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Housing secretary defends Obama foreclosure plan (Obama in panic mode after bailout backlash)
cnn ^ | 2/22/2009 | cnn

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 ...


TOPICS: Extended News; Front Page News; Government; News/Current Events
KEYWORDS: acorn; bho2009; bho44; bhohud; democrats; foreclosures; housing; hud; muslim; obama; shaundonovan
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To: tobyhill

Housing Secretary Shaun Donovan

81 posted on 02/22/2009 8:21:48 PM PST by topfile
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To: tobyhill

Who the hell is Shaun Donovan and when did he get appointed?


82 posted on 02/22/2009 8:24:04 PM PST by MadMax, the Grinning Reaper
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To: keepitreal

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.


83 posted on 02/22/2009 8:27:06 PM PST by M0sby ((Proud wife of MSgt. Edwards USMC ret.))
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To: VeniVidiVici

‘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.


84 posted on 02/22/2009 8:28:19 PM PST by OafOfOffice
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To: tobyhill

There is a path for deadbeats. It’s called BANRUPTCY. Loser lefties are douche bags.


85 posted on 02/22/2009 8:30:13 PM PST by VRWC For Truth (Throw the bums out who vote yes on the bail out)
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To: MadMax, the Grinning Reaper
Who the hell is Shaun Donovan and when did he get appointed?

Me thinks his appointment and approval was hidden in the Stimulus bill somewhere?

86 posted on 02/22/2009 8:30:31 PM PST by topfile
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To: topfile

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.


87 posted on 02/22/2009 8:30:42 PM PST by Think free or die (The problem with socialism is that you eventually run out of other people's money - M.Thatcher)
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To: usconservative
I don't know about you, but I don't know anyone who's happy with that arrangement.

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.

88 posted on 02/22/2009 8:31:26 PM PST by hinckley buzzard
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To: M0sby

Good luck to your dad. I hope things can work out for him.


89 posted on 02/22/2009 8:32:45 PM PST by keepitreal (Obama brings change: an international crisis (terrorism) within 6 months)
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To: M0sby

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.


90 posted on 02/22/2009 8:33:31 PM PST by OafOfOffice
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To: spectre

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.


91 posted on 02/22/2009 8:34:53 PM PST by genghis
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To: Think free or die

looks like a poster boy for legalizing marijuana to me.


92 posted on 02/22/2009 8:36:40 PM PST by OafOfOffice
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To: tobyhill

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.


93 posted on 02/22/2009 8:36:49 PM PST by genghis
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To: hinckley buzzard
What you just described is called "redistributing the wealth."

Actually, I call it stealth reparations.

And yes, the guy with the 400k house is ecstatic someone else is paying for it.

94 posted on 02/22/2009 8:39:23 PM PST by usconservative (The Obama Presidency is historic alright. Historic in it's abysmal failure in less than 30 days!!!)
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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


95 posted on 02/22/2009 8:41:20 PM PST by SunkenCiv (https://secure.freerepublic.com/donate/____________________ Profile updated Monday, January 12, 2009)
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To: Think free or die
Good Lord - he looks about 15.

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.

96 posted on 02/22/2009 8:41:43 PM PST by topfile
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To: OafOfOffice
looks like a poster boy for legalizing marijuana to me

I was kidding. However he does bare a strong resemblance.

97 posted on 02/22/2009 8:54:11 PM PST by topfile
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To: MississippiMan

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....?


98 posted on 02/22/2009 8:54:14 PM PST by spokeshave (Palin-Santelli '12)
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To: usconservative
Your credit card rate which was 7.9% because you were a responsible customer is jacked up to 17.9% because of "economic conditions." (Note: Capital One just did this very thing to ALL it's low interest rate card holders for this very reason.)

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.

99 posted on 02/22/2009 9:02:45 PM PST by Myrddin
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To: All

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.”


100 posted on 02/22/2009 9:04:34 PM PST by OafOfOffice
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