st. paul

Setting our selves up to fail. Haven't learned a think have they.

...another surge of foreclosures in 3 years.

How will this not create a similar problem we have today? That being people who cannot afford the homes they are in. How about we teach people the discipline to pay there mortgage and a hard work ethic? Do we really think these people can afford a "balloon payment" in three years if they cannot get financing today? "Credit Conditions" will never be what they once were. Limits are put in place not to discriminate, but to prevent people from going beyond their means.

This type of "borrow now, pay later" scheme is exactly what got our economy in the dumps in the first place.

How will this not create a similar problem we have today? That being people who cannot afford the homes they are in. How about we teach people the discipline to pay their mortgage and a hard work ethic? Do we really think these people can afford a "balloon payment" in three years if they cannot get financing today? "Credit Conditions" will never be what they once were. Limits are put in place not to discriminate, but to prevent people from going beyond their means.

Here's a concept: If you don't qualify then you don't qualify!!! This is just asking people to get in over there head. Any bets that they go for the most expensive house that they can't qualify for. This is plain stupid. Nothing learned.

stupid program

This is another get rich scam that will take advantage of poor/stupid people and put us right back to square-one!

7.5% is nothing to get excited about, first of all. $200,000 limit for a first time buyer in a blighted neighborhood? This is really wrong and I agree with the other blogs. Why all this fuss over homeowner aid when STUDENTS with student loans coming into this economy without good job prospects need help. They are forced to work 2-3 jobs just to pay their loans. Why can't they get bailed out? I'm 51 this does not include me - but these kids deserve more then potential homeowners.

How does this program offer anything but empty promises that look good only from a distance? It offers a loan for a foreclosed & 'possibly' renovated in a neighborhood that has been worked over and left for dead. Have you seen some of these houses? Ick. In limited areas? What does that mean? Will I need a shotgun to go get the mail or answer the door in these special areas? And what's up with that "Ballon payment"? Isn't that a huge part of the mess in the first place? 7.5%??? Are you kidding? Tell me its adjustable rate and is 0% down too please. Just what we need. As one who has delt with foreclosure and ended up walking away, this offers me nothing, even though I can afford one of these houses. (Don't let the media fool you, the mortgage companies do not care about you, nor are they willing to help you out. Liars.) I am not eager to jump into that mess again. Owning a home is no longer the American Dream, it is the trap that kills you. The greed and dishonesty that got us into this mess is killing us all, one home at a time. As much as I would love getting a home again, this just doesn't do the trick for me. Too much risk. I hope this program works for somebody but for me, no thanks.