Obama Administration Scales Back Proposed Homeowner Relief Effort Over Alleged Foreclosure Abuses

The Obama administration has significantly diminished a proposed homeowner relief program that initially aimed to force the nation’s five largest mortgage companies to reduce monthly payments for three million distressed homeowners, according to documents and people involved in the discussions.

The administration has shifted its focus to delivering lowered payments for as few as one million homeowners, according to sources that are party to the deliberations.

However, the pot of money the administration hopes to extract from the firms to fund those modifications — $25 billion — remains unchanged, these people said, partly to fund expensive loan modifications, partly as a function of the desire by some agencies to punish the firms for their mortgage practices.

The demise of the mortgage relief proposal would constitute a significant setback in state and federal efforts to resolve allegations of widespread legal abuses by major mortgage lenders. State law enforcement authorities have in recent months been in discussions with federal banking regulators and Obama administration officials to try to craft a settlement that could effectively close the books on complaints of wrongdoing that have been attendant to a historic surge in the numbers of American homes falling into foreclosure.

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Fraudclosure Term Sheet

Comments
6 Responses to “Obama Administration Scales Back Proposed Homeowner Relief Effort Over Alleged Foreclosure Abuses”
  1. losing my home in florida says:

    http://www.putlocker.com/file/3BNOSJI0IPS0KGSC#

    everyone please watch this movie it puts every thing we are going through in perspective and why each onw of us needs to fight our foreclsoure.
    @ I VENT yes it is an inside job
    the scariest part is after ou watch the movie you will notice that every guy who headed AIG, ENRON, ect are all in our USA government in one copacity or another. that is wy nothing has been done yet and people are losing their homes.
    on a positive 1700 foreclosures on hold in cook county, illinois, and 10k in maryland its a start

    • l vent says:

      Thank you losing my home in florida, Did you happen to see the comment under the post entitled Dyaln Ratigan/Collective BArgaining for Homeowners:Heroism or Terrorism? It is written by angry &NOT TAKINGIT. He uncovered the TRUTH that we suspected: In Cali, the pensions are ALL-MBS the judges own our homes. THIS IS CLEARLY UNCONSTITUTIONAL as Tim Bryant so brilliantly discussed in his comment about the 5th ammendment “Takings Clause”. Seems our Government indeed violated our CONSTITUTIONAL RIGHTS BY HOLDING INTEREST IN OUR PROPERTY. THIS IS CLEARLY WHY FANNIE AND FREDDIE, THE GOVERNMENT SPONSORED ENTERPRISE, ARE HIDING BEHIND SERVICERS TO FRAUDCLOSE AND THAT IS WHY THERE IS A CONFLICT OF INTEREST IN THE COURTROOMS WHERE JUDGES ARE IN MOST CASES COMPLETELY IGNORING THE RIGHTS AND LAWS THAT WERE PUT IN PLACE BY OUR U.S. CONSTITUTION AND BILL OF RIGHTS TO PROTECT OUR PROPERTY RIGHTS AND PROTECT US FROM A TRYANNICAL AND .OPPRESSIVE GOVERNMENT. RESCIND OUR LOANS!!! I am happy about the fraudclosures being on hold in my state and Maryland but it is clearly time to STOP ALL FRAUDCLOSURES. OUR GOVERNMENT HAS VIOLATED OUR CONSTITUTIONAL RIGHTS AND HAVE CLEARLY BROKEN THE LAW WITH IMPUNITY AND IT IS TIME TO STOP THE FRAUDCLOSURES NATIONWIDE. THE JIG IS UP.

  2. l vent says:

    I AM NOT STICKING UP FOR OBAMA BUT HE had NOTHING ot do with the PONZI SCHEME and now the LIARS ARE CHOKING ON THEIR OWN VOMIT. CONgress ARE THE TREASONISTS WHO ALLOWED THE HIJACKING OF AMERICA BY THE FOREIGN MULTINATIONALS. THAT IS WHY OBAMA IS ALLOWED TO DECLARE WAR WITHOUT CONgress’ APPROVAL. CONgress IS THEEEE DEN OF VIPERS, TRAITORS AND TREASONISTS. THE AMERICAN PEOPLE SAY THROW THEM OUT ON THEIR HEADS!!! GIVE AMERICA BACK OUR STOLEN COUNTRY, MONEY AND HOMES STOP THE FRAUDCLOSURES, THE JIG IS UP. IT WAS AN INSIDE JOB.

  3. l vent says:

    WE THE PEOPLE DEMAND TO KNOW WHERE THAT TARP BAILOUT MONEY WENT. IT LOOKS LIKE IT PROBABLY WENT TO THE SO CALLED “INVESTORS”. AGAIN, WE THE PEOPLE WERE ROBBED! RESCIND OUR FRAUDULENTLY INDUCED LOANS!!!!!! GIVE THE PEOPLE BACK THEIR STOLEN MONEY AND THEIR STOLEN HOMES, STOP THE FRAUDCLOSURES, NOW! THERE ARE STATE AND COUNTY BUDGET DEFICITS BECA– USE WE WERE ROBBED BY THE PONZI SCHEMERS WHO WERE NO DOUBT THE INVESTORS THAT ARE HIDING BEHIND THE SCENES OF THIS ROBBERY OF AMERICAS WEALTH, JOBS AND HOMES. And those people would be found MAINLY in the UNITED STATES CONgress. THESE TRAITORS ARE POSING AS AMERICANS AND THEY ARE IMPOSTERS, WORKING FOR THE UN/NEW WORLD ORDER AND GOT FILTHY RICH OFF OF THE PONZI SCHEM HEIST AND SCREWED ALL OF US !!

    • RAMONA says:

      the bailout mney were to all of the worldwide banks …

      • l vent says:

        @Ramona, but what did the banks do with the bailout money is what I meant. They were never held accountable for that money and where it went. WE THE PEOPLE have a right to know what the banks used it for. They gave no loan mods. The bailout was tax-payer funded, we have a right to know..

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