Washington – The Obama administration plans to overhaul how it’s tackling the foreclosure crisis, in part by requiring lenders to temporarily slash or eliminate monthly mortgage payments for many borrowers who are unemployed, senior officials said Thursday.
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Banks and other lenders would have to reduce the payments to no more than 31 percent of a borrower’s income, which would typically be their unemployment insurance, for up to six months. In some cases, administration officials said, a lender could allow a borrower to make no payments at all.
The new push, which the White House is scheduled to announce Friday, takes direct aim at the major cause of the current wave of foreclosures: the spike in unemployment. While the initial mortgage crisis that erupted three years ago resulted from millions of risky home loans that went bad, more recent defaults reflect the country’s economic downturn and the inability of jobless borrowers to keep paying.
Socializm is a good thing. Robin Hood aught gesucht “steal from the rich and give to the poor”…i read that in a book.
Soon it will be Kedai not to pay any bills any work nig nanny obama goverment will take care from cradle to grave!
Brilliant! I’m all for banks being repaid, but there’s no need to kick people when they’re down. Better for the banks to wait a little bit longer, than foreclose and go through all of the heartache. Yes, there’s a financial cost, but there’s also a human cost to all of these actions, which is something that people all too quickly forget.
how are the banks expected not to fail when obama doesn’t let them foreclose on loans that they gave and try to recoup as much as possible?
Stop with the handouts to the lazy poor people and Kollel people. No more food stamps or section 8, or WIC or anything else. Get a freaking job people.
And here I thought that old woman was kidding in the famous youtube video where she says, in campaigning for Obama, that Obama’s gonna pay her mortgage.
Looks like he will.
Looks like incentives for working people to earn money are slowly being taken away.
B’H
Anyone who thinks this is free or good should really think twice.
It is yet another entitlement that rests on the backs of our ever growing national debt.
If you cannot pay your mortgage, then do what people would do. Try to negotiate with the bank yourself, get however many jobs it takes to pay the mortgage, or let the bank take the house.
We cannot expect others to pay for our debt forever. At some point we have to take responsibility and live through tough times to get back to good ones.
Next comes Obama telling us how to run our personal businesses, when he wants them closed, and when he is ready to take them over! (without paying us even as much as inheritance tax
More money for the welfare crowd. When will people begin to buy what they can afford, and stop sucking the blood of their neighbors? Let peoplke buy what they can afford, get a job, and work for what they get, rather than be wards of the state. Another money down the drain policy for those who want to be were they shouldn’t be, and let our grandchildren pay the tab.
TO 6, 8, 9 and anyone else with sarcastic comments – Why don’t you find people jobs? I’ve been out for almost 2 years from a great job but can’t find anything now. How about helping these poor people who can’t help themselves and post JOBS on your comments instead of stepping on these poor UNEMPLOYED people.