Posted on 10/24/2011 5:47:12 AM PDT by Evil Slayer
(Reuters) - President Barack Obama this week will announce a series of actions to help the economy that will not require congressional approval, including an initiative to make it easier for homeowners to refinance their mortgages, according to a White House official.
The actions come as Obama is facing resistance from Republicans to a $447 billion jobs package he has urged Congress to pass.
The first of the initiatives will be unveiled during Obama's three-day trip to western states beginning Monday.
He will discuss the changes in mortgage rules at a stop in Nevada, which has one of the hardest-hit housing markets in the country.
The Obama administration has been working with the Federal Housing Finance Agency, the regulator for Fannie Mae and Freddie Mac, to find ways to make it easier for borrowers to switch to cheaper loans even if they have little to no equity in their homes.
The FHFA intends to loosen the terms of the two-year-old Home Affordable Refinance Program (HARP), which helps borrowers who have been making mortgage payments on time but who have not been able to refinance as their home values have dropped.
The Wall Street Journal reported that the changes should boost refinancing because they will let banks avoid the risk of any "buy-back" on a HARP mortgage as long as borrowers have made their last six mortgage payments and they prove that they have a job or another source of passive income.
They are also set to reduce loan fees that Fannie and Freddie charge and waive fees on borrowers that refinance into loans with shorter terms, the Journal said.
Pricing details won't be published until mid-November, and lenders could begin refinancing loans under the retooled program as soon as December 1, the newspaper reported, citing federal officials. Loans that exceed
(Excerpt) Read more at reuters.com ...
The Occupy movement will facilitate his complete takeover of this country & not one pubbie in congress is doing or saying a thing about it.
Correct. The Republicans would be painted as "supporting bailouts for Wall Street but not Main Street". There's no upside to opposing this without the numbers in Congress.
Thus the real intention of his “jobs bill” to get his hands on all that moolah and do pay offs.
How about a President for a Day program. Each participant gets 3 laws.
The elections will happen. Bad things happen to dictators.
He pretty much has on Israel. Libya-Islamic state. Check! (Announced yesterday) Egypt-Islamic state. Pretty soon. Iraq-Islamic state. Pulling troops out so Iran can take over. Check! Check! Check! and Checkmate on Israel. My God, this guy is swift. Now our first foreign born Islamic POTUS will be seen as a Martyr. Al-Qaeda only wishes they could accomplish was The One has done in only a few short years. Oh yes, but he did take out Bin Laden. But that was more like John Gotti rubbing out Paul Castellano so Gotti could become the new Don.
Sic semper Tyrannis.
Another campaign tour for which the taxpayers are picking up the tab, no doubt. Is there any other reason he can’t announce this stuff from Washington?
Semper Fi
Not if he can declare "martial law" due to riots in the streets.
The Sun King.
Head line should read "Obama to finally shut down banks once and for all"....letting people who cannot afford to pay their mortgages make those loan in the first place is Criminal not only the act but to the people who think they can own a home and not pay for it. Obama should be locked up for even suggesting such a thing.
Indeed. He'll probably forgive student loans and turn the housing into Section 8s.
Post of the day.
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