OBAMA TO SIDESTEP CONGRESS
Posted on 10/24/2011 5:47:12 AM PDT by Evil Slayer
(Reuters) - President Barack Obama this week will announce a series of actions to help the economy that will not require congressional approval, including an initiative to make it easier for homeowners to refinance their mortgages, according to a White House official.
The actions come as Obama is facing resistance from Republicans to a $447 billion jobs package he has urged Congress to pass.
The first of the initiatives will be unveiled during Obama's three-day trip to western states beginning Monday.
He will discuss the changes in mortgage rules at a stop in Nevada, which has one of the hardest-hit housing markets in the country.
The Obama administration has been working with the Federal Housing Finance Agency, the regulator for Fannie Mae and Freddie Mac, to find ways to make it easier for borrowers to switch to cheaper loans even if they have little to no equity in their homes.
The FHFA intends to loosen the terms of the two-year-old Home Affordable Refinance Program (HARP), which helps borrowers who have been making mortgage payments on time but who have not been able to refinance as their home values have dropped.
The Wall Street Journal reported that the changes should boost refinancing because they will let banks avoid the risk of any "buy-back" on a HARP mortgage as long as borrowers have made their last six mortgage payments and they prove that they have a job or another source of passive income.
They are also set to reduce loan fees that Fannie and Freddie charge and waive fees on borrowers that refinance into loans with shorter terms, the Journal said.
Pricing details won't be published until mid-November, and lenders could begin refinancing loans under the retooled program as soon as December 1, the newspaper reported, citing federal officials. Loans that exceed
(Excerpt) Read more at reuters.com ...
OBAMA TO SIDESTEP CONGRESS
Obama to sidestep Congress and the Congress will sit there with a sh*t eating grin on their faces and let him do it.
I have lost all respect for a Congress who let’s this tin pot dictator do whatever he wants and they do nothing about it. Where are the Republicans. Hiding in the closet’s?
So where are our Conservative Leaders in Congress?
Writing some kind of stern statement scolding Obama?
This President is flushing our Country down the toilet right before our very eyes. WHERE is the balance of power?
So where are our Conservative Leaders in Congress?
Writing some kind of stern statement scolding Obama?
This President is flushing our Country down the toilet right before our very eyes. WHERE is the balance of power?
Good for Drudge. At least there is one true journalist out there.
Are any of the presidential candidates screaming about this?
The OWS protestors are shills to give cover so Obama can give H.E.R.P.E.S. to working Americans.
To a Flashback, We are working under the radar——Fast & Furious.
This man is a criminal.
Maybe every stupid kid with a $100K student loan should be given a hud fixer upper as a consolation prize.
Mein Fuhrer, when will you be scheduling Kristallnacht?
“I have lost all respect for a Congress who let’s this tin pot dictator do whatever he wants and they do nothing about it. Where are the Republicans. Hiding in the closet’s?”
My sentiments exactly. And all the GOP faithful wonder why so many people either want a third party or see the big ‘R’ as the only way to get out of this mess.
The Democrats control the Senate. There is little Congress can do to check his power unless they act in concert. That is not going to happen. Reid will support Obama regardless of what he does.
Fine. I understand. But my questions is, Why?
These targeted homeowners are making monthly payments, consistently and on time. As we all are. Their homes are worth less. As are everyone's. They'd like to refinance at a lower rate. Wouldn't we all?
My point is, what problem does this solve? If they're making the mortgage payments they contracted for, what's going on?
Giving someone a loan based on 125% of the current market value is a recipe for disaster. Wait! I know! We can re-package those worthless loans with other security-backed instruments and sell them!
Drudge used the same pic yesterday when Libya announced it would become an Islamic state under Sharia law. Perfect pic of that smug fool.
What about small business being able to re-finance. I can tell you from personal experience, as well as the experience of many of my small business colleagues, that is impossible to re-fi a small business loan these days. The banks are concelling loans right and left (even though the business owners are not in arrears), and it is just about impossible to find new lenders.
For those who are unfamiliar with business loans, they are not like home loans. Most of them are on a 5 year basis, and banks have always been willing to renew the term every 5 years. Not so any more.
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