Comments on: "Hope for Homeowners" Utterly Hopeless

By: Hutch

Hutch — Fri, 27 Mar 2009 15:34:48 +0000

If it is true that “only the good die young”,
then this ‘HOPE’ will be near immortal.

By: AZSALUKI

AZSALUKI — Fri, 27 Mar 2009 14:49:11 +0000

it wont be the only property. you’re talkin 20 properties. if watts purchased most of them durin 04-06 then i’d bet a paycheck he’s lookin at BK within a year.

By: twist

twist — Fri, 27 Mar 2009 12:14:54 +0000

Russ-

Ordinarily you hate to see someone in that position, but Watts was so terribly annoying. There’s a certain justice in seeing him have difficulties- everyone who believed him has to be in a similar position.

If this is the only property he owns that ends up in foreclosure, I’ll eat my hat.

By: Russ

Russ — Fri, 27 Mar 2009 06:58:04 +0000

I see that Gary Watts still has some hope of modifying his obligations via a short sale in the OC.

“Today, however, Watts has defaulted on the home’s loan after the price dropped 22% from that original sale price. He’s currently in escrow, seeking his lender’s approval to sell it for nearly $93,000 less than he owes on it.”

http://lansner.freedomblogging.com/2009/03/25/oc-prognosticator-defaults-on-rental-house/17639/

A high level of glee for housing bubble observers is “in the bag.”

By: manfre

manfre — Fri, 27 Mar 2009 02:48:56 +0000

Hey! I like Howard the Duck.

By: surak

surak — Fri, 27 Mar 2009 01:56:53 +0000

Jobs (decent paying) need to be created. Proping the home prices up actually leads to less jobs being created. Even if people buy the overinflated homes, that means less money in their pockets to buy other goods and services.

By: AZSALUKI

AZSALUKI — Thu, 26 Mar 2009 21:38:49 +0000

i had said it may possibly help 1-2 million (obama’s plan). i think i was shootin for the stars with that estimate. the people that qualify either don’t want help or don’t need help.

By: twist

twist — Thu, 26 Mar 2009 19:02:35 +0000

Tim-

There is no possible way that 4-5 million will be helped. The requirements are strenuous and the benefits marginal.

The government has shown time and again that it wants to appear to be doing “something”- even if “something” is detrimental. There’s always someone else to blame if it fails.

I agree with MtnMike- this has to run its course.

By: Tim Manni

Tim Manni — Thu, 26 Mar 2009 16:04:51 +0000

I could not even believe this stat at first, I had to click on the article…I didn’t believe you!

While Obama’s housing initiatives have some added components in compared to H4H, you have to wonder if mtnmike is right. Is it time to “unplug the machine and let it die?” Is our current model of foreclosure assistance a failed one? Granted Obama’s programs haven’t had a chance to work, but just the initiative aimed at helping “responsible” homeowners is gauged to help 4-5 million. Is that even close to an accurate prediction? I guess it’s just a case of wait and see.

Thanks,
Tim

By: Linenoise

Linenoise — Thu, 26 Mar 2009 16:00:08 +0000

So if only 1 person got helped.. does that mean he gets the whole $300 billion to himself? Sweet!!

By: mtnmike

mtnmike — Thu, 26 Mar 2009 15:13:15 +0000

Twist,

Yikes! Ya just can’t make up things like this.

Housing remains a terrible symptom of the underlying failure of our impossible economic basis.

The Obama Administration is attempting to revive an arcade economic model that was DOA in 1970 and even a growth of 2400% (63% annual average)of M-3 money stock since that date, has failed to revive the patient who remains on life support.

It’s time to unplug the machine and let it die.