Obama administration to order lenders to cut mortgage payments for jobless (Communism is here)

washington post ^ | 3/25/2010 | Renae Merle and Dina Elboghdady

[spyone]

This is outrageous.

[highlander_UW]

And just how is he intending to require banks to unilaterally adjust signed contracts?

What's the stick?

[MrChips]

Of course, the “underemployed” . . people like me who try not to rely on the system and find SOME work, will not get any help. Just the freeloaders.

[traditional1]

"millions of risky home loans that went bad"

Bawney Fwank was the one who pushed for loans to un-qualified buyers, and now they want to accomplish my tag-line....no surprise here at all.

"OBAMA MONEY, FROM HIS STASH"

[tobyhill]

It’s in the TARP. If they took any bailout money, whether they paid it back or not, they are at the mercy of Commie Obammy.

[givemELL]

Joblessness pays....until govt. says it does not pay.

[McLynnan]

So I can quit my job and get the government to pay for my house? Sweet!

[Cockroach]

You betcha!!!

[Lorianne]

Unbelievable!
Ok, I feel for people who’ve lost their job and can’t pay the mortgage. They are certainly up against it.

But this will not help them. It will drag the economy down more so they and everyone else will have an even harder time finding a job.

[jeffc]

"...to order..."?

And the WaPo doesn't find this . . strange? What if Pres Bush had "ordered" private businesses to do something? Would they not be up in arms?

Can Zero get any more dictatorial? I'm afraid the answer is yes, and he probably will, with the help of the propoganda arm of the demo-socialist party, the lame-stream press.

[JohnD9207]

Great...98 weeks of unemployment, and 23 months of no house payments.....what a deal huh! WHAT A COUNTRY!

[digger48]

And after six months when they STILL don’t have a job? What then? just GIVE them the friggin house????

[Road Warrior ‘04]

Fug it! I'm just going to quit paying my mortgage, credit cards and taxes! I will pay my utilities just to keep the lights on.

[jsh3180]

>>takes direct aim at the major cause of the current wave of foreclosures: the spike in unemployment<<

---

There’s lots of mortgages, credit cards and other debt not being paid for another big reason.

It’s called Moral Hazard and this move will multiply it to infinity.

[Man50D]

This is outrageous.

Welcome to the wonderful world of marxism.

[KansasGirl]

I guess there will be no more mortgages. The Gov’t is making them not worth the paper they are written on for the banks.

[justlurking]

Fug it! I'm just going to quit paying my mortgage, credit cards and taxes! I will pay my utilities just to keep the lights on.

I just paid my mortgage off. I'm apparently the stupid one.

[digger48]

It’s called Moral Hazard

Hey! I just learned a new term! Thank you!

[EGPWS]

Work according to your abilities and get according to your needs.

Sound familiar?