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Obama's foreclosure plans

Feb 19, 2009|

The President has rolled out a new proposal for bailing out homeowners who are upside down on their mortgages. We break it down and try to discover where the value is.

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Don't lenders have sufficient incentives already to work with the troubled home. Let's say I'm going underwater they hate us houses that they've never approached it that. So so now they always treat me like an enemy he wants you read our day late. In two weeks now the taxpayers is -- let let's be clear on this 75 billion at 275 billion however you want to calculate it. We are providing taxpayer cash. To banks whose inch rest is certainly apparent to -- it's apparent to me and you know that they should be working. Cooperatively and productively with you know who find themselves. On the edge because of unemployment to because of -- that something else -- separate so we're gonna have to look effectively bribe lenders to do something. That's an erupting in the a self interest to do anyway in less than this one. -- provide incentives to borrowers. With modified loans to pay on time actually getting a loan modification that's not enough. We're gonna incentivize you now to pay at times why people will be and -- incentive both my tax money and yacht tax money to do what the deal and 99% -- listeners do. All the time good time. I think what David is -- not I think incentive is a wrong word they're trying to bring people who were maybe on the brink of sang I'm not going to be able to visit I'm I'm drowning out and I'm not going to be able in my head back above water they're trying to just -- -- hand -- -- the -- -- -- modify a lot of yup that should be simple enough that the the -- the -- summary says the package will provide not just loan modification. Incentives -- one million sense of the massage area I have no white. Well I I assume the incentive is that they're going to help fix along and bring you back to you can afford me ask you -- do you -- Dick Cheney put this point again now. Because it's his many secret of provisions. And I know this is a very secretive presidency it's more there was a story yesterday you know there are executive orders that -- has has done that have not been announced. -- real yeah well instant -- on these things all over the White House never announced AM and they -- got discovered when they got listed with whatever the government agencies talk about the need to be creative and imaginative -- -- I think I've already figured out what do we and to the fourth of for a week of the presidency. Dick Cheney remains very very. Comfortably ensconced in -- well I think all this table -- to this turn out Cheney Cheney I'll check -- -- to bring its all have a lot of well everything Brock said he was going to do he has done a hundred -- accuracy opted out of six -- 7266. Agreed 68 Todd hybrid Tom -- right to the calls. Gamut from stuff and hey Kevin that's up. Very alike may tell you all right I used -- -- -- real estate appraiser all I'll get back to that the second. I've bought my house back -- 2001. July right what circuits it without a lot of ogle the little house that are -- where I could afford it. My wife and I don't have children and because of everything that's going on we'd probably double well. You know one of those people that hasn't -- mortgage aren't Simon about you know I'm always going into the grace period now. That would that debt. I Stabile real estate appraiser. Might stop going -- about who three years ago. I it probably close what bows and appraisals 700 of which were in the city of bought them alone. End of California out of those 700 -- appraisals. 500 of them never should've brought mortgages. No my job was the banks that lead to the address you are developed by. It was I have -- that there was a home standing on the property. Well basically -- -- thought was just given up into the value public that I really think that house was -- And if you know let a little report submitted to the the bank which with the client and that walk away. Don't worry Garciaparra snow job was at the idea that you did that that this whole thing was a -- and you are supposed to be peace and that in that chain. Let there is always playing the role -- it's such ought to get blamed you know what -- ultimately the file breaks but you know. Well regulated. -- Pro Bowl they'll practice. At their regular. About a real lesson in this press Kevin why is your call helpful. Well you know but I. I got to play a body where I've got to let the Democrats. You know banks where -- basically. And then export them that these these mortgages out there. You know it's. It's it's the way it's it's. Could serve as well I would just don't want to be called -- we have no stones we have no got. You know so we -- develop these bad mortgages then then then you know they'd basically be called racist -- not. Are -- really Dutch cabinet that's helpful from a guy who was in the middle of the -- though that they have an important part of the chain out of -- yet these things -- -- up. I don't -- great I want. To wait a minute visit -- -- get a mortgage unit -- big banks all mortgage companies. About a modification. Of all of he can intimidation. Little Rock spirit and would get it for what they think that 400 4000 all of -- -- now. All we -- -- until they can grow up guy all of its sixty. People are underwater -- sixty all. It's just make my own sense does it. I mean what is this whole proposal by what I don't get. I have got to bounce back with you Hillary UCL women agreed to see any thing that meant that I hope makes you wonder why they're proposing this. But like well I don't doubt there are back in the lady. I got -- that the market tanked I guess I could ever want better light to a kid. Afford the bag I sort of thing wash that away. -- equal and I can't predict the bank -- I don't hold -- Got to change your wallet I had paid them back when he I all of -- all of whom did you -- world that are now but I had a shotgun. Other people look at -- I Obama I also too much by eight I gotta tell me out I don't like -- are what you'll what you'll get. I went back all the to a kid -- -- policy wonk like they are not not -- all right good. I doubt that -- -- -- You went through the biggest torture in the world virtually lucky yeah like yeah yeah and ordered him I don't know Ahmed Chalabi have and it's always. -- -- -- -- -- -- -- -- -- -- -- -- -- I don't like -- up that don't doubt that I'll right now screwed -- come up. That's all ridiculous your graduate. Student out of -- I'm telling you. Well I sometimes they're very -- -- -- -- -- -- make sure of victory you have grandchildren elegant -- you can use your parents or no hint you can go home again talent no no question about it six 72666868. Jack Collins from Newport hey Jack what's going on Don -- This protocol itself that causes sometimes a misconception. That you recommended that late fifties but. Like back in the seventies. Which -- little worst time since the depression except for about seventy. Look for more respect that I want to beat you if you look at people's credit card there was no doubt about that the job history but the other thing is. You want to let you know and they not a Leo that. And -- -- at least -- additional -- has. -- speak -- general banking committee is right you know in in you know the red planet and I respect them and do you like to impress some a cup the work being baby on the way good people. Good family lived in the need for further -- three generations. -- more likely to take a risk -- them -- the fire up pulse and the old neighborhood. They -- would be. So -- somebody who looks the same yellow. Good jobs. So unaware they have come from another part of the country. And it had taken on -- rescue wall. Development and the same deck and it different airports so if you're a community. Like they rattled off Wellesley. Dedham. Needham. New and those communities you'll. As the one that you'll you'll -- -- all out war or take the risk they had spent some other communities and it has nothing to deliberate. It's it's got to -- with a value of the community. Exactly. Exactly. So that's why you can't really step by Arnold oh viable left the polls and you made it is poll -- that doesn't respect the product. Yeah I did at the character of the borrowers should be Paramount but. The other thing -- -- all -- so All-Star that -- -- so long term problem of frustration of this is referred to earlier. Leo. What we which is that this -- oh there's going to be there are going to be no ball has its lessons are part of what are permissible. That's what I feel more than -- worse than that database it's gonna on the -- it's. It is going to be in a straw that's right the -- to salute the more reckless to more of every -- you know it's dysfunction value that the the -- going to do it -- which is why the Democrats what this so much in -- to Jack's point. You know there -- a lot of local bankers before they all went to -- in a national -- started do you have packaging and syndicated loans and everything else to level local bankers. Who knew a person knew that neighborhood to Jack's point knew the family history and why you might not have been a model citizen and I might have been doing a little bit of this little bit of that. Did make a judgment and saying you know underneath it all. Doug Feinberg is an honorable guys his standup guy I think he's like something more -- should not make that the the numerical guidelines. But I have a sense of his character and that he'll do what it takes to stay current and to make sure the bank doesn't get scores I I think he had a lot. -- -- our job beyond character he saw him a community and the fact -- part of you're part of a fabric a lot of a community your guess so -- -- -- -- if you -- -- enough in their community where your parents raised -- And where they have a business or they aren't they on homes then your you know part of something bigger -- the all right you. Just walk away like the guy from California might just pack up. You gotta say as -- supposed to -- below and who's in Zachary up pursuant -- than he's going to do two years at fidelity -- do some like this and and all of a sudden he's a simulator I've got a got a different deal I'm gonna go down exactly relocate which. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Aren't generally you don't really great this wanted to. A lesson about what you know I'd. Help good start this thing like housing welfare program. Not a stimulus. I know I spent 11 year old navy might retirement pay my mortgage I worked two jobs now. And my wife works. Wow you're an easy street job I mean video YouTube -- you put a lot of sweated through it but if you read Diana spent the mortgage you have -- two jobs a new web store one Harley I want to take stock in Neil. Yeah there -- great IP well. Well while I don't mean I just work hard. I I idols at a much dirt and I just don't want to handout. -- playing by the rules and echostar denied Dennis Dowd mark and you because pretty soon you're gonna be the vanishing breed. You have a rarity. It's the media not look at her anything you play any opinion by all girls. Well what I walk. I want beer and food stimulus package -- -- 4 o'clock. -- Siberia put out -- what is six -- seven. 2666868. Dave scholar from Cambridge the money debut on the with Todd and Tom. They had to take my -- yes thank you didn't just before I -- -- I just wanna say. Not Tom Arnold believe I can now read your on the radio I know the real you as opposed to. The one described by that knucklehead dom later on in the day and I wanted to say about -- -- -- Thank you did it very -- I just want to say talk down. Good point that the bank just a little bit who really used in the way they handle things there. They haven't been undefeated season in if they were they could -- about Spanish and a lot of weigh in in it all that I would make. Is that our outlook and a lot of properties for the last year out -- in the business. You know one thing you don't hear people talking about is that. When he -- and especially when they -- to foreclosure and like late call a lot of times. However won't be the only rule it out in men and for whatever reason that some lapse of time. -- the bank get -- there are probably I think you -- 81 out of three of the foreclosed properties that keep a wintry now. Pipes freeze and then my house is Roy. Yeah once that happens hopeful -- seal later alligator and your your point is they should be make an effort to keep those houses occupied at all costs. The banks could afford to be cavalier when it was a rare thing that somebody. Defaulted on -- mortgage then they -- -- like a pariah but it we can see now that it's nonsensical we could we could see it then but there was no reinforcement -- but now the storyline of this whole thing is telling us that because the banks were so rigid they created it is to a large extent this crisis by not working to keep people alive and. Just -- -- that development in banking and finance and has an unfortunate and it coincides. With the the loss of shame or embarrassment a sense of gee -- I didn't measure -- there was no deal was. Kind of a public. Notoriety that would come if you did not meet your debts if they get Harry Truman who went bankrupt and is haberdasher sharp. And then you know the bankruptcy and they made -- vice president made of the vice president he was determined to make sure that his name on that loan was paid off even though he was legally freed from doing at the -- and that the business went out of business on and so forth he upright in his name. He is directed to -- -- reputation that he enjoyed any any address that that doesn't exist and now let me just does not -- I just want to try and I thought I I just caught a flash of a program about the depression the other day and I heard a blind. That back then nobody had any thing except their reputations of -- and that's a very interest and thought to -- when you have money. You don't care about -- what anybody says -- you know you -- buy and sell -- -- you don't -- which -- what we see in in the worst model of affluence of the Hollywood behavior -- White House here they get married for three weeks whatever jumped 'cause they can pay their way out of Asia and that plus they have to get into rehab what we do this -- says -- break got Todd and -- coming back to New -- calls -- -- all right AM 680 WRKO. Never before have two -- compliment each other's soul well and that's been married here in the great state of passengers and spirit spreader and I'm fine birds appear on Boston's talks -- and -- --