There is no shame in the Obama administration and there are no fresh ideas either. They refuse to do anything about unemployment and continue to throw stopgap fixes at every turn. The only plan they have for the foreclosure crisis, is to demand lenders temporarily slash or eliminate monthly mortgage payments for many borrowers who are unemployed. Banks and other lenders would have to reduce the payments to no more than 31 percent of a borrower’s income for three to six months or allow the borrower to skip payments altogether. There is also a push also seeks to help borrowers who owe more on their mortgages than their properties are worth. These new initiatives will take effect over the next six months. The funding will come from the $50 billion previously allocated for foreclosure relief in the emergency bailout program for the financial system. President Obama claims this is administration turning its attention to the economy and, in particular, the plight of the unemployed. This is more pretend money for a pretend fix as there have only been fewer than 200,000 borrowers have received permanent loan modifications under its $75 billion marquee program, known as Making Home Affordable. We need jobs and more handouts from the Obama credit card not only does not help it appears it does not work either.
http://tea512.sunpride2000.com/2010/03/26/foreclosure-crisis-same-bad-ideas/