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New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
AC488
I got no balls
User ID: 488
10-26-2011 05:29 PM

 



Post: #1
devil New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
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Zach Carter - Huff Po

WASHINGTON -- The Obama administration is introducing a new program on Monday designed to lower monthly mortgage payments for more troubled homeowners.

But a key new condition in the plan would shift the financial liability for refinanced loans from Wall Street banks to the American taxpayer. And by focusing on lower payments, the program does not confront what housing experts view as the core problem in the foreclosure crisis -- borrower debt that exceeds the value of one's home.

Faced with the weak response to the Home Affordable Refinance Program, the Obama administration is planning to open up the program to all borrowers who owe more on their mortgage than their homes' worth, commonly dubbed being underwater, and have not missed a mortgage payment. HARP had been limited to borrowers who owed up to 25 percent more than their home is worth. More than 22 percent of all home mortgages -- or 10.9 million homes -- are currently underwater, according to CoreLogic data. Fewer than 900,000 borrowers have elected to go through HARP to date.

The revised program also eliminates several fees associated with refinancing that can make the decision to refinance uneconomical for borrowers. But the potential benefit of the eliminated fees could be relatively small: If a few thousand dollars worth of fees made refinancing a bad deal for underwater borrowers, the ultimate benefits that refinancing can pose would remain limited.

On a conference call with reporters, White House National Economic Council Director Gene Sperling referred to the HARP expansion as "a win-win policy" that will result in "less defaults" and "fewer foreclosures." But one of the program's new terms will benefit private-sector Wall Street banks, potentially at the expense of taxpayers.

The newly expanded program would expunge legal liabilities associated with mortgages refinanced through the program for the original lenders of the mortgages. Each time a bank sent a loan to Fannie and Freddie, it certified that the loan met Fannie and Freddie's safe lending criteria. But many loans sent to the mortgage giants did not, in fact, meet those criteria. Currently, when borrowers default on those ineligible loans, the mortgage giants can "put back" the resulting losses onto the banks that pushed the loans.

Under the modified plan, "put back" liability at banks will be erased for any underwater mortgage that is refinanced through HARP, eliminating Fannie and Freddie's ability to sack lenders with losses in the event that the mortgage does not pan out.

more

http://dailybail.com/home/new-obama-fore...ly+Bail%29
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AC488
I got no balls
User ID: 488
10-26-2011 05:48 PM

 



Post: #2
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
Obama Still Wall Street's Honey ... Raises More (As Both Raw Amount And Percentage) From Wall Street Than In 2008

http://www.zerohedge.com/contributed/oba...-street-20

Third Way Document Proves Democratic Party Supports Institutionalized Looting by Banks

http://www.nakedcapitalism.com/2011/07/t...banks.html

The Coming Infrastructure Bank as an Off-Balance Sheet Scam

http://www.economicpolicyjournal.com/201...s-off.html

The Bankster Plan to Scam Obama's Infrastructure Bank

http://www.economicpolicyjournal.com/201...bamas.html

The Hoax That Is The Infrastructure Bank

http://www.zerohedge.com/contributed/hoa...cture-bank

Infrastructure bank could be part of jobs package

http://news.yahoo.com/infrastructure-ban...06676.html

Scream1

What a scam
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Twatwaffle
lop guest
User ID: 58882
10-26-2011 05:53 PM

 



Post: #3
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
AC488  Wrote: (10-26-2011 05:29 PM)
The newly expanded program would expunge legal liabilities associated with mortgages refinanced through the program for the original lenders of the mortgages. Each time a bank sent a loan to Fannie and Freddie, it certified that the loan met Fannie and Freddie's safe lending criteria. But many loans sent to the mortgage giants did not, in fact, meet those criteria. Currently, when borrowers default on those ineligible loans, the mortgage giants can "put back" the resulting losses onto the banks that pushed the loans.

Under the modified plan, "put back" liability at banks will be erased for any underwater mortgage that is refinanced through HARP, eliminating Fannie and Freddie's ability to sack lenders with losses in the event that the mortgage does not pan out.

Lmao

That's some great stuff right there.
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LoP Guest
lop guest
User ID: 58863
10-26-2011 05:56 PM

 



Post: #4
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
damn this accursed change!
chuckle
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AC488
I got no balls
User ID: 488
10-26-2011 05:56 PM

 



Post: #5
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
Twatwaffle  Wrote: (10-26-2011 05:53 PM)
AC488  Wrote: (10-26-2011 05:29 PM)
The newly expanded program would expunge legal liabilities associated with mortgages refinanced through the program for the original lenders of the mortgages. Each time a bank sent a loan to Fannie and Freddie, it certified that the loan met Fannie and Freddie's safe lending criteria. But many loans sent to the mortgage giants did not, in fact, meet those criteria. Currently, when borrowers default on those ineligible loans, the mortgage giants can "put back" the resulting losses onto the banks that pushed the loans.

Under the modified plan, "put back" liability at banks will be erased for any underwater mortgage that is refinanced through HARP, eliminating Fannie and Freddie's ability to sack lenders with losses in the event that the mortgage does not pan out.

Lmao

That's some great stuff right there.

Jhikpghf

For the banks S977
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Twatwaffle
lop guest
User ID: 58882
10-26-2011 06:02 PM

 



Post: #6
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
AC488  Wrote: (10-26-2011 05:56 PM)
Twatwaffle  Wrote: (10-26-2011 05:53 PM)
Lmao

That's some great stuff right there.

Jhikpghf

For the banks S977

Remember, this action is exclusively an Executive Branch administrative action, not one undertaken by the full Congress.

Whether one supports this or not, the onus is solely on the Executive Branch.
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AC488
I got no balls
User ID: 488
10-26-2011 06:06 PM

 



Post: #7
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
Twatwaffle  Wrote: (10-26-2011 06:02 PM)
AC488  Wrote: (10-26-2011 05:56 PM)
Twatwaffle  Wrote: (10-26-2011 05:53 PM)
Lmao

That's some great stuff right there.

Jhikpghf

For the banks S977

Remember, this action is exclusively an Executive Branch administrative action, not one undertaken by the full Congress.

Whether one supports this or not, the onus is solely on the Executive Branch.

Jhikpghf

Obama Offers Mortgage-Relief Plan: ‘We (the Bankster's) Can’t Wait’ for Congress

http://abcnews.go.com/blogs/politics/201...-congress/

Thanks for the pin mods!
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LoP Guest
lop guest
User ID: 54925
10-26-2011 06:06 PM

 



Post: #8
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
he's gonna pay for all my bills and gas, I won't even have to pay for housing...he's gonna forgive my loans, I won't have to pay for anything...

you will

central bank k-ching
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The Evil AC
I am not a number!!!
User ID: 666
10-26-2011 06:12 PM

 



Post: #9
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
LoP Guest  Wrote: (10-26-2011 06:06 PM)
he's gonna pay for all my bills and gas, I won't even have to pay for housing...he's gonna forgive my loans, I won't have to pay for anything...

you will

central bank k-ching

Jhikpghf

Taxpayers screwed Bankers win again
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Twatwaffle
lop guest
User ID: 58882
10-26-2011 06:16 PM

 



Post: #10
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
The Evil AC  Wrote: (10-26-2011 06:12 PM)
Jhikpghf

Taxpayers screwed Bankers win again

Only because of their incestuous collusive relationship with the U.S. fedguv.

If there was no incest (read: fascism), no taxpayers would have been screwed.
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LoP Guest
lop guest
User ID: 54925
10-26-2011 06:21 PM

 



Post: #11
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
The Evil AC  Wrote: (10-26-2011 06:12 PM)
LoP Guest  Wrote: (10-26-2011 06:06 PM)
he's gonna pay for all my bills and gas, I won't even have to pay for housing...he's gonna forgive my loans, I won't have to pay for anything...

you will

central bank k-ching

Jhikpghf

Taxpayers screwed Bankers win again

yes, but lets be specific so that everyone is on the same page

what do we mean by "banks"

we mean the collective of financial corps that not only control the "consumer" financial industry...

but collectively, together, un beknownst to many, these corps own the CENTRAL BANK THAT CREATES YOUR MONEY SUPPLY...

ITS NOT SUPPOSED TO BE THAT WAY{SEE THOMAS JEFFERSON}

UNTIL PEOPLE WAKE UP TO THIS FACT, THEY WILL NOT UNDERSTAND THE TRUTH

TRUTH IS, THEY OWN THE MEDIA WHICH DICTATES THE ELECTION AND WHAT YOU PERCEIVE AS REAL...BY DUMB'ING YOU DOWN TO THE POINT WHERE BY YOU THINK THAT BY CHOOSING FROM A GROUP OF PRE SELECTED "LEADERS" THAT YOU HAVE MADE A CHOICE...

ALL YOU DO IS CONTINUE YOUR ENSLAVEMENT, AS THE SOLE PURPOSE OF THESE PUPPETS IS TO KEEP YOU BLIND AND NOT FOCUSING ON WHO IS IN CONTROL OF "OUR" MONEY SUPPLY...

THE BANKS, THE CENTRAL BANKS....

THE RED SHIELD

WAKE UP WAKE UP WAKE UP
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Disturbed nli
Not the real one!
User ID: 1
10-26-2011 06:23 PM

 



Post: #12
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
Taxpayers will be screwed on this too

Obama Taps Taxpayers For Student Stimulus [ Honk if I paid for your Hispanic Transgender B.A. ]

http://www.foxnews.com/politics/2011/10/...-stimulus/
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Twatwaffle
lop guest
User ID: 58882
10-26-2011 06:23 PM

 



Post: #13
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
Quote:Obama's Re-Fi Plan: The Perfection of Debt-Serfdom

How better to corral restive underwater debt-serfs than to herd them into accepting a new, "better" set of lifelong servitude shackles?

President Obama is taking credit for a new government plan to "save homeowners." That is of course pure propaganda to mask the plan's true goal: the perfection of debt-serfdom. The basic thrust of the plan is straightforward: encourage "underwater" homeowners whose mortgages exceed the value of their homes to re-finance at lower rates.

The stated incentive (i.e. the PR pitch) is to lower homeowners' monthly payments via lower interest rates.

This is the Federal Reserve's entire game plan in a nutshell: don't write off any debt, as that would reveal the banking sector's insolvency, but play extend-and-pretend with crushing debtloads by lowering the cost of servicing the debt.

The key purpose of this "plan" is to leave the principle owed to banks on their books at full value while ensnaring the hapless debt-serf (the "homeowner") into permanent servitude to the banks.

http://www.zerohedge.com/news/guest-post...bt-serfdom
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AC488
I got no balls
User ID: 488
10-26-2011 06:30 PM

 



Post: #14
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
Twatwaffle  Wrote: (10-26-2011 06:23 PM)
Quote:Obama's Re-Fi Plan: The Perfection of Debt-Serfdom

How better to corral restive underwater debt-serfs than to herd them into accepting a new, "better" set of lifelong servitude shackles?

President Obama is taking credit for a new government plan to "save homeowners." That is of course pure propaganda to mask the plan's true goal: the perfection of debt-serfdom. The basic thrust of the plan is straightforward: encourage "underwater" homeowners whose mortgages exceed the value of their homes to re-finance at lower rates.

The stated incentive (i.e. the PR pitch) is to lower homeowners' monthly payments via lower interest rates.

This is the Federal Reserve's entire game plan in a nutshell: don't write off any debt, as that would reveal the banking sector's insolvency, but play extend-and-pretend with crushing debtloads by lowering the cost of servicing the debt.

The key purpose of this "plan" is to leave the principle owed to banks on their books at full value while ensnaring the hapless debt-serf (the "homeowner") into permanent servitude to the banks.

http://www.zerohedge.com/news/guest-post...bt-serfdom

That's a great article I follow ZH but missed that one thanks
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SmartAss
Registered User
User ID: 44996
10-26-2011 06:36 PM

Posts: 1,288



Post: #15
RE: New Obama Foreclosure Plan Shifts Fraud Liability From Wall Street To Taxpayers
Twatwaffle  Wrote: (10-26-2011 05:53 PM)
AC488  Wrote: (10-26-2011 05:29 PM)
The newly expanded program would expunge legal liabilities associated with mortgages refinanced through the program for the original lenders of the mortgages. Each time a bank sent a loan to Fannie and Freddie, it certified that the loan met Fannie and Freddie's safe lending criteria. But many loans sent to the mortgage giants did not, in fact, meet those criteria. Currently, when borrowers default on those ineligible loans, the mortgage giants can "put back" the resulting losses onto the banks that pushed the loans.

Under the modified plan, "put back" liability at banks will be erased for any underwater mortgage that is refinanced through HARP, eliminating Fannie and Freddie's ability to sack lenders with losses in the event that the mortgage does not pan out.

Lmao

That's some great stuff right there.

S977

Add this to the trillions we had put on taxpayers no wonder we are being downgraded

Feds Gave Approval For BOA To Dump $75 Trillion On Taxpayers

http://lunaticoutpost.com/Topic-Feds-Gav...-Taxpayers

U.S. Debt Likely To Be Downgraded Again, Says Merrill Lynch

http://lunaticoutpost.com/Topic-U-S-Debt...rill-Lynch
(This post was last modified: 10-26-2011 06:37 PM by SmartAss.) Quote this message in a reply












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