Have Republicans actually asked some valid questions about Obama's 75 billion mortgage plan?
For once I think the Republicans have had some valid questions, I wonder even if Obama does answer them in a positive way will they support the plan. Not that it is necessary as long as we have the three Rhino's. Here are the questions, all but the last ones seem valid, the last one I can answer for them. The Democrats will write the bill and sponsor it as Republicans lost election.
The questions found in the letter from Cantor and Boehner to Obama include:
• What will your plan do for the over 90 percent of homeowners who are playing and paying by the rules?
• Does your plan compensate banks for bad mortgages they should have never made in the first place?
• Will individuals who misrepresented their income or assets on their original mortgage application be eligible to get the taxpayer funded assistance under your plan?
• Will you require mortgage servicers to verify income and other eligibility standards before modifying mortgages?
• What will you do to prevent the same mortgages that receive assistance and are modified from going into default three, six or eight months later?
• How do you intend to move forward in the drafting of the legislation and who will author it?
I do not think Taxpayers should foot the bill for anyone who should not have taken out a mortgage in the first place but there are some that did the right thing and need help...these are the only ones that should be helped.
I may be a Democrat but I will always give credit where credit is due, unlike my Republican friends.
- 1 decade agoFavorite Answer
I DONT THINK A DIME SHOULD GO TO THOSE WHO SHOULD NOT HAVE TAKEN OUT A MORTGAGE IN FIRST PLACE. Help should be for those who did the right thing only. The Republicans are correct on this! It may be a first but I think that they are correct and most Democrats will agree.
- margaret hLv 71 decade ago
219 Republicans WON federal level elections.
They represent over 100 MILLION Americans who deserve to have THEIR views COUNT for something.
59 MILLION people did NOT vote for Barack Obama - and they're getting PISSED at this "we won so shove it" crap out of the Democrats.
The stock market has LOST more than 2000 points since the election.
Every time Obama or one of his twinkies opens their mouths
it goes DOWN.
Hasn't he figured out yet that NOBODY has any faith in him or the Democrats in Congress?
Most Americans PAY their mortgages - on time - even though it's hard these days.
Why should RESPONSIBLE people suffer more to subsidize deadbeats who LIED on mortgage applications?
Or to help irresponsible people who ran up their credit cards, bought too much stuff and then rolled over short term consumer debt into long term mortgage debt that they couldn't afford?
Let them lose their houses and RENT apartments.
They can learn to save money like we did.
Then Obama can figure out how to cut government spending.
Can't wait to see a Democrat do THAT.
- Liberal FascistLv 71 decade ago
A broader more universal plan available to all home owners and home buyers would do more to stabilize home values, reduce foreclosures and stimulate the economy by freeing up captive mortgage debt giving the consumer more money to spend. Its the only real cure and it would have an almost immediate impact.
- 1 decade ago
We bought our house during the ARM's trend, but after crunching the numbers, we realized that it was risky and we couldn't afford it. We got a home we afford, we've always made our payments on time (and sometimes early).
Obama is going to reward the ones who caused our financial institutions to collapse.
While those of us who are responsible, get to foot the bill for the losers.
Thanks a lot Obama....thanks for nothing.
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- Anonymous1 decade ago
1) Invalid question. Nobody questioned anything for 99% of the population when the government handed out billions of dollars to banks, investment companies, and automakers.
2) TARP is already doing that
3) Valid. Likewise, will banking institutions that "fudged" figures be treated the same?
4) That's what they're already supposed to do.
5) What's being done today should prevent the future defaults.
6) Guess I can't answer that one. Hopefully, however, he'll avoid working with any Republicans since they don't seem concerned with correcting their Depression.
- Anonymous1 decade ago
I absolutely don't agree with the mortgage bailouts. Hard working Americans are paying for their homes with no help from the government. Those that purchased homes that they couldn't afford or those that made bad decisions are being rewarded. Why should responsible Americans have to pay for the mistakes of idiots?
- Obama HappendsLv 51 decade ago
Obama is going to bailout losers -- people who the government forced bankers to give mortgages, even though the people could never pay them back -- and punish the achievers who didn't buy more house than they could afford, and have been making their payments.
Folks, are you ready for President Obama's Rezko Rescue? Barack Obama knows how hard it is to get what you want when it comes to buying a home, but with guys like Tony Rezko, you can always get what you want, whether you can afford it or not.
Translation of today’s speech: I’m giving you irresponsible people a pile of money. Now, be responsible. I'm giving banks, which I forced to take government money, a chance to follow my orders. I'm now going to be in charge of mortgage rates and how banks loan money, and I'm giving you responsible people who are going to pay for all this the shaft. Bend over, grab the ankles, and enjoy it.
Call Chris Dodd, Tony Rezko or whoever has your mortgage, and say, "I heard the president say my house isn't worth anything because you're a predatory lender. You've destroyed the value of my house, so now I want a lower monthly payment.
- gosam777Lv 71 decade ago
Keep the pressure on. Call Boehner (House minority leader), Eric Cantor (House Whip) as well as Mitch McConnell and Jon Kyl of the Senate, and ask tell them to keep Republican fingerprints off these pork projects and political paybacks (202-225-3121)
Oppose the Generational Theft Act: of 2009
- Poohcat1Lv 71 decade ago
I sincerely hope Obama will have good answers for those questions. They are. as you say, valid points.
- Ron BurgundyLv 61 decade ago
So what if all people with mortgages just stop paying them, will everyone be eligible to be bailed out? Why do we reward people who make stupid decisions?
- Phil MLv 71 decade ago
Umm...you're asking questions about a plan that hasn't been put into writing yet. So are the two Republicans you mention.
In his speech about he talked about helping borrowers who are behind AND those who are upside down. You can be upside down and still making payments on time.