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Obama Signs Measures to Help with Troubled Mortgages

By Michael A. Fletcher
President Obama today enacted two measures that provide incentives for lenders and loan servicers to make troubled mortgages more affordable. The legislation also streamlines Hope for Homeowners, a government program to refinance "underwater" loans that so far has helped few distressed borrowers.

Obama said the bills also require banks to honor existing leases on foreclosed properties, and provide $2.2 billion to help homeless families. In addition, the measures give federal investigators more tools to crack down on mortgage and commodity fraud.

The bills, which the president signed during a White House ceremony with Congressional leaders, did not include a provision endorsed by Obama that would have allowed bankruptcy judges to modify the terms of troubled home mortgages. That measure died in the Senate under fierce opposition from the financial industry.

Still, Obama said the measures should help the still-struggling economy.

"I believe we're moving in the right direction, but I want to remind everybody that it took many years and many failures to get us here, and it's going to take some time to get us out," Obama said. "The stock market will rise and fall. The job market has taken a beating and won't be back immediately. The housing market still has a long way to go. But I'm confident we will get there."

By Web Politics Editor  |  May 20, 2009; 5:27 PM ET
Categories:  B_Blog , Economy  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Official: Iranian Missile Test Could 'Strengthen' U.S. Coalition
Next: Obama Approves Nuclear Energy Program for UAE

Comments

We have waaaayyyy too many Houses!

IF, and When?, our Federal Law Enforcer decides to ENFORCE Federal Labor Laws, and send the illegals who stole all the construction Jobs Americans SHOULD have had during the Housing EXPLOSION(As in it Blew UP!);

Then, it will be even more obvious how many houses we have in excess of our needs!

Time to RAZE out-dated and derelict Housing!

Demolition is a source of jobs too!

Posted by: SAINT---The | May 21, 2009 3:35 PM | Report abuse

Apparently my last blog was posted alongside the wrong article.

But kudos for the Congress for forcing Banks to honor leases made by landlords who lost their properties through foreclosure.

I always thought lease agreements were binding on "heirs and assigns" and couldn't understand how bankers could kick out good tenants because the owner couldn't service a mortgage. Apparently, most bankers can't be trusted and have to be compelled to do the honorable thing.

Posted by: loyalsyst | May 20, 2009 9:49 PM | Report abuse

The UAE knows that so long as the West relies on Middle East oil, their supply of nuclear fuel would never be interrupted. Iran on the other hand has a practically hostile (USA) army on their borders in Iraq and a trigger- happy Israel close by. No wonder they want to control their own supply of nuclear fuel. Moreover, the Iranian government knows that to threaten Israel with nuclear weapons would bring them instant destruction - not from Israel which conveniently refuses to refute the totally unsupported rumor that they have nuclear weapons - but from the United States which actually has thousands of them and would be willing to use them in retaliation for any kind of nuclear strike by Iran. Secretary Clinton has said as much.

Supporting Israel's right to exist is one thing; pandering to their paranoia is another. The Iranians are in the best position to bring stability to the Middle East, so let's start seriously negotiating with them - instead of constantly punishing them for posing some kind of imagined future threat.

Posted by: loyalsyst | May 20, 2009 9:14 PM | Report abuse

A ROOT CAUSE OF MORTGAGE MELTDOWN THAT LED TO ECONOMIC CHAOS:

EXTRA-LEGAL 'TARGETING' OF U.S. CITIZENS BY GOVERNMENT AGENCIES


http://nowpublic.com/world/targeting-u-s-citizens-govt-agencies-root-cause-wall-street-financial-crisis

http://nowpublic.com/world/gestapo-usa-govt-funded-vigilante-network-terrorizes-america

OR (if links are corrupted / disabled):

http://NowPublic.com/scrivener

Posted by: scrivener50 | May 20, 2009 6:59 PM | Report abuse

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