“I won’t have to worry about putting gas in my car. I won’t have to worry about paying my mortgage” - Peggy Joseph in 2008
I am not sure what is worse. A candidate breaking his promises or a candidate keeping them.
In the case of Comrade Obama he is keeping his promise to "spread the wealth around." In the year leading up to the 2012 election our Glorious Leader is letting VOTERS live in their homes for free. Well, not free. The few people who work for a living will be picking up the tab.
Still scrambling to stabilize the struggling housing market, the Obama administration will allow unemployed homeowners to miss a year of mortgage payments without threat of foreclosure while they try to find a new job reports the Los Angeles Times.
Under the plan, mortgage servicers for FHA-insured loans will be required to allow qualified homeowners to miss up to 12 months of payments.
The expanded assistance could help "tens of thousands" of people keep their homes, Housing and Urban Development Secretary Shaun Donovan said.
"Helping struggling borrowers avoid default is not only good for those borrowers, it is good for the economy," he said.
|Two Harvard educated Democrat economists are searching for a |
solution to the foreclosure crisis in housing.
President Obama admitted this week that those efforts — such as the much-maligned Home Affordable Modification Program, which offered incentives to banks to lower monthly payments for troubled borrowers — haven't tamed the problem.
The administration's latest plan affects homeowners who default on loans backed by the Federal Housing Administration. A total of about 1 million people are eligible for HAMP aid.
Bert Ely, an independent banking consultant, said allowing unemployed homeowners to skip payments sounds good in theory but has problems that would make it difficult for the industry to adopt a 12-month standard.
"Unfortunately, a lot of times forbearance just postpones the problem," he said. "So you extend from four months to 12 months and things don't work out. Who eats the loss?"
TARP DOLLARS AT WORK: The special inspector general for the Troubled Asset Relief Program (TARP), which funded the administration's mortgage modification initiative, urged that the minimum period for skipped payments be increased.
Your TARP tax dollars are hard at work to build a Marxist Worker's Paradise.
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