The Truth Tracker

“Tracking The Truth, Because the Mainstream Media Won’t”

Obama’s Solution to Saving Foreclosures!

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Well that solution would be us taxpayers who make the necessary life changing adjustments to pay our own mortgages.

Via(FoxNews)

Obama Considers Spending Plan to Cut Payments on Mortgages Nearing Default

The effort would be part of a plan to spend $50 billion on foreclosure prevention and establish national standards for modifying home loans.

Bank repo, foreclosure and for sale signs sit outside a foreclosed home in Houston. (AP File)
Jan. 20, 2009: Bank repo, foreclosure and for sale signs sit outside a foreclosed home in Houston. (AP File)

WASHINGTON — President Obama’s administration is considering spending taxpayer dollars to cut monthly payments for homeowners on the verge of foreclosure, according to two people briefed on the proposals.

The deliberations came as lawmakers prepared to enact a new tax credit of up to $8,000 for first-time homebuyers that is intended to boost the ailing housing market.

Details of the plans to aid troubled borrowers were not final but were expected to be unveiled in the coming weeks, according to the people who declined to be identified because the details were not yet complete. The effort would be part of a plan to spend $50 billion on foreclosure prevention and establish national standards for modifying home loans.

The administration has several ways it could spend money to stem foreclosures.

It could follow a proposal by Sheila Bair, chairman of the Federal Deposit Insurance Corp., who wants to give banks an incentive to reduce borrowers’ payments by having the government absorb some of the losses should loans fail again.

Continue Story Here.

God Bless,
The Truth Tracker
Jason R. Bootie
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