FHA gives jobless homeowners one-year break (Qualified would not have to make mortgage payments)

MSNBC ^ | 7/07/11 | DEREK KRAVITZ

[meyer]

I guess it’s time to ask myself - Why am I working? Maybe it’s time to kick back and live off the fruit of other peoples’ labor for a while. It seems fashionable to be a deadbeat these days. And profitable.

[Scotswife]

it’s almost like he’s intentionally trying to crash the banking industry.

[driftdiver]

Within 5 lots beside mine and across the street there are 5 empty houses and at least one more getting ready to be empty.

In general about 20% of the homes in my area are empty.

[Realman30]

Well. . . this is a Change? ? ?

[mo]

well, well...at least ONE campaign promise The One is keeping...”He” is going to pay their mortgages.

[FES0844]

Why am I still paying my mortgage every month? Not fair.

[Recovering Ex-hippie]

agree.

It really will only stall the inevitable. Trying to get my condo refinanced is a joke..that’s because I have been paying my mortgage and work for a living. Gosh, am I stupid or what?

[raybbr]

[mountainlion]

I could not buy a house years ago because I did not make enough money and did not have a down payment even with the VA loan program. Now they give away houses. There is something very wrong here.

[so_real]

Let me recheck my pocket Constitution. Seems I must have overlooked the "Right to Home Ownership" before.

[Vaduz]

The Obama administration is making it easier for out-of-work homeowners to stay in their homes.
I bet no stats can be found on how many are progressive democrats.

[SunkenCiv]

Starting Aug. 1, thanks Libloather.

[Proud2BeRight]

Ahhhh, more incentives to NOT work. That’s the way to build the Democrat vote base.

Obama 2012:
Destroying Jobs and Self Responsibility but Preserving Your Lifestyle

[April Lexington]

Actually, it is the Federal Reserve who is giving these poor souls a free ride. You see... the Treasury doesn't have the tax revenue and nobody will buy its crappy bonds at these low interest rates so... The Bernank buys them and sticks them on his unaudited balance sheet where, presumably, they will live forever as refinanced government funny money...

[Golden Eagle]

I guess it’s time to ask myself - Why am I working? Maybe it’s time to kick back and live off the fruit of other peoples’ labor for a while. It seems fashionable to be a deadbeat these days. And profitable.

I'm sure many with FHA home loans are now seriously asking themselves that, and some probably will decide they'd actually rather not work, if they don't have to.

[DH]

The Obama administration is making it easier for out-of-work homeowners minorities to stay in their homes. There, fixed that.

[Vaduz]

Agree

[Mouton]

And I am glad you see the big picture here for what is going on...the whole system is one step from collapsing as they do this minuet dance.

Meanwhile, I am so happy I actually paid off my home, now worth less than I paid for it, some time ago with savings I had because that seemed to be the prudent thing to do. Well, at least it gives me some spare cash each month to go out and buy some more ammo for the coming REV 2.

[mvpel]

Like all the other “relief” programs, it will probably be useless to honest and hard-working people fallen on hard times - the interest will probably continue to accrue, late fees will be charged, the mortgage will continue be reported to credit bureaus as delinquent and destroy credit ratings, and at the end of the year anyone who’s not willing or able to simply walk away from the home will be 100’ deeper in the hole than they were a year earlier.