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Obama mulls rental option for some homeowners-sources
Reuters ^ | 7/14/2009 | Patrick Rucker

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 ...


TOPICS: Breaking News; Business/Economy
KEYWORDS: bailout; bho44; bhoeconomy; economy; foreclosure; formenotforthee; housing; mortgage; obama; slavery
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To: NoObamaFightForConservatives

Thanks. That’s what I meant to put in the link, but somehow pasted the FR post itself.


81 posted on 07/14/2009 2:05:59 PM PDT by Cooter
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To: GreaterSwiss

You “fixed” one problem 0, now what do you do have planned if the “renters” can’t pay the rent? True liberalism, you fix one problem by creating a new one.


82 posted on 07/14/2009 2:07:34 PM PDT by crazyhorse46
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To: blue-duncan; P-Marlowe; xzins; Dr. Eckleburg; betty boop; Alex Murphy; 1000 silverlings; ...

I don’t think it’s enough that he settles merely on the rental option.

I think he should require pastels on the walls, low flow toilets, linoleum instead of carpet, bifold instead of full doors, electric instead of gas ranges, and low wattage bulbs.

There should be a prescribed number of times per day per person to use the low-flow, the shower, the sink and the washer.

Dinner should be low-fat, chicken not beef, veggies not pasta, and water not beer.

These are all decisions the president is entitled to make by both the constitution and by virtue of being elected.

/s


83 posted on 07/14/2009 2:08:15 PM PDT by xzins (Chaplain Says: Jesus befriends all who ask Him for help.)
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To: GreaterSwiss
Vote Democrat or we evict.
84 posted on 07/14/2009 2:10:07 PM PDT by Carry_Okie (Grovelnator Schwarzenkaiser, fashionable fascism one charade at a time.)
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To: Cooter
Here is the other VIDEO
85 posted on 07/14/2009 2:10:39 PM PDT by Dubya-M-DeesWent2SyriaStupid!
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To: Carry_Okie

I’m about to lose my lunch!


86 posted on 07/14/2009 2:11:15 PM PDT by skwrlgirl
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To: DJ MacWoW
It makes sense but why does Obama think it’s his choice to make?

Agreed. If I were a bank in a market with a lot of foreclosures and declining property values, I might think about a policy that allowed home occupants that met some standards to sign over title to the house but continue renting for some period of time. However, the more government interferes in the market, the longer it's going to take to sort out the real estate mess. Banks aren't even thinking about innovative ways to recoup their losses, in part because everyone's sitting around waiting for their government bailout.

87 posted on 07/14/2009 2:11:39 PM PDT by CaptainMorgantown
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To: ltc8k6

Actually they do own them and have the the bundle of rights of ownership, including exclusive use, renting, encumbering, and selling. The mortage is a lien interest by the lender and has legal consequence. Even if the home is free and clear of a first mortgage (or first trust deed in Calif and some other states) the property is still burdened by property taxes. Failure to pay those also has legal consequences, including potential public sale by the taxing authority. So whether there is a lien interest by a lender or by the state, a person whose name is on the deed does own the property.


88 posted on 07/14/2009 2:13:06 PM PDT by doug from upland (10 million views of .HILLARY! UNCENSORED - put some ice on it, witch)
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To: GreaterSwiss

There should be a hammer and sickle painted on each house....


89 posted on 07/14/2009 2:14:17 PM PDT by clintonh8r (General James Mattoon Scott: Where are you now that we need you?!)
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To: NoObamaFightForConservatives
And the Winner Is . . . Peggy the Moocher
90 posted on 07/14/2009 2:16:03 PM PDT by Cooter
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To: CaptainMorgantown
Banks aren't even thinking about innovative ways to recoup their losses, in part because everyone's sitting around waiting for their government bailout.

Man isn't THAT the truth.

One has to wonder if they ever consider where the money comes from. There are many new houses in my area that have been empty for several years. If we are taxed to death, who can afford to rent these things so they can recoup any money? I have seen a few builders renting their houses. Property taxes must be killing them so they can't leave them empty.

91 posted on 07/14/2009 2:16:11 PM PDT by DJ MacWoW (Make yourselves sheep and the wolves will eat you. Ben Franklin)
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To: GreaterSwiss

More garbage from the Nanny-state


92 posted on 07/14/2009 2:16:47 PM PDT by Sarajevo (You jealous because the voices only talk to me.)
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To: xzins

I am waiting for only GREEN toilet paper to be allowed and an Obamameter on how many times we flush the toilet.


93 posted on 07/14/2009 2:16:51 PM PDT by Dubya-M-DeesWent2SyriaStupid!
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To: Cooter

LMAO!!!


94 posted on 07/14/2009 2:17:57 PM PDT by Dubya-M-DeesWent2SyriaStupid!
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To: xzins

lol. The Californication of the nation.


95 posted on 07/14/2009 2:18:08 PM PDT by Dr. Eckleburg ("I don't think they want my respect; I think they want my submission." - Flemming Rose)
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To: doug from upland

So Obama is the landlord for several years then? He’s gotta do the maintenance and cut the grass and fix the plumbing, etc.?

Sounds interesting.


96 posted on 07/14/2009 2:18:42 PM PDT by ltc8k6
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To: xzins
These are all decisions the president is entitled to make by both the constitution and by virtue of being elected.

And because his eyes are so kind.

97 posted on 07/14/2009 2:19:11 PM PDT by Dr. Eckleburg ("I don't think they want my respect; I think they want my submission." - Flemming Rose)
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To: mnehring

but maybe i want to rent out that house there and can afford the rent. so i’ll be kpt out to keep the other guy in?


98 posted on 07/14/2009 2:19:36 PM PDT by wiggen
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To: doug from upland

But if you give up ownership and rent the place, why would you be liable for property taxes or maintenance costs?

I own a house free and clear, and I also rent an apartment.

I only cut the grass and pay taxes on one...


99 posted on 07/14/2009 2:21:08 PM PDT by ltc8k6
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To: ltc8k6
Well.... sorry, I forgot The Anointed One is above the law, immune of the dictates of the Constitution, etc.
100 posted on 07/14/2009 2:21:42 PM PDT by MindBender26 ("Ok, so I screwed up... again. I'm 65. What are they going to do, send me back to Vietnam again?)
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