Obama May Ban All Foreclosures Without Review by Loan-Modification Program

Discussion in 'Wall St. News' started by schizo, Feb 25, 2010.

  1. schizo



    Obama May Ban All Foreclosures Without Review by Loan-Modification Program

    By Dawn Kopecki

    Feb. 25 (Bloomberg) -- 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.

    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.

    “It is one of the many ideas under consideration in the administration’s ongoing housing stabilization efforts,” Treasury spokeswoman Meg Reilly said in an e-mail. “This proposal has not been approved and there are no immediate planned announcements on the issue.”
  2. Buzzed


    Without the "fix housing first" thing, houses would be alot more affordable right now...

    Now the government wants to make less forclosures legal in an attempt to lower forclosure numbers. Obviously an attempt to artificially increase perceived value of houses available on the market.

    More expensive houses are not the solution to a healthy economy. Instead it's one of the main factors that contributed to the creation of this global recession.

    Why Obama wants to help build another recession and make the american dream less available in the process is beyond my understanding.
  3. S2007S


    Exactly, without this intervention, $8000 tax credits, programs in place to keep foreclosures from occurring and no artificially low mortgage rates housing would be down another 25% across the country. All they did was put a floor underneath housing, the prices you see around your area are still propped up. If you are buying continue to wait, housing prices aren't going anywhere quick anytime soon. And if you want to buy offer them a hell of lot less than they are offering, at least 15%-20% less.

    Prices are being artificially held, that's not the way to control a market, letting it do what its suppose to do is the answer.

    There is way too much interference in this market, which means prices are all an illusion at this time.
  4. Obama was sent here to destroy America.

    Worst president in history.
  5. Who sent him?

    The majority of American citizens - that's who.
  6. TGregg


    What a great idea. Let's bankrupt all the dolts who are loaning people money to buy houses by not letting those greedy bastards foreclose. Yeah! I'm sure they'll still lend new buyers money though.

    While we're at it, let's tax workers 150% of their incomes. Yeah! I'm sure they'll still go to work even though they have to pay for it instead of getting paid for it.

    And while we're at it, maybe if we draft a really, really nice letter to the #@&%ing Easter Bunny, we can get him to pay off the national debt! Yeah! Genius in action, baby!
  7. schizo


    Now c'mon, let's be reasonable. Even if Obama were a Republican prez, it wouldn't have made much difference. These are nothing but calculated moves to score political points. After all, I'm sure he would want to be bailed out by the voters in 2012.
  8. nassau


    Obama is doing is exactly what he is being told to do.

    The housing numbers will not be accurate and will assist in the artificial short squeeze rally.

    We are researching shorting via leaps or close too a year the housing sector including the Financial Sectors directly related to their funding.

    In the mean time we are taking short term long positions shorting along the way at any opportunity.

  9. Obama is out of control. He looked like he was holding an Acorn meeting today. Totally lost. A joke of jokes.
  10. pspr


    The president's dog and pony show today showed what an inept leader he is. What a poor decision to try to keep pushing this dead horse and pushing it right in our face.

    His mortgage foreclosure proposal is just going to make lenders stop lending. Statements like that are market killers. What an idiot.
    #10     Feb 25, 2010