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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Republicans, Mortgage Bankers Concerned About President's Foreclosure Plan February 19, 2009 8:22 a.m. EST Kris Alingod - AHN Contributor Washington, D.C. (AHN) - Republicans and the Mortgage Bankers Association on Wednesday received President Barack Obama's $75 billion foreclosure plan by citing concerns, including "rewarding" Fannie Mae and Freddie Mac with $200 billion in taxpayer money. The two mortgage giants were taken over by the government last September. Speaking at Dobson High School in Arizona, the President had unveiled a plan on Wednesday that would allow as many as five million homeowners refinance their mortgages at lower rates and give incentives to lenders who modify loans. The plan allows homeowners to restructure their loans by removing a restriction that prevents Fannie Mae and Freddie Mac from guaranteeing refinancing for mortgages valued at more than 80 percent of the home's worth. It will create a $75 billion Homeowner Stability Initiative to help "those who commit to make reasonable monthly mortgage payments to stay in their homes." The initiative will not provide aid to speculators, but offers incentives to lenders. Companies will receive $1,000 for every modified loan, and up to $1,000 each year for three years if the borrower stays current on the loan. Conversely, borrowers have an incentive to stay current, with $1,000 each year for five years. In addition, borrowers will be paid $1,500, and lenders $500, if they modify at-risk loans before the borrower falls behind. House Republican Leader John Boehner (R-OH) in a statement called the President's proposal "an important step" in fixing the economy but said there were many questions about the plan. "Why should we reward Fannie Mae and Freddie Mac with $200 billion in taxpayer dollars without first reforming these housing entities that were at the heart of the economic meltdown? Will taxpayers be forced to subsidize the scandal-plagued activist group ACORN under this proposal? Should a responsible plan include a 'cramdown' provision that could increase the monthly mortgage payments for responsible borrowers?" he said. Boehner and House Republican Whip Eric Cantor (R-VA) sent a letter to the President the same day seeking clarification on what the plan provides to "the 90 percent of homeowners who are playing and paying by the rules." They also asked if the plan compensates banks for bad mortgages they should have never made in the first place, and if individuals who misrepresented their assets on their mortgage application will be eligible to get the federal assistance. Mortgage Bankers Association president and CEO John Courson also said in a statement they are "encouraged" by the administration's efforts to stem foreclosures. But he warned that the plan "seems to offer little help to borrowers whose loan exceeds their property value by more than five percent. This will limit the plan's success in some of the hardest hit areas in California, Florida, Nevada and Arizona, as well as some areas on the East Coast." "Another limiting factor of the plan is that it doesn't offer assistance to borrowers with jumbo mortgages and those whose mortgages are in private label securities. It also doesn't provide servicers with a sufficient safe harbor to avoid litigation from the investor or mortgage holder when the servicer is trying to help a borrower with a jumbo or non-agency mortgage," Courson added. The President made clear in his announcement that his plan would merely help stem foreclosures, and that banks as well as homeowners need to take responsibility. "Our housing crisis was born of eroding home values, but also of the erosion of our common values. It was brought about by big banks that traded in risky mortgages in return for profits that were literally too good to be true; by lenders who knowingly took advantage of homebuyers; by homebuyers who knowingly borrowed too much from lenders; by speculators who gambled on rising prices; and by leaders in our nation's capital who failed to act amidst a deepening crisis," Obama said. "Solving this crisis will require more than resources - it will require all of us to take responsibility," he added. "Government must take responsibility for setting rules of the road that are fair... Banks and lenders must be held accountable...Individuals must take responsibility for their own actions. And all of us must learn to live within our means again." Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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