Skip to comments.Mortgage modification program expanded to investors, others
Posted on 01/27/2012 4:02:14 PM PST by ColdOne
The Obama administration on Friday announced it would significantly broaden the pool of consumers eligible for mortgage modifications by opening its program to owners of rental properties and homeowners burdened by medical and credit card bills and second mortgages.
Under an expansion of the Home Affordable Modification Program, investors can seek mortgage loan modifications for rental properties, regardless of whether the home is occupied by a tenant or it is vacant but the owner plans to rent it. Previously, only owner-occupants were eligible for loan modifications under the government's plan, but officials said they decided to take this step because foreclosed rental properties were having a particularly detrimental effect on low- and moderate-income renters.
"The whole purpose of HAMP is to try and prevent foreclosures," said Treasury Assistant Secretary Tim Massad in a conference call with reporters Friday afternoon. "We're expanding it to investor-owned properties for the same reason. If your neighbor is foreclosed on, whether they're an owner or a tenant, that affects you and all your neighbors. We're allowing them to get modifications. They still have to prove a hardship and go through a protocol that proves this is a good use of taxpayer money."
(Excerpt) Read more at chicagotribune.com ...
I lost money in the stock market in 2009. When do I get my bailout?
“and go through a protocol that proves this is a good use of taxpayer money”
Woohoo! I can max out my credit cards, and then refinance it all with Obama's stash!!!!
It is safe to assume our tyrant Obama decided to do this on his own.
Since He doesn't need a Congress to pass the law he is supposed to execute, why then, should we bother to vote at all?
My FRiends, the fat broad is singing. It is over. We can now write and muse about our once great republic in the past tense.
Prevent foreclosure; pay your mortgage on time and leave my pocket book alone. I do not pay taxes to support your incompetent spending.
What a great tag line :-)
get your freaking hands out of our freaking finances, Frankenstein.
After destroying 100 years of prudent lending criteria by forcing banks to make loans to unqualified people or face the wrath of congress or ACORN or justice department lawsuits -- take your pick -- the lefties, ahem... our own government -- will now further decimate the assets of lenders, so that only the government will have money.
We’re the government.. and we’re here to help.
It will eliminate so many finance companies.
Just what companies would be stupid enough to offer this?????
Big Boy Caprice: Because I have a vision. A big boss must have a vision. We gotta town with thousands of small stores and businesses. People are working real hard. I think they should be working real hard. For us. Because we are for the people. “And if you ain’t for the people, you can’t buy the people.” Lincoln.
Guess that means "HAMPy days are here again!"
All kinds of ways to buy an election....
I keep wondering how it is that Obama can keep spending taxpayer money however he wishes without congressional approval. What is congress even for anymore?
I recently encountered some very interesting information about the British West Indies colonies and the Revolutionary War period. As you likely know the American Revolutionaries attempted to get other colonies in the Americas to revolt. Some nearly did so, but their large slave populations prevented them from engaging in what could have been a security nightmare and ended in chaos.
The thing that stuck out the most was that the Intolerable Acts affected Caribbean trade and deleteriously so. They complained about “legislative overreach”. We so often think of executive or judicial overreach, but there is such a thing as legislative overreach and it is just as dangerous to liberty. This speaks to the periods understanding of Natural Law and individual liberty. Just because you “represent” us, doesn’t give you the right or privilege of passing just any laws you see fit. There’s a limit, an absolute limit.
Please elaborate! Brits/West Indies trade. Slave uprisings. Intolerable Acts. Legislative overreach.
Sounds like a most excellent vanity!
As you know SC was founded by Barbados’ sugar barons as a source for beef and rice. Trade between the Colonies and the British West Indies was brisk. Each had valuable resources the other needed, were in close proximity along natural trade routes, spoke a common language and shared common laws and customs. Leading up to and during the Revolution the Colonial government actively sought rebellion among Canada and the British West Indies. They didn’t join because they needed British power to keep their slaves down.
So I was watching Guelzo’s “The American Revolution” from the Teaching Company. He states that the BWI were very upset at the Intolerable Acts and demanded they be rescinded. It ruined trade for them and cost their economies dearly. The line that got me though was this: The BWI accused Parliament of “legislative overreach.”
I’d never heard the term before. I’d thought about and heard of executive and judicial overreach, but, although it is obvious and we recognize its example every day, no one ever talks about legislative overreach.
It goes to the heart of our Republic and American Exceptionalism. Our Rights come from no man, but God and God above all else. Natural Rights therefore cannot be taken away legislatively, judicially or by executive fiat. They are unalienable. It’s a stream of thought that’s been lost.
That comment by Guelzo re-sparked it in me. It is solid proof for limited government. What do you think?
Most of the historic events you cited were news to me. Never heard of, and was surprised to hear of legislative overreach from the BWI.
I sure sounds like another fine argument in favor of limited government and sovereignty in the people.
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