fiscal consolidation," OECD Secretary General Angel Gurria said at the opening of a two-day meeting on tax transparency.
"Just as important -- most of the additional revenues has been secured from citizens trying to evade taxes," he added. "At a time when many governments are forced to ask their citizens to accept higher taxes and reduced public services, everyone must pay their fair share."
)! I wasn't supposed to even have to go through any income verification (didn't have to for my original loan either), but that got changed at the last minute and I ended up having to do that.
