Skip to comments.Obama administration to order lenders to cut mortgage payments for jobless
Posted on 03/25/2010 3:32:40 PM PDT by Oldeconomybuyer
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.
(Excerpt) Read more at washingtonpost.com ...
Are we gonna have a country left in 2013?
Banks will have lower margins, and carry more bad mortgages, not good for the balance sheet, but easier for Obama takeover....
And they can order this how exactly? I guess contracts and laws have no meaning anymore. Everything is as the One says it is.
Really, who’s surprised by this?
We are on the verge of Dictatorship. Maybe that is why he doesn’t really worry about elections. Perhaps he should worry about revolution instead.
Hm...the latest Fuhrer decree I see...
Wow! Must be good to be king. Gee wonder if he can do something about car payments too./sarc
Nationalize the banks.
There, problem solved.
This is like a bad game of musical chairs. The debts are still out there, the music keeps on playing and the bankers are circling the chairs. Meanwhile this admin is reducing the number of chairs. Someone is going to get stuck and ruined because of the dimrats’ policy of kicking the can down the road.
They got their pie. Bambi actually doesn’t want to do anything to improve the economy and restore jobs, because most of his clients probably didn’t work in the first place. I remember when a family member found out that the agency she was working for was getting mortgages for people with 100% government income...
I swear to God. If these contracts can be broken I’m going to stop making credit card payments.
“a lender could allow a borrower to make no payments at all”
translation: “Will be ordered to let the unemployed make no payments”
Yes they do, but some people decided they would stay home to teach republicans a lesson and here we are now with Pelosi and Reid in control of congress and obama in control of the WH. Not working out too well for the country, is it.
Housing prices need to come down, I live in CA, I saw first hand how ridiculously expensive it became to buy a house.
Yes, the American taxpayer.
I remember when contracts meant something. I remember when “honor” was something sacred and most people would keep their word out of a sense of honor. I remember when “rule of law” meant something and government existed to perform a limited number of functions, including to enforce the laws as written. Yep, that means I’m old. I even remember when this sort of conduct was what happened in countries that were our enemies and not in friendly countries, and this sort of lawlessness by the government itself was almost a litmus test to distinguish between our friends and enemies. I have no doubt on which side of that line the thug in our White House falls.
Of course the banks who “play” with dems won’t be forced to do this...
Will somebody put a lid on this undocumented worker!
0bama makes Hitler look like an amateur when it comes to dictatorial unconstitutional acts.
.....and so it coninues
That’s my question too.
That lady caught on video during the election was right, now she doesn’t have to worry about paying her mortgage . . . zero will just reach into his stash and pay it for her.
It will be the next target after the 50 Million (20 million here plus the soon-to-come relatives) illegals get citizenship and the ticket to the land of the big 'legal' entitlement system. This country's economic system will be subsumed by Obama, and it is a fiscal disaster freight train coming soon to a place that will affect you directly.
“Will somebody put a lid on this undocumented worker!”
I believe The Lord is our only hope now. We all prayed hard that Obamacare would fail in the House but it didn’t.
Satan won that round. Stupak sold out.
But we can’t lose faith. We have to keep praying...
Everybody will have to pay higher mortgage rates, which will depress the housing market more.
So, all I have to do is to quit my job or do something so colossally stupid to get fired and I’ll get a free Obama house? along with free Obama medical care and a car from Obama Motors.
where do i sign-up?
Where in the U.S. Constitution does the gubmint have the right to interfere with private contractual obligations?
Oh....silly me; that Document doesn't apply to THIS administration.
It's OK! "We had to go through Carter to get Reagan", and a guy just like Reagan will magically show up *just* in time for the 2012 election, and of course he'll be elected because the voting population is just exactly what it was in 1979 with no massive third world immigration, no new generations of young(er) voters that have been indoctrinated by their schooling to an extent NOT seen in the voters who voted in Reagan almost three decades ago, and-
Banks will be fine as Obama is spending the $700 Billion of tarp that was repaid. The taxpayers will never get that money back.
Obama will soon spin off Citi and GM. Whatever money that is collected will be used to play around with the economy some more.
If mortgage payments are cut or eliminated, what will happen to the real estate taxes which states and counties depend on for education and other services. Will real estates taxes also be forgiven? What happens to education then? What happens to local governments then when their revenue streams shrink or dry up?
How the fu*k is he gonna do that - absent new banking legislation ??? Almost all the banks that took money have paid it all back - WITH INTEREST !!!
But obviously missing your mortgage payments doesn't. All this current stupidity is going to do is breed resentment from all of us who are the source of ‘Obama’s Stash’.
Keep playing with fire, Bambi.
>>If mortgage payments are cut or eliminated, what will happen to the real estate taxes which states and counties depend on for education and other services. Will real estates taxes also be forgiven? What happens to education then? What happens to local governments then when their revenue streams shrink or dry up?<<
Who cares? Puppies will romp in fields of green with rainbows above, while unicorns crap skittles by the ton.
Probably will only benefit registered democrats.
"This is a big f*ckin' deal."
But they'll threaten and intimidate like hell.
I agree that is why I returned to the Catholic Church, because I realized that we needed His help and protection in this battle between good and evil. I watched the presidental debates with the rosary in my hands. I am in constant prayer hoping that God will intercede.
When I refinanced my house last summer, the lady that did the closing told me that that mortgage could not be foreclosed because of the new laws. Go figure.
What if my company won’t fire me?
Under what authority does the President have to interfere with private contracts?
This is one of those articles where the headline says one thing (order), but the article says another (encourage). Can’t help but wonder why that is.
“0bama makes Hitler look like an amateur when it comes to dictatorial unconstitutional acts.
At least the German Congress gave Hitler the authority to make laws for four years. Obama is just getting too big for his britches.
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