It will be interesting to see what Obama says about “fiscal responsibility”. I hope he understands this spending must be offset by cuts elsewhere. Rumors that he is cutting funding from the military? I seem to remember Obama saying something about bringing people home from Iraq?

Why should a bank voluntarily work with a borrower to re-do a loan, when the gov’t will pay them a $1,000 or two to do the same thing.

This bill sucks, just like the so-called stimulus bill. Were not getting out of this very quickly because everyone is waiting for the gov’t to help them out of their situtation. If the gov’t wouldn’t keep stepping into every situtation or keep changing the rules daily people and businesses would start figuring things out on their own without taxpayer money.

We are setting a terrible precedent for the future with what the gov’t is doing.

I agree, this is a big waste of taxpayer money. Refinancing the mortgage will not help somebody with no job.

What should happen: the banks should see now that housing prices have dropped drastically, and they would lose a significant portion of their investment in a forclosure. They should, therefore, voluntarily work with the homeowners in trouble to refinance the loans to where they can afford it. See, no need for government interference, and everybody comes out better.

The proponents say you have to stop the decline in housing prices.

Proponents say this because they have to keep the big lie that is the housing bubble going. Doing otherwise would mean they were wrong, and that simply isn’t possible. /sarc

http://pacificgatepost.blogspot.com/2009/02/obama-mitigating-mortgage-foreclosures.html

Obama and Congress appear to think so.