Obama administration to order lenders to cut mortgage payments for
By Renae Merle and dina elboghdady
Thursday, March 25, 2010; 7:14 PM
The Obama administration plans to overhaul how it's tackling the foreclosure crisis, in part by requiring lenders to temporarily slash or eliminate monthly mortgage payments for many borrowers who are unemployed, senior officials said Thursday.
Nah, the feds aren't taking over the financial market.
This is just what the Founders had in mind; the federal government dictating to private business.
Wonder what that makes Obama?
Speaking as someone who is jobless and pays a mortgage, I oppose this act by the criminal socialist Obama administration.
I signed a contract with my lender. I have to live up to the terms of that contract. I have the right to renegotiate my contract due to my current status, but my lender is not required to agree. And, unless he does, my contract remains as is.
If the feds are allowed to step in and make contracts null and void, what reliance can be placed upon contracts?