Sunday, July 27, 2008

Bush to the Rescue

George W. Bush, President of the USA
Remeber G-Dubs homeownership plan...
A Home Of Your Own:Expanding Opportunities for All Americans
From the executive summary:
- Aggressively developing new mortgage products so that conventional market alternatives are available to combat the predatory loan products that are disproportionately targeted to minorities;
- Creating new mortgage products to meet the unique needs of recent immigrants

Ahhhh, yes, the American dream. But wait,... what happened???
Bush offers help to troubled homeowners
U.S. at risk of recession from housing

2007-12-05: Bush set to unveil plan to battle mortgage crisis
2007-12-05: Subprime Rate Five-Year Fix
Pass the Dutchie on the left hand side
It a gonna burn, give me music make me jump and prance
It a go done, give me the music make me rock in the dance
2008-07-26: Bush: Wall Street has 'hangover'

Bush: We want everybody in America to own their own home


Anonymous said...

Great idea with this site!
Groovy photo too...

Editor said...

Who would pay for Bush's plan? In Bush’s mortgage relief plan- who pays?, it says:

So, no matter how wonderful Bush’s plan may be, someone, somewhere, has to foot the bill. Who are the ones to do so?

American tax-payers - Bush could tax the American people to pay for his plan. But this will be politically impossible because in a democracy, the mob always want something for nothing. The next best alternative will be through stealth tax- ‘printing’ of money (see How to secretly rob the people with monetary inflation?). This way, the American people will pay through price inflation. That is, they will pay through the further loss of their dollar’s purchasing power. said...

How much is your home worth? Well, it all depends where you live.

The real estate market is still shaking. New data suggests that home prices have hit a new record low. In every new study that comes out, homeowners from Miami, to Las Vegas, Phoenix and Los Angeles, have seen their home value go lower every time.
Is that disappointing? Of course it is.
Should we sell? Is not a good time.
Should we stick to it? Yes, if you can.
Have we hit bottom? Nobody knows.

Banks are facing their worst foreclosure crisis.
Don’t take me wrong, it’s good if you are in the market to buy a home for yourself or if you are an investor, but if you are not, and you own a home, most likely the value of your property is down at least 15 %.

Why do banks care if you are loosing your home? By having to sell repossessed homes, banks have to literally slash their prices down. It gets very costly for them, after all, they have to pay property taxes, maintenance costs, and whatever utilities that need to be paid, all of this expenses for a house that it’s just sitting there, vacant, and the bank is getting nothing in return.

The latest study by the S&P/Case-Shiller Home Price Index of 20 cities, revealed the news that for 22 consecutive months home prices dropped. Only from April to May, 2009 the decline was of 0.9 %