Posted on 02/18/2009 3:22:28 AM PST by SkyPilot
PHOENIX – His massive stimulus plan now signed into law, President Barack Obama is turning to attack the home foreclosure crisis at the heart of the nation's deepening economic woes.
His goal is to prevent millions of American families from losing their houses because they can't make mortgage payments.
"We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes," Obama said Tuesday as he signed his tax cut and spending package into law.
The ambitious plan he was announcing at a Phoenix high school Wednesday was expected to offer government cash to mortgage companies that reduce interest rates — and therefore monthly payments — for homeowners in danger of default, according to several people briefed on the plan. What remained unclear was how the government will decide who qualifies for relief.
One Democratic official familiar with the plan said it also would allow homeowners to refinance their mortgages if they owed more than their homes were valued. Still another section would give bankruptcy judges more authority to change mortgages. That last provision has been opposed by lenders, who said it would add risk and lead to higher interest rates.
(Excerpt) Read more at news.yahoo.com ...
For everyone else who falls into the Obama Plan, it is "FREE STUFF!"
Judges can set interest rates, but only for "certain" individuals? I know how that will go down. Expect to hear terms such as "Mortgage Forgiveness" and "Debt Fairness" very soon.
Something for nothing. The oldest scam since the dawn of mankind.
Smells like new version of affirmative action coming down the pike......
“A chicken in every pot and a free crib for the disenfranchised”
Damn you Obama!
Putting millions of landlords out of business.
The mortgage problem is a symptom of a deeper economic infection. It’s like treating a high fever without also determining the cause of the fever, which is, to my mind, mainly a loss of the virtue of delayed gratification.
"The Government cannot give to anybody anything that the Government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them; and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for; that, my dear friend, is about the end of any Nation."
"You cannot multiply wealth by dividing it!"
-- Dr Adrian Rogers.
.
My eldest daughter and her husband just bought a home in Maricopa 18 months ago. They’re both self-employed and struggling but still paying the mortgage, although now their house has lost about 25% of its value. Of course, they’re conservatives and have no intention of making others pay their way. I guess common sense is another conservative trait!
“...do everything we can to help responsible homeowners stay in their homes.”
BS thy name is BO. Responsible homeowners don’t need your help. What you are doing is taking money from responsible home owners and using it subsidize irresponsible freeloaders.
When you drive a CAR OFF the LOT, you are UPSIDE DOWN on your asset......now a house is the only asset that will be IMMUNE from being upside down for a while??
“What (Obama) is doing is taking money from responsible home owners and using it subsidize irresponsible freeloaders.”
Exactly. My wife and I bought what we could afford, a very modest, forty year old, 1300 square foot house. We have never missed a mortgage payment and have never been delinquent on our taxes. And yet, some irresponsible lowlife buys a house way beyond his or her means, stops making mortgage payments, and GETS TO KEEP THAT HOUSE at a lower rate and obligation than what he or she originally signed on for! He or she is REWARDED for being irresponsible!
Hmmmm, wonder what the criteria for “responsible” will be based upon?
And don't forget about "Predatory Lenders".
What more can we say about this dimwit obama - he is morally bankrupt and they’ve hit the jackpot with his presdential power.
He lectures us all on our “crisis” only to hop on Air Force
One to treat himself and his honey to a whirlwind Valentine date in Chicago. He is morally bankrupt. This shows his character and lack of judgement.
His crackdown on CEOs should apply to himself. He needs to reimburse the taxpayers for the cost of this totally unnecessary trip.
Obama has a lot of catching up to do. He is only spending 40% of GDP, while other European countries are spending almost 50% of GDP, and places in Northern Ireland are spending three quarters of GDP.
Spend us out of debt, magister Obama! There's a rich man, there, hiding behind a tree! Get his money and spend it!
We have crammed 6 people in an 1100 square foot house, my three daughters share an added on room (double the size of a regular bedroom, but still 3 in one room!)
All that so I could afford the mortgage. Now people who aren’t in a small, 30 year old house get help and I get squat. Oh yeah, an increase on MY taxes.
Any help for those who want to buy a house responsibly? Hmmmmm?
You mean the “Debt Fairy” isn’t coming to my house?
40 acres and a mule in 1865 compounded quarterly is worth what in 2009?
It's worth 40 acres and a mule for every single person specified in 1865. In other words, 40 acres and a mule for the ancestor of however many descendants there are from that one person today. Not 40 acres and a mule for EACH descendant, 40 acres and a mule for all of them combined.
They can share.
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