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This has the be the single biggest welfare scam and boost to the Democratic party of all time.

First Dems MADE lenders loan to credit and income challenged individuals or lose their charter.

Then they blame Wall street, evil capitalists and Republicans for the problems.

Finally they will bail out their poor and irresponisble constituents and look like the good guys.

Wall Street, who they bad mouth in public, will love the RATS too (see Obama’s coffers)

BTW, we are now getting into a period where folks had mortgages of about 50% of appraised value, but the prices have fallen so much (due to the large number of foreclosures which created a glut of houses on the market) that those folks now have 30 year fixed rate mortgages of less than 7.5% which still exceed the sale price of their homes.

They are walking away from them, and that only adds to the glut.

The people in this boat did absolutely nothing irresponsible.

Never forget this happened under a Democrat Congress. They did it. The Corrupt Pelosi Machine now running the House of Representatives is 100% responsible for this.