Thursday, February 9, 2012

What is Obama doing for the mortgage industry?

What is Obama doing to fix the mortgage crisis? I see we're bailing out car manufactures and trying to get credit card companies to stop charging so much in fees- what about the mortgage crisis?What is Obama doing for the mortgage industry?The mortgage industry was a major player in our current economic crisis.

It's not their fault necessarily, they just took advantage of ridiculously loose credit/loan requirements established by lenders during the "housing values can only go up" bubble.

I don't see the mortgage industry ever getting back to the wild west "anyone can get a home loan" days of the last ten years.

The industry will recover a bit as the economy recovers, but about 60-70% fewer people will be doing it.What is Obama doing for the mortgage industry?
As in what? The government bailed out the financial industry and created plans to help people reorganize their mortgage terms. That seems like plenty.What is Obama doing for the mortgage industry?He has already dealt with the Mortgage companies,by bailing out AIG.Mortgage companies took out insurance on mortgages in the case they were not paid,I.e go into default. AIG was selling insurance like it was hotcakes.That's why AIG had to be bailed out.Had they not it would have been complete and utter chaos. That problem comes in 2 parts.Mortgage companies/lenders lent money to those they should not have lent money to.Borrowers received money they couldn't afford to borrow.How do you help them?They made poor choices. The whole topic is so interconnected that many parties are and have been affected.

Don't know why I get a thumbs down when all I wrote was the truth.Sorry if the truth is not what you want to hear.What is Obama doing for the mortgage industry?
The only thing obama is doing to any industry... is wrecking it.

He won't be finished until he has destroyed the foundations of Capitalism in America.What is Obama doing for the mortgage industry?what did Bush do for it??What is Obama doing for the mortgage industry?
The U.S. Congress in May sent President Barack Obama a housing rescue bill that aims to save 400,000 homeowners from foreclosure and will spend $2.2 billion on programs to aid the homeless.

Lawmakers had spent weeks trying to hash out a compromise bill to try to help stem a three-year-long housing crisis that has seen record defaults and double-digit home price declines.

The measure includes direct aid to those hardest hit by the housing crisis but also tries to stabilize the broader financial markets.

Washington's rescue program for bank customers - the Federal Deposit Insurance Corp. - would be expanded so that lenders may access a new government credit line.

The FDIC has been able to tap the Treasury Department for up to $30 billion since 1991 but that credit line would be permanently increased to $100 billion and go temporarily higher to $500 billion through the end of next year.

For consumers, the bill will retool a federal program that refinances troubled homeowners, inject cash into the largest federal homeless aid program and let tenants who face eviction because of a landlord's default serve out the rest of their lease.

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