#1 Obama readies steps to fight foreclosures, particularly for unemployed03-26-2010, 11:11 AM
This is not unforeseen... as we take another baby step towards full fledged socialism. The administration is blaming this on unemployment. The same unemployment that they said would be lowered by the "economic stimulus package" Obama pressed for.
The Obama administration plans to overhaul how it is 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 the amount of unemployment insurance, for three to six months. In some cases, administration officials said, a lender could allow a borrower to skip payments altogether.
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.
The administration's new push also seeks to more aggressively help borrowers who owe more on their mortgages than their properties are worth, offering financial incentives for the first time to lenders to cut the loan balances of such distressed homeowners. Those who are still current on their mortgages could get the chance to refinance on better terms into loans backed by the Federal Housing Administration.
The problem of "underwater" borrowers has bedeviled earlier administration efforts to address the mortgage crisis as home prices plunged.
Please don't shoot me
03-26-2010, 11:22 AM
There are a lot of empty houses out there that the banks foreclosed on, and then couldn't sell. The bank is losing money, either way.
I'm not necessarily agreeing with Obama's plan, I'm just saying that both the unemployed who can't afford their payments and the banks are kind of in the same boat on this issue, and it might be a better deal for both if there was a way to lower payments for people until they can find new jobs.
03-26-2010, 11:31 AM
I personally think that he has already tipped his hand and that in November he is going to get a wake up call as to what the American people think about his again. I feel that he may actually get to experience what a real "people's mandate" feels like.
Please don't shoot me
03-26-2010, 12:01 PM
So if my wife and I quit our jobs and stop paying our mortgage we'll get our house paid off?The Obama Administration: Deny. Deflect. Blame.
03-26-2010, 12:13 PM
if your a senior try this
Senior Health Care Solution
So you're a senior citizen and the government says no health care for you, what do you do?
Our plan gives anyone 65 years or older a gun and 4 bullets. You are allowed to shoot 2 senators and 2 representatives. Of Course, this means you will be sent to prison.
There you will get 3 meals a day, a roof over your head, and all the health care you need! New teeth, no problem. Need glasses, great. New hip, knees, kidney, lungs, heart? All covered.
And who will be paying for all of this? The same government that just told you that you are too old for health care. Plus, because you are a prisoner, you don't have to pay any income taxes anymore. And you’ve done us all a favor by disposing of 4 worthless politicians.
IS THIS A GREAT COUNTRY OR WHAT?!Liberals: Obama's useful Idiots
03-26-2010, 12:23 PM
This is the biggest bunch of bullcr*p. The liberals hard pressed banks for equal opportunity loans under which they were rewarded for giving out numerous loans to anyone who had a heart beating in them even if they didn't have a job or didn't show any intention of paying said loans off,
Now they're gonna force the banks to give these f*cking idiots the houses that they can't afford.
I get angrier by the day....Government is not the solution to our problem; government is the problem.
03-26-2010, 12:32 PM
back in the late 90's my former neighbor worked for a local mortgage company writing the loans. one day over the fence he told me he was writing mortgages for people who did not qualify. we were both puzzeled. later he said he was writing them for people without a job WTF??? he was told to write and shut up and say nothing. now we know.Liberals: Obama's useful Idiots
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