Wells Fargo and BofA are agreeing to hold off on home loan foreclosures until the President's Homeowner Affordability and Stability Plan is announced.
While this may seem a noble thing to do, the truth is the banks aren't able to foreclose on a lot of homes, as judges are already holding off on allowing foreclosures until they see that the president does. Well, at least for some loans. If you're the lucky holder of a Fannie or Freddie loan, foreclosure cases are being stalled and rescheduled, a huge expense for real estate lawyers.
If you're in a conventional FHA loan - better stay current on your payments - they'll toss you out in a heartbeat. Remember, responsibility is for suckers.
Which pretty much sums up the president's plan. If you can afford your home, and have something to lose by ruining your credit, you get nothing. If you can't pay your bills, and cashed out the equity in your home, you get to stay, because housing is now a right. There's no question how Claire McCaskill will vote on the plan. She's been Obama's faithful lapdog since before he was elected, and with the amount of money and support she got from ACORN, there's not a chance of her biting the hands that feeds her.
The only drama Missourians have left is determining if Robin Carnahan will actually participate in ACORN-led house break-ins like the one in Baltimore. Chances are she'll be too busy counting the money her family stands to make on government wind farms, but her staff, which I wonder if it is entirely composed of former ACORN, SEIU, and PRO-VOTE former employees, will actually provide the bolt-cutters, or if they'll just "organize" the events and make sure local television and newspapers are there to record the "spontaneous" demonstrations of the people against the powerful.
And oh by the way, that woman Donna in the video? She bought the home for $87,000 in 2001 - refinanced it for $270,000 before 2006, and the house went into foreclosure in 2006! She spent $183,000 and then couldn't afford to pay any of it back. That's the person ACORN is defending. That's the face of their national campaign to stop home foreclosure.
Brave, Brave, Brave, Miss Robin. Can we hope for a trespassing and burglary charge for the 2010 Senate hopeful? Or will she gladly run away?
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