To the average ignorant Obama voter this will make perfect sense.
To those of us who work for a living, pay for a mortgage, and understand how tax deductions work, it’s another example of either his complete ignorance of how real people’s lives are lived or his indifference to us.
Another Marie Antoinette moment.
He is such a jerk.
Why didnt FDR end the depression by just getting everyone to refinance?
d’oh.
Refinancing costs money upfront and dilutes equity- assuming you have any. Not to mention needing a secure job to qualify. Yeah at 9-10% (acknowledged) unemployment, let’s just push repackaging your debt.
Obama knows NOTHING repeat NOTHING about finance at any level.He is being pushed along because he truly hates capitalism and is convinced that this road will lead to its destruction. In this he is correct.