This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.
More than five million households are behind on their mortgages and risk foreclosure. The government’s $75 billion mortgage modification plan has helped only a small slice of them. Consumer advocates, economists and even some banking industry representatives say much more needs to be done.
For the administration, there is also the concern that millions of foreclosures could delay or even reverse the economy’s tentative recovery — the last thing it wants in an election year.
Taking effect on April 5, the program could encourage hundreds of thousands of delinquent borrowers who have not been rescued by the loan modification program to shed their houses through a process known as a short sale, in which property is sold for less than the balance of the mortgage. Lenders will be compelled to accept that arrangement, forgiving the difference between the market price of the property and what they are owed.
“We want to streamline and standardize the short sale process to make it much easier on the borrower and much easier on the lender,” said Seth Wheeler, a Treasury senior adviser.
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Under US Law "States" CANNOT Declare Bankruptcy
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The measures being taken to hold all this crap together would be hilarious if not so sad. Like trying to glue a dollhouse together outside in a rainstorm.
ReplyDeleteI believe the Oligarchs will keep us going as long as we are willing to be the world's Billy Club; for their purposes. Once the people finally say enough is enough the plug will officially be pulled and the US will swirl down the toilet. I see this happening in the next three years.
ReplyDeleteSo sad to see that POS Carl Rove being paraded around in the MSM media as someone to listen to; Baby Huey the genocidal plotter and murderer.
What happens when they have to pay taxes on the difference? I have heard of that happening.
ReplyDeleteGood program to get people out of the homes and on the street. Could this be the real agenda of this bill?
ReplyDeleteMy heart goes out to those who have lost their jobs through this economic crash. These were very good people who are trying to raise families and live the life that should be there for them. Many had jobs that disappeared under their feet through layoffs and closed businesses. Lenders, borrowers, and greed collapsed the US housing market.
ReplyDeleteI am not writing here to say that I know the reasons that all this happened, this thing that made the lives we once knew go away. I have my own opinions of course, but none of those will help the guy or gal who is laid off, let go, and unable to make their mortgage payment.
We all agree that many people played Russian roulette with the housing market. What you do is make a clear calculation to buy, based on faith in your having a job security, providing a home for your family, transportation, food, etc. Again, that decision is based on your income level, and faith in the job market. This was the way of things prior to 2007. Those days are long gone. The crashed housing market and the stupidity of 1999 - 2007 aside, people will still need the same things they needed then, a place to live, a job, and such. We are now beyond blaming someone else. it's time to rethink our ways of living in America.
shit how did ya get a photo of me and my wife printing money?
ReplyDelete1106 good one, next they will have a picture of me and my wife printing ass and seling it for half off lol lol
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