5/16: Bipartisan housing policy

Moderated by Rick Badie

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Homeowners who owe more than their homes are worth yet make timely payments can refinance at low-interest rates, thanks to the Helping Responsible Homeowners Act of 2011. Sen. Johnny Isakson, 
R-Ga., touts the bipartisan housing policy. But he takes to task the Obama administration for not adopting a provision for more access to affordable home loans. Regional HUD director Ed Jennings Jr. writes about the Obama administration’s commitment to homeowners in hard-hit states such as Georgia.

7 comments Add your comment

Breyawna

May 17th, 2012
10:32 am

I paid off my home mortgage 15 years ago and it was one of the smartest things I ever did. As someone already correctly noted it makes little sense to pay a bank a dollar in interest just so you can claim a twenty eight cent tax deduction. Being completely debt free makes sleeping at night much easier.

Out by the Pond

May 17th, 2012
8:51 am

My friends laughed at my wife and I as we made double mortgage payments, refused to refinance to pull equity out and refused to move to a larger home so we could have a larger interest tax deduction. We now have two east Cobb homes with no mortgage. Yes we took a value hit on the second home, but it’s all mine and the rent check stays with me. Interest deductions are one of the biggest lies banks have sold to the American public. Give me one $ so you can get back $0.25. New math or old math the answer is the same……you are out $0.75 for every dollar given to the bank.

DeborahinAthens

May 17th, 2012
7:13 am

Are you all living in a hole or do you just thrive on the negativity? HARP 2 not only passed, but in my business as a financial advisor, I ‘ve steered a few folks to their various mortgage holders. What HARP does is allows people who are working, paid their mortgage on time to refinance at these lower rates even if they are upside down in their mortgage. The mortgage stays the same. What changes is the interest rate drops from 5 or 6 % to the low threes. So their payments drop substantially. By the way, addressing the snarky comments above. How is this propping up anyone? How is it helping the irresponsible? How on earth does this help the banks? When the mortgagee’s payment goes from 6% to 3.2% the bank’s profit is cut by about 50%. Why don’t you all get out and read more and watch fox News less. Remember, it is in the Repugs best interest to make you idiots think the world is in terrible shape.

Hillbilly D

May 16th, 2012
10:34 am

When it’s all said and done, they’ll do what’s best for the banks and what’s best for the banks is to keep people in perpetual debt.

sircharles

May 16th, 2012
8:27 am

One thing that has not been solved here. All of these pro-things being said about refinancing your home and trying to restart the housing market is just nothing but lies! Now that this is election time all of the Congressmen and Representatives are trying to put their face’s out there like they are helping someone. They are not; and none should be reelected back into office only to be there for the next 4 years doing nothing just as they have been doing for the last years under Bush and now President Obama. People have to do somthing when they lose their jobs; many have went further into debts; a lot has been done sense the housing market and the finance market actually put this country on a path that has not yet recover. People have to qualify for help and many can’t so when yo see these people do things of this nature; you need to realize that it is only for people who can actually qualify to refinance or borrow if the Banks are willing. I don’t trust banks either because they have been a complete disappointment to all of us who bank with them. They need to fall to learn a lesson as to what many of us as consumers are learning. Yes, homeowners also are at fault, but those that were not told the truth are not. Under all of this whole things that are been said to people, million of them cannot qualify because of their credit history. Don’t be fool about what you are reading…..it is not that easy and you should be told up front that it is not.

SAWB

May 16th, 2012
12:37 am

Funny if you pay your house note, buy insurance, save for retirement and pay your credit cards off the government has no respect for you. They just prop up the irresponsible members of society as a way of making them subservient to Big Brother.

JF McNamara

May 15th, 2012
9:43 pm

Did the responsible homeowners act pass?