"Our journey is not complete"Obama says

[Lunk1]

He had to issue the order for those assassinations to occur What else could he do...a monkey can sign their name
Yes they can theres financing options available for all credit rating and income levels
He's working on capping the prices colleges can place on the cost of education as well as implementing tax benefits for those that comply
It's designed for the middle class ... That's who benefits the most
Because qe3 was still going on billions of dollars a month were going into mtg bonds, now the housing market is stabilizing so they can bring the funds back as they sell the bonds
You won't be saying that when your retirement plan goes up in value, you'll be thankful youll actually be able to retire I hope your right..my retirement plan is based on the markets so I def. hope you are right!
Read everything I just wrote

....

[ElectraMaddox]

Where are you getting all that from? You work in finance where... at the White House? LMAO.....

Obama destroyed almost every small business supplier to GM and Chrysler. He literally put them out of business because GM didn't have to pay them outstanding balances on parts/labor already completed.

He's not helping anyone out of a recession- we haven't been in one YET. The last two years are nothing compared to what's coming. He did NOTHING for Fiscal Cliff- nothing. He delayed it. He raised the debt ceiling... you mean his own credit limit? You know what that does... its makes our dollar less valuable. Again; look at Canada for example. 10 years ago you got $1.54ish per $1.00 American Dollar. Today its $0.99. He's putting together $1T in cuts... then why does he need to increase the debt ceiling?

Gotta love the media and political spin.... lmao

I work for the biggest financial firm in the world so it shouldn't be that hard to figure out. As for small businesses he implemented financing options for start ups which most banks won't even give you.

We hit a recession already, the fiscal cliff means if the proper revisions aren't implemented we would hit what's called a double dipped recession... Get it what does a cliff do? You'd have to climb up a mountain for there to be a cliff, if we weren't in an expansionary period there would be no fiscal cliff in the first place.

He has no choice but to raise the debt ceiling, go online and read the letter the top 100 CEOs in country wrote from the financial service forum indicating the reasons it needed to be raised. Those things currently happening were the aftermath of the prior administration

[ElectraMaddox]

....

Large cap companies did around 17.5 in positive earnings and year to date their up... Equities are doing well.

[dan991]

Actually that's inaccurate 2008 the stock market lost 56 percent and has since en done a double meaning we are in an expansionary trend, stocks are under valued and bonds are at premiums bc interest rates are low as qe3 comes to an end this year you'll see the same trend you've seen with stocks and most likely bond prices will tank b.c they lose value when interest rate rise.

It's not banks that push that on people there used to be loans call no doc loans so at that time they didn't have to verify anything if someone had a 720 credit score and said they made 100k they would qualify for 1 million dollar mtg. That's why today you have to go through so much paperwork to get a mtg bc now everything has to get verified. That goes to show you how many people lie.

No doc loans weren't the only problem. You didn't even need to do a no doc most of the time because if you didn't qualify; the appraiser could make sure you qualified and they would let you do things like use the appraisal vs. loan amount to get rid of the 20% down payment requirement. There were all kinds of tricks that BANKS came up with. BANKS as in the mortgage industry including the buyers, sellers, etc. People applied for the loan and the mortgage broker did the magic. That mortgage broker is part of the bank.

[likelifting]

Here is some background for the housing crisis. Bush sent peeps up to congress for more regulation. For more MONEY DOWN on housing.

But our good old buddy Franklin Raines who made millions in salary and bonuses, said things were fine. There is no problem. Securities for SFH should be Under 2 fvckin % . He didn't care and didn't want to admit there was a problem cuz his pockets were being lined with money.

Thanks Dems and Franklin Raines for not allowing Bush to regulate back in 04 and before. And watch Bill Clinton at the end. He said the Dems didn't let Repubs put more reguation on the housing industry, specifically loans.

This is a very informative video, imo. Please watch.

http://www.youtube.com/watch?v=UIjoW_IXos4

[canesfan804]

It's also good for someone who is planning on selling with in a 3 to 5 year period as they can save a lot of money during the interest only period in order for their next down payment or to pay off debt.

unless the home depreciatesin that time. Interest only are good if you have the ability to buy and remodel and flip in a matter of months not years. We are talking 3-6 months here because home values will not fall or rise too much during this short period. These people make their cash off the renovation not just the natural equity. If its gonna take 3-5 years you chance getting caught with your pants down like so many others.

[dan991]

I work for the biggest financial firm in the world so it shouldn't be that hard to figure out. As for small businesses he implemented financing options for start ups which most banks won't even give you.

We hit a recession already, the fiscal cliff means if the proper revisions aren't implemented we would hit what's called a double dipped recession... Get it what does a cliff do? You'd have to climb up a mountain for there to be a cliff, if we weren't in an expansionary period there would be no fiscal cliff in the first place.

He has no choice but to raise the debt ceiling, go online and read the letter the top 100 CEOs in country wrote from the financial service forum indicating the reasons it needed to be raised. Those things currently happening were the aftermath of the prior administration

The recession we hit wasn't really a full blown recession. What's coming next is the one that is gonna hurt. The first thing our government needs is a complete reset line by line of the tax code, spending, etc. ALL of it. Its great you got $1T in cuts but irrelevant when you raised spending by $5T. The spending cuts are a rounding error in a really big number.

No, the government needs to stay out of business beyond regulation... period. Just like they need to stay out of healthcare beyond regulation. The government has no place in either of those industries outside of regulating how business is conducted as well as making sure "the average joe" isn't getting screwed. That's it. Obama stepping in and loaning money to private industry is a big no no for a lot of reasons. Our government isn't self sustaining how the hell are they gonna help anyone else is beyond me.

[ElectraMaddox]

No doc loans weren't the only problem. You didn't even need to do a no doc most of the time because if you didn't qualify; the appraiser could make sure you qualified and they would let you do things like use the appraisal vs. loan amount to get rid of the 20% down payment requirement. There were all kinds of tricks that BANKS came up with. BANKS as in the mortgage industry including the buyers, sellers, etc. People applied for the loan and the mortgage broker did the magic. That mortgage broker is part of the bank.

That's true but there's going to be cases like that in any industry

[dan991]

unless the home depreciatesin that time. Interest only are good if you have the ability to buy and remodel and flip in a matter of months not years. We are talking 3-6 months here because home values will not fall or rise too much during this short period. These people make their cash off the renovation not just the natural equity. If its gonna take 3-5 years you chance getting caught with your pants down like so many others.

THAT is what caused a majority of the damage. People believed that you could buy a house, and count on appreciation. When that didn't happen- hammer fell on their heads. Banks didn't care; they got bailed out.

Wanna fix all these industries- no bail out no insurance. Bank writes a loan they shouldn't have- they eat it. That is the way it should be.... and same thing goes for our government. You make bad decisions; you don't increase taxes... you get incarcerated.

[canesfan804]

No doc loans weren't the only problem. You didn't even need to do a no doc most of the time because if you didn't qualify; the appraiser could make sure you qualified and they would let you do things like use the appraisal vs. loan amount to get rid of the 20% down payment requirement. There were all kinds of tricks that BANKS came up with. BANKS as in the mortgage industry including the buyers, sellers, etc. People applied for the loan and the mortgage broker did the magic. That mortgage broker is part of the bank.

Wrong again Dan I tried to buy a home without the 20% down and the loan to value was less than 80 % and I was still gonna have to pay PMI. I have hated the theory behind PMI since I learned about it. the banks did alot of shady things but this was not one of them. Think about it their whole goal was to cover their ass while getting you in the home. Getting you out if PMI would only hurt them.

[ElectraMaddox]

unless the home depreciatesin that time. Interest only are good if you have the ability to buy and remodel and flip in a matter of months not years. We are talking 3-6 months here because home values will not fall or rise too much during this short period. These people make their cash off the renovation not just the natural equity. If its gonna take 3-5 years you chance getting caught with your pants down like so many others.

Generally some one who does that would 1. Have a lot of equity for instance lived there for 15 plus years have a lot of equity in the home and let's say a spouses past away and now they want to down size, for that year or two refi to an adj and put the extra cash away or b. someone who has a temporary job is u certain of the exact time they will be at a location and they don't care for the equity in the home... I've seen both situations work out for interest only mtgs

[ElectraMaddox]

Wrong again Dan I tried to buy a home without the 20% down and the loan to value was less than 80 % and I was still gonna have to pay PMI. I have hated the theory behind PMI since I learned about it. the banks did alot of shady things but this was not one of them. Think about it their whole goal was to cover their ass while getting you in the home. Getting you out if PMI would only hurt them.

You're a hundred percent right because that protects them if you default, the person holding the mtg bond will get paid.

[ElectraMaddox]

The recession we hit wasn't really a full blown recession. What's coming next is the one that is gonna hurt. The first thing our government needs is a complete reset line by line of the tax code, spending, etc. ALL of it. Its great you got $1T in cuts but irrelevant when you raised spending by $5T. The spending cuts are a rounding error in a really big number.

No, the government needs to stay out of business beyond regulation... period. Just like they need to stay out of healthcare beyond regulation. The government has no place in either of those industries outside of regulating how business is conducted as well as making sure "the average joe" isn't getting screwed. That's it. Obama stepping in and loaning money to private industry is a big no no for a lot of reasons. Our government isn't self sustaining how the hell are they gonna help anyone else is beyond me.

They just redid the entire tax code it came out jan 14th
The health care industry profits are 94 percent... 6 percent is expenses and you're telling me they don't need to be regulated... That tells you one the cost of health care is inflated and two not everyone deserves treatment because they can't afford it because it's inflated.
Regulation in business... Watch the movie the men who made America... If the govt didn't get involved there would be no lunch time, sick time, unemployment, maternaty leave, etc ... It's the middle class who complained about the govt getting involved

[dan991]

Wrong again Dan I tried to buy a home without the 20% down and the loan to value was less than 80 % and I was still gonna have to pay PMI. I have hated the theory behind PMI since I learned about it. the banks did alot of shady things but this was not one of them. Think about it their whole goal was to cover their ass while getting you in the home. Getting you out if PMI would only hurt them.

Bullshit... on my first house I didn't have 20% down and still got a loan without PMI. The appraisal had to come back 20% higher than I was trying to borrow and I didn't have to pay PMI. Ironically- it came back at 21% and I also didn't come out of pocket other than paying half the closing costs. This was back in 1999/2000.

[canesfan804]

THAT is what caused a majority of the damage. People believed that you could buy a house, and count on appreciation. When that didn't happen- hammer fell on their heads. Banks didn't care; they got bailed out.This was because people got greedy. Your home is not an investment as I stated earlier unless it is INVESTMENT PROPERTY if you live in it you better want to call it home.

Wanna fix all these industries- no bail out no insurance. Bank writes a loan they shouldn't have- they eat it. That is the way it should be.... and same thing goes for our government. You make bad decisions; you don't increase taxes... you get incarcerated.

Agree with this except no one has raised taxes.

[canesfan804]

Bullshit... on my first house I didn't have 20% down and still got a loan without PMI. The appraisal had to come back 20% higher than I was trying to borrow and I didn't have to pay PMI. Ironically- it came back at 21% and I also didn't come out of pocket other than paying half the closing costs. This was back in 1999/2000.

I guess it was because you have better abs than I do. Maybe that coat you were sporting around.

[dan991]

You're a hundred percent right because that protects them if you default, the person holding the mtg bond will get paid.

No.. that's called avoiding accountability. That's a fundamental problem in the US. Nobody is held accountable for jack shit anymore. Bank of America doesn't have to worry what happens if they lend when they shouldn't- tax payers will flip the bill even without PMI. That has already been proven. Its called Fannie Mae and Freddy Mac.

[ElectraMaddox]

Bullshit... on my first house I didn't have 20% down and still got a loan without PMI. The appraisal had to come back 20% higher than I was trying to borrow and I didn't have to pay PMI. Ironically- it came back at 21% and I also didn't come out of pocket other than paying half the closing costs. This was back in 1999/2000.

That's because it's was prior to 2007

[dan991]

I guess it was because you have better abs than I do. Maybe that coat you were sporting around.

No.. I didn't have abs back then. What I had was a greedy mortgage person who would fudge numbers to get a commission. As far as the coat- don't try to fire a gun if you don't have bullets. That topic wasn't my coat.....

[canesfan804]

No.. that's called avoiding accountability. That's a fundamental problem in the US. Nobody is held accountable for jack shit anymore. Bank of America doesn't have to worry what happens if they lend when they shouldn't- tax payers will flip the bill even without PMI. That has already been proven. Its called Fannie Mae and Freddy Mac.

What about the PEOPLE WHO SIGNED FOR THE LOAN being accountable? Did you or someone you know get hit bad these so called bad loans?

[ElectraMaddox]

No.. that's called avoiding accountability. That's a fundamental problem in the US. Nobody is held accountable for jack shit anymore. Bank of America doesn't have to worry what happens if they lend when they shouldn't- tax payers will flip the bill even without PMI. That has already been proven. Its called Fannie Mae and Freddy Mac.

First off, there's conventionals, ginning Mae, freddie Mac and Fannie Mae. Yes their govt agencies that purchase mtg bonds... We're is the tax payer included in that exactly. If an indivial investor buys a cmo they'd own a myg bond which would be a conventional and you'd need 20% down, Ginnie Mae is most of the time associated with FHA and pmi is def there as with the other two they are similar

[dan991]

That's because it's was prior to 2007

Right, and back then people would get a $500K house, that was "appraised" at $550-600K, take a 5 year interest only ARM, and then expect to sell for $700K. That didn't happen and in 2011 they were facing foreclosure.

[ElectraMaddox]

First off, there's conventionals, ginning Mae, freddie Mac and Fannie Mae. Yes their govt agencies that purchase mtg bonds... We're is the tax payer included in that exactly. If an indivial investor buys a cmo they'd own a myg bond which would be a conventional and you'd need 20% down, Ginnie Mae is most of the time associated with FHA and pmi is def there as with the other two they are similar

Where*

[canesfan804]

No.. I didn't have abs back then. What I had was a greedy mortgage person who would fudge numbers to get a commission. As far as the coat- don't try to fire a gun if you don't have bullets. That topic wasn't my coat.....

I know it was your girls 2 month anny coat. It was a joke. You know what that is right?

[ElectraMaddox]

Where*

Individual ... Sorry I'm getting tired. Def time for me to go to sleep.

[ElectraMaddox]

Right, and back then people would get a $500K house, that was "appraised" at $550-600K, take a 5 year interest only ARM, and then expect to sell for $700K. That didn't happen and in 2011 they were facing foreclosure.

Exactly. Now it's not like that because of stricter regulations

[dan991]

What about the PEOPLE WHO SIGNED FOR THE LOAN being accountable? Did you or someone you know get hit bad these so called bad loans?

My cousin did- only person I know. I told you exactly what happened. He bought a house, dumped it, and moved across the street.

People who signed for the loans should be held accountable; and they are. You don't pay a loan and your credit is in the toilet. For banks you don't pay a loan and they call the insurance company or Obama.

[canesfan804]

Right, and back then people would get a $500K house, that was "appraised" at $550-600K, take a 5 year interest only ARM, and then expect to sell for $700K. That didn't happen and in 2011 they were facing foreclosure.

Once again GREED. Do you need to take advantage of the next guy and sell him the exact same home at 150k profit? When you did nothing but live in it for 5 years, probably didnt even repaint the damn place. Leave the flipping to professionals.

[likelifting]

Exactly. Now it's not like that because of stricter regulations

Too bad the Dems didn't allow the regulation back in the early 2000's when it was really needed.

[dan991]

Exactly. Now it's not like that because of stricter regulations

Right... so now who's fault is it? How many mortgage companies were held accountable? For example; Bank of America should have NEVER loaned on that house. They accepted all the documents provided by the appraiser, title company, and loan officer as if they didn't know what was going on? Bank of America and the rest of them all bet just as much as the home owner in appreciation... but only the home owner gets screwed because the banks have PMI and the government to fall back on...

[ElectraMaddox]

Right... so now who's fault is it? How many mortgage companies were held accountable? For example; Bank of America should have NEVER loaned on that house. They accepted all the documents provided by the appraiser, title company, and loan officer as if they didn't know what was going on? Bank of America and the rest of them all bet just as much as the home owner in appreciation... but only the home owner gets screwed because the banks have PMI and the government to fall back on...

That's why there's borrowers insurance

[canesfan804]

My cousin did- only person I know. I told you exactly what happened. He bought a house, dumped it, and moved across the street.

People who signed for the loans should be held accountable; and they are. You don't pay a loan and your credit is in the toilet. For banks you don't pay a loan and they call the insurance company or Obama.

Thats funny you are mad at the banks for finding a loop hole but your cousin did the same and you give him props for it. Do you thank your cousin for his contribution to our deficit? After all if he wouldnt have been greedy and tried to make 100k+ on the next Joe he could have bought a home he could have afforded and still be able to aford the payment because it wouldnt have gone up.... Im just saying it was EVERYONES greed not just the banks.

[dan991]

And because the loans kept going until 2007... THAT is why we haven't seen the recession yet. Foreclosures haven't peaked yet..... all those loans written in 07' came up to 5 years in 2012. Since the foreclosure process is taking 2 years, that takes you into 2013... and half the foreclosures in 2012 have been held off by the banks while they undergo all the scrutiny of "robosigning" and the whole foreclosure process mess. They haven't done anything but again delay the inevitable.

[ElectraMaddox]

And because the loans kept going until 2007... THAT is why we haven't seen the recession yet. Foreclosures haven't peaked yet..... all those loans written in 07' came up to 5 years in 2012. Since the foreclosure process is taking 2 years, that takes you into 2013... and half the foreclosures in 2012 have been held off by the banks while they undergo all the scrutiny of "robosigning" and the whole foreclosure process mess. They haven't done anything but again delay the inevitable.

No that's why there's the harp program

[dan991]

Thats funny you are mad at the banks for finding a loop hole but your cousin did the same and you give him props for it. Do you thank your cousin for his contribution to our deficit? After all if he wouldnt have been greedy and tried to make 100k+ on the next Joe he could have bought a home he could have afforded and still be able to aford the payment because it wouldnt have gone up.... Im just saying it was EVERYONES greed not just the banks.

My cousin didn't default because he couldn't afford to pay his mortgage. He defaulted because he would have been absolutely nuts to keep that house he was in because in his lifetime he would've never seen what he paid for it. He didn't not have the money to pay his note or take a weird mortgage. He had a fixed 30 year and had no problem paying it. The problem was his house was $300K under water in value because of all his neighbors that took those bad loans to afford a house like his went into foreclosure and it was a fire sale on all those houses by the bank. So- he dumped his and bought the house across the street because it was a better financial move. I would've done the same thing.

[dan991]

No that's why there's the harp program

Yea- cause that does a damn thing. I have a guy that works with me whom bought a condo for $110K in 2005 and today its worth $20K because half his building is foreclosures/short sales. He called the bank and went through all their 99 questions only to find out that there's nothing they can do for him and they really didn't want to talk to him because he wasn't late on his mortgage. They can't help him that he's upside down $90K on his place.

[canesfan804]

I do think there is a false story being portrayed that house market is recovering. It is but only because the banks are sitting on empty homes so they dont flood the market.I am in the process of buying now because we moved out of state. I cant tell you how many homes I ride past daily that are empty and have been since we got here 6 mos ago but the banks have not released them for sale.

[ElDude]

-Passed health care reform ( I think this country absolutely needs health care reform, but I opt for universal healthcare plan for everyone in the US, something like Australia has would be perfect in my opinion)
-Passed stimulus (Signed $787 billion American Recovery and Reinvestment Act in 2009 to spur economic growth amid greatest recession since the Great Depression- thanks BUSH)
- Passed Wall Street Reforme- Which is needed because I think wall street rapes the people of America daily
-Ended war in Iraq
-starting to get out of Afghanistan
-Eliminated Osama
-Turned US Auto industry around
-Recapitalized banks (In the midst of financial crisis, approved controversial Treasury Department plan to lure private capital into the country’s largest banks via “stress tests” of their balance sheets and a public-private fund to buy their “toxic” assets. Got banks back on their feet at essentially zero cost to the government.)
-Don't ask don't tell was repealed which is a huge step with social change in this country
-Toppled Moammar Gaddafi
-Told Mubarak to Go
-Reversed Bush Torture Policies
-Improved America’s Image Abroad (IMPORTANT)
-Kicked Banks Out of Federal Student Loan Program, Expanded Pell Grant Spending
-Created Race to the Top (With funds from stimulus, started $4.35 billion program of competitive grants to encourage and reward states for education reform.)
-Boosted fuel efficiency standards (I think that was smart considering one day our dependent asses will be out of oil)
- Passed mini stimulus
-He increased Department of Veteran Affairs budget, also signed new GI bill with billions of more dollars in tuition assistance to vets
- tightened sanctions on Iran
-Clean Energy!!! (began shutting down dirty power plants... this did cost jobs... and beside solar and wind energy, most ways of making energy are horribly dirty)
-Passed credit card reforms (makes credit card companies notify you before increasing rates/fees)
-Expanded National Service
-Expanded wilderness and watershed protection (I love that he did this, I am an avid outdoors person)
-Pushed federal agencies to be green leaders
-Is crafting next generation school tests because the way the US teached their kids is an absolute joke... Hence the reason why we are not even in the top 15 smartest countries
-cracked down on bad for-profit schools... A lot of thee online schools you see commercials for on TV are not even accredited by the states in which their schools are in
- Improved school nutrition
-hate crimes protection
-expanded healthcare coverage for children
-expanded stem cell research
-provided payment to wronged minority farmers


I think he is doing a lot of things right in this country, obviously within the last 3 decades there has been a large shift and a polarization of parties. People are split now more than ever, which I think is dangerous. Politics are getting crazy. I am happy he is taking a stand on social issues in America. I love that he supports the LGBT community and equal rights for all, I like that he is trying to fix our FVCKED up healthcare system... NO ONE should have to lose everything because of medical bills... I still think he could do better when it comes to the health care system, but at least he is trying to do something. It is nearly impossible for anything to get pushed through congress or the house.

[ElectraMaddox]

Yea- cause that does a damn thing. I have a guy that works with me whom bought a condo for $110K in 2005 and today its worth $20K because half his building is foreclosures/short sales. He called the bank and went through all their 99 questions only to find out that there's nothing they can do for him and they really didn't want to talk to him because he wasn't late on his mortgage. They can't help him that he's upside down $90K on his place.

That's not the harp program that's the modification program... If he's in that situation and he lives in area that's a harp hub, he sounds like he maybe the perfect person for that I think they refi 125 percent of home value or something like that

[canesfan804]

My cousin didn't default because he couldn't afford to pay his mortgage. He defaulted because he would have been absolutely nuts to keep that house he was in because in his lifetime he would've never seen what he paid for it. He didn't not have the money to pay his note or take a weird mortgage. He had a fixed 30 year and had no problem paying it. The problem was his house was $300K under water in value because of all his neighbors that took those bad loans to afford a house like his went into foreclosure and it was a fire sale on all those houses by the bank. So- he dumped his and bought the house across the street because it was a better financial move. I would've done the same thing.

So we all get to bail him out because he is not a man of his word, not because of a uneducated decision? Thats even worse. I hope he doesnt have the balls to bitch about the housing market or bank bailouts. Sounds like a real stand up guy. Tell him I say thanks for adding to my countries debt.