President Obama Handout Machine

The handout machine is getting ready to roll out again. The Obama administration wants to curve the foreclosure crisis that shows no signs of stopping. President Barack Obama will step up pressure on mortgage companies to do more to help people remain in their homes. The administration will announce its expanded program on Monday with the goal to increase the rate that troubled home loans were converted into new loans with lower monthly payments. This is a retaliation to mortgage companies and hope to accelerate loan modifications that are seriously lagging behind what was expected. The new plan will wait until the loan modifications are permanent before paying cash incentives to mortgage companies that lower loan payments. The $75 billion Treasury program, allows mortgage companies that lower payments for troubled borrowers collect $1,000, from the government for each loan, followed by $1,000 annually for up to three years. The program has come under heavy criticism for failing to do enough and the foreclosure crisis will more than likely continue deep into next year as high unemployment pushes more people out of their homes. The Mortgage Bankers Association found that 14 percent of homeowners with mortgages were either behind on payments or in foreclosure at the end of September, a record level for the ninth straight quarter. The foreclosure problem, which began with heavy defaults on subprime mortgages, has now expanded to more traditional types of mortgages because of unemployment which has now hit a 26-year high of 10.2 percent. This is another example of this administration giving handout instead of fixing the problem which is creating jobs. To reward these mortgage companies for writing bad paper by having them write more paper is a classic giving the fish instead of teaching to fish.

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