Meanwhile we have a severly screwed up banking system where the banks make little for processing and handling the mortgage and those who wish to save make nothing in interest. Either this blighted bozo must go or the nation is utterly destroyed!
The man has absolutely no shame.
Isn’t this kinda like what caused the housing collapse? His wealth redistribution moving full speed ahead.
He doesn’t need authorization from Congress. That’s part of the executive branch privilege. Congress makes laws and appropriates revenue. It’s not a power sharing proposition.
The President can work with or without the Congress. The Congress can give or not give the President money to spend.
I’m dubious when I see headlines like this. It’s lazy journalism. How about showing us why this is a bad idea rather than just screaming “Without Congressional Approval”.
I worked for a fortune 1000 company and saw white college educated dinks and diks (double income no kids, double income kids) lose homes and go bankrupt.
It just depends upon what region you live in.
It’s not because they were Latinos. It’s because the program favored and created a constituency of low income families with tenuous jobs.
If we had some Republicans in Congress with spines this alone would be grounds for impeachment. Obama is starting to rule by decree no different than Hugo Chavez. I fear that Mittens Romney will be a crash and burn GOP candidate just like McCain and Bob Dole and put Obama back in the White House. In four years Obama will be ruling as a dictator with the Republican eunuchs cowering in the halls of Congress. God Save our Republic.
I can't wait for the Election Year to be over, so we can get back to the standard handouts-to-redistribute-wealth, which is MUCH less costly to working people (the 50% bunch who pay taxes), so the parasites stop sucking more money out of our wallets, to buy their votes in November.
Reparations will NEVER stop.....as long as Progressives are in charge....OR RINO'S.
“Wth no authorization from Congress....”
The THEME of Obama’s time in Washington...
Apparently there are too many in this country that don’t realize just how serious their vote is. Voting is serious business.
Voting is what got Obama into the WH, and us the mess we are in.
Free condoms, free student loans, free home mortgages, free green cars, free _ _ _ _.
I need to quit reading this stuff. My blood pressure goes through the roof so many times a day lately....
The banks have brought this upon themselves.
A few weeks ago, I attempted to refinance my mortgage at BOA - and I assure you that financial qualification is *not* an issue, we have more than enough income to qualify for twice the loan amount, excellent credit, and enough liquid assets to pay off the existing loan by writing a check if we wished.
1) First, I was told that “Our system is overloaded, and we will not be accepting new refinance applications for 3-6 months.”
2) Probably, for 80-90% of callers, that would have been that.
However, in my case I have the personal and business experience to know how to get around this sort of gate-keeping, and after escalating the call up two levels of supervision, I was assigned a loan office.
3) I can’t prove that the application process was designed to discourage applicants, but it might as well have been. Typical example:
BOA: “We need copies of all pages of you MM statement, including the blank pages.”
Me: “I do not keep the blank pages, but I’ll go to the bank, and get a reprint.”
BOA: “The reprint is in a different format than the statements you FAXed in. We will need to have a copy signed by someone at the bank, or something like that.”
Me: “Or something like *what*, exactly?”
BOA: “I’ll have to check that with underwriting. Perhaps you can go on-line and print a copy...”
(I go online. First, in order to get a copy, I have to change over to electronic statements (I prefer paper statements, on which I can make notations).
I then discover that the on line statements are not in the same format as the paper statements. And so on....)
In return for all this, BOA offers me a rate of 4.75%.
So I pick up the phone and call a local Mortgage Broker recommend by a source I trust.
No problem, he can do a HARP II loan (similar to the program we are discussing) at 4.00%, and with none of the bullshit I was getting from BOA.
Now, why would BOA be making it as difficult as possible for existing credit-worthy borrowers to refinance?
I may just be a cynic, but somehow I suspect that it may have something to do with reluctance to exchange a 5.6% loan for a 4.75% loan - let alone one a 4.00%!
Edited for accuracy.
And when this inevitably creates yet another crisis, they will again blame the “free market” and “predatory lending”, and insist that Fedzilla needs still more regulatory powers.
Oh, goodie! More ‘Ninja’ loans for the taxpayer to subsidize!
What I read about this program when it was first announced is that there is a hidden 1.5% that is tacked on by the government, that goes to cover the extra risk and low or no qualifying. The 1.5% goes to the government to help pay for the bad Fannie and Freddie loans.