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Recommend Zach Carter - New Obama Foreclosure Plan Helps Banks At Taxpayers' Expense (Email)

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http://www.commondreams.org/headline/2011/10/24-12

Published on Monday, October 24, 2011 by Huffington Post

by Zach Carter

WASHINGTON -- The Obama administration is introducing a new program on Monday designed to lower monthly mortgage payments for more troubled homeowners.

Under the modified plan, "put back" liability at banks will be erased for any underwater mortgage that is refinanced through HARP, eliminating Fannie and Freddie's ability to sack lenders with losses in the event that the mortgage does not pan out. This, in effect, leaves the US taxpayer holding the toxic debt created by a private, profit-hungry bank. (Getty)

But a key new condition in the plan would shift the financial liability for refinanced loans from Wall Street banks to the American taxpayer. And by focusing on lower payments, the program does not confront what housing experts view as the core problem in the foreclosure crisis -- borrower debt that exceeds the value of one's home.


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