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<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><img
width=820 height=176 id="_x0000_i1025" src="cid:image001.jpg@01CACCCA.1130A060"><o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'>Well,
here it is, the mortgage write down plan I said was coming. HA<span
class=GramE>!.</span> More tax dollars to the ignorant. They finally figured
out what I’ve been saying for over a year. They will actually PAY OFF
PART OF YOUR MORTGAGE BALANCE<span class=GramE>!.</span><span
style='mso-spacerun:yes'> </span>And the circle completes itself. <o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><o:p> </o:p></span></font></p>
<p><span class=GramE><font size=3 face="Times New Roman"><span
style='font-size:12.0pt'>Incredible.</span></font></span> (READ BELOW)<o:p></o:p></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><o:p> </o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'>Money
Matters Show # 9 “Real Estate” made in 2006 comes true. I said on
that show over 4 years ago:<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
style='mso-spacerun:yes'> </span>“Don’t be surprised if the
FEDS just say, don’t worry, you don’t have to pay for it, we’ll
pay your mortgage for you.”<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'>How silly
is this? What will they pay off <span class=GramE>next.</span> <span
style='mso-spacerun:yes'> </span>Prepare. Prepare. Prepare.<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><o:p> </o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'>Marc<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><o:p> </o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><o:p> </o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'>(Reuters)
- The Obama administration on Friday announced a $14 billion effort to try to
stem a rising tide of home foreclosures by giving lenders incentives to erase
some mortgage debt and slash mortgage payments for the unemployed.<o:p></o:p></span></font></p>
<p class=relatedtopics><font size=3 face="Times New Roman"><span
style='font-size:12.0pt'><a href="http://www.reuters.com/news/us">U.S.</a> |<span
class=GramE> </span><a
href="http://www.reuters.com/people/barack-obama">Barack Obama</a> | <a
href="http://www.reuters.com/subjects/housing-market">Housing Market</a> | <a
href="http://www.reuters.com/subjects/healthcare">Healthcare Reform</a><o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
id="midArticle_1"></span>The new aid programs, funded from the $50 billion
allocated to housing rescue under the Treasury Department's Troubled Asset
Relief Program, will also allow borrowers to erase mortgage debt down to a
maximum of 115 percent of their home's value by refinancing through the Federal
Housing Administration.<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
id="midArticle_2"></span>The plan comes as President Barack Obama is under
increasing political pressure to change his strategy for helping struggling
homeowners and stem the tide of rising foreclosures and is the second major
housing initiative announced in as many months.<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
id="midArticle_3"></span>Delinquencies on <st1:country-region w:st="on">U.S.</st1:country-region>
mortgages rose to nearly 14 percent in late 2009, led by a sharp increase in
seriously overdue home loans held by the most credit-worthy borrowers, <st1:country-region
w:st="on"><st1:place w:st="on">U.S.</st1:place></st1:country-region> banking
regulators said earlier on Thursday.<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
id="midArticle_4"></span>The new measures are a shift from the efforts
announced last year, which focused on reducing interest rates for struggling
borrowers who got risky loans.<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
id="midArticle_5"></span>The latest efforts are targeting unemployed workers
and homeowners in places where home values have plunged across the board and it
is increasingly making more financial sense for homeowners to walk away from
their mortgage.<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
id="midArticle_6"></span>The plan announced in 2009, known as the Home
Affordable Modification Program, has more than a million borrowers who have had
their payments temporarily reduced but only around 170,000 borrowers who have
received permanent modifications.<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
id="midArticle_7"></span>That ratio has drawn sharp criticism from both
Democrats and Republicans on Capitol Hill, as well as a sharp rebuke from the
watchdog overseeing the $700 billion bailout.<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
id="midArticle_8"></span>Ohio Democratic Representative Dennis Kucinich who
sided with Obama on this week's landmark healthcare legislation, told the
administration official responsible for overseeing the bailout on Thursday he
had not seen any "bold, new" initiatives for underwater borrowers.<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
id="midArticle_9"></span>"What are we doing to help those people who owe
more on their homes than the home is worth?" Kucinich asked.<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
id="midArticle_10"></span>The new efforts include at least three and at most
six months of temporary assistance for jobless workers and incentives for
mortgage servicers to write down part of the principal balance.<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
id="midArticle_11"></span>Recognizing the difficulties for so-called loan
servicers to modify loans for unemployed workers, the administration's plan
aims for lenders to cut payments on existing loans to 31 percent of a <span
class=GramE>borrowers</span> income.<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
id="midArticle_12"></span>The principal reduction plan would be administered
under HAMP and is modeled after a principal reduction plan announced this week
by Bank of America.<o:p></o:p></span></font></p>
<p><font size=3 face="Times New Roman"><span style='font-size:12.0pt'><span
id="midArticle_13"></span>Under pressure from Massachusetts Attorney General
Martha <span class=SpellE>Coakley</span>, Bank of America Corp said on
Wednesday it would offer what could be up to $3 billion in loan forgiveness to
about 45,000 troubled homeowners.<o:p></o:p></span></font></p>
<p class=MsoNormal><font size=2 face=Arial><span style='font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
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