"Fannie Mae and Freddie Mac are offering the new Streamlined Modification Program to distressed borrowers before the effective date of July 1. Rather than delay assistance to borrowers, Freddie Mac stated it is making the program immediately available to all eligible borrowers across the country.
"As part of the program, Fannie Mae and Freddie Mac borrowers who are at least 90 days delinquent but no more than 720 days past due may be eligible for a modification that does not require the borrower to submit financial or hardship documentation." ("GSEs Make New Simplified Mod Program Available Immediately," DS News)
So while Obama is hacking away at Medicare, Head Start, Food Stamps, and other vital social programs, he's given the green light to "no documentation" loans for borrowers who haven't made a payment on their mortgage in two years. Unbelievable.
Like I said, there's nothing our pandering president won't do for the banks.