Bawney Fwank was the one who pushed for loans to un-qualified buyers, and now they want to accomplish my tag-line....no surprise here at all.
"OBAMA MONEY, FROM HIS STASH"
Posted on 03/25/2010 3:54:54 PM PDT by tobyhill
The Obama administration plans to overhaul how it's tackling the foreclosure crisis, in part by requiring lenders to temporarily slash or eliminate monthly mortgage payments for many borrowers who are unemployed, senior officials said Thursday.
Banks and other lenders would have to reduce the payments to no more than 31 percent of a borrower's income, which would typically be their unemployment insurance, for up to six months. In some cases, administration officials said, a lender could allow a borrower to make no payments at all.
The new push, which the White House is scheduled to announce Friday, takes direct aim at the major cause of the current wave of foreclosures: the spike in unemployment. While the initial mortgage crisis that erupted three years ago resulted from millions of risky home loans that went bad, more recent defaults reflect the country's economic downturn and the inability of jobless borrowers to keep paying.
(Excerpt) Read more at washingtonpost.com ...
This is outrageous.
What's the stick?
Of course, the “underemployed” . . people like me who try not to rely on the system and find SOME work, will not get any help. Just the freeloaders.
Bawney Fwank was the one who pushed for loans to un-qualified buyers, and now they want to accomplish my tag-line....no surprise here at all.
"OBAMA MONEY, FROM HIS STASH"
It’s in the TARP. If they took any bailout money, whether they paid it back or not, they are at the mercy of Commie Obammy.
Joblessness pays....until govt. says it does not pay.
So I can quit my job and get the government to pay for my house? Sweet!
You betcha!!!
Unbelievable!
Ok, I feel for people who’ve lost their job and can’t pay the mortgage. They are certainly up against it.
But this will not help them. It will drag the economy down more so they and everyone else will have an even harder time finding a job.
And the WaPo doesn't find this . . strange? What if Pres Bush had "ordered" private businesses to do something? Would they not be up in arms?
Can Zero get any more dictatorial? I'm afraid the answer is yes, and he probably will, with the help of the propoganda arm of the demo-socialist party, the lame-stream press.
Great...98 weeks of unemployment, and 23 months of no house payments.....what a deal huh! WHAT A COUNTRY!
And after six months when they STILL don’t have a job? What then? just GIVE them the friggin house????
>>takes direct aim at the major cause of the current wave of foreclosures: the spike in unemployment<<
There’s lots of mortgages, credit cards and other debt not being paid for another big reason.
It’s called Moral Hazard and this move will multiply it to infinity.
I guess there will be no more mortgages. The Gov’t is making them not worth the paper they are written on for the banks.
I just paid my mortgage off. I'm apparently the stupid one.
Hey! I just learned a new term! Thank you!
Sound familiar?
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