An August Surprise from Obama?

[red states rule]

Hang on to your wallet, the Spender In Chief plans another bailout of people who bought homes they can no longer afford




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.

http://blogs.reuters.com/james-pethokoukis/2010/08/05/an-august-surprise-from-obama/

[red states rule]

Maybe this Obama voter was right after all

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[red states rule]

This confirms Obama WILL go with another bailout for homeowners. So far he has pretty much goiverened against the will of voters, so why stop now?





58% Oppose Federal Mortgage Forgiveness Plan for Troubled Homeowners

Rumors have circulated that the Obama administration is considering a partial mortgage forgiveness plan to help those who owe more than their homes are worth. Just 28% of U.S. voters favor such a proposal.

A new Rasmussen Reports national telephone survey finds that 58% oppose a proposal to have the federal government forgive a portion of the mortgage debt owned by troubled homeowners. Fourteen percent (14%) are not sure about it.

Opposition is a few points higher among homeowners. And, those the plan is designed to help are also opposed. Those who they owe more on their mortgages than their houses are worth oppose the mortgage forgiveness proposal by a two-to-on margin.

Sixty-three percent (63%) of voters think a government mortgage forgiveness program is unfair to those who have been regularly paying their mortgages. Twenty-three percent (23%) disagree and believe such a program is fair.

Among homeowners, 21% say it's fair, 67% unfair.

http://www.rasmussenreports.com/public_content/business/housing/august_2010/58_oppose_federal_mortgage_forgiveness_plan_for_tr oubled_homeowners