Bank regulators have used 38 percent of gross income as a benchmark for one mortgage relief program. If a homeowner is spending more than that amount on housing, they may qualify for a streamlined loan program, but the Obama administration may choose a lower percentage as a trigger for relief in any new plan.
If you can afford to pay for your mortgage, sorry you are out of luck. And if you rent because you can't afford a house in the first place, fuck you.
This makes absolutely no sense. You get government help because you purchased a home that you cannot afford. What is wrong with those people renting anyway? Just because you signed up for a mortgage doesn't give you the right to a home.
History has shown that communism does not work. You cannot reward incompetence and hope for a competent economy. I guess Obama didn't take that course at Harvard.