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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 a part of a letter that I faxed through Grassfire to 100 Congressman.
You, Congress, Not Wall Street, You, Congress, Not Home Owners, have put this country in Financial Dire Straits”.
The Free Market didn’t fail us, You Did. Capitalism didn’t fail us, You Did. The “Slumlord Charley Rangel‘s“, the “Countrywide’s favorite Son, Dodd‘s” and the “Freddie/Fannie Franks’s” of congress are to blame.
Not as stupid as I. I took most of my money out of the stock market right before the big plummet, and used it to buy a house, no mortgage at all.
Well look at it this way:
Once America votes out the communists, and we return to a system of laws, the pool of people who actually can be trusted to pay back what they borrow will have been narrowed.
Those who have lived up to their agreements, will become sterling to lenders - who will almost fight over their patronage.
It’s time for a group of bi-partisan Senators to go to the Whitehouse and ask this president to step down. He’s setting this country on end and already has set race relations back some twenty-five years or more.
Next it will be rental payments.
“...in part by requiring lenders to temporarily slash or eliminate monthly mortgage payments for many borrowers who are unemployed...”
and for the rest of us?
“SUCKERS!!!!!!!”
The illustrious Supreme Court Justice Learned Hand once famously opined that a citizen "has no moral obligation to pay one penny more in taxes than is legally reqired of him."
By the same token, the illustrious Buzzard opines that "you have no obligation to fail to avail yourself of any benefit from the gubbermint, to which you are legally entitled."
Cheers.
“And just how is he intending to require banks to unilaterally adjust signed contracts? What’s the stick?”
Tax their $30 Billion bonus by 50%? This may not be right but banks loved socialism a year ago, their whining will not register with me.
I quit everything. Where is my MONEY!!!!!!!!!!!!!!!!!!!!!!!!!
It’s fascism actually.
One has to ask: Under what authority?
Will we make it to a free election in November??
God Help Us!!!
the spike in unemployment
^
01/10/09: President-Elect Obama’s Weekly Address
http://www.youtube.com/watch?v=cTDln2f0GvQ&feature=player_embedded
At 2 minutes;
Obama “Our plan will likely save or create three to four million jobs, Ninety percent of these jobs will be created in the private sector”
“I just paid my mortgage off. I’m apparently the stupid one”
Don’t dispair! You can always refinance and then get the buydown!
Let’s not dare to him a MARXIST.
Ok, if it is okay for Obama to allow people to break their contract with the bank, then why can’t banks break whatever contract they signed with the FED to get the TARP money? I mean if contracts aren’t worth the paper they are written on any more, then why are banks any more required to keep their end of the deal than homeowners are?
Our society is in chaos right now. Cloward and Piven would be so proud.
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