Thursday, April 10, 2008

Hope Now For Idiots

Jorge W. has come up with a new plan to help home "owner" idiots. The plan is an expansion of a plan called Hope Now. As in we hope that idiots home "owners" will think that this plan will keep them from foreclosing. Of course it will do nothing, just like all the other proposals will do nothing. These IH"O"s are deadbeat, bottom feeding pieces of human filth. They are not homeowners. Calling someone an onwer implies they own a home. All these IH"O"s own is an unmanagble mortgage and nothing else.

But it's an election year and the masses have to be bribed with something. This time around the plan is to have lenders voluntarily write down the loans to 90% of current market value. Those loans will then be refinanced into an "affordable" FHA loan. Once again Jorge W. doesn't get it.

The IH"O"s still won't be able to afford the new mortgage. These mortgages were 1 or 2% teaser rates that reset to 12%. The new FHA loans will be in the 6% to 8% range. These IH"O"s are living at the very edge. If their payment goes up $10, they will foreclose. So reducing their rate fro 12% to 6% won't change anything for the vast majority. And for those that can afford, how long do you figure it will be before they foreclose anyway? These IH"O"s were subprime, worthless pieces of human filth long ago. They can't pay their $50 phone bill on time. And yet magically they will pay $1500 a month for the next 30 years in mortgage payments? U-huh, that'll work out just fine.

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