Results 1 to 4 of 4

Thread: EHLP gives underwater homeowners two more years of 'rent free' living !!!

  1. #1
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default EHLP gives underwater homeowners two more years of 'rent free' living !!!

    from

    (snip)"Today the Obama administration launched its latest $1 billion "stimulus" in the form of the Emergency Homeowner's Loan Program (EHLP), certainly not to be confused with Homeowner Emergency something something, which would be abbreviated HELP (and would be way too cute). The formal reason for the program is to provide emergency loans to 'homeowners' facing foreclosure, or basically all of them, to help tide them over "a temporary financial crisis", the Department of Housing and Urban Development (HUD) has announced. The informal reason is to provide thousands of Americans with a $50,000 recourse and interest-free loan for up to two years (money which will go down to paying down equity an underwater mortgage, and will thus never be repaid), so that earned income, instead of being used to make mortgage payments, will be rerouted into such far more critical capital needs as the latest iPad or buying share ot LNKD at $122. But don't think for a moment that everyone will be able to access this money: "the program is available to homeowners who have seen their incomes fall and who could lose their homes to foreclosure due to circumstances beyond their control, including involuntary unemployment, underemployment, economic conditions or an illness" which, actually in retrospect, is all of them. Well, the effort of getting off one's couch and actually picking up the forms may be unavoidable. Of course, that process in itself may well limit 80% of the eligible participants.

    More on this latest centrally-planned expansion into Obamanism:

    The program is a counterpart to the $7.6 billion Hardest Hit Fund and is available only to homeowners in states not covered by that program. The Hardest Hit Fund provides foreclosure avoidance assistance to homeowners in states that have been most seriously affected by the declining housing market and economic downturn.

    The new initiative is expected to provide assistance to up to 30,000 homeowners, with loans averaging $35,000 each. Loans may be used to pay a portion of monthly mortgage bills, including missed mortgage payments or past due charges including principal, interest, taxes, insurances, and attorney fees.

    Homeowners seeking assistance must complete a pre-application screening workshop by July 22 in order to be considered for the program. As demand is expected to exceed the amount of funding available, qualifying homeowners will be chosen at random to complete the application process.

    States served by the program are Alaska, Arkansas, Colorado, Hawaii, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. EHLP is also offered in Puerto Rico.


    So what about all those who lived within their means and actually do not need yet another bailout? They get the privilege of funding all of the above."(snip)

  2. #2
    Featured Member MarvelGirl's Avatar
    Joined
    Mar 2008
    Location
    Reality
    Posts
    1,351
    Thanks
    1,063
    Thanked 2,391 Times in 643 Posts

    Default Re: EHLP gives underwater homeowners two more years of 'rent free' living !!!

    Quote Originally Posted by Melonie View Post

    So what about all those who lived within their means and actually do not need yet another bailout? They get the privilege of funding all of the above."(snip)
    Yeah, I'm one of those people. I never thought I would come to despise this country but I really have. Between this and women being prosecuted for having miscarriages, I am done.

    Fuck America. It was a nice place to live once but now it's just a shit hole. I'm so glad my husband and I got the hell out of the military when we did because serving with all this shit going on would inspire me to go AWOL.

  3. #3
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: EHLP gives underwater homeowners two more years of 'rent free' living !!!

    ^^^ it would appear that 'moral hazard' has now become an entrenched gov't policy. Whether you're talking about Wall St. or Main St., gov't policy increasingly rewards those who took unreasonable risks and lost ( while allowing them to keep the winnings if they took unreasonable risks and won ! ) ... and increasingly penalizes those who were prudent / hard working / responsible.

  4. #4
    Banned Eric Stoner's Avatar
    Joined
    Oct 2006
    Location
    NYC
    Posts
    5,150
    Thanks
    1,261
    Thanked 1,430 Times in 888 Posts

    Default Re: EHLP gives underwater homeowners two more years of 'rent free' living !!!

    And among other things, this idiocy just keeps postponing the time when the real estate market will find a bottom and begin to heal.

    Philosophically it subsidizes irresponsible behavior and at least indirectly punishes those who did the "right thing" the "right way".

Similar Threads

  1. Replies: 0
    Last Post: 01-31-2011, 09:20 PM
  2. What is free rent?
    By newbieblue in forum Newbie Board
    Replies: 11
    Last Post: 08-13-2010, 05:00 PM
  3. Replies: 1
    Last Post: 04-24-2010, 08:57 AM
  4. Replies: 5
    Last Post: 01-23-2010, 05:35 AM
  5. Replies: 2
    Last Post: 11-16-2005, 05:01 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •