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