Housing Secretary Shaun Donovan
Posted on 02/22/2009 7:06:25 PM PST by tobyhill
The Obama administration's efforts to help struggling homeowners will aid "responsible" borrowers, not deadbeats or speculators, Housing Secretary Shaun Donovan said Sunday.
President Barack Obama announced the plan Wednesday, saying it will help up to 9 million people keep their homes in a housing market ravaged by foreclosures. But critics, including several leading Republicans and some commentators, said the $75 billion proposal will unfairly help some people at the expense of others.
White House spokesman Robert Gibbs acknowledged Friday that some people who made "bad decisions" might end up getting help under the proposal. But Donovan, Obama's secretary of housing and urban development, told CNN's "State of the Union" on Sunday that "there are no 'flippers,' investor-owners or scammers that are eligible for this program."
"We're going check everybody's income when they come into this program. We're going to make sure that people are paying their bills. And more than anything, we're targeting the folks who are playing by the rules," Donovan said.
(Excerpt) Read more at cnn.com ...
Housing Secretary Shaun Donovan
Who the hell is Shaun Donovan and when did he get appointed?
I agree with you there!
My dad used to remodel (now it’s called flipping, I guess) 1 house per year.
He paid himself for the year’s work (along with any subs) from the loan he took to buy the house.
Then, he would have enough left from the sale of the remodel to put a down payment on the next house.
1 house per year.
(or 9 months)
After he was unable to sell his last remodel (from summer, 2007), his main house was foreclosed on (about 1 month ago).
This is not some kind of shark.
He’s just a small builder trying to make a modest living.
He’s not looking for a bailout, but, is very frustrated with the idea that others will be bailed out when they weren’t (again, he’s not saying he should have been).
It’s just a sad thing.
He’s just a guy who went to work for himself...no security there I guess!
:-)
We’ll see what happens to him and my step mother.
But, you’re right.
He is not some kind of societal leech.
‘flippers,’ investor-owners or scammers
Meaning the program is only available for primary residence homeowners. You can be a illegal as long as you live in the home and it is your primary residence and qualify at 31% of your income.
flippers, investors could scam by moving in and declaring residency quickly.
There is a path for deadbeats. It’s called BANRUPTCY. Loser lefties are douche bags.
Me thinks his appointment and approval was hidden in the Stimulus bill somewhere?
Good Lord - he looks about 15. I can think of several of my own son’s high-school classmates I’d sooner trust with the position - smarter and more honest.
What you just described is called "redistributing the wealth." It is the whole point of this transparent scam. Obama doesn't care about mortgages. He just wants to scour "excess" wealth from your white backside.
btw, the deadbeat with the 400K house thinks it's a fine idea.
Good luck to your dad. I hope things can work out for him.
Has he moved out of the main house already?
From what I read if he tried to make the payments on his primary home he needs to call about a re-mortgage now.
If he had the flipper under LLC he should be okay credit wise but can’t get it refinanced under Obama’s terms. He should rent it out for now and save his primary house.
Actually the question was what about people who lied on the application?
The guy did not answer because they are not going after people that lied.
It is always worse than you think.
looks like a poster boy for legalizing marijuana to me.
Another probelm with this
is they are going to let bankcrupcvy judges write down mortgages.
Once they do that who is going to offer a mortgage?
Libs can only think a millionth of a second in advance which is one reason so many things they do are counter productive.
Actually, I call it stealth reparations.
And yes, the guy with the 400k house is ecstatic someone else is paying for it.
Barack Obama to set out high-risk financial agenda for the US (Spendo-Rama)
Times of London | February 23, 2009 | Tim Reid
Posted on 02/22/2009 6:08:59 PM PST by GOPGuide
http://www.freerepublic.com/focus/f-news/2191668/posts
Report: Citi in talks with feds to increase government stake
Marketwatch | 2/22/09 | Marketwatch
Posted on 02/22/2009 5:41:43 PM PST by jimbo123
http://www.freerepublic.com/focus/f-news/2191653/posts
Detroit As the Prodigal Son
TownHall | February 22, 2009 | Steve Chapman
Posted on 02/22/2009 10:22:51 AM PST by dbz77
http://www.freerepublic.com/focus/f-news/2191432/posts
I'm just being silly. The real Donovan does look a little like this photo. Oh, your son will likely know who this photo actually is , ask him.
I was kidding. However he does bare a strong resemblance.
Yeah....and what about all those ARM mortgages that will re-adjust in the coming years....we going to bail out all of them also....?
CITI bank just pushed my rate to 18.99% or 12.99 + prime rate...whichever is higher. I will have a zero balance on that card by this time next week. I'm also paying off the balance of a motorcycle loan. I'm finished paying interest to irresponsible banks.
WASHINGTON —
Roubini and Posen think that a bold, drastic step is inescapable, and that a failure to take it now would only make it costlier and more difficult later. Today’s problem is the $1.2 trillion in assets whose underlying collateral is shoddy subprime mortgages, which have eroded faith in the broader U.S. housing market.
Tomorrow’s problems go far beyond housing.
“Another $7 trillion - including commercial real estate loans, consumer credit-card debt and high-yield bonds and leveraged loans - is at risk of losing much of its value,” Roubini wrote. “Then there are trillions more in high-grade corporate bonds and loans and jumbo prime mortgages, whose worth will also drop precipitously as the recession deepens and more firms and households default on their loans and mortgages.”
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