WASHINGTON – The same mortgage lenders that candidate Barack Obama accused last year of causing the housing mess would get a windfall from President Obama's government under his foreclosure rescue program.
The $75 billion plan announced Wednesday has the potential to be far more effective than past federal efforts to help struggling homeowners lower their mortgage payments and stay in their homes. But for that to happen, investors in complex mortgage securities have to agree to participate — something the government has so far failed miserably to persuade them to do.
That's where the goodies for the much-maligned industry come in.
Companies would get $1,000 for agreeing to give a strapped homeowner a lower monthly payment instead of foreclosing — more if the borrower hasn't yet fallen behind on what they owe. They can get up to another $3,000 over the next three years. And they get government insurance to cover part of the money they might lose if the homeowner ultimately defaults on the house anyway.
Last October in Reno, Nev., Obama vowed, "I won't let banks and lenders off the hook when it was their greed and irresponsibility that gotFrom Yahoo
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