Feds unveil plan to help 9 million stay in homes

[Dan-O]

Coming up next--a Federal Asswipe Task Force to come to people's homes and wipe their asses if they shit themselves.  And a Federal Spoon-feeding Task Force to feed people too lazy to feed themselves.  I mean, really.  What next???

This just seems like more artificial propping up of a bubble that should just burst already.

Feds unveil plan to help 9 million stay in homes
From Associated Press
March 04, 2009 10:59 AM EST

WASHINGTON - The Obama administration kicked off a new program Wednesday that's designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.

The Treasury Department released detailed guidelines designed to let the lending industry know how to enroll borrowers in the program announced last month.

"It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets," Treasury Secretary Timothy Geithner said in a statement.

The administration, launching what it calls the "Making Home Affordable" initiative, said that borrowers will have to provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify for the $75 billion loan modification program, which runs through 2012.

Borrowers are only allowed to have their loans modified once, and the program only applies for loans made on Jan. 1 2009 or earlier. Up to 4 million borrowers are expected to qualify. Mortgages for single-family properties that are worth more than $729,750 are excluded.

Separately, up to 5 million borrowers who have mortgages held by government controlled mortgage finance giants Fannie Mae and Freddie Mac should be eligible to refinance through June 2010.

Meanwhile action to put in place another part of Obama's housing plan is expected soon on Capitol Hill.

House Democrats, under pressure from a group of moderates in their ranks and the banking lobby, agreed Tuesday to narrow legislation that gives bankruptcy judges the power to force lenders to lower the mortgage interest rate or principal balance.

Under the terms of the agreement, judges would have to consider whether a homeowner had been offered a reasonable deal by the bank to rework his or her home loan before seeking help in bankruptcy court. Borrowers also would have a responsibility to prove that they tried to modify their mortgages.

The compromise legislation was expected to come to a vote in the House as early as Thursday.

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On the Net:

http://www.FinancialStability.gov.

[24KT]

Dan-O,

Have you ever seen what 9 million homeless people, starving and converging on YOUR house looks like?

Do you have even ammo? Can you reload in time? It's not pretty.

[Soul Crusher]

Dan-O,

Have you ever seen what 9 million homeless people, starving and converging on YOUR house looks like?

Do you have even ammo? Can you reload in time? It's not pretty.

Good one.  A few thousand rounds at my house and counting!

[24KT]

Good one.  A few thousand rounds at my house and counting!

What about the other 8,998,000 people ready to rip off your arm and roast it on a rotisserie stick?
...and you DON'T want to know what they're planning for your rump roast or tenderloins. 

[Dan-O]

Dan-O,

Have you ever seen what 9 million homeless people, starving and converging on YOUR house looks like?

Do you have even ammo? Can you reload in time? It's not pretty.

Oh brother.   As if that's the only other alternative--is it really a choice between being in a home that you can't afford, or being homeless and living in a box under a bridge somewhere?  I mean, come on, that's just a little bit overly dramatic, dontcha think?

OR...  I know this is a wacky, crazy, kooky idea, but hear me out...  OR they could get into housing THEY CAN ACTUALLY AFFORD.  Yeah...  reality...  what a wacky notion.

[Soul Crusher]

What about the other 8,998,000 people ready to rip off your arm and roast it on a rotisserie stick?
...and you DON'T want to know what they're planning for your rump roast or tenderloins. 

I watched Dawn of the Dead and know how this ends.  

[Dos Equis]

Coming up next--a Federal Asswipe Task Force to come to people's homes and wipe their asses if they shit themselves.  And a Federal Spoon-feeding Task Force to feed people too lazy to feed themselves.  I mean, really.  What next???

This just seems like more artificial propping up of a bubble that should just burst already.

lol.    

It wouldn't be the end of the world if people who are in houses they cannot afford had to rent for a little while. 

[Mons Venus]

Coming up next--a Federal Asswipe Task Force to come to people's homes and wipe their asses if they shit themselves.  And a Federal Spoon-feeding Task Force to feed people too lazy to feed themselves.  I mean, really.  What next???

This just seems like more artificial propping up of a bubble that should just burst already.

Georgie W sure screwed up!

[24KT]

I watched Dawn of the Dead and know how this ends.  

What about "Deliverance"?  Did you see that one?