"This is a big f*ckin' deal."
Posted on 03/25/2010 3:32:40 PM PDT by Oldeconomybuyer
The Obama administration plans to overhaul how it's tackling the foreclosure crisis, in part by requiring lenders to temporarily slash or eliminate monthly mortgage payments for many borrowers who are unemployed, senior officials said Thursday.
Banks and other lenders would have to reduce the payments to no more than 31 percent of a borrower's income, which would typically be their unemployment insurance, for up to six months. In some cases, administration officials said, a lender could allow a borrower to make no payments at all.
The new push, which the White House is scheduled to announce Friday, takes direct aim at the major cause of the current wave of foreclosures: the spike in unemployment.
(Excerpt) Read more at washingtonpost.com ...
That’s my question too.
That lady caught on video during the election was right, now she doesn’t have to worry about paying her mortgage . . . zero will just reach into his stash and pay it for her.
It will be the next target after the 50 Million (20 million here plus the soon-to-come relatives) illegals get citizenship and the ticket to the land of the big 'legal' entitlement system. This country's economic system will be subsumed by Obama, and it is a fiscal disaster freight train coming soon to a place that will affect you directly.
“Will somebody put a lid on this undocumented worker!”
I believe The Lord is our only hope now. We all prayed hard that Obamacare would fail in the House but it didn’t.
Satan won that round. Stupak sold out.
But we can’t lose faith. We have to keep praying...
Everybody will have to pay higher mortgage rates, which will depress the housing market more.
So, all I have to do is to quit my job or do something so colossally stupid to get fired and I’ll get a free Obama house? along with free Obama medical care and a car from Obama Motors.
where do i sign-up?
Where in the U.S. Constitution does the gubmint have the right to interfere with private contractual obligations?
Oh....silly me; that Document doesn't apply to THIS administration.
(See tagline)
It's OK! "We had to go through Carter to get Reagan", and a guy just like Reagan will magically show up *just* in time for the 2012 election, and of course he'll be elected because the voting population is just exactly what it was in 1979 with no massive third world immigration, no new generations of young(er) voters that have been indoctrinated by their schooling to an extent NOT seen in the voters who voted in Reagan almost three decades ago, and-
Banks will be fine as Obama is spending the $700 Billion of tarp that was repaid. The taxpayers will never get that money back.
Obama will soon spin off Citi and GM. Whatever money that is collected will be used to play around with the economy some more.
If mortgage payments are cut or eliminated, what will happen to the real estate taxes which states and counties depend on for education and other services. Will real estates taxes also be forgiven? What happens to education then? What happens to local governments then when their revenue streams shrink or dry up?
How the fu*k is he gonna do that - absent new banking legislation ??? Almost all the banks that took money have paid it all back - WITH INTEREST !!!
But obviously missing your mortgage payments doesn't. All this current stupidity is going to do is breed resentment from all of us who are the source of ‘Obama’s Stash’.
Keep playing with fire, Bambi.
>>If mortgage payments are cut or eliminated, what will happen to the real estate taxes which states and counties depend on for education and other services. Will real estates taxes also be forgiven? What happens to education then? What happens to local governments then when their revenue streams shrink or dry up?<<
Who cares? Puppies will romp in fields of green with rainbows above, while unicorns crap skittles by the ton.
Arrogant weasels.
Probably will only benefit registered democrats.
"This is a big f*ckin' deal."
They can't.
But they'll threaten and intimidate like hell.
I agree that is why I returned to the Catholic Church, because I realized that we needed His help and protection in this battle between good and evil. I watched the presidental debates with the rosary in my hands. I am in constant prayer hoping that God will intercede.
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