Results 1 to 4 of 4

Thread: Bush readying plan to rescue home owners

  1. #1
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Bush readying plan to rescue home owners

    March 31, 2008

    Bush readying plan to rescue home owners

    Proposal encourages lenders to forgive part of debt and refinance mortgages


    WASHINGTON - THE Bush administration is finalising a plan to rescue thousands of home owners facing foreclosure by helping them refinance into more affordable loans, the Washington Post said.

    The proposal is aimed at assisting borrowers who owe their banks more than their homes are worth because of declining home prices, the newspaper reported in its Saturday edition, citing unnamed government officials.

    If enacted, it would mark the first time the White House is committing federal dollars to help the most hard-pressed borrowers.

    President George W. Bush said on Saturday that the government would expand efforts to help home owners avoid foreclosure.

    The White House is 'committed to building on' its programme to help borrowers refinance mortgages, he said in a weekly radio address.

    Officials are weighing measures to 'provide some additional help to some home owners', White House spokesman Tony Fratto said.

    Under the plan, the Federal Housing Administration (FHA) would encourage lenders to forgive a portion of these loans and issue new, smaller loans in exchange for the backing of the US government, the Post said.

    Two leading Democratic lawmakers have proposed a similar programme to expand the FHA, so that it absorbs more failing mortgages once lenders have erased some of the loan amount.

    Senate Banking Committee chairman Christopher Dodd and House Financial Services Committee chairman Barney Frank are expected to push their FHA plan when lawmakers return to Washington this week.

    Bush administration officials have told the Post that they believe they can accomplish some of the same goals of the legislation through regulatory changes, though important details need to be nailed down.

    Administration officials told the Post they opposed some aspects of Mr Frank's legislation, including a provision to spend US$10 billion (S$13.8 billion) buying vacant foreclosed homes.

    The plan could dampen criticism from Democrats, who say the administration has so far been more concerned with helping Wall Street than with aiding those losing their homes in the foreclosure crisis that threatens to push the US economy into a deep recession.

    But it could agitate conservatives, who might view the programme as another government bailout, the Post said.

    The plan is unlikely to be unveiled before Mr Bush returns from a trip to Europe this week, officials told the paper.

    REUTERS, BLOOMBERG NEWS

  2. #2
    Unregistered Guest

    Default Re: Bush readying plan to rescue home owners

    Quote Originally Posted by mr funny
    March 31, 2008

    Bush readying plan to rescue home owners

    Proposal encourages lenders to forgive part of debt and refinance mortgages


    WASHINGTON - THE Bush administration is finalising a plan to rescue thousands of home owners facing foreclosure by helping them refinance into more affordable loans, the Washington Post said.

    The proposal is aimed at assisting borrowers who owe their banks more than their homes are worth because of declining home prices, the newspaper reported in its Saturday edition, citing unnamed government officials.

    If enacted, it would mark the first time the White House is committing federal dollars to help the most hard-pressed borrowers.

    President George W. Bush said on Saturday that the government would expand efforts to help home owners avoid foreclosure.

    The White House is 'committed to building on' its programme to help borrowers refinance mortgages, he said in a weekly radio address.

    Officials are weighing measures to 'provide some additional help to some home owners', White House spokesman Tony Fratto said.

    Under the plan, the Federal Housing Administration (FHA) would encourage lenders to forgive a portion of these loans and issue new, smaller loans in exchange for the backing of the US government, the Post said.

    Two leading Democratic lawmakers have proposed a similar programme to expand the FHA, so that it absorbs more failing mortgages once lenders have erased some of the loan amount.

    Senate Banking Committee chairman Christopher Dodd and House Financial Services Committee chairman Barney Frank are expected to push their FHA plan when lawmakers return to Washington this week.

    Bush administration officials have told the Post that they believe they can accomplish some of the same goals of the legislation through regulatory changes, though important details need to be nailed down.

    Administration officials told the Post they opposed some aspects of Mr Frank's legislation, including a provision to spend US$10 billion (S$13.8 billion) buying vacant foreclosed homes.

    The plan could dampen criticism from Democrats, who say the administration has so far been more concerned with helping Wall Street than with aiding those losing their homes in the foreclosure crisis that threatens to push the US economy into a deep recession.

    But it could agitate conservatives, who might view the programme as another government bailout, the Post said.

    The plan is unlikely to be unveiled before Mr Bush returns from a trip to Europe this week, officials told the paper.

    REUTERS, BLOOMBERG NEWS
    Better to buy in US and let the government bail out defaulters. Bush is great.

  3. #3
    Unregistered Guest

    Default Re: Bush readying plan to rescue home owners

    US is too nice, bailing out homeowners. Will HK or Singapore do this? Don't think so...

  4. #4
    Unregistered Guest

    Default Re: Bush readying plan to rescue home owners

    Bush planning another round of US dollar decline to fight the Asia menace with low US dollars and high oil price.US still in Iraq have you forgotten.

Similar Threads

  1. Hyflux finally inks $400m rescue deal with Utico
    By reporter2 in forum Coffeeshop Talk
    Replies: 0
    -: 26-11-19, 15:26
  2. 'Fascism' may rescue a Japan fed up with status quo
    By reporter2 in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 01-06-12, 00:17
  3. Developers readying for launches as activity rises
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 31-05-09, 14:59
  4. Global recession feared if there is no rescue plan
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 01-10-08, 13:48
  5. Bush economy to grow; Clinton: recession here now
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 1
    -: 16-03-08, 01:18

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •