Dictatorship, Dirty bureaucrats, Dirty Politicians, Employment, First Amendment Violations, Freedom of Speech, Freedom of the Press, Government War on Individual Constitutional Rights, Govt Intervention, Govt War on Constitution, Govt's War on America, Marxism, Mortgage, obama, Obama Administration, Obama Appointees, Power Grab, Progressivism, Propaganda, Propaganda Tool, socialism, suppression, UNEMPLOYMENT
Obama-Mao strikes again. Not only is Obama going to destroy bring the country to its knees by eliminating monthly mortgage payments for the unemployed, but lazy, freeloading Americans will now have no incentive to do better for self. Hence, they will feel vindicated for their sloth.
As for the Washington Post headline, like marionettes the fools complied. Chicken s****s.
“UPDATE: Apparently ordering the banks, car companies, health insurance companies, doctors, hospitals, medical device manufacturers, energy companies and states around is not enough for the Obama Administration, as they apparently also ordered the Washington Post to completely rewrite the headline of the article cited above, and WaPo, sadly, agreed. First, here’s the accurate headline chosen by the nominally “independent and objective” newspaper Washington Post:
‘Obama administration to order lenders to cut mortgage payments for jobless’
That is an accurate headline as it actually describes the new initiative planned by Obama. Now, this morning, after some scolding by the Obama Administration, the Washington Post editors trashed the old headline, and replaced it with an Axelrod-drafted left wing talking point:
‘Obama readies steps to fight foreclosures, particularly for unemployed’
The actual policy planned by Obama, of course, hasn’t changed. However, now millions of Americans will see that new headline, a pure dollop of spin directly from the Obama Administration, instead of the accurate former headline.”
The president of the United States is now sending the message to America’s youth that there is no reason for them to get an education because the government will take care of them. They will be illiterate, slaves to the government, indoctrinated and clueless.
Americans must realize that everything the Obama administration and fellow Democrats does is about moving us that much closer to socialism. They are intentionally guiding Americans into situations and/or programs that will make them more dependent upon government.
GOVERNMENT CONTROL over the citizenry is the ultimate endgame for Democrats; therefore, it makes sense that these programs will achieve nothing the government said it would. Stop drinking the kool-aid because this is not about saving your homes.
Think about it. Step outside of the box. If Americans do not move to make it happen, then it will not because the government is setting people up to fail. The endgame has been in the works for some time and for many Americans is now coming to fruition.
Obama offers the banks $75 billion of our taxpayer money for banks to re-work troubled mortgages, i.e., banks receive $4,500 for every loan they modify. However, said modifications are re-worked upward and in a fashion that increases the monthly mortgage payments of homeowners, thereby prolonging the pain. Somebody is being set up here.
Homeowners many of whom should not have purchased a home in the first place will be blamed for failing. In turn, the government and banks walk away free and clear.
“Nine months ago, the Obama administration offered banks $75 billion in taxpayer money to rework troubled mortgages.
Yet so far, $75 billion hasn’t been enough to compel many lenders to permanently reduce monthly mortgage payments for millions of cash-strapped homeowners. Indeed, tens of thousand of borrowers who have asked for relief have instead seen their payments and loan balances increase under the Obama plan. A surprisingly high percentage are sliding back into default.
The Treasury Department announced Tuesday that 650,994 homeowners nationwide, including 12,933 in Minnesota, have received temporary, three- to five-month trial modifications under the administration’s foreclosure-prevention plan. That represents one in five eligible homeowners at least 60 days behind on their mortgage payments, according to the Treasury.
‘We’re reaching borrowers at a larger scale than any other modification program to date,’ Assistant Treasury Secretary Michael Barr declared Tuesday.
The $75 billlion approved for the plan, known as the Home Affordability Modification Program, or HAMP, was never meant to go to borrowers directly. Instead, the money would be used to encourage lenders to modify mortgages rather than foreclose on properties. Banks would receive up to $4,000 for every loan they modified. For banks, a loan modification may be less costly than a foreclosure, particularly if a house is worth much less than the value of the mortgage.
But despite the financial carrot, the percentage of homeowners who have seen their trial modifications become permanent loan restructurings, with payments reduced for more than just a few months, remains abysmally low. A mere 1,711 borrowers nationwide had successfully completed their trial period and received permanent loan modifications as of Sept. 1, according to a report by the Congressional Oversight Panel.
And many more who have been approved for relief under the plan have actually seen their loan payments and balances increase — as lenders simply roll back payments, fees and taxes into the remaining life of the loans. ‘It’s relief of a kind, but a lot of these modifications don’t get to the root cause of why the person defaulted in the first place — the mortgage payment was too high,’ said Mary Bujold, president of Maxfield Research Inc., a Minneapolis-based market research firm.
It’s too early to determine if these patterns will continue, but many experts say the HAMP plan overpromised and under delivered by giving lenders too much leeway in how they could modify loans. Others argue that banks have an incentive to keep borrowers in temporary loan modifications in order to delay having to foreclose on the house and take a loss.
‘I think the Obama administration probably underestimated how difficult it is to solve the mortgage problem,’ said Rick Sharga, senior vice president of RealtyTrac, a firm that tracks foreclosure.
Mortgage modifications come in many forms. In some cases, lenders can lower interest rates, extend the loan term, or reduce the amount of the loan by forgoing part of the principal. Of loans modified during the second quarter, 22 percent were either left unchanged or saw their payments increased, according to a recent report by banking regulators.
Yet, government data show that success rates on loan modifications are highest when payments are reduced. Indeed, only 34.1 percent of modifications that decreased monthly payments by 20 percent or more were seriously delinquent, compared with 63.4 percent of modifications that left payments unchanged, according to the Office of the Comptroller of the Currency, a federal bank regulator.
‘A lot of these modifications set people up to fail, rather than to succeed,’ said Thomas Bloomquist, a supervisor of financial counseling at Lutheran Social Service in Minnesota.
Even so, the HAMP program, which got off to a weak start this spring, is gaining momentum, and many housing counselors and lending experts say it’s had a meaningful impact on the national foreclosure rate. Celia Chen, a housing economist at Moody’s Economy.com, expects at least another 3 million loan modifications next year.
Wells Fargo, the nation’s largest home lender, has begun 93,652 trial modifications, or 29 percent of its eligible mortgages, under the HAMP program so far this year, according to U.S. Treasury data released Tuesday. After initially being criticized for its slow pace of modifications, the San Francisco-based bank now has among the highest modification rates among large banks in the nation. U.S. Bancorp has modified 15 percent of eligible mortgages, even though the Minneapolis-based bank did not enter the program until September.
‘Many of these people who are in trial modifications will be able to convert to full modifications, and that will mean fewer foreclosures,’ Chen said. ‘It’s still a benefit…”
Wth? Has the UK gone mad? More importantly, will our president who wants to rule the world while desiring to emulate the failings of the UK’s government dare think of including such madness in his nanny state agenda?
“Homebuyers could be forced to provide detailed information about the amount of money they spend on alcohol each month to qualify for a new mortgage under a new clampdown on reckless lending.
In a sweeping review of the mortgage market published today, the Financial Services Authority (FSA) said lenders needed to be far more rigorous about their financial checks of potential borrowers.
It said lenders should delve deeper into homebuyers’ personal spending including the amount they spend on alcohol and tobacco.
Spending on shoes, clothes and childcare could also be assessed under a new, industry-wide ‘affordability test’.
At present, the FSA does not prescribe rules about assessing a consumers’ ability to repay a mortgage and practices vary from one lender to the next….”
“Debate over the mortgage bailout swept the city, the airwaves and the Internet yesterday, with New Yorkers divided on whether it’s a necessary lifeline or a foolhardy handout.
One TV reporter threatened to lead a tax revolt, while a community group announced plans to form human chains around foreclosed houses to stop evictions.
It seems like everyone – even those who don’t own a home – has an opinion about whether the country should spend $75 billion to let strapped homeowners refinance at lower interest rates.
‘I’m going to be footing the bill for this,’ said transit worker Dave Roszkowski, 51. ‘My taxes are going to be insane.’
He and others scoffed at Saab‘s tale of struggling to pay a $555,000 mortgage on $80,000 salary after tuition and payments on $70,000 in credit card debt.
‘No one should have loaned this guy a half a million bucks if he makes 80 grand a year. I’m so sick and tired of these people.’
Ceci, a volunteer with the grass-roots protest group Bail Out the People, said opponents are in blame-the-victim mode.
‘When you consider how large this crisis is, it can no longer be considered an individual problem,’ she said. ‘I’m sure there’s individuals who weren’t thinking [when they took out a loan], but the majority of people have been hit hard by layoffs, reductions in hours and problems that were no fault of their own.’
Westchester retiree Patrick Welsh, 59, said the fact some people got themselves into this mess doesn’t mean the feds shouldn’t help them out.
‘I think it’s better for all of us for people to stay in their homes,’ Welsh said. ‘A hard-working person who can pay their mortgage will gain in the long run because the community will remain stable and housing prices will remain stable.’
Bailout proponents pointed out that many folks on the verge of foreclosure fell victim to predatory lending practices.
With her two-family home in foreclosure, her tenant moved out, so there’s no way for her to pay the bills.
The group ACORN – which is planning the human chain protests – got an auction of Parker’s home delayed.
Parker admits she was naive when she bought her house in 2005 and says the bailout is her only hope.
‘Otherwise, I’m going in a shelter,’ she said. ‘Where else are me and my kids going to go?’
Spada said he’s sympathetic to the plight of Parker and other distressed homebuyers – but doesn’t know why he should pay for their mistakes.
‘I bought my house 15 years ago – an $80,000 home – and I had $30,000 to put down,’ he said. ‘I’m gonna continue to stay in my six-room house because I can afford it. It’s called fiscal responsibility, and Americans don’t have it.’
What Bailout The People and ACORN are not getting is that people who could not afford homes in the first placed received went into these deals, purchasing homes and many knew that the day might come when they would lose their homes. While they hoped it would not come down to foreclosure, these people knew and they went into it anyway.
What happened to living within one’s means? Don’t people still do that? Furthermore, ignorance is no excuse when you’re talking about a half million dollars.
On the other hand, these two organizations probably do get it and could care less.
“Kansas-based blogger Nancy Armstrong (MsPlacedDemocrat.com) reports that St. Louis, Missouri, gave a $100,000 grant to ACORN and that $82,000 of it is unaccounted for.
The money was given to ACORN for loan modifications, that is, to help struggling homeowners refinance their mortgages. ACORN reportedly charges $750 for each loan modified and says it has completed 24 of them, which means it is entitled to $18,000 from the grant.
Read more about it on Armstrong’s blog here.
Armstrong and I discussed the matter with G. Gordon Liddy on his show earlier today. (podcast here).”
Damn and I thought Hep-C was the gift that keeps on giving. ACORN is like a fucking plague gone wild.
cross-posted on http://viewpointsofasagittarian.blogspot.com