Feds to unveil new mortgage-help plan

"WASHINGTON - At-risk borrowers with all types of mortgages, not
just high-cost subprime loans, could be eligible for help under a new
plan involving six big home lenders. The plan, called Project Lifeline,
will be announced Tuesday by the Treasury Department and the Department of Housing and Urban Development,
said a person familiar with the plan who confirmed earlier news reports
about the plan but spoke on condition of anonymity because it had not
yet been made public.

Against
a backdrop of surging defaults and administration officials' prodding
of the mortgage industry, the plan will allow seriously overdue
homeowners to suspend foreclosures for 30 days while lenders try to
work out more affordable loan terms.

On a pilot basis, the plan will involve six of the largest mortgage
lenders, in hopes that more lenders will sign on. The participants are Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co.

All six are involved in Hope Now, an effort the Bush administration
brokered with the mortgage industry late last year to freeze rates on
some high-cost subprime mortgages for five years to aid borrowers whose
teaser rates are jumping sharply higher. Since then, Treasury Secretary Henry Paulson has urged lenders to expand that effort to cover struggling homeowners with conventional mortgages."

 

http://news.yahoo.com/s/ap/20080212/ap_on_bi_ge/mortgage_mess_rescue;_yl...

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The Self-Help Guide to Living in a Free Society #9: If you default on a loan, accept the consequences, lick your wounds and avoid making the same mistakes again. Don`t expect the government to bail you out with money fleeced from the taxpayers who made a more prudent lending and borrowing decision."

Oh good, more of my money going to people who can't manage what they have now. Well, its not really my money. Its my money plus interest because our government is actually borrowing the buy-off cash from China.

The hard truth is that people need to fail. I have started things that have failed.  It hurt like hell but I'm better person for it.  We can't take care of everyone. We shouldn't take care of everyone.  Families, individuals, community groups, and compassionate companies should help people, not the government.  I hope our land catches a clue soon, but by our presidential candidates I don't think we will.

I would recommend that you get a free issue of The New Individualist with the full guide from above: http://www.atlassociety.org/cth-42-1328-New_Individualist.aspx

"Don`t support laws that control your employers, they`re covered by the constitution, too."

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Why did we bother with passing laws that make a mortgage such a heavily TRUTHFUL transaction? This is yet another nail in the coffin of the Republic. Good thing this is lubricating our entry into a Depression ... we can settle some scores, then.

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