Thursday, August 05, 2010

In for a Dime

... in for a few hundred billion dollars. Dig this.
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.
At this point, it's almost a waste of time to complain. We are totally screwing our children to feed our own self-righteous compassion.

1 comment:

ligneus said...

The Dems lost their marbles in a haze of drugs in the sixties and now we have the lunatics that resulted in charge. Truly sickening that a country with so many fabulous people can end up with them in charge.