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  • Obama administration to order lenders to cut mortgage payments for jobless (Communism is here)

    03/25/2010 3:54:54 PM PDT · by tobyhill · 205 replies · 6,435+ views
    washington post ^ | 3/25/2010 | Renae Merle and Dina Elboghdady
    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...