Delinquent Homeowners to Get Mortgage Aid from Government The Obama administration wants to help more struggling Americans stay in their homes by reducing the amount they owe on their troubled mortgages, a top Treasury official said Saturday. "We are very definitely trying to facilitate more principal reductions," said Timothy Massad, Treasury's acting assistant secretary for financial stability. "It is a very important piece of the overall solution," he said. The administration is trying through taxpayer-funded programs to prevent homeowners from losing their homes. Nearly $50 billion has been set aside from the $700 billion bank bailout known as the Troubled Asset Relief Program, or TARP, to help distressed homeowners. http://www.cnbc.com/id/43281199 He could get the "stimlus" money back from the banks and pay off most of our mortgages. Just a thought.
he should have never bail out the banks and car industry's to start with and should have done this in the beginning by paying peoples debt off. and most of these people probably could not afford the home to start with because the government pressured the banks to give everyone a home.
HUD mortgage aid program dragged its feet... HUD's emergency mortgage aid program stumbled from the start 18 Dec.`11 - HUD now making final decisions on 5,000 applicants preliminarily approved for up to $50,000 each
HARP like most of Obama's help programs was an abject failure. All those foreclosee's will be voting in Nov 2012.
That might work but youre gonna have to rape people, rob them, and stomp your feet, at an OWS protest to get him to do it....
interesting isn't it? Replace the word "house" with "car" and the taxpayers bailing you out from a purchase sounds ridiculous, doesn't it?
They're both rediculous. The idea that adults are getting bailed out of anything is what drives these problems. When people are willing to take on more debt and spend more money than they can afford, it creates bubbles in the economy and causes huge crashes. It's coming with govenment bailouts of the car industry, now the housing industry, and soon the education industry. When you bail people out, they don't stop to think about consequences. They buy new cars that no one sane would allow them to (except because they get gobmint money) thus wrecking the rest of their budget and being unable to take care of themselves. They buy a big 2-story house on a poor man's budget because they know that if they get into trouble, the government will bail them out. If OWS wins on student loans, expect that far more kids will go to college and get useless degrees with no jobs at the end -- after all, if they get a degree in gender studies and can't get a job at starbucks, the government will forgive the (bad) loan, thus encouraging more bad loans to stupid people.
