[NormsRevenge]

“Public assistance is a privilege, not a right,” the sources said Geithner told lawmakers.

—

.. and thievery and tax avoidance is no longer a crime.. rather a badge of honor for Dems.

[LibFreeOrDie]

How about if Geithner adheres to Gubmint standards, such as paying taxes?

[dalereed]

If they lower the loan balance on any loans it would be theft from everyone that has ever honered their loan agreements!

If they don’t make the payments throw them out in the street, no exceptions!

[RckyRaCoCo]

As Curly would say...”boy, the noyve of this guy”

[Diogenesis]

"Not one Democrats has concern about raising taxes ... because they each know
not one of them ever has to pay taxes, themselves - until caught prior to Federal appointment."

[alexander_busek]

that get assistance will have to participate in loan modifications and meet other standards that we set. [...]Public assistance is a privilege, not a right,"

Too bad that doesn't also apply to "conventional" (as opposed to "corporate") welfare, too. Imagine what standards could be set. Let's see: 1) Sell your t.v.; 2) Stop drinking; 3) No more children as long as you're on welfare; 4) Get a high school diploma; 5) etc.

Regards,

[DB]

Forcing banks to make loans they didn’t want to is a big part of how we got here.

Now in the mist of the resulting storm they want to do more of the same...

Brilliant politicians we have...

[jersey117]

Whatever Geitner the tax cheat does..... he has zero credibility.

[Mark was here]

When contracts are no longer agreements between parties, but merely instruments subject to the whims of politicians seeking reelection, we are a third world country.

[ccmay]

"Public assistance is a privilege, not a right," the sources said Geithner told lawmakers.

We are extending public assistance to people who got in over their heads on their home purchases, in the form of higher rates and fees for everyone else who will get a mortgage in the future, and in the form of destroyed bank shareholder equity when these loans are jammed down.

[big'ol_freeper]

Good...I want my mortgage rate to be reset to 0%. < /sarcasm>

[bert]

Well now....Can I petition Countrywide to lower my mortgage to 4%?

[montag813]

If you have paid your mortgage on time the past 5 years, you are nothing but a chump.

Stop paying, but stay and exercise your "squatter's rights" (thanks to Marcy Kaptor for that), go out and grab the sports car you've always wanted but couldn't afford because of that damn mortgage, and a 52" LCD for every room. Then, when foreclosure proceedings begin--"modify" the loan to fit your new lifestyle. Paying 7% or full payments crimped your style? Have Geithner reduce it to 4% and reduce the principal. Still not enough to accommodate your new Las Vegas expenditures? Declare bankruptcy and have the judge reduce the terms even more! Sick of working so hard in your job to begin with? Reduce your hours, and let Obama's "tax credit" fill the difference.

Funny, huh? Unfortunately it is REALITY with these new folks in power. Does anyone think America can remain an economic power on this planet under these circumstances? Should I just teach my kids Mandarin and prepare to move to Singapore?

[Straight Vermonter]

"Public assistance is a privilege, not a right," the sources said Geithner

Really, since when?

[rebel_yell2]

Geithner is SO CLUELESS he really should resign and let an adult take over. The foreclosure mitigation problem is not with loans held in bank portfolios: it is loans that have been securitized, which account for about 2/3rds of all mortgages.

Add to this the problem of second liens where the second-lien holder holds paper worth zero, yet can hold up restructuring by the first lien holder.

When Timmy-boy comes up with a plan that addresses these issues, then the financial markets might quit laughing at his ineptitude.

[highlander_UW]

Geithner says banks must modify loans

Democrat politicians leaning on banks to loosen their lending practices is what got us into this mess in the first place.

Public assistance is a privilege, not a right," the sources said Geithner told lawmakers.

And this is EXACTLY what caused the mess...democrat politicians forcing banks to give out public assistance to people who couldn't afford homes in the form of high risk loans. What hypocrites democrats are...so they will force banks to give out public assistance while saying they are against public assistance...to the banks. Criminal.

[genghis]

I want to know
what is the model?
what legislation or regulation was similiar to this that was successful?
They just make stuff without examining what was successful before.
there is no chance any of this is helpful. I am not sure if the rats are stupid or evil.

[JSteff]

Oh the way bHo is going this will end with the first CNN special about “all the disadvantage that have to rent, never knowing the joy and privacy of their own home.”

Wanna bet on it?

[ZOOKER]

Funny, I was just discussing loan contracts with a local bank officer friday. As it stands now, when a bank acquires a mortgage contract, it can't change any terms - interest rate, late fees, etc. Obama's regime thinks it's time to "modify" loan contracts.

Problem #1: what if the gov't, having bought what it considers a controlling interest in the bank, decides to cut itself into the contract? Say half a percent to Uncle Sam as - let's call it a carrying charge...

Problem #2: is this contract enforcible? This is NOT what the mortgagee agreed on when he signed the original contract.