Posted on 07/14/2009 1:08:38 PM PDT by GreaterSwiss
NEW YORK, July 14 (Reuters) - U.S. government officials are weighing a plan that would let borrowers who have fallen behind on their mortgage payments avoid eviction by renting their homes instead, sources familiar with the administration's thinking said on Tuesday.
Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years, the sources told Reuters.
Officials are also considering whether the government should make mortgage payments on behalf of borrowers who cannot keep up with their home loans, tapping an unused portion of a $50 billion housing aid kitty.
As part of this plan, jobless borrowers might receive a housing stipend along with regular unemployment benefits, the sources said. (Reporting by Patrick Rucker; Editing by Diane Craft)
(Excerpt) Read more at reuters.com ...
No surprise here, the Soviet Union functioned this way for decades. I wonder what our gulags will be like?
It's reparations in a different guise.
The White House is included in this type program?
Ummmm,
Should someone tell this certifiable lunatic that you only OWN your home after you PAY for your home?
Or perhaps he is planning on buying these homes by paying off each & every mortgage, & then “renting” them back to the current occupants?
Oh whatever...it’s all gone to hell in a hand basket, anyway.
Stunning, unprecedented, brazen, unrelenting, dictatorial, outrageous, unlawful, thieving, wrong-headed, unscrupulous, mind-boggling, belief-shattering, unthinkable, property-right smashing, ...
Adjectives fail to describe adequately this proposed policy. We are headed for the utter destruction of property rights. Property rights will be at the discretion of the rat masters.
Some Russian already forecast that the USA would split up in 2010.
Can someone please explain to me why I continue to pay my mortgage and other bills? Am I the sucker here? (rhetorical)
Sounds good, but the devil is in the details. Based on friends who are in the repossession business, many of these people have made no attempt to pay on their mortgages for months or years. Once they know they will default..why make partial payments? Anyone who doesn’t belong on Sec 8 can get rental housing..in line with their income. That frees up the house to find a real “owner”. I fear that their plans include trying to defy the law of gravity and trying to keep the house prices up when there is a surplus in many places...not even the USG can do that.
Don’t tell 0bama what comes after a trillion.
Honk if I’m paying your mortgage.
Unfortunately, if you are underwater with your mortgage, you are already renting. This would just formalize what is already happening and eventually allow the government to move the property.
Of course, in the short term, we could just foreclose on everyone and have blighted cities and towns with empty crack houses, whilst the population lives in tent cities.
We need econ development, like drilling and manufacturing. But we as long as we dont help the economy we will have this problem.
That’s exactly what they’re after, doc.
Feudalism, baby... with them as the neo-nobility, in control of everything, including our lives and deaths.
Section 8 Housing for everyone!
I wonder if this will be treated the same as the auto dealerships? You will have to be a Democrat to qualify. Otherwise, go find a cardboard box to live in!
Every Obama policy thus far, when examined from “who pays, who gets”, has been de facto reparations.
Why don’t they just cut to the chase and seize all property and do government assigned housing. That’t probably their end goal.
Do you get the feeling that TARP, Auto Bailouts, Stimulus is deja vu of an Israel in Egypt, Joseph buying up property and people with taxpayers money during drought times, all over again?
Because you are a responsible individual who seeks nor requires government ‘welfare-like’ handouts. Despite the frustration inherent in how Barry is turning the US into a welfare state, continue to be proud that you and your family act responsibly.
Well... not exactly. Yes, in purpose, function, and action - yes, it is “Welfare”, but remember, under Clinton, millions came off the “Welfare rolls” - of course, much like the changed method of calculating the unemployed, the government just changed definitions.
So, while this would mean $Billions in more federal tax dollars (borrowed from our grandchildren and great-grandchildren), it wouldn’t “reallllllyyyy” be “Welfare”...
So now lenders are going to become landlords. How crazy is that?
Marxism marches on, with the Traitor-In-Chief at the helm.
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