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Obama calls for 90-day moratorium on foreclosures

Obama calls for 90-day moratorium on foreclosures (AP)
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AP - Democrat Barack Obama proposed more immediate steps Monday to heal the nation's ailing economy including a 90-day moratorium on home foreclosures at some banks and a two-year tax break for businesses that create new jobs.

Source: Yahoo! News: Politics News

foreclosures moratorium -day calls Obama

That's a new one. I don't see how it can hurt either, assuming the banks end up getting there money. So that 90-day grace period with the "Persuasion" of businesses to offer more jobs seems, benefiting. I can't say it'll do a substantial amount of good, but probably more than throwing billions in Wall Street, again.

Obama calls for 90-day moratorium on foreclosures History & Civil Business Politics

And best of all, the 90-days is just enough time for you to vote OBAMA before you vacate your home!

foreclosures moratorium -day calls Obama

Oh wait, I didn't think of that. Guess that is one way to get ride of people who don't support you.

foreclosures moratorium -day calls Obama

I do not see how that is help anyone. The only thing I can see it doing is putting people out on the streets during the heart of winter. I would rather see them out now so they can find a place to go while they still have some money.

Obama calls for 90-day moratorium on foreclosures

well how it helps is, assuming I have this right, I may not. But giving people 90 days to catch up on their current payment without adding anymore payments might just do some people who've gotten behind catch up. But I don't really know that much about real estate

Obama calls 90-day moratorium foreclosures

I dont think Obama's comments for a moratorium are in that vain because in his statement he says that this will give some people the opportunity to get some breathing room, but those living beyond their means should some of the blame. I am taking that last part to mean if you are living beyond your means that you're out of luck and this was just to allow people that are just barely behind due to whatever reason (I am guessing credit card debt) a chance to get caught up. If he meant suspending payments, he would be looking for a moratorium on mortgage payments and not foreclosures. The spirit of this is that you just dont get thrown out of your house if you are just on the fence and the 90days will let you get everything straightened out. So basically, this moratorium would help very few of those in trouble, but it sure does sound nice!

Now you could look at it as a stimulus package! Say you do get your 90 days where the bank cannot foreclose on you. You dont pay ANY money to the bank at all and live there for 90 more days. You take what you would have paid the bank and blow it on whatever you want or save it (like not in a bank) for your apartment rent.

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The problem with "breathing room" is that you leave room for more spending. This is the problem with my fellow Americans... they can't keep their hands out of their pockets. Stop the spending on laptops, iphones, and this year's car and spend it on what you OWE, pay your bills!