Quote Originally Posted by Vteckidd
ok so whats the TRUE MARKET VALUE of your home? This plan most likely wont ever make it out for a few reasons.

If the economy continues to slide, whatever the government appraises your home at TODAY can still fall another 20-30% in value over the next few years, even as many as 10.

Example

House was bought for $500,000

House is now worth $350,000 (appraised be the federal govt).

The bank just lost $150,000 in value (granted its in their best interested to keep as many people in the home rather than forclose)

What happens if the house is worth $200,000 in 2-5 years. What then? we are right back where we started, except only worse off now cause the govt is involved.

This is also rewarding people that ARENT paying their mortgage because THEY made BAD financial decisions. I mean if i buy a ferrari making $400 a week, do you expect me to keep it?

SOcialism train is here, everyone on board!
Its just like the bail out, companies that made bad decisions and had poor internal management are being rewarded..

Fuck my life.. Why wasn't I born 50 years ago..