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 ...
Socialist revolution and the will of “the people” is here.
Helllooo Venezuela!
Except for the fact that I'm a Christian and honesty and responsibility are critically important to me I'd say that it's too bad that I wasn't more irresponsible and bought a house I couldn't afford so I could have the American people keep bailing me out.
Worst.President.Ever.
I know it’s a silly question at this point in the totalitarian phase of American history, but where, exactly, in the US Constitution is the President empowered with the ability to break private contracts and to force private institutions to take a loss on their business dealings?
bttt
He just bought some votes. This is Hugo Chavez methodology.
By what athority can he order a bank to do anything?
I agree with you. So just for ONCE, why don't these banks or business executives or insurance executives or Wall Street execs, or anyone with an ounce of courage & visceral dislike (or hatred) of 0bozo the boy-king, just tell 0bozo to SHUT THE F__K UP and to stick his lectures & arrogant posturing up his ass!!!
I can't even imagine the reaction of the business community or the media if GW Bush had ever attempted to publicly lecture or scold executives of any nature.
Why are these people so frikkin scared of this completely inexperienced, unqualified, kenyan negro commie rat bastard? Just tell him literally to STFU!!!
This is such BS!!!!!!!!!!!!!!!!!!!!!!
I pay my mortgage on time! I just got a new job while my (now collecting unemployment for 1 year and 4 months) neighbor sits on his ass and gets his boat ready for spring.
Out-fricken-ragious!!!!!!
With this announcement, Obama has increased the National Debt to the sum of at least US$2 Trillion ... in the next 24 months.
With this announcement, the USA is once again over it’s debt ceiling.
With this announcement, The Federal Reserve is now the largest property owner in the world.
With this announcement, several million households in this
country will pledge allegiance personally to Obama.
With this announcement, Obama and the Federal Reserve could end up owning over 10% of the residences in several states, California, Nevada, Arizona, New Mexico, Florida, Georgia, etc. by the end of Obama’s first term.
All we can hope for is the banking system to grind to a halt, gridlock is the last defense of contract law in this country.
Everyone should notice how this was announced today, 4 business days before the prior announced Federal Reserve withdrawal from the RRE mortgage market, in a calculated maneuver to crash the private investment market as fast as possible.
There will never again be a private banking mortgage market in the territories of what was known as the United States of America. Not even in a highly regulated market.
My fellow Americans, our long national nightmare is not over...unfortunately. 2012 can’t come soon enough for me. The problem is, this country is already teetering on 50% of the electorate being ill-informed, gullible, and incompetent...and the more time that passes the closer we are to falling over the cliff electorally.
Ill quit my job tomorrow! So, how soon thereafter will there be a bushel basket of rainbow skittles and a winged pony on my doorstep? ;)
It's called Redistribution of Wealth.
He will order? Who the Biden does he think he is? King Obama? Overlord of the Potomac? Master of the universe?
Here’s a better idea:
CUT TAXES YOU FRICKIN IDIOT! HELP THEM GET JOBS!
Several banks were “strongarmed” into taking TARP funds.
Always read all of the fine print.
“Ill quit my job tomorrow!”
Me too! Where is the pink slip line?
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