Skip to comments.Obama Administration To Extend Mortgage-Free Living For America's Unemployed To One Year
Posted on 07/07/2011 8:59:22 AM PDT by george76
various big banks are dealing with the Option ARM cliff is by enforcing outright mortgage debt forgiveness, in some cases as large as 50% of the total principal. Which is why it should come as no surprise that the administration, in dealing with the lack of an unemployment cliff, has decided to extend foreclosure-free living for unemployed homeowners from a few months to a year...
The administration today will announce that two programs providing unemployed homeowners a few months' forbearance on their mortgages will be extended to 12 months, said three administration officials speaking anonymously because the program has not been announced. Thousands of homeowners could benefit from the additional time, although not all jobless homeowners will be eligible. The action is being taken as part of the administration's effort to help prevent foreclosures while unemployment remains above 9% and the economy struggles to rebound." What would be great if in addition to such openly socialist policies the administration would enforce the implementation of sinking funds for said unemployed workers, who instead of taking unemployment benefits from the government and converting it into less than edible iPads, would actually set aside money for that eventual mortgage payment.
when the US consumer no longer has to spend any money on the biggest traditional use of capital, housing, the alternative is everything else.
in Obama-style economics zero sum is no longer relevant.
The revised programs are intended to be a win-win for borrowers and banks, which can avoid having more homes go into foreclosure by giving borrowers more time to pay.
(Excerpt) Read more at zerohedge.com ...
Mortgages are one thing, paying the compounded interest on the loans after the year is what will kill them.
I would love to see the ethnic demographics on this population.
Spread the wealth...hoope and change....reparations.
Spread the wealth...hope and change....reparations.
I had the same exact thought.
What else can you do? When you have the MILLIONS of lost jobs; not only have the jobs gone away - the wages that people used to make, are gone too. Simply stated; even *if* you find another job, the chances are that you will take a substancial cut in your income (not counting the months of near-zero income).
So, what do you suppose we do? Let the house sit empty and become infested with mice, develop roof leaks and rot?
Until we get rid of the Libtards that have sabotaged this country; things will only get worse.
THE AUDACITY OF HATE - Obama & Pastor Wright’s Racist Church
“Mortgages are one thing, paying the compounded interest on the loans after the year is what will kill them.”
Like our National Debt, it won’t be paid.
All we need is “gas stamps” (a la food stamps) to bring this to fruition.
I look at this in great bemusement. Big Banking begged to be bailed out, and WAS bailed out, by Uncle Sam both under GWB and BHO, mostly BHO. Now the squeeze is being put on them by the bailer-outers for a quid pro quo. Is it immoral? Would it be wrong to accept a kickback from the guy who had his hit man rob you earlier to prop up his business? Especially if the hit man muscled the kickback out of him?
only certain minority groups are allowed to benefit.
flyover country applications are DOA.
Looks like peggy was right.
“I would love to see the ethnic demographics on this population.”
I would assume it’s spread pretty evenly.
Well, people need to be reminded that this is like getting tipped by someone who robbed you. Takes some of the sting out of it, to be true, but wouldn’t it have been better had the robbery not happened at all?
upto 50% forgivness on PRINCIPLE??!!
I can only hope and pray that there is a special place in hell reserved for Jeremiah Wright and friends.
“I would assume its spread pretty evenly.”
Spread evenly, as long as the applicant is not a registered republican.
“The America of my time line is a laboratory example of what can happen to democracies, what has eventually happened to all perfect democracies throughout all histories. A perfect democracy, a warm body democracy in which every adult may vote and all votes count equally, has no internal feedback for self-correction. It depends solely on the wisdom and self-restraint of citizens which is opposed by the folly and lack of self-restraint of other citizens. What is supposed to happen in a democracy is that each sovereign citizen will always vote in the public interest for the safety and welfare of all. But what does happen is that he votes his own self-interest as he sees it which for the majority translates as Bread and Circuses.
Bread and Circuses is the cancer of democracy, the fatal disease for which there is no cure. Democracy often works beautifully at first. But once a state extends the franchise to every warm body, be he producer or parasite, that day marks the beginning of the end of the state. For when the plebs discover that they can vote themselves bread and circuses without limit and that the productive members of the body politic cannot stop them, they will do so, until the state bleeds to death, or in its weakened condition the state succumbs to an invaderthe barbarians enter Rome.”
Robert A. Heinlein