Here’s another one:
http://dailycaller.com/2010/08/05/an-august-surprise-from-obama/
I have seen about 5 independent sources so far.
Here’s another one:
http://dailycaller.com/2010/08/05/an-august-surprise-from-obama/
I have seen about 5 independent sources so far.
Your link goes to exactly the same story by the same author as the top of this thread:
Article at your link Original article at top of thread An August Surprise from Obama?
By James Pethokoukis - Reuters | Published: 12:42 PM 08/05/2010
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.
An August Surprise from Obama?
Reuters ^ | 8/5/2010 | James Pethokoukis
Posted on 08/05/2010 9:53:06 AM PDT by Qbert
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.
Furthermore, Mr. Pethokoukis admitted later the same day that the Treasury has flatly denied any such plan in http://blogs.reuters.com/james-pethokoukis/2010/08/05/obamas-august-housing-surprise-part-2/, so he then casually conjectures that the White House must therefore be working alone --- ignoring the fact that the White House is very unlikely to create such a plan without close coordination with both the Treasury and the Federal Reserve.
We'll see by the end of month for sure since the author was kind enough to include specific dates, but I believe that this story is utter blog bunkum, good for nothing more than generating lots of hits to silly rumor-mongering.