Feds Announce Plan to Delay Foreclosures

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Feds Announce Initiative That Would Put Some Foreclosures on Hold for 30 Days

WASHINGTON (AP) — Homeowners threatened with foreclosure would in some instances get a 30-day reprieve under a new initiative the Bush administration announced Tuesday.
Dubbed “Project Lifeline,” the new program will be available to people who have taken out all types of mortgages, not just the high-cost subprime loans that have been the focus on previous relief efforts.

The program was put together by six of the nation’s largest financial institutions, which service almost 50 percent of the nation’s mortgages.

These lenders say they will contact homeowners who are 90 or more days overdue on their monthly mortgage payments. They will be given the opportunity to put the foreclosure process on pause for 30 days while the lenders try to work out a way to make the mortgage more affordable to the homeowner.

“Project Lifeline is a valuable response, literally a lifeline, for people on the brink of the final steps in foreclosure,” Housing and Urban Development Secretary Alphonso Jackson, said at a joint news conference with Treasury Secretary Henry Paulson.

He said the goal was to provide a temporary pause in the foreclosure process “long enough to find a way out” by allowing homeowners and lenders to negotiate a more affordable mortgage.

Paulson said that the new effort was just one of a number of approaches the administration was pursuing with the mortgage industry to deal with the country’s worst housing slump in more than two decades.

In December, President Bush announced a deal brokered with the mortgage industry that will freeze certain subprime loans, those offered to borrowers with weak credit histories, for five years if the borrowers are unable to afford the higher monthly payments as those mortgages reset after being at lower introductory rates.

“As our economy works through this difficult period, we will look for additional opportunities to try to avoid preventable foreclosures,” Paulson said. “However, none of these efforts are a silver bullet that will undo the excesses of the past years, nor are they designed to bail out real estate speculators or those who committed fraud during the mortgage process.”

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Why should the guy who can’t afford his home be ableto re-negotiate the terms of his loan when the guy who can afford his home and pays on time isn’t?

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Why should the guy who can’t afford his home be ableto re-negotiate the terms of his loan when the guy who can afford his home and pays on time isn’t?

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Why should the guy who can’t afford his home be ableto re-negotiate the terms of his loan when the guy who can afford his home and pays on time isn’t?

[cr]

Why should the guy who can’t afford his home be ableto re-negotiate the terms of his loan when the guy who can afford his home and pays on time isn’t?

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Why should the guy who can’t afford his home be ableto re-negotiate the terms of his loan when the guy who can afford his home and pays on time isn’t?

[contraman]

Attention: Borrowers and Home Owners…

This is not meant to help you but rather bail out the banks to stop the bleeding on Wall Street. Stop renting their overpriced homes….they own them, not you……you don’t own the home, they do….get it…..

They don’t want more homes on the market, they lose money like this… they want to work something out with you to keep paying the HIGH RENT (Interest)to them to alleviate more bad numbers killing their stock prices and executive bonuses….

Tell them to go screw themselves and foreclose, rent for free for 8 to 9 months, save your money, then rent a house for half the price down the street, fix your credit, then buy your house back at half the price of the loan they were trying to modify for you….

That’s my lifeline plan for PEOPLE, not the BANKS.

Sincerely, Contraman

[contraman]

Attention: Borrowers and Home Owners…

This is not meant to help you but rather bail out the banks to stop the bleeding on Wall Street. Stop renting their overpriced homes….they own them, not you……you don’t own the home, they do….get it…..

They don’t want more homes on the market, they lose money like this… they want to work something out with you to keep paying the HIGH RENT (Interest)to them to alleviate more bad numbers killing their stock prices and executive bonuses….

Tell them to go screw themselves and foreclose, rent for free for 8 to 9 months, save your money, then rent a house for half the price down the street, fix your credit, then buy your house back at half the price of the loan they were trying to modify for you….

That’s my lifeline plan for PEOPLE, not the BANKS.

Sincerely, Contraman

[contraman]

Attention: Borrowers and Home Owners…

This is not meant to help you but rather bail out the banks to stop the bleeding on Wall Street. Stop renting their overpriced homes….they own them, not you……you don’t own the home, they do….get it…..

They don’t want more homes on the market, they lose money like this… they want to work something out with you to keep paying the HIGH RENT (Interest)to them to alleviate more bad numbers killing their stock prices and executive bonuses….

Tell them to go screw themselves and foreclose, rent for free for 8 to 9 months, save your money, then rent a house for half the price down the street, fix your credit, then buy your house back at half the price of the loan they were trying to modify for you….

That’s my lifeline plan for PEOPLE, not the BANKS.

Sincerely, Contraman

[contraman]

Attention: Borrowers and Home Owners…

This is not meant to help you but rather bail out the banks to stop the bleeding on Wall Street. Stop renting their overpriced homes….they own them, not you……you don’t own the home, they do….get it…..

They don’t want more homes on the market, they lose money like this… they want to work something out with you to keep paying the HIGH RENT (Interest)to them to alleviate more bad numbers killing their stock prices and executive bonuses….

Tell them to go screw themselves and foreclose, rent for free for 8 to 9 months, save your money, then rent a house for half the price down the street, fix your credit, then buy your house back at half the price of the loan they were trying to modify for you….

That’s my lifeline plan for PEOPLE, not the BANKS.

Sincerely, Contraman

[contraman]

Attention: Borrowers and Home Owners…

This is not meant to help you but rather bail out the banks to stop the bleeding on Wall Street. Stop renting their overpriced homes….they own them, not you……you don’t own the home, they do….get it…..

They don’t want more homes on the market, they lose money like this… they want to work something out with you to keep paying the HIGH RENT (Interest)to them to alleviate more bad numbers killing their stock prices and executive bonuses….

Tell them to go screw themselves and foreclose, rent for free for 8 to 9 months, save your money, then rent a house for half the price down the street, fix your credit, then buy your house back at half the price of the loan they were trying to modify for you….

That’s my lifeline plan for PEOPLE, not the BANKS.

Sincerely, Contraman

[pemeliza]

All of this bailout talk is getting nauseating.

A quote from a CNBC article describing the bailout.

“Some borrowed against their rising equity as home prices climbed, ASSUMING they would be able to refinance or SELL their homes BEFORE the higher payments began. But as prices have plummeted, many homeowners now owe more than their home is worth, and banks have tightened their lending practices, leaving even people with stellar credit struggling with higher payments.”

Read between the lines … not only were they assuming they would be able to sell before the higher payments but they were assuming they would be able to sell for a HUGE profit.

The government should not be in the business of writing
free call options. If the government is going to back
banks like this at least they should legislate a minimum
20% down payment to prevent a total fleece job of the
taxpayer and saver which we are seeing today.

I agree all of this action is to bail out banks and the
system. The true winners were unquestionably the homeowners that curtailed their greed and got out at a bloated price in 04-05.

[pemeliza]

All of this bailout talk is getting nauseating.

A quote from a CNBC article describing the bailout.

“Some borrowed against their rising equity as home prices climbed, ASSUMING they would be able to refinance or SELL their homes BEFORE the higher payments began. But as prices have plummeted, many homeowners now owe more than their home is worth, and banks have tightened their lending practices, leaving even people with stellar credit struggling with higher payments.”

Read between the lines … not only were they assuming they would be able to sell before the higher payments but they were assuming they would be able to sell for a HUGE profit.

The government should not be in the business of writing
free call options. If the government is going to back
banks like this at least they should legislate a minimum
20% down payment to prevent a total fleece job of the
taxpayer and saver which we are seeing today.

I agree all of this action is to bail out banks and the
system. The true winners were unquestionably the homeowners that curtailed their greed and got out at a bloated price in 04-05.

[pemeliza]

All of this bailout talk is getting nauseating.

A quote from a CNBC article describing the bailout.

“Some borrowed against their rising equity as home prices climbed, ASSUMING they would be able to refinance or SELL their homes BEFORE the higher payments began. But as prices have plummeted, many homeowners now owe more than their home is worth, and banks have tightened their lending practices, leaving even people with stellar credit struggling with higher payments.”

Read between the lines … not only were they assuming they would be able to sell before the higher payments but they were assuming they would be able to sell for a HUGE profit.

The government should not be in the business of writing
free call options. If the government is going to back
banks like this at least they should legislate a minimum
20% down payment to prevent a total fleece job of the
taxpayer and saver which we are seeing today.

I agree all of this action is to bail out banks and the
system. The true winners were unquestionably the homeowners that curtailed their greed and got out at a bloated price in 04-05.

[pemeliza]

All of this bailout talk is getting nauseating.

A quote from a CNBC article describing the bailout.

“Some borrowed against their rising equity as home prices climbed, ASSUMING they would be able to refinance or SELL their homes BEFORE the higher payments began. But as prices have plummeted, many homeowners now owe more than their home is worth, and banks have tightened their lending practices, leaving even people with stellar credit struggling with higher payments.”

Read between the lines … not only were they assuming they would be able to sell before the higher payments but they were assuming they would be able to sell for a HUGE profit.

The government should not be in the business of writing
free call options. If the government is going to back
banks like this at least they should legislate a minimum
20% down payment to prevent a total fleece job of the
taxpayer and saver which we are seeing today.

I agree all of this action is to bail out banks and the
system. The true winners were unquestionably the homeowners that curtailed their greed and got out at a bloated price in 04-05.

[Author]

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