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President Obama unveils the Homeowner Bill of Rights housing plan
Posted By azBlueMeanie:
President Obama on Wednesday proposed a "Homeowner Bill of Rights" that would fundamentally change the way houses are bought, sold and refinanced in an effort to stabilize the nation's ailing housing system. Obama unveils plan on housing:
One immediate goal of the so-called Homeowner Bill of Rights is to enable more borrowers to refinance, reduce their monthly payments or pay off their loans sooner, rebuilding equity lost in the housing crash.
The legislation announced Wednesday also would create a standardized system for mortgage applications and would expand bulk sales of government-owned foreclosure homes to investors, with the goal of decreasing the number of empty homes.
The bill would expand on a refinancing plan announced in October. That plan directed federal mortgage giants Fannie Mae and Freddie Mac to allow refinancing for mortgage-holders even if their homes are underwater by any amount. But the plan could not be offered to homeowners with mortgages privately held by banks. The new legislation would allow those homeowners to refinance as well, with the associated costs covered by a fee on major lenders.
Nearly 3.5 million U.S. homeowners with private mortgages, who owe more than their houses are now worth, could be eligible if the legislation passes.
Romney’s ‘Mr. Potter Plan’ to get rich on foreclosures (reposted/updated)
Posted by AzBlueMeanie:
Last week Willard "Mittens" Romney told underwater homeowners in Florida, "Well, the banks aren't bad people. They're just overwhelmed right now." "The banks are scared to death, of course," he said. "They're feeling the same thing that you're feeling…" Daily Kos: Mitt Romney wants you to know that banks are 'feeling the same thing that you're feeling'.
This comment is not only wrong – it’s wildly out of touch with the millions of hardworking Americans who are struggling to hold onto their homes. If you’re a homeowner in this country trying to make ends meet, "Mittens" Romney has four simple words for you: "you’re on your own" (George W. Bush's "ownership society").
The "Survivor – GOP Presidential Primary" now turns to the GOP caucus in Nevada, the state with the nation's highest foreclosure rate. So I will repost what "Mittens" Romney told the Las Vegas Review-Journal last October in an interview regarding his solution to the Foreclosuregate scandal.
(Repost)
December 2007: Solving the Mortgage Crisis May Require a Guardian Angel – New York Times:
I knew it was the Christmas season. There on television was Henry F. Potter, the mean banker, quizzing Pa Bailey, the idealist from the building and loan society.
“Have you put any real pressure on these people of yours to pay those mortgages?”
“Times are bad, Mr. Potter. A lot of these people are out of work.”
“Then foreclose!”
“I can’t do that. These families have children.”
“They’re not my children.”
September 2011: Willard "Mittens" Romney channels the spirit of Mr. Potter. Romney told the Las Vegas Review-Journal that the problem in housing is that banks haven't been allowed to foreclose on enough people, making it more difficult for investors, i.e., creditors - the rentier class in classic usage (see Robert Kuttner, Debtors' Prison) - to buy up underpriced properties and rent them back to the former owners. Daily Kos: Romney’s housing plan: 'Allow investors to buy up homes' by accelerating foreclosure process:
