Foreclosure rescue program, Obama is coming out with in 2 weeks?Anyone know of articles (links would be nice) or seen this in the news?
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I can't say how proud I am that we are going to be giving even more money to people that bought more house than they could afford with 0 down, and ARM mortgages with bad credit. Not sure why the regular public doesn't start rioting over our tax dollars being wasted. Foreclosures need to work themselves out without intervention
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They are looking at possibilities, this is far from a done deal.
Oh yippe - a non economist is spouting off about
something that she heard about on Fox "news" and
taking it as gospel.
I can't say how proud I am to live in a country that all the other counties make fun of because we actually put Sarah Palin and the likes on a pedestal.
Because we refuse to offer any support for people who are struggling.
Not sure why so many people think that the way out is to take away even more from people who are struggling.
Foreclosure doesn't work anything out other than putting people out of their homes and decreasing their spendable income (the money that goes back into the economy).
Fannie and Freddie won't lose if the refinanced mortgages are paid off.
The great thing about refis are that the banks make a TON of money off of them because the loan starts over.
We already have a program that allows for loan modifications and refis of underwater homes. This expands and tweaks that.
I understand that people need to take responsibility for their actions, but I don't see how homeless families help the economy either.
Personally, I am all FOR getting more money into the economy and not for kicking people when they are down.
Edit: http://www.nytimes.com/2011/08/25/busine...
“This is the best stimulus out there because it doesn’t increase the deficit, it accomplishes monetary policy, and it reduces defaults in housing,” said Christopher J. Mayer, an economist at the Columbia Business School.
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