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Obama administration to order lenders to cut mortgage payments for jobless
Washington Post ^ | March 25, 2010 | By Renae Merle and Dina Elboghdady

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 ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: bank; bankruptingamerica; banks; bho44; budgetdeficit; democrats; economy; epicfail; failure; impeachobama; lenders; obama; obamanomics; socialism
Elections have consequences.
1 posted on 03/25/2010 3:32:40 PM PDT by Oldeconomybuyer
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To: Oldeconomybuyer

Unbelievable...

Are we gonna have a country left in 2013?


2 posted on 03/25/2010 3:34:06 PM PDT by alice_in_bubbaland (Markets and Marxists Don't Mix! Audit the FED NOW!)
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To: Oldeconomybuyer

Banks will have lower margins, and carry more bad mortgages, not good for the balance sheet, but easier for Obama takeover....


3 posted on 03/25/2010 3:34:15 PM PDT by taildragger (Palin/Mulally 2012)
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To: Oldeconomybuyer

And they can order this how exactly? I guess contracts and laws have no meaning anymore. Everything is as the One says it is.


4 posted on 03/25/2010 3:35:08 PM PDT by rbg81 (DRAIN THE SWAMP!!)
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To: Oldeconomybuyer

Really, who’s surprised by this?


5 posted on 03/25/2010 3:35:27 PM PDT by Gene Eric (Your Hope has been redistributed. Here's your Change.)
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To: alice_in_bubbaland

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.


6 posted on 03/25/2010 3:35:57 PM PDT by marstegreg
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To: Oldeconomybuyer

Hm...the latest Fuhrer decree I see...


7 posted on 03/25/2010 3:36:07 PM PDT by GenXteacher (He that hath no stomach for this fight, let him depart!)
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To: Oldeconomybuyer
"obama administration to "order"?

Wow! Must be good to be king. Gee wonder if he can do something about car payments too./sarc

8 posted on 03/25/2010 3:36:36 PM PDT by Eagles6 ( Typical White Guy: Christian, Constitutionalist, Heterosexual, Redneck.)
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To: GenXteacher

Nationalize the banks.

There, problem solved.

Sarc/


9 posted on 03/25/2010 3:37:22 PM PDT by Col Frank Slade
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To: taildragger

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.


10 posted on 03/25/2010 3:37:32 PM PDT by Texas resident (Outlaw fisherman)
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To: Oldeconomybuyer

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...


11 posted on 03/25/2010 3:37:36 PM PDT by livius
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To: Oldeconomybuyer

I swear to God. If these contracts can be broken I’m going to stop making credit card payments.


12 posted on 03/25/2010 3:37:40 PM PDT by abigailsmybaby ( I'm not going to buy my kids an encyclopedia. Let them walk to school like I did. Yogi Berra)
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To: Oldeconomybuyer

“a lender could allow a borrower to make no payments at all”

translation: “Will be ordered to let the unemployed make no payments”


13 posted on 03/25/2010 3:38:06 PM PDT by dynachrome (Barack Hussein Obama yunikku khinaaziir!)
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To: Oldeconomybuyer

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.


14 posted on 03/25/2010 3:38:49 PM PDT by psjones (u)
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To: Texas resident
Someone is going to get stuck and ruined because of the dimrats’ policy of kicking the can down the road.

Yes, the American taxpayer.

15 posted on 03/25/2010 3:39:00 PM PDT by kevao
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To: Oldeconomybuyer

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.


16 posted on 03/25/2010 3:39:57 PM PDT by Pollster1 (Natural born citizen of the USA, with the birth certificate to prove it)
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To: Oldeconomybuyer

Of course the banks who “play” with dems won’t be forced to do this...


17 posted on 03/25/2010 3:40:26 PM PDT by GOPJ (http://hisz.rsoe.hu/alertmap/index2.php?area=dam&lang=eng)
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To: Oldeconomybuyer

Will somebody put a lid on this undocumented worker!


18 posted on 03/25/2010 3:40:47 PM PDT by lulu16
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To: Oldeconomybuyer

0bama makes Hitler look like an amateur when it comes to dictatorial unconstitutional acts.


19 posted on 03/25/2010 3:41:21 PM PDT by SmokingJoe
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To: GenXteacher

.....and so it coninues


20 posted on 03/25/2010 3:41:59 PM PDT by Cheryllynn
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To: rbg81

That’s my question too.


21 posted on 03/25/2010 3:42:29 PM PDT by Fiddlstix (Warning! This Is A Subliminal Tagline! Read it at your own risk!(Presented by TagLines R US))
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To: Oldeconomybuyer

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.


22 posted on 03/25/2010 3:43:55 PM PDT by Cap Huff
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To: Oldeconomybuyer
And so, Obama wipes out debt for his disciples, those slothful deceitful leeches that want the rest of the country to pay for their indulgences. If you have an IRA or 401K, you'd better start thinking about how to get your hands on the money. Because right now, he and the SEIU, Congress and every other layabout in this country have their eyes on it and covet it deeply.

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.

23 posted on 03/25/2010 3:44:44 PM PDT by Gaffer ("Profling: The only profile I need is a chalk outline around their dead ass!")
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To: lulu16

“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...


24 posted on 03/25/2010 3:45:46 PM PDT by eCSMaster
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To: taildragger

Everybody will have to pay higher mortgage rates, which will depress the housing market more.


25 posted on 03/25/2010 3:46:17 PM PDT by winner3000
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To: All

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?


26 posted on 03/25/2010 3:47:07 PM PDT by newnhdad (The longest of journeys begins with one step.)
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To: Oldeconomybuyer
Contracts have no meaning anymore?

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.

(See tagline)

27 posted on 03/25/2010 3:48:47 PM PDT by traditional1 ("Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
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To: psjones
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.

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-

28 posted on 03/25/2010 3:48:49 PM PDT by kaylar (It's MARTIAL law. Not marshal(l) or marital! This has been a spelling PSA. PS Secede not succeed)
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To: taildragger

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.


29 posted on 03/25/2010 3:51:50 PM PDT by winner3000
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To: Oldeconomybuyer

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?


30 posted on 03/25/2010 3:53:15 PM PDT by adorno
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To: 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.

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 !!!

31 posted on 03/25/2010 3:54:47 PM PDT by Lmo56
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To: Oldeconomybuyer
“Elections have consequences.”

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’.

32 posted on 03/25/2010 3:56:30 PM PDT by pieceofthepuzzle
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To: Oldeconomybuyer

Keep playing with fire, Bambi.


33 posted on 03/25/2010 3:57:20 PM PDT by matt1234
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To: adorno

>>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.


34 posted on 03/25/2010 3:58:15 PM PDT by jsh3180
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To: Oldeconomybuyer
They can't force the numbers to be good, all though they can lie till the cows come home.

Arrogant weasels.

35 posted on 03/25/2010 3:59:00 PM PDT by MaxMax (Conservatism isn't a party)
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To: Lmo56
What happens if some bank, says forget it OBozo. What is he going to do then??
36 posted on 03/25/2010 4:00:50 PM PDT by BooBoo1000 (Vote for Pedro)
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To: Oldeconomybuyer
Well, so much for private contracts.

Probably will only benefit registered democrats.

37 posted on 03/25/2010 4:00:52 PM PDT by Manic_Episode (Some mornings, it's just not worth chewing through the leather straps...)
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To: Oldeconomybuyer

"This is a big f*ckin' deal."

38 posted on 03/25/2010 4:01:06 PM PDT by Dilbert56 (Harry Reid, D-Nev.: "We're going to pick up Senate seats as a result of this war.")
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To: rbg81
And they can order this how exactly?

They can't.

But they'll threaten and intimidate like hell.

39 posted on 03/25/2010 4:05:04 PM PDT by Principled (Get the capital back! NRST!)
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To: eCSMaster

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.


40 posted on 03/25/2010 4:06:39 PM PDT by lulu16
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To: rbg81

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.


41 posted on 03/25/2010 4:07:56 PM PDT by Big Horn (Rebuild the GOP to a conservative party)
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To: Oldeconomybuyer

What if my company won’t fire me?


42 posted on 03/25/2010 4:14:19 PM PDT by BobL
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To: Oldeconomybuyer

Under what authority does the President have to interfere with private contracts?


43 posted on 03/25/2010 4:30:25 PM PDT by CodeToad
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To: Fiddlstix

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.


44 posted on 03/25/2010 4:31:02 PM PDT by rbg81 (DRAIN THE SWAMP!!)
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To: SmokingJoe

“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.


45 posted on 03/25/2010 4:31:41 PM PDT by CodeToad
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To: Oldeconomybuyer
In some cases, administration officials said, a lender could allow WOULD BE FORCED to let borrower to make no payments at all.
46 posted on 03/25/2010 4:36:13 PM PDT by Chode (American Hedonist *DTOM* -ww- NO Pity for the LAZY)
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To: Col Frank Slade

Hannity, Morris Agree with Conspiracy People About New World Order
http://www.youtube.com/watch?v=5wH5YqsuZiw&playnext_from=TL&videos=uM4XlbGL6yQ


47 posted on 05/03/2010 10:45:44 AM PDT by day21221
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