What do you do if the majority of your ideas (to help the housing market were colossal failures? See my 6-27-10 post: Modified Mortgage Default Rate is Sky-High.
Well, way not use taxpayer money for a massive give-away? The latest rumor says president Obama is considering ordering Fannie Mae and Freddie Mac to perform major mortgage forgiveness as a way to buy votes for the November election.
Some estimates are almost one in ten homeowners is underwater with their mortgage. Should all taxpayers pay to keep these people in their homes? Should $50k forgiveness be given one non-paying homeowner? What about their neighbor who is working two jobs to keep up and has made their payments? They not only get no relief, but through increased taxes will chip in for their neighbor??
Well, let’s not get too upset …. It’s just a rumor!
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Disclosure: No positions