http://blogs.reuters.com/james-pethokoukis/2010/08/05/an-august-surprise-from-obama/ if true, it will be extraordinary, on so many levels ...
the link did not work for me. found something similar: http://hotair.com/archives/2010/08/05/is-obama-about-to-forgive-billions-in-mortgage-principal/ 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 â one in five â 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 Obamaâs 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. â¦
Forgive a portion of their mortgage debt, I am stunned by this news. I am actually hoping that this is just a rumor and that this will not come into play. What about those who are not in foreclosure and are still able to pay their monthly mortgage but are still upside down, why should they even pay a mortgage if more free bailouts are going to take place. There are 5 Million homeowners upside down on their mortgage right now. Forgive a portion of the mortgage debt, what fucking nonsense is this, how many programs do they have to create to help this economy, enough is enough. Let the economy do its own thing for once, they need to stop getting in the way. This will lead to more propping up of the housing market, way to go.
Why work when your unemployment benefits keep getting extended? Why pay your mortgage when the government will forgive the debt? Why respect immigration laws when you can cross our borders illegally, be protected by our government and eventually be forgiven and receive government benefits? Keep the printing presses running--free money for all 0bama supporters!
Same story from Reuters. Typical Chicago politics: buy votes and stuff ballot boxes. 1. Kill off middle class with job killing agenda. 2. Put former middle class on gov. dole with the poor. 3. Take over corporate America to protect the poor. 4. Viola. Now we are a communist state. http://blogs.reuters.com/james-pethokoukis/2010/08/05/an-august-surprise-from-obama/
OMG! Use all our tax dollars and more (more insane debt) to buy f*cking votes for the worthless dem's!! I have never seen anything like the past 2 years with a party who is intentionally bankrupting the whole Country for votes. Who is also trampling all over the constitution, buying out votes for health care, trampling on contract law, etc..!! It is sickening!!! I think the outrage of the dem's and their "one time window" to shove their socialistic agenda down the throat of the great Nation will be the demise of the socialistic dem's. Look at Europe....the socialistic, liberal parties have failed and the shift is moving away from that crap. Heck, even Greece and UK are privatizing majority of the health care system because they see that the gubernment ruins everything!!
They're not buying my vote...that's for sure...because this insanity flies against the idea of prudent saving and responsibility towards financial decisions. If this turns out to be true then we will have unleashed an even bigger moral hazard bailout package.