OBAMA ANNOUNCES FHA to help unemployed homeowners

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Obama Administration Plans Mortgage Aid, Donovan Says

Aug. 30 (Bloomberg) -- The Obama administration plans to set up an emergency loan program for the unemployed and a government mortgage refinancing effort in the next few weeks to help homeowners after home sales dropped in July, Housing and Urban Development Secretary Shaun Donovan said.

“The July numbers were worse than we expected, worse than the general market expected, and we are concerned,” Donovan said on CNN’s “State of the Union” program yesterday. “That’s why we are taking additional steps to move forward.”

The administration will begin a Federal Housing Administration refinancing effort to help borrowers who are struggling to pay their mortgages, and will start an emergency homeowners’ loan program for unemployed borrowers so they can stay in their homes, Donovan said.

“We’re going to continue to make sure folks

EDITORS NOTE: notice the word LOAN - they are not addressing the fraud it another refi... banks are bailed out and homeowners are enslaved into debt

How to handle OVERWHELMING DEBT - several videos and choices

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SEVERAL VIDEOS with various ways to deal with debt.

DO IT YOURSELF

DAVE RAMSEY

HOW DEBT COLLECTORS BREAK THE LAW

Myths by dave ramsey

MORTGAGE SHOULD YOU PAY???

Become Debt Free: Testimonial

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Today we are taking a sidestep.

My daughter has been going through a program and her friends Tiffany & Josh are featured in this embedded video of the Dave Ramsey show. They tell the story of how they went from thousands of dollars in debt to totally debt free in less than 2 years. Knowing this young couple and the story makes me want to share it with you, my writing friends. Enjoy! They are about 3 interviews in on the show.

Housing Bubble - MORE Foreclosures Coming

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Dr. Housing Bubble Blog

May 11th, 2010

Housing never really improved – 10 charts showing the United States housing market is entering the second wave of problems. 1 out of 4 people with no mortgage payment in the last year are still not in the foreclosure process.

To put it bluntly, the U.S. housing market today is in deep water. Nothing exemplifies the transfer of risk to the public from the private investment banks more than the deep losses at Fannie Mae and Freddie Mac. Fannie Mae announced a stunning first quarter loss of $13.1 billion while Freddie Mac lost $8 billion. At the same time, toxic mortgage superstar JP Morgan Chase announced a $3.3 billion profit for Q1. This reversal of fortunes has been orchestrated perfectly by Wall Street. Since the toxic assets were never marked to market, the big losses have been funneled to the big GSEs (and as we will show in this article, now makes up 96.5 percent of the entire mortgage market). In other words, banks are making profits gambling on Wall Street while pushing out mortgages that are completely backed by the government.

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