In some cases, administration officials said, a lender 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 ...
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.
In some cases, administration officials said, a lender Hannity, Morris Agree with Conspiracy People About New World Order
http://www.youtube.com/watch?v=5wH5YqsuZiw&playnext_from=TL&videos=uM4XlbGL6yQ
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