You'll.... get NOTHING! And LIKE it!
Posted on 08/31/2007 6:35:33 AM PDT by Moonman62
WASHINGTON (AP) -- Offering federal help for strapped mortgage holders, President Bush is proposing to aid hundreds of thousands of borrowers hard hit by the housing slump.
The president on Friday was to talk about several initiatives and reforms to help homeowners with risky mortgages keep their homes, a senior administration official said Thursday. Bush also was to discuss efforts to prevent these kinds of problems from arising in the future.
The official said Bush will direct Treasury Secretary Henry Paulson and Housing Secretary Alphonso Jackson to work on an initiative to help troubled mortgage holders get services and products they need to keep them from defaulting on their loans. The official spoke on condition of anonymity to discuss details of the initiatives ahead of the presidential event.
Bush also planned to:
-- Urge Congress to pass Federal Housing Administration overhaul legislation that would give the FHA more flexibility in assisting mortgage holders with subprime mortgages.
-- Pledge to work with Congress to reform the tax code to help troubled borrowers rework their loans.
-- Call for rigorously enforcing predatory lending laws and strengthening lending practices.
Foreclosure and late payments have spiked, especially for so-called subprime borrowers with blemished credit histories or low incomes. Higher interest rates and weak home values have made it impossible for some to pay or to keep up with their monthly mortgage payments. Some overstretched homeowners can't afford to refinance or even sell their home.
Mortgage foreclosures and late payments are expected to worsen. Some 2 million adjustable rate mortgages are to reset to higher rates this year and next. Steep penalties for prepaying mortgages have added to some homeowners' headaches.
The economy enjoyed a strong revival in the spring although growing troubles in housing and credit markets have darkened prospects considerably since then. The Commerce Department reported on Thursday that the gross domestic product grew at an annual rate of 4 percent in the second quarter -- the strongest showing in more than a year.
But that growth could be the best showing for some time as the economy continues to be battered by the worst housing slump in 16 years and a widening credit crisis that has sent financial markets on a roller-coaster ride in recent weeks.
Ping
I love being a taxpaying, law abiding, responsible CHUMP!
Snort.
Relax guys! You see turns out we had it all wrong...the government is actually YOUR BEST FRIEND! Feel the compassion!
Try not to let your head explode.
Thread 4 on said topic.
And we are worried about Hillary being a Socialist? Bush seems to be emulating Hillary now
The fact that tax dollars are going to people who couldnt make money flipping homes is Business Socialism run amok.
I’m waiting for the details to see if the taxpayer is on the hook for anything.
I would say to all - RELAX.
This sounds like no bailout...
Where Is My Check???????????
Had housing prices kept rising and subprime borrowers made a killing, this wouldn’t be happening. But housing prices fell and the borrowers rolled snake eyes.
Will Bush bail out gamblers in Vegas who lose money?
Anytime anyone in DC so much as breathes it’s on our dime.
Bush to tax the law abiding, employed Americans to pay for unlawful, ignorant Americans’ homes.
I have said before that the most charitable thing that can be done with some of these mortgages is to foreclose them promptly, and get someone in that house who is responsible enough to make the payments, and live within their means.
It is far too easy to blame the industry and give the irresponsible borrowers a free ride, again. That does not mean I am giving the lenders a pass, we need to purge them from the system as well.
-- Pledge to work with Congress to reform the tax code to help troubled borrowers rework their loans.
Don't see how they can do that without sticking it to taxpayers.
So all of the illegals who were given loans against our laws and have fallen into default will now be “aided by our government (our tax dollars)” so that they don’t lose “their” homes?
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