Posted on 08/05/2010 6:39:02 AM PDT by Daisyjane69
Edited on 08/05/2010 6:53:02 AM PDT by Admin Moderator. [history]
James Pethokoukis hears rumors of an August surprise coming from the White House, one that will attempt to win backs the hearts and minds of voters dismayed at the failing economic policies of the Obama administration. With the government fully in control of Fannie Mae and Freddie Mac, Barack Obama may issue an order to forgive portions of underwater mortgages processed through the GSEs, where negative equity approaches $800 billion overall. Some financial houses have begun quietly preparing for the possibility:
Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages one in five are underwater with negative equity of some $800 billion. Recall that on Christmas Eve 2009, the Treasury Department waived a $400 billion limit on financial assistance to Fannie and Freddie, pledging unlimited help. The actual vehicle for the bailout could be the Bush-era Home Affordable Refinance Program, or HARP, a sister program to Obamas loan modification effort. HARP was just extended through June 30, 2011.
The move, if it happens, would be a stunning political and economic bombshell less than 100 days before a midterm election in which Democrats are currently expected to suffer massive, if not historic losses. The key date to watch is August 17 when the Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie.
The guy losing his job is not exactly a choice now is it?
++++++++++++++++++++++++
Continuing to pay for a house is his choice...he could let it go...take his loss and allow the house to be bought by someone else...
choices, aren’t always fun and rewarding...
I won’t argue on that the rebates were good....they weren’t. They were the best Bush could do with a Democrat congress, though.
BTW, Bush did those rebates after his re-election, so he wasn’t buying votes.
Like I said, Bush wasn’t perfect, but what B.O. is doing is so much worse...it is like comparing an ant hill to Mount Everest. Seriously.
I doubt they will forgive.
Obama will have a claw back for the “forgiven” principle when the house is sold or inherited.
IOW a private property grab.
Impeachment of this idiotPOTUS needs to happen ASAP.....like now. =.=
+++++ NO trust will be involved in making contracts and promises +++++
Correct.
Shoe polish might help.
Do they even allow that story in public schools?
What do they mean “forgive?” People are going to get their entire house/mortgage for free?
Oh wow. Never thought of that one.
Good grief.
this would be inflationary. (see cash for clunkers)
wholly predictable....the election is coming up fast and as their polls crater they are in full-blown panic mode....look for more populist giveaway programs to follow.
If I had to pay off your loan that would have a huge impact on my current financial situation
When did the previous 'trend of vote buying' end?
This has been going on in every administration for a century, without exception.
So, your thinking is, “If this saves me personally, but destroys the rest of the nation, that’s ok....”
Isn’t this the very mentality that is giving the libs all the power they need to destroy us?
Shouldn’t my attitude/thinking be, “If I go down, so be it. Rather I go down than the whole nation....” Isn’t that the attitude of our founders?
When self-proclaimed conservatives have this attitude, we’re doomed.
IMHO.
arlis
So, your thinking is, “If this saves me personally, but destroys the rest of the nation, that’s ok....”
Isn’t this the very mentality that is giving the libs all the power they need to destroy us?
Shouldn’t my attitude/thinking be, “If I go down, so be it. Rather I go down than the whole nation....” Isn’t that the attitude of our founders?
When self-proclaimed conservatives have this attitude, we’re doomed.
IMHO.
arlis
W did rebates multiple times including during his first term when the GOP controlled everything. His mantra was “putting money in the pockets of consumers”. The only only phrase he repeated more often was “doing the jobs Americans won’t do”.
So, your thinking is, “If this saves me personally, but destroys the rest of the nation, that’s ok....”
Isn’t this the very mentality that is giving the libs all the power they need to destroy us?
Shouldn’t my attitude/thinking be, “If I go down, so be it. Rather I go down than the whole nation....” Isn’t that the attitude of our founders?
When self-proclaimed conservatives have this attitude, we’re doomed.
IMHO.
arlis
He’s going all in, and so are the socialists. They are betting that rank and file idiots are going to vote D so that they can get their free Obama money.
They’ll win that bet.
Full scale class warfare. What’s more, the billionaire liberals are lining up, as are the tort lawyers, and the unions.
Never underestimate people’s loyalty to who they are. Deep down, most Americans are ignorant idiots, and they are afraid. In the end, fear and ignorance are easier than bravery and becoming truly educated. Decades of indoctrination are about to pay off.
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