Posted on 03/04/2009 7:36:48 AM PST by EagleUSA
WASHINGTON – The Obama administration kicked off a new program Wednesday that's designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.
The Treasury Department released detailed guidelines designed to let the lending industry know how to enroll borrowers in the program announced last month.
"It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets," Treasury Secretary Timothy Geithner said in a statement.
The administration, launching what it calls the "Making Home Affordable" initiative, said that borrowers will have to provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify for the $75 billion loan modification program, which runs through 2012.
Borrowers are only allowed to have their loans modified once, and the program only applies for loans made on Jan. 1 2009 or earlier. Up to 4 million borrowers are expected to qualify. Mortgages for single-family properties that are worth more than $729,750 are excluded.
(Excerpt) Read more at news.yahoo.com ...
England went with Orwell. We are bending towards Ryand.
Ok, how are 9 million homeowners helped out when only 4 million qualify?
I don’t know. Judging by the title (”Making Home Affordable” initiative) it migh qualify as Orwellian too, given that it will actually just prop up housing prices rather than letting them fall.
I doubt Judges can take personal property or any law passed by Congress.
Have they ever answered the question: Who get the “profits” if the value of the house ever rises?
Have they ever answered the question: Who get the “profits” if the value of the house ever rises?
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I think we can answer that one easily. It will “disappear” like our Social Security money did/does each year.
Separately, up to 5 million borrowers who have mortgages held by government controlled mortgage finance giants Fannie Mae and Freddie Mac should be eligible to refinance through June 2010.
TRANSLATION: McMansion owners encouraged to apply.
Up to 4 million borrowers are expected to qualify
Lets put 2 and 2 together now:
Up to 4 million voters are expected to qualify by the 2012 election. Voters will then have a choice, elect the party that will extend the government teat, or...
Just imagine the people doing the approvals. You think they will turn their buds away?
At what rate and what are the discount points/fees?
Up to 4 million voters are expected to qualify by the 2012 election. Voters will then have a choice, elect the party that will extend the government teat, or...
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Catching on, eh? A large part of the Porkulus money will be spent to buy votes and being sandbagged for the 2010 and 2012 election cycles. Remember that it is only POWER AND CONTROL that the socialists are interested in — the condition of America is not a concern to the radical left -— only power over the ashes.
“Ok, how are 9 million homeowners helped out when only 4 million qualify?”
And when only 1 million are allowed to apply through ACORN the dems get a new 75 billion slush fund...
Chavez is a rank amatuer compared to Obama.
This is a wholesale assault on wealth in America...
Why is the limit almost 750 grand?
Oh...to get their over leveraged friends and allies money to keep their Mcmansions in gated communities....
Is this Scrappleface?
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