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Is Obama about to forgive billions in mortgage principal?
Hot Air ^ | 8/5/10 | Ed Morrissey

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 Obama’s 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. …


TOPICS: Business/Economy; Constitution/Conservatism; Front Page News; Government; News/Current Events
KEYWORDS: bailout; davidgregoryswife; fanniefreddie; fanniemae; freddiemac; frontpage; mortgage; nbccoverup; pitchforks; porkulus
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To: Daisyjane69
Does this mean my wife and I will get a refund of the mortgage we (responsibly) worked our arses of for 20+ years to pay off?

Stupid us. Should'a waited for the "Free" Pie....

 
...NOT!
 
I hope Zero likes the big fat $0.00 I'm going to keep sending him for my 1040's earned income.  
 
Gone Galt until 2012.  (Eating my retirement/contractor nestegg now before the DC a$$clowns eat it for me)

161 posted on 08/05/2010 8:48:33 AM PDT by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: GnuHere

>>Gee, I feel like a fool for paying off my mortgage

I don’t. No strings attached.


162 posted on 08/05/2010 8:49:49 AM PDT by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: Daisyjane69

This is descrimination against those of us who have conventional mortgages.


163 posted on 08/05/2010 8:51:22 AM PDT by wildbill (You're just jealous because the Voices talk only to me.)
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To: Osage Orange
Osage Orange

What a great handle. What a beautiful tree. It's fantastic for making bows.

164 posted on 08/05/2010 8:53:07 AM PDT by Theophilus (Not merely prolife, but prolific!)
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To: RobRoy

>>They will have to borrow the money from the fed.

Borrow? Borrow implies an intent to repay.

This looks more like a Ponzi-scheme, where there’s no intent repay the majority of investors (the American People) - with a never ending and increasing need for new suckers on the bottom of the pyramid; all to keep the scheme running for the benefit of the elitist few that game the system...from behind a curtain of Bullshyte and Disinformation.

Where’s Toto when you need him?


165 posted on 08/05/2010 8:58:38 AM PDT by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
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To: Daisyjane69; Extremely Extreme Extremist; Joe Brower

Extremely bad news.

florida news ping.


166 posted on 08/05/2010 9:00:52 AM PDT by Recovering_Democrat
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To: OldGoatCPO

The key problem in North Carolina is high state taxes. The income tax structure is very flat but set at a very high rate. One can pay more to NC than to the Feds (though that may change over the next few years). The high local taxes keep business out, the Laffer Curve having never made it into UNC business school curricula apparently. And they keep raising the rates.

So, they offer sweetheart deals that always end up being cesspools of corruption (surprize, surprize). Just lowering tax rates never seems to occur to the meatheads in Raleigh or many of the county seats. Not sure how to get them to see sense.


167 posted on 08/05/2010 9:05:21 AM PDT by BelegStrongbow (St. Joseph, patron of fathers, pray for us!)
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To: Dubya-M-DeesWent2SyriaStupid!
just my luck LOL

.

168 posted on 08/05/2010 9:09:29 AM PDT by Elle Bee
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To: Theophilus
Yeah...bow's, bowls, fence posts.....etc, etc.

It's a real pretty wood.

http://www.etsy.com/listing/13169427/large-osage-orange-wood-bowl

FRegards,

169 posted on 08/05/2010 9:09:32 AM PDT by Osage Orange (MOLON LABE)
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To: LomanBill

You’ll enjoy this series:
http://www.chrismartenson.com/crashcourse

It gives you a feel for where I am coming from.


170 posted on 08/05/2010 9:10:29 AM PDT by RobRoy (The US Today: Revelation 18:4)
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To: Tatze
"I’d have my in-laws screaming at me again if I turned down something like this, which I am still highly inclined to turn down. They already gave me some grief for not taking advantage of the mortgage re-fi programs Obama instituted."

Slightly off subject, but my wife's entire family is aghast at my refusal to buy or lease a GM car. I explained that the gov't/unions screwed bond holders and I won't prop up a fascist corporate/gov't partnership. Gotta love the absolute ignorance and denial: "that's not true".
171 posted on 08/05/2010 9:13:41 AM PDT by laxcoach (Government is greedy. Taxpayers who want their own money are not greedy.)
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To: DooDahhhh

in these cases you could ONLY have an appraisal from one of the banks approved appraisers.

those appraisers were on the list because they gave favorable appraisals to the BANKS SPECIFICATIONS.

If you did not obey the bank you were not on the list.
If you did not use the list, you loan was rejected.


172 posted on 08/05/2010 9:14:49 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: Dubya-M-DeesWent2SyriaStupid!

these standards guarantee very few will partake.

most homes are more than 125%, some have even dropped 200% loan to value.

If the loan was current, why would they be in a mess?

This is another Obama pr scam.


173 posted on 08/05/2010 9:17:31 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: Daisyjane69

What about the “dumb” people who paid cash for their house.
We’re “upsidedown / underwater” -— can we claim we loaned the money to ourselves -— we were our own bank -— why can’t we be bailed out ????


174 posted on 08/05/2010 9:28:55 AM PDT by nightmarewhileawake
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To: Free America52
Thanks for your honesty. I can relate. Lost my job after 23 years and have worked for myself ever since. I look at “the greatest generation” like my Dad who has had a solid SS check and a pension and health care for the last 30 years. I never missed a payment on this house since 1989 and have had to go into my 401K for the last two years to help ends meet and the Gov’t hits me with additional taxes and penalties. My house value has gone down and I owe about 50K more than its currently worth. This sounds good to me. Never had the Federal Govt do something nice for me (outside of the military). will it cause me to vote for a democrat? No, but I will feel a little guilty about it.
175 posted on 08/05/2010 9:36:47 AM PDT by ynotjjr (Thank you, Mr Bush.)
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To: Aria
You mean making payments month after month, year after year, just means that I’ve been a sucker?????

In a word... yes.

176 posted on 08/05/2010 9:39:40 AM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: musicman
"Where My cheese????"

Eaten by Rats.


177 posted on 08/05/2010 9:40:13 AM PDT by magooey (The Mandate of Heaven resides in the hearts of men.)
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To: Daisyjane69
How would this not end up destroying a financial market or two? The tax payer base can't afford this generosity and the Chinese may not be interested in lending us the money... Unintended consequences...
178 posted on 08/05/2010 9:41:21 AM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: Aria

“You mean making payments month after month, year after year, just means that I’ve been a sucker?????”

Apparently.

AND......

you will be penalized for it as well.


179 posted on 08/05/2010 9:41:43 AM PDT by roaddog727 (It's the Constitution, Stupid!)
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To: Anti-Bubba182

“I would be surprised if he goes this far. This is way beyond the usual demagoguery.”

Sorry FRiend, but if you believe this then you haven’t been paying attention.


180 posted on 08/05/2010 9:49:38 AM PDT by paulycy (Demand Constitutionality: Marxism is Evil.)
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