The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government’s Home Affordable Modification Program.You can't foreclose until our government bureaucracy has reviewed the mortgage! We'll get back to you on that.
The proposal, reviewed by lenders last week on a White House conference call, “prohibits referral to foreclosure until borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed,” according to a Treasury Department document outlining the plan.
Finally, a government plan that might actually work.
Yea, we already own Fannie and Freddie (by we I mean you, I and every other tax payer) and they're already sucking up all the tax payers money so we might as well let people stay in their homes and let them catch up on payments, in the long run it will be more profitable then auctioning the house off for pennies on the dollar.
ReplyDeleteHey, for once I agree with ya.
ReplyDelete