Posted on 01/28/2012 4:17:42 PM PST by whitedog57
In a nutshell, the Obama Administration wants to expand the already existing the Home Affordable Modification Program (or HAMP) to forgive debt to those who are “underwater.” The Administration would require mortgage giants Fannie Mae and Freddie Mac, the mortgage insurance giants in the DC area, to forgive mortgage debt. Bear in mind that the housing and credit bubble were put into motion by President Clinton and HUD Secretaries Henry Cisneros and Andrew Cuomo with their National Homeownership Strategy to encourage households to buy housing and accumulate debt. Here is the NHS document that was removed from HUD’s website: nhsdream1
HAMP Tier 2 will be in addition to the FHA refi program that President Obama announced in his State of the Union Address. HAMP Tier 2 will be leveled at Fannie Mae and Freddie Mac.
Thus far, the Administration has given us HAMP I, HARP I, HARP 2.0 (through Executive Order), the SOTU refi program, and now HAMP Tier 2.
(Excerpt) Read more at confoundedinterest.wordpress.com ...
What about all the folks who don’t have FHA, Fredie or Fannie backed loans? Hell, why doesn’t the gov just cut everybody’s loan balance in half? The taxpayers have plenty of money, especially if the rich pay their fair share.
So all I have to do is stop making my mortgage payments and the government will forgive my debt? Free House?
Cool. It’s too bad I am just not that much of a parasite.
One thing I’ll remember about the Obama years will be feeling stupid for working and paying my bills on time.
One thing I’ll remember about the Obama years will be feeling stupid for working and paying my bills on time.
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