President Obama and our Foreclosure Crises

by Debra129 in Just another opinion by Me DLCJ  http://strangerinapicture.us/

While our great President is trying very hard to help the American people in a difficult situation with the bottoming out of our housing market many will lose their homes. President Obama is between a rock and a hard place not being able to change laws without congress on his side.

In the State of the Union the other night President Obama said all people who are current in their mortgage will be able to refinance to an extremely low rate. Well this is all well and good great, but the devil is in the details.

When any person who owns a home thinks of refinancing you must remember first what is the market price now of this home, for as in this economic era a home worth $260,000 isn’t that any longer its value has lessen to the amount of $120,000, so is this worth the refinancing of a home?

Also the money that you take out against your home will be put on the end of what you already owe making your home more worthless than it was before you refinance it, and just because your interest rate is lowered doesn’t mean you’re saving in the end result.

And what about the home owners now that aren’t current what happen to these people knowing they have invested their life savings into buying their home?

So you see the law isn’t on the side of the middle class working poor or our seniors or our veterans, it is only for the very wealth or people that have more than what they would need in a life time to spend.

But back to our economic housing crises how do we fix a problem created by the banks and let’s not forget Wall Street. Seeing as we the people tax payers bailed out all the banks with our tax dollars we are entitled to some sort of reimbursement for our suffering.

Instead the banks hit us twice take our money that bailed them out screw us then kick us in the ass raise our interest fees on our bank accounts and let’s not forget our credit cards, so we got their type of trickledown economics. We got the less of the deal as we helped bail out the gangsters in this fraudulent scam that created the worst economic disaster since our last depression.

Now depending on what type of mortgage you have this will determine if you are eligible for this hope program our President is making available to the people that are under water in their mortgages.

If you have an FHA forget it you not eligible your screwed walk away take what you have leave, or you will become homeless as many of our American citizens veterans seniors have already become, but if you have a conventional mortgage then you have hit the jack pot and you will be able to refinance and pay less but owe more in the end result.

Do you think this is the best answer to our housing market crises, for I don’t I feel we the American people have been hit screwed and yes thrown under the bus.

WHERE IS THE REAL HELP FOR ALL AMERICANS THAT LOST THEIR LIFE SAVINGS IN A HOME THAT HAS BEEN FORCLOSED ON