Fxcktards On Parade: Fannie & Freddie Announce Mortgage Debt forgiveness for ‘certain’ borrowers 8 years after it would have helped the economy…
8 years late and an entire fxckin’ TARP trillion short boys. This will just pxss people off.
FHFA announces Principal Reduction Modification program. Details: http://go.usa.gov/czWtA
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac will offer principal reduction to certain seriously delinquent, underwater borrowers who are still struggling in the aftermath of the financial crisis to help them avoid foreclosure and stay in their homes. The new Principal Reduction Modification program is a one-time offering for borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac and who meet specific eligibility criteria…
• Are owner-occupants.
• Are at least 90 days delinquent as of March 1, 2016.
• Have an unpaid principal balance of $250,000 or less.
• Have a mark-to-market loan-to-value ratio of more than 115% after capitalization.
God I almost hate these people. This could have put a bottom in for housing in 2007. Or 2008. It would have saved millions of families from foreclosure in 2009. Or 2010.
But Timmeh was ‘foaming the runway’ for the TooBigToLive banks who created this problem. I know it is fashionable among fiscal conservatives and ‘serious thinkers’ to lay all the blame for the housing bubble on the GSEs but give me a fxckin’ break. The government did NOT FORCE the TBTF to give LIAR LOANS and repackage them, slice, dice and insure against losses via AIG.
People feeling empathetic for the TBTF banks should review the recent settlements, yeah I know BigGov extortion, but these weasels LIED, they LIED and UNLOADED BAD LOANS on the US taxpayer.
Taxpayers have been forced to fund apeshxt spending while our median wage is FALLING. We were prohibited from putting away enough to survive the GREATER DEPRESSION these reckless fxcks unleashed because of the constant fxcking Fed Reserve bubbles popping every few years since GenX was old enough to earn a wage.
Congress spent the original TARP, TRILLIONS in Fed Reserve cash buying these POS debts, bailouts out the axx for the GSEs, a trillion a fxckin’ year on the SHADOW BUDGET spending bills that reuse stimulus again and again in the baseline, all without doing a single solitary fxcking thing to meaningfully help the middle class that stuck around and has been trying to pay their debts and save their houses. Then of course the FHFA gave the foreclosed houses away for pennies so Blackshxt can be the largest landlord in the USA renting these foreclosures to some of the same families who lost their homes, ROUND ROBIN AND THE BANKS WIN EVERY TIME!! Fxck me. DOUBLE BONUS Section 8 housing!! Again, funded by tax dollars of families who were foreclosed on.
Entire communities turned to shxt while these fxcks danced away with bonuses and NOW, NOW they are going to do some principal reduction for 33,000 people so Obama can pat himself on the back on the way out the door. This was THE impetus for the writing here since 2009, the housing crisis.
We wrote last week about the new housing bubble. They are funding mortgages for people who clearly cannot afford to pay the loans back. Then they will dance away, blame the mortgage signers and when the houses are abandoned and the neighborhood falls to crxp and the local gov raises everyone elses taxes and we stop retail spending, the fxcktards will BLAME us for not spending and import millions of more illegals to shower with welfare bennies our taxes fund, to do the retail spending instead.
They are so quick to toss around moral hazard when its the middle class getting fxcked and looking to BigGov, the same BigGov who took extortionate amounts of money over the years from our paychecks and our taxes for programs we will never see. But JON FXCKIN CORZINE IS FREE AS A BIRD LIKE BILL FXCKIN AYRES.
I await a rant from Rick Santelli.
A pox on all your HOUSES (SWIDT)