Obama Gonna Pay My Mortgage?

[chanel]

More than 40 percent of the 1.3 million homeowners enrolled in the Obama administration's mortgage relief effort have fallen out of the program, the Treasury Department said Tuesday.

"The program really hasn't helped a lot of people, or at least not nearly as many had been hoped for," said Mark Zandi, chief economist at Moody's Analytics. He predicts that about 2 million homes are likely to be sold over the next 12 to 18 months as foreclosures or short sales.

Many borrowers have complained that banks often lose their documents and then claim borrowers did not send back the necessary paperwork.

The banking industry said borrowers weren't sending back the necessary paperwork. They also have accused the Obama administration of initially pressuring them to sign up borrowers without insisting first on proof of their income. When banks later moved to collect the information, many troubled homeowners were disqualified or dropped out.

Relief effort fails many at risk of foreclosure - Yahoo! News

Another clunker. Surprise, surprise...

 

[Mad Scientist]

I don't believe it. This is the summer of recovery.

 

[KissMy]

Obama administration eases foreclosure rules for unemployed

The Obama administration is making it easier for out-of-work homeowners to stay in their homes, as it tries to revamp its troubled foreclosure-prevention program.

Starting Aug. 1, the Federal Housing Administration will extend the period for unemployed homeowners to miss mortgage payments to a full year from three or four months. That will allow qualified homeowners to go without making a monthly payment for 12 months before the foreclosure process begins.

 

[editec]

You cannot ASK for mortgage relief, folks.

The Banksters have no interest in taking a hair cut to save this nation that JUST saved them.

Either Obama is a danned fool, or he doesn't have the votes in Congress to do what needs doing.

I suspect its the latter.

 

[spectrumc01]

You cannot ASK for mortgage relief, folks.

The Banksters have no interest in taking a hair cut to save this nation that JUST saved them.

Either Obama is a danned fool, or he doesn't have the votes in Congress to do what needs doing.

I suspect its the latter.

Or third the corprate leaders haven't given him, or congress the OK yet. You know how American, corprate America really is.

 

[daveman]

They also have accused the Obama administration of initially pressuring them to sign up borrowers without insisting first on proof of their income.

Yes, because that worked out SOOO well the last time it was tried.

People who fail to learn from history are doomed to vote Democrat.