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 ...
I just saw your post on latest posts and my comment is that it it one thing for a lender to decide that it is a good business decision to write off a bad debt, uncollectible loan, etc. It is quite another matter to have the US government mandate/order/require lenders to do it.
The Dems are HIGH after their healthcare win. They're like the Grinch in the cartoon, on that overstuffed sleigh riding out of control toward the precipice, while the MSM takes the part of Max, looking on and yipping in glee.
What? Another mechanism to reward folks who should never been granted these mortgages in first place—more middle class welfare to foster dependence on the government? No idea what it will do to the housing market.
Is the government going to pay all of our mortgages? Or just force the banks to write down, devalue, or just forgive mortgages for those it deems worthy? What about the people who honor the agreements we make by not buying more than we can afford and living within out means? It will be generations before we will recover from this Administrations and the Democrats actions in the last year. I guess the “Hope and Change” was intended for party affiliation. I have seen only my investments and property values drop at an alarming rate. Redistribution of wealth equals "poverty for all" in the Administration's eyes.
THIS....GUY....IS....AN....ABSOLUTE....FREAKING.....COMMUNIST.
Yes, he is:
Obama is and was a MARXIST in college (and still is now).
************* Here is an interview from someone who knew him: send to everyone you know if you wish to spread the (blocked) word:
http://www.newsrealblog.com/2010/02/13/marxist-obama-why-the-media-has-been-silent/
http://www.wor710.com/pages/6350883
http://www.youtube.com/watch?v=mBGBszZ2Qw0
The full interview is devastating.
Too bad Fox News ignored Dr Drew in 2008 when he contacted them.
We now know the details of Barry’s Occidental years.
He was an avowed and committed Marxist.
Today I heard on ABC radio news at top and bottom of hour that it is cheaper to house a homeless family in a (foreclosed?) home than a shelter in DC...Is this a trial balloon to put homeless in the empty homes? So we allow folks to stay in homes if they cannot pay and then allow homeless to inhabit empty homes they did not own—welcome to Venezuela?
One doesn’t need be a rocket scientist to figure out what’s going on. Though many depend on their dear leaders to tell them what is truth and they will take any handout that comes their way.
The ZERO is working to completely destroy our economy so that the people will be so desperate they will accept the socialism that is being brought into the light.
DON’T TREAD ON ME!
To be honest...it wasnt just this year. It is the last 30 years of bad politics that begain under Carter with the Community Reinvestment Act. That was when this whole real estate mess really started. Fannie and Freddie made all these bad loans that were insured by companies like AIG. Then soon, the other lenders have to jump in to stay competitive. This caused a lot of inflated property values. When the economy turned south...people started getting laid off. They couldnt afford their mortgage anymore and defaulted. The banks then ran to AIG. AIG didnt have the money so they got bailed out by the government. And now the government is bankrupt. And now the taxpayer is getting the bill, etc, etc, etc..
It’s like dominos. And these dominos are still falling.
Is anyone getting receipts for all the reparations we’re being forced to pay?
If this worthless bastard hadn’t wasted over a year soothing his wifes inner slave, a good many folks would already have jobs.
Damn his eyeballs.
Agreed. Crony capitalism was at the heart of both German and Italian fascism, which were both socialistic movements. It was the carrot side of the equation for government control of business. The stick side was regulatory control.
>>>>Remember that bailout money? It had strings.
>>Yes, I recall that, although I also recall that not every bank took the money, and some have paid it back. I rather doubt the democrats are going to satisfy themselves with attacking just some of the banks.
There were also banks that were arm-twisted to take the money. The government didn’t want the specter of people flocking to banks that didn’t take bailout money, since they would be perceived as stronger, so they arm-twisted all the bigger banks to take it.
Government control of business via regulatory fiat was a staple of Fascism. If you haven’t read Liberal Fascism, you should.
I haven't read it although I've heard of it...Levin, right? I am familiar with it being a liberal fascism staple...as I recall, it's how Nazi Germany handled it as well.
Jonah Goldberg.
His columns at NR Online are worthwhile reading.
Gerald.Celente keeps saying that maobama Is more fascist than communist as maobama is merging state and corporate powers.
Ah...Levin has a book that I've heard was good as well. I have a gift certificate for amazon somewhere...maybe I should locate it and use it.
Nov.2- Election Day
Nov 3rd- Impeachment proceedings begin
.....”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.”......
Hummm-mmm might be a good idea to volunteer to go on unemployment on the next cut! There will be some who will play this big time....6 months free housing.
When they passed the 90 day law to evict and carry out that eviction I heard a landlord say there were people who would make the down payment, string them along a couple months about hard times, and by the time the landlord was on to them and started the proceedings they’d end up living there for 6 months or more....then would go on to the next.
Damn, time to become unemployed. What a deal.
What a pathetic sight that is.
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