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Freddie Mac offers a break to unemployed homeowners (No Job, No Worry! FREE HOUSING!!!)
cbs ^ | 1/6/2012 | ByIlyce Glink

Posted on 01/06/2012 3:43:25 PM PST by tobyhill

Unemployed homeowners will be allowed to suspend or reduce mortgage payments for as long as a year under a new policy announced by mortgage finance firm Freddie Mac on Friday. The new rules take effect on Feb. 1.

Freddie Mac will give mortgage servicers the authority to provide six months of forbearance to unemployed borrowers without prior approval, and the agency can approve an additional six months of forbearance after that. Homeowners are still responsible for paying off their full mortgage plus interest after the forbearance period ends.

According to a Freddie Mac news release, unemployed borrowers can now avoid foreclosure by asking their lender to lower their payments for up to one year. The latest statistics suggest nearly 10 percent of delinquencies on Freddie Mac mortgages were tied to unemployment.

(Excerpt) Read more at cbsnews.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS: buildingofficials; economy; foreclosures; freddiemac; mortgage; mortgages; socialism; teachers
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To: tobyhill

When will worthless drones ever learn, NOTHING is free....


21 posted on 01/06/2012 4:20:33 PM PST by EGPWS (Trust in God, question everyone else)
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To: tobyhill

Where’s my iPod?


22 posted on 01/06/2012 4:24:39 PM PST by Izzy Dunne (Hello, I'm a TAGLINE virus. Please help me spread by copying me into YOUR tag line.)
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To: tobyhill

Vote buying one dead beat at a time.


23 posted on 01/06/2012 4:27:15 PM PST by org.whodat (Just another heartless American, hated by "AMNESTY" Newt, Willard, Perry and nervous supporters.)
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To: cableguymn
I guess I'm an even bigger idiot......have been unemployed twice in the past 6 years and when I wasn't I was seriously underemployed.

I managed to continue to pay my mortgage (but thanks to a rash of foreclosures in my neighborhood, the house is underwater as it has lost a ton of value).

I also spent big bucks to go back to school which I am paying for myself (one year too early--the Obama free ride kicked in the next year for the program I completed), and now with one child finishing college and two about to start, hubby and I are too "rich" to qualify for the free rides for my kids like all the single moms I know do.

Tagline....truer every day.

24 posted on 01/06/2012 4:29:11 PM PST by Mygirlsmom (Disgusted with it all.)
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To: tobyhill

Buying votes from Obama’s stash!


25 posted on 01/06/2012 4:30:24 PM PST by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: tobyhill

Coming headline: Foreclosures Unexpectedly Drop.

Fer Cryin out loud...


26 posted on 01/06/2012 4:38:02 PM PST by arkady_renko (I want to believe.)
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To: tobyhill

Cool, so we’re gearing up to basically restart the housing bubble all over again, and still haven’t let the last cycle of this nonsense bottom out.


27 posted on 01/06/2012 4:38:24 PM PST by Utmost Certainty (Our Enemy, the State | Gingrich 2012)
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To: Utmost Certainty

Obama Freeloader Nation!

Look at chart from Zero Hedge on Civilian Employment to Population under Obama!!!!!!!!!!!!!!!!!!!!!!1

http://confoundedinterest.wordpress.com/2012/01/06/unemployment-actually-rose-in-december-nsa-dont-shoot-the-messenger/


28 posted on 01/06/2012 5:13:15 PM PST by whitedog57
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To: tobyhill

So who pays the taxes and insurance? If the property is not insured, do the banks have the right to reposes. Or are they expected to pay it themselves? How can obumber make a spending decision with no input from Congress? I’m confused.


29 posted on 01/06/2012 5:15:05 PM PST by JoSixChip (Top 10% of wage earners pay 70% of total income taxes collected. Bottom 50% pay less then 3%, fair?)
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To: tobyhill

Freddie Mac Seeks [ADDITIONAL] $6 Billion Bailout After Worst Quarterly Loss This Year
http://www.huffingtonpost.com/2011/11/03/freddie-mac-seeks-6-billion-bailout-quarterly-loss_n_1073962.html

Freddie Mac, on taxpayer support, pays big bonuses [$13 MILLION in bonus payments].Executives tell House committee that bonuses needed to keep qualified staff at Freddie Mac and Fannie Mae.

http://www­.csmonitor­.com/Busin­ess/Latest­-News-Wire­s/2011/111­7/Freddie-­Mac-on-tax­payer-supp­ort-pays-b­ig-bonuses


30 posted on 01/06/2012 5:45:37 PM PST by Lorianne
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All contributions are for the Current Quarter Expenses.


Donate Today!

31 posted on 01/06/2012 5:53:01 PM PST by RedMDer (Forward With Confidence!)
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To: cableguymn

I feel the same way.


32 posted on 01/07/2012 10:53:21 AM PST by CommieCutter
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