Un-frickin' believable.
...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.
So what's another $800Bn added to the $1.4Zn national debt, right?
Especially if it secures re-election for the (D) Party...
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4 comments:
Just remember. It's all Bush's fault. The Dems are channeling that to all their bots.
Yah, well, Struppster,...
There's a BIG BIG BIG difference between Lehmann going BK and the Feds forcing an 80% tax-rate down our throats.
....aside from the revolution...
Well when the Feds. threaten to force an 80% tax rate down our throats we can talk.
We're not even close.
Once again, those of us that did the right thing, bought the house we could afford on 1 salary, have equity, paid down our personal debt, etc. etc...
Get to pass the bill for bailing out those that... didn't... on to our great-grandchildren.
Generational theft for the McMansion yuppie.
Isn't this pretty must what started the famous Santelli rant that kicked the Tea Party movement into high gear?
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