Combat
Brigadier General
- Joined
- Jun 10, 2005
- Messages
- 10,288
Well senate added 349 pages to make it even more difficult to read, and
another 150 Billion in expenses so the grand total is $850 Billion.
This is taken directly from pages 28-29:
(b) HOMEOWNER ASSISTANCE BY AGENCIES.—
11 (1) IN GENERAL.—To the extent that the Fed12
eral property manager holds, owns, or controls mort13
gages, mortgage backed securities, and other assets
14 secured by residential real estate, including multi15
family housing, the Federal property manager shall
16 implement a plan that seeks to maximize assistance
17 for homeowners and use its authority to encourage
18 the servicers of the underlying mortgages, and con19
sidering net present value to the taxpayer, to take
20 advantage of the HOPE for Homeowners Program
21 under section 257 of the National Housing Act or
22 other available programs to minimize foreclosures.
23 (2) MODIFICATIONS.—In the case of a residen24
tial mortgage loan, modifications made under para25
graph (1) may include—
29
O:\AYO\AYO08C32.xml S.L.C.
1 (A) reduction in interest rates;
2 (B) reduction of loan principal; and
3 (C) other similar modifications.
Not much point in busting your butt anymore, your just going to be paying
for the guy in the Escalade's Spinny Wheels.
This appears to be a grain of sand on the beach in the recovery plan. I don't see any free rides here, but helping out some folks who got caught up in this mess. They still have to pay for their homes - just not at unreasonable rates that no one could afford. The alternative is to throw thousands of families on the street and leave these properties vacant with no payments being made and the government absorbing the entire cost.