Obama's Records

Posted by: Barthélemy Barbancourt

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Obama's Presidency has been a spectacular failure, just as we predicted.

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TomC
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written by TomC , September 08, 2011

Sounds like legacy material!!!


Nobody
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written by Nobody , September 08, 2011

The only number I would take issue with is home ownership. It hovers at 60% in Canada and Austrailia both have no secondary gov't morgage markets or morgage deductions.


Barthélemy Barbancourt
I agree
written by Barthélemy Barbancourt , September 08, 2011

As a home owner and landlord I have always said that about 1/3 of the population should not own a home. While home ownership does have many benefits for the middle class, it can be catastrophic for the lower middle class and the working poor. The on going costs and requirement for a consistent monthly income are more than many can bear.

I think everyone should have the opportunity to own a home, but the government needs to get out of the business. Subsidizing homes looks great in (govt created) housing boom, but the next downturn wipes out tons of people. The inevitable default follows people for years. Many today would be better off if they had rented over the last 10 years.



Nobody
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written by Nobody , September 08, 2011

Down under, a bankruptcy won't get you out of a morgage. The bank can take your house, sell it and come after you if the loan isn't discharged fully.



Barthélemy Barbancourt
Recourse
written by Barthélemy Barbancourt , September 08, 2011

There are a few plans I have seen in the USA that would convert some underwater mortgages to full recourse mortgages with lower rates or reduced principle.

Obama had 1/2 of a decent idea with the massive re-fi of everyone if he would cover the new lower loans at lower rates to full recourse loans. This would allow some banks to clean up their balance sheets and the lower rates would provide a natural stimulus to the economy.

If Barry offered to re-fi my shack at 3.5% with full recourse, I'd jump at the chance. I'd even try to squeeze a second home in if it was legal.




Nobody
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written by Nobody , September 08, 2011

Aussie style recourse won't ever fly here. Even there, on TV, you see some crying Aussie about he doesn't have a house and still owes the bank. Normal Aussie responce is "So what?". BUT in Parliment there is always much arm flapping.



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