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Discussion Starter #1
Here is mine

Help those who will actually help our economy.

Have the fed gov. offer the following loan options

30 year fixed at 3%
20 year fixed at 2%
10 year fixed at 1%

Who would/should qualify?

Those with 30% equity better
700 fica or better
ability to repay the loan (full doc loans only)

How will it help?

1.Reduce the interest deduction on earned income (less interest paid, less deduction, more income taxes paid into the gov.) Some want to get rid of this deduction, this would reduce it by alot.
2.Lower payments on homes for those who would/could spend it (people who are not strugling and can make their payments at current interest rates thus spuring our consumer driven economy)
3.Generate goodwill by helping those who are actually driving our economy, not just the banks and those who are already over their heads (face it the loan mods are not helping the majority of the people who want them anyway)
4. Stabilize housing (in the long run, people will once again look at homes as long term investments, something to pay off and live in debt free) discourge flipers which contributed to the buble (did not cause, but helped drive the craze)
5. others as well, just cant think of them all right now...

Limits of program
1. Primary home only
2. no cash out no matter how much equity you have
3. have not filed bankruptcy in last 7 years
4. have not had a foreclousure in last 7 years or a NOD



Well thats my idea, Ive given this some thought what is yours?
 

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fica

Here is mine
Help those who will actually help our economy.
Have the fed gov. offer the following loan options
30 year fixed at 3%
20 year fixed at 2%
10 year fixed at 1%
Who would/should qualify?
Those with 30% equity better
700 fica or better
ability to repay the loan (full doc loans only)
How will it help?
1.Reduce the interest deduction on earned income (less interest paid, less deduction, more income taxes paid into the gov.) Some want to get rid of this deduction, this would reduce it by alot.
2.Lower payments on homes for those who would/could spend it (people who are not strugling and can make their payments at current interest rates thus spuring our consumer driven economy)
3.Generate goodwill by helping those who are actually driving our economy, not just the banks and those who are already over their heads (face it the loan mods are not helping the majority of the people who want them anyway)
4. Stabilize housing (in the long run, people will once again look at homes as long term investments, something to pay off and live in debt free) discourge flipers which contributed to the buble (did not cause, but helped drive the craze)
5. others as well, just cant think of them all right now...
Limits of program
1. Primary home only
2. no cash out no matter how much equity you have
3. have not filed bankruptcy in last 7 years
4. have not had a foreclousure in last 7 years or a NOD


Well thats my idea, Ive given this some thought what is yours?
While I do agree something needs to be done to stimulate the economy, I take EXTREME offense to the fica system, and having private companies controlling the purse strings. Their system is EXTREMELY flawed. I am up close and personal, neck deep, in this shitty process of how "ability to pay" is decided. I ask you, or them, (and I have as recently as yesterday), how a person that has continually lived beyond their means living on credit, is a better credit risk than a person that "pays as they go" using cash/checks to make their first payment, their last payment? I owe nothing, I OWN what I have, yet because I have no history of these "first/last" payments recorded with any stupid fica posting agency, obtaining a very well secured loan is virtually impossible.... I believe everyone should have a fica score of 1000 unless, and until, there is a reason, (non pay/habitual late pay/bankruptcy, etc) to lower it... In other words, use the system to report BAD things, not good things. If you have no BAD things after your name/number, your credit rating should be golden and entitle you to the very best service/interest rates.... Even B of A, that has my banking records at their disposal refuses to look into my past financial history beyond what some credit agency has to say, which is NOTHING. Even the auto insurers use fica scores to establish your auto insurance rates. Will someone please explain how credit history reflects anything towards establishing auto insurance rates? If I'm writing a check for 6 mos, or a years worth of auto/truck insurance what possible influence could a lacking credit rating have? Sorry if I have drifted away from the OP, but right now I'm waiting for another loan officer to call with what will most likely be bad news based on above....
Ray
PS There were no libs insulted in this post....:D:)hand
 

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Here is mine

Help those who will actually help our economy.

Have the fed gov. offer the following loan options

30 year fixed at 3%
20 year fixed at 2%
10 year fixed at 1%

?
Not a bad idea. Although rates are pretty low right now, and one might well ask why the govt. should be in the mtg. biz.

My ideas, cut regulations, build stuff like roads, and power plants.

While Will someone please explain how credit history reflects anything towards establishing auto insurance rates?
I've always thought this was incredibly unfair. I guess there is data supporting it.
 

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Unfair?

I've always thought this was incredibly unfair. I guess there is data supporting it.
Unfair? It should be illegal. I seriously doubt there is data that says bad credit risks have more accidents. I would guess just the opposite, since people that can't pay their bills likely drive less than the wealthy. If insurance were issued on credit, which it isn't as you have to pay "upfront" for insurance, I could see a concern about paying afterward..
Just another way this shitty fica system screws the public.
Ray
 

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Discussion Starter #5
Wow over 50 views and no ideas.....I guess we really are screwed....One side says do nothing but spend, the other nothing but cut. :mad:
 

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The sure thing fix

Wow over 50 views and no ideas.....I guess we really are screwed....One side says do nothing but spend, the other nothing but cut. :mad:
I didn't get into the fix, I have previously posted my opinion, but I'll add some of it here as well....
1. Greatly reduce, or eliminate all the "stops" involved in domestic OIL. Drill anywhere they want, allow THEM to set the safety/environmental standards, as they know 1000X more about their industry than the gov't ever will. As a "payback" to America, the oil companies agree to keep domestic prices for gas below $2.00 per gallon for 25-35 years. Heating oil would also be promised at a livable price to those that depend on it to get through the winter months..
2. Immediately start a balls out WAR on illegal immigration. Do whatever it takes to allow use of the Armed Forces on American soil, and lock the border down tighter than a frogs ass. Legal immigration needs to be greatly reduced as well. A totally new study done to establish just how many new immigrants we can tolerate and still keep our population increase to a livable level. If we continue as we are now, we will have people standing elbow to elbow within a few decades..
3. Put the "credit agencies" out of business. Create a credit rating system in a National data bank that only reflects the deadbeats. If you pay your bills on time, or have never used credit, your name will NOT appear on the list, and you will be considered a good risk to lenders....
4. Make politicians accountable. Deal with those that lie during the campaign cycle, by making the "recall" of those elected much easier, as well as much much quicker....

That's enough for now...
Ray
 

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How about major cuts to the Corporate and Capitol gains tax rate,then neuter the EPA and Cheap American energy,that will kick start this thing.
 

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Energy

How about major cuts to the Corporate and Capitol gains tax rate,then neuter the EPA and Cheap American energy,that will kick start this thing.
Energy was another area I addressed in another thread. I say, start one nuclear power plant, at various locations around the country, each month, until there are 25-30 plants being built simultaneously . However, NIMBY assholes will have zero say as to where these plants are built. Best case would be the deserts southwest, and the great plains. Both of these areas have plenty of open space, and the projects could do wonders to local unemployment. We already pipe water hundreds of miles, so why not engineer these plants where water pipes could be interrupted and returned to the normal flow.... There is no danger from core cooling water unless there is some other serious issue causing a radiation leak...
Hell, lets build cities, like the Hoover dam project did, to house the construction workers, and staff after they're finished and running. These communities would be self sufficient, and very short commutes, less air pollution ...What a great place to offer electric cars at reduced prices!!!

We are already decades behind in this power supply improvement, and need to offer those willing to finance the build "blue sky and sunshine" in order to jump start the process. AND as mentioned the EPA needs to be imploded. If we exploded it, all that bullshit thrown into the air could block out the sun and create another ice age...

More later..Ray
 

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I just wish the morgage payment was the only thing involved in paying for a home. Interests rates are fair enough and if they get too low that's not healthy for the value of the dollar. Where I feel we need to make drastic changes is in insurance costs and many local taxes for crazy programs driven by liberal progressive ideals.

The crazy costs of windstorm and flood insurance are way out of control, at least here in TX.

The origianl post has some good points but I think there are other areas of concern that need to be addressed first.
 

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Discussion Starter #10
Moneypit, while I agree with some of your ideas I just dont feel most have a snow balls chance in hell.

I am trying to think of realistic approaches to help. I do agree with drill here and do it now but I think you will need to throw the other side a bone. Perhaps if we say let us drill in ANWR we will commit a % of resources to solar.

An idea that I think could be easily done is solar on new construction homes. If solar panels were required on NEW construction homes in sunbelt states the costs would be greatly driven down to probably only 5-7k per home which would be only a few dollars a month on the average monthly payment. The savings in 5-10 years would be pretty large in reduced energy needed etc.
 

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