Investor Bailout | Boom-Era Property Speculators to Get Foreclosure Aid

Boom-Era Property Speculators to Get Foreclosure Aid

The Obama administration will extend mortgage assistance for the first time to investors who bought multiple homes before the market imploded, helping some speculators who drove up prices and inflated the housing bubble.

Landlords can qualify for up to four federally-subsidized loan workouts starting around May, as long as they rent out each house or have plans to fill them, under the revamped Home Affordable Modification Program, also known as HAMP, according to Timothy Massad, the Treasury’s assistant secretary for financial stability. The program pays banks to reduce monthly payments by cutting interest rates, stretching terms, and forgiving principal.

The government’s need to protect neighborhoods from blight and renters from eviction by keeping the current owners in place is outweighing concern that taxpayers will end up bailing out real-estate investors. The program is being enlarged after less than 1 million borrowers modified loans through HAMP, compared with the administration’s stated goal in 2009 of helping 3 million to 4 million homeowners.

“When we started the program we focused on owner-occupied houses because the need was so great and we wanted to target the efforts to that group,” said Massad. “Given where we are today, more and more people recognize that vacant properties are a problem no matter how they became vacant.”

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Comments
6 Responses to “Investor Bailout | Boom-Era Property Speculators to Get Foreclosure Aid”
  1. MARGETTA LANGLOIS PRO.SE says:

    SEND OBAMA BACK WHERE THE HELL HE CLAIMS HE COMES FROM WHERE EVER HE’S A “JOKE”

    GIVE US THE MONIES & I DO NOT MEAN $ 2000.HE’S “PATHETIC”…

    EVEN IN THE 60’S TIMES WERE TOUGH BUT WE HAD JOBS ROOFS OVER OUR HEADS, CARS.

    FOOD ON THE TABLE …

    OUR POOR GRANDCHILDREN WHAT THE BULLSHIT THEY’RE FACING.

    THIS IS DISGUSTING THE AMERICAN DREAM IS THE AMERICAN “F” NIGHTMARE…

  2. So just where does one go now! Tenants given cash for keys/ unable to pay mortgage and now it is in default, and oh by the way we made a mistake!!!! guess as long as it is someone elses money holding any one accountable isn;t going to happen!!

  3. Hamp will be glad too help you short sale, the whole time threatening your agent that they are going to foreclose, the only reason being that in California the Govenor doesn;t want too see any more foreclosure, so it makes sense to cover their asses!! They could care less!!! Short Sale it is!!B all of them

  4. Speculators! Any person now knows how badly they were treated if they owned more than one home, if common sense had been used one would have never purchased a second home prior to selling the older one, although for many years alot of persons did just that! And along comes the collaspe! You couldn;t sell anything, scambling to rent, live in car, or whatever one needed to do too save homes, and now after most have lost it all, they have finally decided they just might help the so called speculator! that apparently caused the bubble!!! Once again blame is so easy to place on a person that owns more than one home, how about the first time home buyer program with nothing down!! seems to me Federal started that that all of the homeowners, for one thing if you made middle income you didn;t qualify for any of their programs, remember that? 20% down was required! Do they have any idea how many have lost their homes, who had maintained them 10 yrs+ and no one would help them since they owned more than one home!! then we had the fourplex, yeah that makes sense, like who could have afforded a 4 plex, as a first time buyer with nothing down, this is just another lie, no one is going to help you!! don;t answer the phone and don;t get excited, the agents want your home to sell, and the bank prefers the foreclosure!! What koolaid are these people drinking!! The American Dream was a rip off! and most now know who is in charge! and it isn;t the working stiff!

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  5. John says:

    Today, all that have a home are speculators! Why put a number on it?
    Easy to have your friends say you are speculating on buying theirs when they lose it. This is a joke and open to many games played.

  6. leapfrog says:

    Hahaha. HAMP. HAHAHA!!! Like they are REALLY going to get any help on the HAMPster wheel? Hahaha. Thanks for the laugh today. I needed it.

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