Friday, February 26, 2010

You Should Intentionally Default: President Obama

Well, ok, maybe not quite that explicit, but....

Feb. 25 (Bloomberg) -- The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government’s Home Affordable Modification Program. [emphasis in original]

The proposal, reviewed by lenders last week on a White House conference call, “prohibits referral to foreclosure until borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed,” according to a Treasury Department document outlining the plan.

Contract rights don't matter, law doesn't matter, we'll just ignore all of that pesky stuff when we don't like it.

Can Obama even do this? Wouldn't it take an act of Congress? How will you spend your mortgage payments each month? Maybe buy a mobile home or a big comfy tent?

Eventually the axe will fall.

As stated in the original story, be sure to consult an attorney before doing something as fucking drastic as defaulting on your home loan.

Note: Headline links to source. Clicking on image will enlarge it (usually).

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