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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
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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 FroggyTheGremlim
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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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