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interestrateripoff

Obama - $1 Billion In Homeowner Aid Offered - In A Lottery!

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http://community.nasdaq.com/News/2011-06/1-billion-in-homeowner-aid-offered.aspx?storyid=81588

Homeowners facing foreclosure can now tap into a $1 billion program of emergency loans to help tide them over a temporary financial crisis, the Department of Housing and Urban Development (HUD) has announced.

Beginning today, homeowners in 27 states can file preliminary applications for the Emergency Homeowner's Loan Program (EHLP). Eligible homeowners can obtain interest-free loans of up to $50,000 to help cover mortgage expenses for up to two years.

The program is available to homeowners who have seen their incomes fall and who could lose their homes to foreclosure due to circumstances beyond their control, including involuntary unemployment, underemployment, economic conditions or an illness.

The new initiative is expected to provide assistance to up to 30,000 homeowners, with loans averaging $35,000 each. Loans may be used to pay a portion of monthly mortgage bills, including missed mortgage payments or past due charges including principal, interest, taxes, insurances, and attorney fees.

Homeowners seeking assistance must complete a pre-application screening workshop by July 22 in order to be considered for the program. As demand is expected to exceed the amount of funding available, qualifying homeowners will be chosen at random to complete the application process.

Genius.

This is fantastic so the US govt is giving taxpayer cash to taxpayers to pay tax with. I really can't find fault with this cunning plan.

Although it's clearly another banker bailout in disguise, pay off what you owe to the bank and the banks get to book it as profit boosting their profit figures, boosting the bonus pool.

Edited by interestrateripoff

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http://community.nas...x?storyid=81588

Genius.

This is fantastic so the US govt is giving taxpayer cash to taxpayers to pay tax with. I really can't find fault with this cunning plan.

Although it's clearly another banker bailout in disguise, pay off what you owe to the bank and the banks get to book it as profit boosting their profit figures, boosting the bonus pool.

Perhaps they have looked across the pond and seen the UK and its' council tax benefit.

We even give taxpayers benefits in the form of tax credits. Some of them pay a proportion of their council tax, and receive an amount of council tax benefit to cover the rest.

Not so long back an unemployed person living in a council house, received JSA, housing benefit and council tax benefit, where the JSA was over 50% of the total amount awarded in benefit. Now JSA is well under 50% of a the combined benefits. The majority of the benefit going back to the state. Or increasingly often into the greasy palm of a private landlord on the B2L wagon, whom greases the palm of the banks.

Edited by Formerly Unemployed Youth

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Not that I'm especially in favour of the measure, but the "taxes" they speak of are probably just property taxes.

In the US "PITI" is a standard acronym to describe the components of your monthly housing payment - principal, interest, taxes and insurance. Your mortgage payment may actually include all of this, and the servicing company will pay out the taxes and insurance. Or not - depends on how it's setup. But it's all considered in the monthly cost for loan qualification etc., as if you stop paying any of those items you're either in default (for principal & interest) or the authorities can take the home (for taxes - and they win over the bank in that situation) or the home isn't insured (and of course the bank wants to know it's security is covered).

Thinking about it, I'd rather this where at least the program is capped than the SMI over here.

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Genius.

Agreed - but I'm talking about the name of the scheme... "EHLP" - that's side-split-tingly funny.

The hilarious bit is that anyone drawing on the fund will have no comeback if/when the interest rates charged go up... they won't be allowed to default to the state - and the state will have first call on their assets - I bet - if not at first, then after just long enough for interest in the scheme to die down... and for new terms and conditions to be printed. In the short term, of course, this allows the cracks in the economy to continue to be papered over... what's not to like?

It's a lottery, too. "Congratulations, you've won our top prize - a lifetime of poverty-stricken servitude."

Edited by A.steve

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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