Obama administration to offer home re-fi plan 'regardless of how deeply ...
President Barack Obama is expanding his use of federal regulations by prodding the financial sector to sell low-interest mortgages to millions of cash-strapped homeowners “independent of how deeply underwater they are,” said Shaun Donovan, Secretary of the Department of Housing and Urban Development, Monday morning.
White House officials worked with real-estate and financial-sector groups to shift the financial risks that have kept high-risk borrowers from getting mortgages. Under Obama’s plan, low-interest mortgages will even be offered to homeowners who need to borrow 125 percent of a house’s value, Donovan added.
The president announced his new housing plan in Nevada, a state he carried in the 2008 election and which political analysts say he will need in 2012.
In addition to what amounts to a large-scale loan guarantee program for holders of existing government-backed mortgages, federal risk-based fees will be reduced, legal obligations to federal agencies on existing loans are being dropped, and private-sector risks will be automatically shifted to the government on new loans, Donovan said, adding that the president pushed the new policies.
On Wednesday the president is slated to announce new student loan policy. He will appear Tuesday in Colorado, another must-win state for his re-election campaign.
White House officials have packaged the announcements as necessary actions amid congressional opposition to Obama’s one-year, $446 billion stimulus bill, the American Jobs Act.
These moves mimic the federal policies that spurred the real-estate bubble in the last decade.
The announcements create risks for taxpayers, but they may counter Obama’s slide in the polls among homeowners and younger voters.
The new measures’ immediate costs are unclear, partly because they shift the complex risks of mortgage and student-loan defaults from private investors to the federal government.
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If you Occupy Congress and demand an end to the government backstop of housing and student loans, your protests might gain some bipartisan policy traction. Don't you know that schools are going to get their federally backed money, regardless of what
The new measures' immediate costs are unclear, partly because they shift the complex risks of mortgage and student-loan defaults from private investors to the federal government. White House officials today sought to counter likely opposition to the
We force mere kids to mortgage their futures, then ensure that the debt follows them the rest of their lives, regardless of their living circumstances. Student loan debt hurts not just the graduate but everyone else in society, too: The cost of
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