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Thread: Obama administration to order lenders to cut mortgage payments for jobless

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    Obama administration to order lenders to cut mortgage payments for jobless

    Link
    washingtonpost.com

    Does the President of the USA have the power and the right to legally make this happen.
    I ask because I have no idea as to the extent of his powers.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by jujuman13 View Post
    Link
    washingtonpost.com

    Does the President of the USA have the power and the right to legally make this happen.
    I ask because I have no idea as to the extent of his powers.
    Perhaps reading the article would have been in order then

    For the first time, the government will offer financial incentives to lenders that cut the principal these homeowners owe on primary mortgages.

    The new initiatives are expected to take effect over the next half year and will be funded out of money remaining in the $700 billion bailout program for the financial sector, administration officials said. They said no new taxpayer funds would be needed.

    snip

    The announcement comes as the administration faces increasing pressure from lawmakers and housing advocates to overhaul its foreclosure prevention efforts. So far, fewer than 200,000 borrowers have received permanent loan modifications under its $75 billion marquee program, known as Making Home Affordable. And the Inspector General for the Troubled Assets Relief Program has raised concerns that many borrowers may redefault even after receiving relief under the program.

    In the meantime, there is a growing backlog of distressed borrowers awaiting help from their lender and threatening to hamper efforts to stabilize the housing market. The "program will not be a long-term success if large amounts of borrowers simply redefault and end up facing foreclosure anyway," the inspector general said in a report released earlier this week.

    cont
    So by orders the Washington Times means bribe.

    It is only offering incentives (ie money) to the financial institutions that the Admin is going try and increase the amount of modifications. There is no force going on, just good old greed
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by jujuman13 View Post
    Link
    washingtonpost.com

    Does the President of the USA have the power and the right to legally make this happen.
    I ask because I have no idea as to the extent of his powers.
    In the new ****ed up, piece-a-**** communist America that ignores the law, he does.
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    I am sorry but if one single taxpayer dollars goes to out the tons of people that bought houses that were way above there income level than this is very wrong. We should not be rewarding bad behavior by letting people keep the houses that they should have never got in the first place. They should have to sell the house and get something they can afford. Fact of life is that not every one in the US can own thier own home. If you want to own a house or a bigger house than you should get a better job not have the Gov. bribe banks to give you lower payments. This everyone should own a home thinking is a big part of the reason that we are in the mess we are in.
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by jujuman13 View Post
    Link
    washingtonpost.com

    Does the President of the USA have the power and the right to legally make this happen.
    I ask because I have no idea as to the extent of his powers.
    Of course he does, it's right there in the Constitution.

    G - I order- E - you to - N - cut - E - mortgage - R - payments - A - for - L W - the - E - poor - L - and - F - those - A - without - R - jobs - E.
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    I believe you are supposed to use the title of the article for the thread title when posting in the Breaking News forum. In this case, it would be:

    "Obama readies steps to fight foreclosures, particularly for unemployed"

    rather than the transparently partisan one you used.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Dezaad View Post
    I believe you are supposed to use the title of the article for the thread title when posting in the Breaking News forum. In this case, it would be:

    "Obama readies steps to fight foreclosures, particularly for unemployed"

    rather than the transparently partisan one you used.
    He did.

    The washpo changed the title since last night... no doubt compelled by a bunch of whiners complaining about it being transparently partisan.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by braindrain View Post
    I am sorry but if one single taxpayer dollars goes to out the tons of people that bought houses that were way above there income level than this is very wrong. We should not be rewarding bad behavior by letting people keep the houses that they should have never got in the first place. They should have to sell the house and get something they can afford. Fact of life is that not every one in the US can own thier own home. If you want to own a house or a bigger house than you should get a better job not have the Gov. bribe banks to give you lower payments. This everyone should own a home thinking is a big part of the reason that we are in the mess we are in.
    If you would have read even the actual title for the article, you would know:
    1. That the assistance would be for the unemployed. Therefore:
    2. That the people being talked about probably can afford the house they are in once the economy generates enough jobs for everyone. And:
    3. That they probably can't buy another house right now, or even rent an apartment. Some of these people might end up homeless. How's about they live on the corner at the end of your street, eh?
    If you would have read a few articles about Republican philosophy in the last, oh 7 years, you would have heard the slogan "ownership society" where they were encouraging, among other things, home ownership.

    Home ownership for the many is hugely beneficial to society. The way it was to have gone about may have contributed a miniscule amount to the financial crisis, unfortunately. But, it isn't "the reason" that we're in the mess we are in today.

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by braindrain View Post
    I am sorry but if one single taxpayer dollars goes to out the tons of people that bought houses that were way above there income level than this is very wrong. We should not be rewarding bad behavior by letting people keep the houses that they should have never got in the first place. They should have to sell the house and get something they can afford. Fact of life is that not every one in the US can own thier own home. If you want to own a house or a bigger house than you should get a better job not have the Gov. bribe banks to give you lower payments. This everyone should own a home thinking is a big part of the reason that we are in the mess we are in.
    How about the people that lost their job and consequently their homes? Is it their fault that their town is decimated by GE (or any other manufacturer) sending jobs overseas?

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Dezaad View Post
    I don't believe you.
    It's a free country. You can choose to be ignorant if you desire. I know I'm right and just thought I'd share the wealth.
    Quote Originally Posted by Dezaad View Post
    It sounds like BS, since the article doesn't even remotely fit the supposed former title.
    Except for the first line, which is almost word for word the same (the big difference being "required" instead of "ordered."

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