Fxcktards On Parade: Fannie & Freddie Announce Mortgage Debt forgiveness for ‘certain’ borrowers 8 years after it would have helped the economy…

housinginyourhands

8 years late and an entire fxckin’ TARP trillion short boys. This will just pxss people off.

FHFA announces Principal Reduction Modification program. Details:

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…

FHFA.gov Fact Sheet

• 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.

(more…)

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April 14, 2016. Tags: , , , , , , , , , , , , , , , . CITI, citigroup, Economy, FDIC, Finance, Foreclosures, GOP, Housing, Immigration, Labor Department, migrant crisis, Obama Administration, Politics, Popular Culture, TARP, Taxes, Trump, Uncategorized, Unemployment Statistics, Wall St. 1 comment.

Sen Byron Dorgan (D-ND) announces he will not run in 2010…

A nice guy who seemed to really care about the middle class. Dorgan was the force behind the numerous attempts to pass Drug Reimportation so Americans who lose their jobs can still afford their life saving meds while unemployed….Our many posts on that Amendment and Dorgan here

Obama and Rahmbo smacked Dorgan down HARD on this. Obama sold out Americans to big PhaRMa and Billy Tauzin (BEHIND CLOSED DOORS!) when he began his ‘reform’ of health care….GOP Senators crossed the aisle to vote YES on RX REIMPORTATION and DEMOCRATS KILLED IT.

Here is Dorgan’s statement. Frankly that’s a big part of why I think he’s leaving, why fight a death match in ’10 to stick with a bunch of sell out corpocrats?

Twitter Feed Roundup courtesy of AllahPundit at HA who has an analysis up (go read it!):

markos Dorgan retirement is a huge blow to Dems.

jaketapper ND Dem Sen Dorgan’s retirement is horrible news for Democrats + may v likely mean an attempt to end 60-vote cloture requirement

mkhammer RT @mikememoli: Dorgan first non-appointed Democratic Senate incumbent to pass on 2010. Dodd next?

mattklewis If Hoeven runs, he’s in. If not, a strong GOP bench includes: Drew Wrigley, Kevin Cramer, Ed Schafer, Stenehjem, Clayburgh, Berg, et al.

stevebruskCNN One poll last month had suggested Dorgan could face a tough race if Republican Gov. John Hoeven did challenge him in 2010

AmandaCarpenter Dorgan says he wants time to write books, teach and… “would also like to work on energy policy in the private sector. ” http://ow.ly/T7cr

marcambinder She’s the (Cook Rpt) expert —> RT @jennifereduffy: More ND Sen: Dems will need a star to make this competitive and the pickings are slim.

marcambinder Biggest effect of the Dorgan retirement is not in the numbers per se; it’s about social psychology. Dorgan’s decision may push other Dems..

marcambinder Hoeven will now almost certainly run; it’s hard not to assume that, absent a stellar candidate, Republicans will pick up this Senate seat.

chucktodd Dorgan retirement means Dems will have hard time maintaining 60 seats going post-10. Dems have pulled ND rabbits out of hat b4 but…

chucktodd A gut punch to Senate Democrats: Byron Dorgan is retiring instead of running for re-election. ND SEN best 2010 pickup opp, hands down.

January 5, 2010. Tags: , , , , , , , , , . Obama Administration, Politics, Popular Culture. Comments off.

Housing: FINALLY! Some data on the trial mods! Treasury reports more than 27% of homeowners in trial modification are delinquent…

They were forced to answer the inquiry on status of the 600,000+ trial mods finally, and it ain’t good. Not good at all. What IS good is that we are getting some data. Just last week HUD Treasury was claiming no one was late on these payments. On tv in fact, in an interview with Diana Olick which we posted here.

The real shxtstorm is gonna hit us when FANNIE and FHA run out of money. Their book is over 3 TRILLION at FAN alone now and their delinquency rate is EXPLODING. A month after saying they Absolutely Positively did not need a bailout, the FHA is raising it’s premiums, cuz guess what? They need a frakkin bailout…

When will these fools stop trying everything BUT the damned HOLC!!!?!? AARRRGLE! This Admin is so frakking enamored of everything ELSE FDR did why not this? Oh yeah HRC suggested it in 2007 and 2008, thus Obama won’t do it. Frakkers. Their next ingenius plan will be the HEMAP model so taxpayers can LOAN homeowners their mortgage payments. Again padding servicers pockets and not addressing the underlying issue. Via FAN FRED we OWN THE DAMNED HOUSES ALREADY!! Why not buy them outright under HOLC and cut a deal with the homeowners directly with the government. It would be less ongoing intervention and cost less dammit. This is yet ANOTHER example of an actual CRISIS that Team Obama has FAILED to address successfully, while they focus all their attention on health care, housing is falling off a cliff and it WILL drag the entire economy down with it…again.

ABCNews:

More than one-quarter of homeowners receiving help under a U.S. government foreclosure prevention plan are behind on their new mortgage payments, a Treasury Department survey has found. Some 650,000 borrowers are participating in the trial phase of the Obama administration’s Home Affordable Modification Program, a $75 billion taxpayer-financed program launched this year….

…A Treasury Department survey of large mortgage servicers found “over 73 percent of borrowers are current in their trial plan payments,” Assistant Treasury Secretary Herbert Allison told a congressional oversight panel.

That leaves about 27 percent who are delinquent on the payments.

Allison provided written answers to questions raised at an October hearing before the Congressional Oversight Panel, which monitors the government’s foreclosure prevention plan and other financial rescue efforts.

Allison said that “while not all eligible borrowers will convert to permanent modifications, it is too early to estimate a failure rate, diagnose causes and predict future success rates.”

Let me give them a hand. The diagnosis of the underlying cause is UNEMPLOYMENT. The failure rate is TOO LARGE. The future success rate will FALL as UE rises. DO THE DAMNED HOLC! (Read HRC WSJ OPED on the HOLC from September 24, 2008 at link)

Experts say the conversion rate to permanent loans is the key to determining the program’s ultimate success or failure.

The Treasury has not published figures on how many trial loan modifications have been made permanent, but it said it will start doing so this month.

The next monthly report on the program will be released next week, Treasury Department spokeswoman Meg Reilly said.

This week Treasury officials threatened to fine mortgage lenders unless they speed efforts to give hard-pressed homeowners a permanent break on monthly payments….

December 6, 2009. Tags: , , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Hillary Clinton, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. Comments off.

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