Thursday, August 05, 2010

Obama's Largest Spend Still Coming?

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...

4 comments:

Billiam said...

Just remember. It's all Bush's fault. The Dems are channeling that to all their bots.

Dad29 said...

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...

J. Strupp said...

Well when the Feds. threaten to force an 80% tax rate down our throats we can talk.

We're not even close.

neomom said...

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?