You might get a thousand dollars stimulus package

[luvsJack]

I still don't think you understand the point of why they made the proposal, but that's okay.

To “make a point” that $1000 won’t help by making a stupid proposal?

 

[Farro]

To “make a point” that $1000 won’t help by making a stupid proposal?

I'm just going to choose not to discuss this.

 

[Colleen27]

I agree, it’s like saying you deserve to survive less if you’re not wealthy

Exactly. It is such a stark reflection of our priorities - some help for the middle class, lots of help for corporations, sink-or-swim for the lower class. And it risks turning this crisis into another opportunity for the wealthy to shift even more wealth up the scale. Our homeownership rates haven't rebounded to pre-great recession levels yet and here we are in another crisis that will allow investors to snap up tens or hundreds of thousands more homes at bargain-basement foreclosure prices. Rent in my area is double to triple the cost of a mortgage on a comparable property, but so many people have such damaged credit from the fallout of 2008 that they cannot buy so they're at the mercy of those rising rents. Now, just as those things were starting to age off of credit reports, they're going to get hit again. Combine that with the interruption to employment that millions are already suffering - something mortgage lenders are unwilling to overlook or work around - and we could be in for another buying frenzy by those who have the money to invest because they know they'll have a large class of renters who simply won't have the option to buy.

Honestly don’t think anyone is seriously listening to AOC. Common sense isn’t her strong point.

I don’t think the administration is going to solve this by just printing more money. A businessman knows better.

That's what concerns me. A businessman has a particular worldview that is well suited to business, but not necessarily compatible with choosing the greater good if there's no/less profit in it.

 

[Mackenzie Click-Mickelson]

With mortgages and student loans, it would prolong the payoff period by however long the "holiday" lasts - basically just tacking the missed payments on to the end

This is what we don't want for my husband and I.

We are so close to paying off our Federal Student Loans we don't want more time added.

We also refinanced our home 2 1/2 years into our mortgage with a new 30 year loan as we were able to get rid of PMI that way. We don't want any more time added to our loan than already was.

Also one thing is how would mortgages on escrow work? Between property tax and homeowners insurance you still owe those and your mortgage company pays that so would that just mess up the monthly bills? We're also about to get our escrow shortage bill too.

 

[Colleen27]

This is what we don't want for my husband and I.

We are so close to paying off our Federal Student Loans we don't want more time added.

We also refinanced our home 2 1/2 years into our mortgage with a new 30 year loan as we were able to get rid of PMI that way. We don't want any more time added to our loan than already was.

Also one thing is how would mortgages on escrow work? Between property tax and homeowners insurance you still owe those and your mortgage company pays that so would that just mess up the monthly bills? We're also about to get our escrow shortage bill too.

But you wouldn't *have* to take the holiday. My understanding of the plan is that it would suspend minimum payment requirements, but since student loans and mortgages don't have pre-payment penalties, there's be nothing stopping you from continuing to make your payments if you can still afford to do so. It is a win-win - help for those who need it, no obligation for those of us who don't.

Escrow would be something that would have to be worked out in the specifics of the plan, but that will have to be addressed in any relief plan that affects mortgages. I don't think it is any more or less complicated in the holiday proposals than in the plans to simply suspend foreclosure proceedings for a few months.

 

[dish rag]

Exactly. It is such a stark reflection of our priorities - some help for the middle class, lots of help for corporations, sink-or-swim for the lower class. And it risks turning this crisis into another opportunity for the wealthy to shift even more wealth up the scale. Our homeownership rates haven't rebounded to pre-great recession levels yet and here we are in another crisis that will allow investors to snap up tens or hundreds of thousands more homes at bargain-basement foreclosure prices. Rent in my area is double to triple the cost of a mortgage on a comparable property, but so many people have such damaged credit from the fallout of 2008 that they cannot buy so they're at the mercy of those rising rents. Now, just as those things were starting to age off of credit reports, they're going to get hit again. Combine that with the interruption to employment that millions are already suffering - something mortgage lenders are unwilling to overlook or work around - and we could be in for another buying frenzy by those who have the money to invest because they know they'll have a large class of renters who simply won't have the option to buy.




That's what concerns me. A businessman has a particular worldview that is well suited to business, but not necessarily compatible with choosing the greater good if there's no/less profit in it.

But a business man knows how to produce jobs, giving someone several thousand dollars doesn't do much, when that runs out then what.

 

[Mackenzie Click-Mickelson]

But you wouldn't *have* to take the holiday. My understanding of the plan is that it would suspend minimum payment requirements, but since student loans and mortgages don't have pre-payment penalties, there's be nothing stopping you from continuing to make your payments if you can still afford to do so. It is a win-win - help for those who need it, no obligation for those of us who don't.

I was reading the article linked but it didn't have a clear "this is voluntary" thing so it got me wondering if it was going to be an automatic versus opt in type scenario.

Yes it would be easy for us to continue making payments agreed, but if something is going on in the back end I could see issues. My Federal Student Loan has been the same exact payment paid the same exact day every single month. If they pause it all but I continue making payments throughout all this, will they still adjust my overall loan term and recalculate my payment anyways because they've got something going on their end. Even though I'm paying down the loan still on their end they've considered the loan paused.

Escrow would be something that would have to be worked out in the specifics of the plan, but that will have to be addressed in any relief plan that affects mortgages. I don't think it is any more or less complicated in the holiday proposals than in the plans to simply suspend foreclosure proceedings for a few months.

In talking with my husband we both agree it would be quite difficult on the escrow part but that's just our opinion. We agree that suspending foreclosures seems easier and that would def. be a relief for people under such duress already.

Maybe people have different calculations their mortgages use. Maybe people have different structures for their property tax.

Our escrow bill is divided up monthly and includes a forward glance of how our insurance and property tax is divided up throughout the year. In april-ish we get a bill reflecting that our account is short $X amount because our homeowner's insurance goes up and our property tax bill goes up. The property tax bill from the County is broken up between 2 payments one in December and one in May but those payments are based on the year prior so this coming May's payment is from 2019's property tax bill (and the December 2019 payment was also) though the mortgage company divides that up monthly for our bill.

My husband did mention that maybe they could pause the principal, and interest (and the accrual of it) that would end up just lengthening the term but not have people owing more. We still would like that to be an option versus this is what we're going to do; yes we can still pay towards the overall loan balance at any time no matter this whole mess going on which can serve to reduce our loan term and I think that's a bit easier on that end because the amount fluctuates year over year versus student loan which does not (at least on the Federal loan) but it could still present issues.

You're totally right that all of this needs to be addressed in the plan. I wish they would go over every little thing before they release details. It's a huge undertaking I'm sure. It's just have they considered the ripple effects.

**I'm not expecting you personally to have it figure out for my inquiries just thinking out loud on how it all may affect myself and my husband with our particular situation

 

[Colleen27]

But a business man knows how to produce jobs, giving someone several thousand dollars doesn't do much, when that runs out then what.

Jobs aren't a product. They're not "produced". They're created, but only when there is sufficient consumer demand to justify the hiring. That's the point of the direct payments to households - to stabilize their obligations (which those businesses rely on to pay their own bills, including payroll) and allow them to continue to consume, even if it is only essentials.

I agree it is likely to run out long before this is over. I don't think any stimulus equal to the scale of the problem is politically viable, though, so the question is whether it is better to rip the bandaid off quickly and let the estimated 80 million Americans who will lose jobs because of the virus freefall into foreclosure/eviction and poverty or to slow the slide and maybe give at least some of them a handhold to keep them clinging to the edge of solvency.

 

[tinkerhon]

https://thehill.com/homenews/sunday...kage-will-include-average-of-3000-to-a-family

 

[Farro]

https://thehill.com/homenews/sunday...kage-will-include-average-of-3000-to-a-family

I wish they would just say who gets it already!

I'm so conflicted! I don't think this is the answer, but I mean if you are going to send out money, I want some too!

 

[tinkerhon]

I wish they would just say who gets it already!

I'm so conflicted! I don't think this is the answer, but I mean if you are going to send out money, I want some too!

Right ??!! I think they are set to reconvene right about now - or by 2pm est - should have answer by tonight before the sign off on Monday (hopeful)

 

[Farro]

Right ??!! I think they are set to reconvene right about now - or by 2pm est - should have answer by tonight before the sign off on Monday (hopeful)

No deal. House now drafting own version of bill.

Honestly, I truly don't think any politician on either side actually cares about the people they say they are trying to help.

 

[SaintsManiac]

No deal. House now drafting own version of bill.

Honestly, I truly don't think any politician on either side actually cares about the people they say they are trying to help.

The ones that do are in a very small minority.

 

[Colleen27]

No deal. House now drafting own version of bill.

Honestly, I truly don't think any politician on either side actually cares about the people they say they are trying to help.

I think most do. They just disagree how to go about it in an era where even facts aren't seen as unbiased and where supply-side economics have become something like religious doctrine.

 

[Deploraboo]

So if you make more than 99K, (high 100s, joint) no cash. Which since it’s adjudged as of 2019 income, will really sting when the layoffs start, if they haven’t already.

i know a lot of folks think 99,001 is a ton of loot, but it really ain’t, especially when you’re facing the UE line.

 

[tinkerhon]

I thought they were still supposed to vote at 3PM
The news reports are extremely vague - saying a vote at 3PM, while Pelosi is saying Dems drafting their own proposal

 

[Farro]

I thought they were still supposed to vote at 3PM
The news reports are extremely vague - saying a vote at 3PM, while Pelosi is saying Dems drafting their own proposal

Vote delayed. Dems drafting own bill. They will argue for weeks while the economy gets worse and worse.

 

[tinkerhon]

Vote delayed. Dems drafting own bill. They will argue for weeks while the economy gets worse and worse.

Just said same to my mom - it's ridiculous ! Seems like both sides want to be able to say "it was OUR proposal"

 

[SaintsManiac]

I have zero faith in this Congress. Zero.

 

[Farro]

Just said same to my mom - it's ridiculous ! Seems like both sides want to be able to say "it was OUR proposal"

It makes it so hard to take anything they say seriously. Any politician - anything that comes out of their mouth is political posturing to further their career or agenda.