(WOFL FOX 35) – FOX 35 talked to Attorney Matt Englett from The Law Offices of Kaufman, Englett & Lynd PA www.lawyerASAP.com After months of criticism that it hasn’t done enough to prevent foreclosures, the Obama administration has announced a plot to reduce the amount some troubled borrowers owe on their home loans. The multifaceted effort will let people who owe more on their mortgages than their properties are worth get new loans backed by the Federal Housing Administration, a government agency that insures home loans against default. That would be funded by $14 billion from the administration’s existing $75 billion foreclosure-prevention program. But it could spark criticism that the government is shouldering too much risk by taking on terrible loans made during the housing boom. In addition, their existing mortgage companies will be able to receive incentives to lower their principal balances. The program also includes help to help unemployed homeowners keep paying their mortgages.

Dean Baker on Barney Frank “O’Reilly Factor” 08:24pm Commentary TOPIC: Barney Frank, housing crisis, Freddie and Fannie Mac, Greenspan TRANSCRIPT: O’REILLY: As you know, a combination of greed and biased apathy at the federal level has brought massive pain to many Americans. And Congressman Barney Frank is one of the problems Now he’s running for reelection in Massachusetts. But does Frank assume any responsibility for his terrible performance? [] STEPHEN MOORE: I wouldn’t say that Barney Frank is the most reliable American for this financial crisis, but I’d place him in possibly the top three or four. Possibly say Alan Greenspan’s the most reliable. [] DEAN BAKER: Well, I reckon you’re misplacing blame here. I mean, Barney Frank I’d have on my list, but possibly in the top 1000, top 10000. There were a lot of people that missed the bubble. And I reckon a lot of people deserve a lot of blame. I was out there haranguing everyone I could for the last six years about the housing bubble, saying that it was going to end very terribly. Fannie Mae and Freddie Mac weren’t giving out loans because they wanted to help poor people. They were giving out loans because they were building money hand over fist. And in fact, they were relatively minor players in the significance that they got huge into the subprime and all day these questionable mortgages because they were losing market share. [] O’REILLY: But he could have warned. He could have been Paul Revere, who — another Massachusetts person. He …

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