The banks are continuing the handouts to America's most irresponsible. No I'm not talking about Banker Bonuses.
http://www.blackenterprise.com/magazine/2010/05/2…
Apologies for the random article source, but BOA and other banks continue to throw money at the illegitimate home owners of America. This is a $3Bn forgiveness program, but I like the eligibility:
- Must be totally under water. I hope you levered up big time when you bought your house.
- 30 year fixed mortgages don't apply. Only ARMs. Sorry responsible people.
- You have to be a total jack ass.
If you meet the above criteria than you're eligible for free money! The bank with the help/pressure of the gov't will partially erase your debt, and with no effect on your personal credit.
I really want a peace of this. Do you think I can take out enough of a home equity line to become eligible. I know Obama is behind this. Reward the losers at the cost of the successful, then blame the successful for the mess.
That's beautiful.
Meritocracy is dead.
it's at times like this that i imagine myself slapping mr. president repeatedly shouting "you don't know anything!! the only difference between you and bush jr. is he was aware of his stupidity!!" ... ...right before his bodyguards take me down and punch my face in.
Can anyone actually link this to Obama. School me on how this is done.
Sounds like B of A would rather restructure some loans, than foreclose. Makes sense to me.
This is the best link I can find on this. http://www.sacramentobankruptcylawyerblog.com/2010/05/national-homeowne… So unless I'm wrong, it's not forced by Obama. I think that in the big picture it's bad.
It doesn't seem like free money for "eff ups" so much as Bank of America trying to work out distressed mortgages rather than take possession of a house they'd take a big loss on anyway.
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