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 ...
Is this Scrappleface?
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We could look at it as Scrappleface that has been taken over by Darth Vader. It is not a pretty picture — it is not America.
oops here is pdf link
I never thought about the “mortgage next door.” Life is NOT fair and “O” can’t legislate fair. I heard him say something yesterday about making “life more fair.”
That man has NEVER suffered in his life, I think. Otherwise, he might understand that life isn’t fair and was never intended to be fair. ARGH!!
Otherwise, he might understand that life isn’t fair and was never intended to be fair. ARGH!!
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IMHO, he is driven by two things. A twisted ideology about the poor, and a rabid lust for monolithic power and control. Just go back and look at WHO AND WHAT his mentors were and are. He comes from a background of American hate, socialism, criminal power, and a total disrespect for individual responsibility and freedom.
We knew this even before he ran for president -— which is really all he ever did while in the Congress. It was very clear then who and what he is.
Who the heck had that kind of payment?
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Oh, yeah, I forgot.
The rest goes to all the bureaucrats and their buddies.
It really isn't!
75 B / 9 M = 8333.33
But then again, that’s not really the point.
Since the Government can now, by judicial fiat, declare that the original principal of xxx dollars is now a principal of yyy dollars - no actual money is being spent be the government! The Lender just lost out (big) - but since they are likely a dirty evil rich person - the deserve it.
Then, once the dirty evil greedy lenders have lost enough, “Aitch” can introduced TARP MCMXXII to bail them out!
He wasn’t raised in the US, so his view of America has always been vile, taught from the European, Indonesian, Kenyan view which “ain’t” good
Surely you jest?
Part of the Hussein plan. Invest in a second mortgage for home “owners” who had no intention of paying their first mortgage. Throw more money down the drain. Create the financial panic which will require Big Brothers “intervention” in all markets. Take over completely. Marxist dictatorship in place.
I really don't know. It doesn't make any sense at all.
But it's another 75 billion of taxpayers money flung out the window, and most likely into ACORNS coffers, because no doubt ACORN's mortgage dept. will be handling this homeowner assistance program.
Wait, here it is:
"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."
And, there is "another part of Obama's housing bailout plan" to come apparently.
75 billion here, 100 billion there, anyone counting?
He wasn’t raised in the US, so his view of America has always been vile, taught from the European, Indonesian, Kenyan view which “ain’t” good...
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And stack on top of that, being mentored by Saul Alinsky and his radical socialism and antiestablishmentism. Along with radical anti-Americans like Wright and TERRORISTS like Ayers and only God knows who and what else.
The fact that man is in our White House is terrifying and a clear picture of the mentality (if there is any) of the typical leftist voter. God help us.
75 billion to help 4 million who qualify. A nice welfare check of close to 19,000 per participant. It pays to be irresponsible in these United States.
Hey, at least I'm honest. :-p
Yep. Eight grand to someone with a mortgage in the hundreds of thousands will last about (snap!) that fast.
Not to mention the irresponsible borrowing habits that got them there in the first place.
If the government plans on keeping these people afloat, they'll have to pass TARP bills like Hollywood makes Friday the 13th movies.
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