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Freddie Mac offers a break to unemployed homeowners (No Job, No Worry! FREE HOUSING!!!)
cbs ^ | 1/6/2012 | ByIlyce Glink

Posted on 01/06/2012 3:43:25 PM PST by tobyhill

Unemployed homeowners will be allowed to suspend or reduce mortgage payments for as long as a year under a new policy announced by mortgage finance firm Freddie Mac on Friday. The new rules take effect on Feb. 1.

Freddie Mac will give mortgage servicers the authority to provide six months of forbearance to unemployed borrowers without prior approval, and the agency can approve an additional six months of forbearance after that. Homeowners are still responsible for paying off their full mortgage plus interest after the forbearance period ends.

According to a Freddie Mac news release, unemployed borrowers can now avoid foreclosure by asking their lender to lower their payments for up to one year. The latest statistics suggest nearly 10 percent of delinquencies on Freddie Mac mortgages were tied to unemployment.

(Excerpt) Read more at cbsnews.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS: buildingofficials; economy; foreclosures; freddiemac; mortgage; mortgages; socialism; teachers

1 posted on 01/06/2012 3:43:31 PM PST by tobyhill
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To: tobyhill

..that will make them wanna get a job


2 posted on 01/06/2012 3:44:49 PM PST by Doogle (((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated)))
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To: tobyhill

Subsidized failure hard at work with your tax dollars.


3 posted on 01/06/2012 3:45:29 PM PST by formosa (Formosa)
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To: Doogle
and still many say we don't have socialists, commie lovers in power
4 posted on 01/06/2012 3:46:49 PM PST by manc (Marriage is between one man and one woman.Trolls get a life, I HATE OUR BIASED LIBERAL MEDIA.)
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To: Doogle

I feel like such an idiot. Payments on time (cept one that was 15 days late) and I have two left.

To compound the issue. I have a job. When I lost the last one I did something really.. really.. stupid.

I got another one.

for now this is /s but some days.. You really do have to wonder who the stupid people are.


5 posted on 01/06/2012 3:47:14 PM PST by cableguymn
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To: tobyhill

Only 6 months? That only takes them to August. I would have thought 9 months, to - what is it ? November? Hmmm. Perhaps they are counting on 3 months to get the word out.


6 posted on 01/06/2012 3:47:28 PM PST by The Free Engineer
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To: formosa
One year of free housing only for them to foreclose Jan, 2013, all on the taxpayer's dime.
7 posted on 01/06/2012 3:47:35 PM PST by tobyhill (Obama, The Biggest Thief In American History)
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To: tobyhill

Does that come with free power ,water and food ,oh and a car


8 posted on 01/06/2012 3:48:13 PM PST by molson209
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To: molson209
No worry there either, that's what Obama’s new consumer agency is for.
9 posted on 01/06/2012 3:49:50 PM PST by tobyhill (Obama, The Biggest Thief In American History)
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To: Doogle

This could only be based on the idea that the cost of foregone debt servicing (i.e., monthly mortgage principal an interest payments) is less than the ultimate cost of having a foreclosure, an empty property sitting in REO inventory with vandalism and rehab costs (e.g., mold infestation) that they think can be avoided by having a non-paying mortgagor in the house.

Maybe that is correct, maybe not. But all that Freddie Mac and Fannie Mae are up to now is loss mitigation. And since the losses net out to the injury of the taxpayer, we had better hope this is indeed correct.


10 posted on 01/06/2012 3:49:54 PM PST by Wally_Kalbacken
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FREEDOM

It's Not Just A Buzzword


Click The Pic

Support Activist Free Republic

11 posted on 01/06/2012 3:49:59 PM PST by DJ MacWoW (America! The wolves are here! What will you do?)
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To: The Free Engineer

You know how it works, do a 6 month government program that will continue to extend way past 60 years. It’s about votes and none in the 2 party system will object to it. Just keep paying your taxes.


12 posted on 01/06/2012 3:51:19 PM PST by VicVega ( GEAUX LSU TIGERS, GEAUX SAINTS)
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To: formosa

obama is a worthless lying pimp...all of his supporters are whores...i worked for everything i have mt entire life and paid in full for my home...and saved with 401k’s for my non garrentied retirement and am now getting paid back with 0-.5% returns in retirement...yes i am the enemy of the new do nothing hope and change bs mentality...COUNT ON IT!!!!!!!!!!!!!!!!!!!!!!!!!

But i am not out of money nor dead YET and i will fight if necessary to preserved what i have earned!!!!!!!!!!!!

Sorry if anyone is offended...that is NOT my intention of expressing how i feel!!!!!!!!!!!!!!!!!!


13 posted on 01/06/2012 3:56:00 PM PST by ldish (Looking forward to Independence Day)
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To: Wally_Kalbacken
I as a taxpayer don't want to pay for someone else living in a house, mortgage free.

It just delays the inevitable and allows for them to not really give a crap about the condition of the property. These are not your ordinary unemployed, these are people that moved into a place they knew they weren't going to be able to afford too long.

14 posted on 01/06/2012 3:56:37 PM PST by tobyhill (Obama, The Biggest Thief In American History)
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To: tobyhill

Government never learns from failure!


15 posted on 01/06/2012 3:57:32 PM PST by LUV W (This tagline reserved for a hero.......)
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To: tobyhill
Communists buying more votes. All hail our King, King Obama.
16 posted on 01/06/2012 3:58:51 PM PST by Logical me
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To: ldish
I can spell with spell check but was sooooo pissed in my original post that i didn't use it...yes i am a verrry ignorant hick!!!!!!!!!!!!!!!!! and so here it is again... corrected! obama is a worthless lying pimp...all of his supporters are whores...i worked for everything i have my entire life and paid in full for my home...and saved with 401k’s for my non guaranteed retirement and am now getting paid back with 0-.5% returns in retirement...yes i am the enemy of the new do nothing hope and change bs mentality...COUNT ON IT!!!!!!!!!!!!!!!!!!!!!!!!!

But i am not out of money nor dead YET and i will fight if necessary to preserve what i have earned!!!!!!!!!!!!

Sorry if anyone is offended...that is NOT my intention of expressing how i feel!!!!!!!!!!!!!!!!!!

17 posted on 01/06/2012 4:05:53 PM PST by ldish (Looking forward to Independence Day)
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To: tobyhill

And how can this happen without being approved by Congress?

Congress is good for nothing anymore it seems. Did they give away there authority or are they just criminal in not demanding that they have any.


18 posted on 01/06/2012 4:10:05 PM PST by Revel
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To: tobyhill

Who picks up the tab...as if I can’t guess.


19 posted on 01/06/2012 4:11:10 PM PST by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both)
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To: tobyhill

I would like to see the details on this one before getting all worked up - the previous (big fat failures) of mortgage bailouts only delayed an inevitable increase in the overall payments.

Meaning, it’s all a waste of time and taxpayer money anyway, but people are not actually getting anything “free” - they’re getting more screwed over by the fed.


20 posted on 01/06/2012 4:14:01 PM PST by dk88 (Occupy=Liberalism: No solutions, no responsibility and demanding free stuff from someone else)
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To: tobyhill

When will worthless drones ever learn, NOTHING is free....


21 posted on 01/06/2012 4:20:33 PM PST by EGPWS (Trust in God, question everyone else)
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To: tobyhill

Where’s my iPod?


22 posted on 01/06/2012 4:24:39 PM PST by Izzy Dunne (Hello, I'm a TAGLINE virus. Please help me spread by copying me into YOUR tag line.)
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To: tobyhill

Vote buying one dead beat at a time.


23 posted on 01/06/2012 4:27:15 PM PST by org.whodat (Just another heartless American, hated by "AMNESTY" Newt, Willard, Perry and nervous supporters.)
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To: cableguymn
I guess I'm an even bigger idiot......have been unemployed twice in the past 6 years and when I wasn't I was seriously underemployed.

I managed to continue to pay my mortgage (but thanks to a rash of foreclosures in my neighborhood, the house is underwater as it has lost a ton of value).

I also spent big bucks to go back to school which I am paying for myself (one year too early--the Obama free ride kicked in the next year for the program I completed), and now with one child finishing college and two about to start, hubby and I are too "rich" to qualify for the free rides for my kids like all the single moms I know do.

Tagline....truer every day.

24 posted on 01/06/2012 4:29:11 PM PST by Mygirlsmom (Disgusted with it all.)
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To: tobyhill

Buying votes from Obama’s stash!


25 posted on 01/06/2012 4:30:24 PM PST by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: tobyhill

Coming headline: Foreclosures Unexpectedly Drop.

Fer Cryin out loud...


26 posted on 01/06/2012 4:38:02 PM PST by arkady_renko (I want to believe.)
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To: tobyhill

Cool, so we’re gearing up to basically restart the housing bubble all over again, and still haven’t let the last cycle of this nonsense bottom out.


27 posted on 01/06/2012 4:38:24 PM PST by Utmost Certainty (Our Enemy, the State | Gingrich 2012)
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To: Utmost Certainty

Obama Freeloader Nation!

Look at chart from Zero Hedge on Civilian Employment to Population under Obama!!!!!!!!!!!!!!!!!!!!!!1

http://confoundedinterest.wordpress.com/2012/01/06/unemployment-actually-rose-in-december-nsa-dont-shoot-the-messenger/


28 posted on 01/06/2012 5:13:15 PM PST by whitedog57
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To: tobyhill

So who pays the taxes and insurance? If the property is not insured, do the banks have the right to reposes. Or are they expected to pay it themselves? How can obumber make a spending decision with no input from Congress? I’m confused.


29 posted on 01/06/2012 5:15:05 PM PST by JoSixChip (Top 10% of wage earners pay 70% of total income taxes collected. Bottom 50% pay less then 3%, fair?)
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To: tobyhill

Freddie Mac Seeks [ADDITIONAL] $6 Billion Bailout After Worst Quarterly Loss This Year
http://www.huffingtonpost.com/2011/11/03/freddie-mac-seeks-6-billion-bailout-quarterly-loss_n_1073962.html

Freddie Mac, on taxpayer support, pays big bonuses [$13 MILLION in bonus payments].Executives tell House committee that bonuses needed to keep qualified staff at Freddie Mac and Fannie Mae.

http://www­.csmonitor­.com/Busin­ess/Latest­-News-Wire­s/2011/111­7/Freddie-­Mac-on-tax­payer-supp­ort-pays-b­ig-bonuses


30 posted on 01/06/2012 5:45:37 PM PST by Lorianne
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31 posted on 01/06/2012 5:53:01 PM PST by RedMDer (Forward With Confidence!)
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To: cableguymn

I feel the same way.


32 posted on 01/07/2012 10:53:21 AM PST by CommieCutter
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