Posted on 10/24/2011 2:37:57 PM PDT by martosko
President Barack Obama is expanding his use of federal regulations by prodding the financial sector to sell low-interest mortgages to millions of cash-strapped homeowners “independent of how deeply underwater they are,” said Shaun Donovan, Secretary of the Department of Housing and Urban Development, Monday morning.
White House officials worked with real-estate and financial-sector groups to shift the financial risks that have kept high-risk borrowers from getting mortgages. Under Obama’s plan, mortgages will even be offered to homeowners who need to borrow 125 percent of a house’s value, Donovan added.
Why doesn’t he just cut to the chase and decree “Free houses for Everybody”?
It’s coming.
I just read the Fed rules on this. It will affect a very, very small percentage of loans....the good news is it might save some homes for people who are current on mortgage payments and have some equity in the home.
the bad news is this is a govt program and they will screw it up, like the previous “mortgage assistance” programs and will do nothing to help anyone! BTW, the banks will drag their feet on it.
It’s not just Congress that 0bama can’t wait for.
It’s also simple mathematics.
Cash for Clunkers! The Housing Edition®
Another brilliant social justice program from the people who thought that the government should force banks to lend money to people who could not afford to pay for their homes.
sigh
instead of a bus, they’ll use the giant backside of the 1st lady.
OMG....your statement just made me visualize MEECHelles backside plastered with a VOTE Obama “bumper” sticker!!!
One more item; I believe this will only apply to mortgages held by Fannie/Freddie.
this how we got in this mess......this guy is an enemy of America and is working 24/7 to destroy all he can...Hank Jr. was right...
isn’t that like 90% of them?
More like 50% of the outstanding mortgage debt, but, yeah; probably close to 90% of the underwater market.
To whom would they be “shifting the risks”?
The taxpayers, maybe!
One
Big
@$$
Mistake,
America!!!!!
Our “checks and balances” system seems to be totally locked up via “cranial rectal inversion”. Wish I had that picture that precisely illustrates the problem.
I pay my own bills. My mortgage is not behind nor am I underwater. Why? Well geez, I made sure I could afford the mortgage. I read the contract before I signed it. What reward do I get? I get to pay for everyone else who did not do these prudent thing.
There is NOTHING LEFT FROM MY CHECK to give anymore.
I count pennies for tolls. Haven’t bought clothes in years. Can’t take this crap anymore.
The latest congressional bill presented is now trying to provide FREE diapers. WTH!!!
I pay my own bills. My mortgage is not behind nor am I underwater. Why? Well geez, I made sure I could afford the mortgage. I read the contract before I signed it. What reward do I get? I get to pay for everyone else who did not do these prudent thing.
There is NOTHING LEFT FROM MY CHECK to give anymore.
I count pennies for tolls. Haven’t bought clothes in years. Can’t take this crap anymore.
The latest congressional bill presented is now trying to provide FREE diapers. WTH!!!
In California if you default on an original purchase loan, the worst that can happen is the bank can take your house. They can’t come after you for the rest of the loan. However if you refinance, you are personally liable for the whole amount. This is no favor to at risk homeowners.
In California if you default on an original purchase loan, the worst that can happen is the bank can take your house. They can’t come after you for the rest of the loan. However if you refinance, you are personally liable for the whole amount. This is no favor to at risk homeowners.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.