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.It's not happening. Can we give it a rest already?
Sunday, August 8, 2010
August Surprise
I can't believe people are still posting about this.
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5 comments:
It would be better if the automatic mortgage debt-forgiveness was done for only those mortgage holders whose houses *aren't* underwater, and who have been current on their payments for a certain length of time (let's say 5 years, before the bubble really took off). Those two categories are probably largely overlapping.
Those who overextended themselves or find themselves underwater would be told "tough sh*t"... are the responsible people ever going to be rewarded in this country??
Does China have 62.5 million empty housing units?
http://tinyurl.com/297xxqu
I think we Obama should send everyone in the US 10,000,000,000,000 euros as a sign of shared scrafice and that he feels our pain. He should announce a time table to do this between now and November. I wonder if I can get a loan against that check today?
He can't afford to send you Euros, being the Treasury and Fed can't print them at will, so you'll have to settle for that many dollars. Sorry.
Totally agree with you. If anything it's just a smoke screen.
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