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Thursday, August 5, 2010

August Rumor: The Mortgage Hail Mary to Save Soulless Democrats

Via Memeorandum

Remember Peggy?


Peggy may be getting her wish if there is any truth behind this August rumor:
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.

The move, if it happens, would be a stunning political and economic bombshell less than 100 days before a midterm election in which Democrats are currently expected to suffer massive, if not historic losses. The key date to watch is August 17 when the Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie.
The last weapon in the arsenal to stave off political annihilation. Surely they wouldn't dare would they? Of course they would:
The mortgage Hail Mary would be a last-gasp effort to prevent this [loss of House and working majority in Senate] from happening and to save the Obama agenda. The political calculation is that the number of grateful Americans would be greater than those offended that they — and their children and their grandchildren — would be paying for someone else’s mortgage woes.
Count me among those who would be greatly offended.

3 comments:

  1. Oh Puhleez!

    If he's uncomfortable now with the amount of pushback he's getting, just try this. He will be buried!

    ReplyDelete
  2. Such a nice video on the post.............

    ReplyDelete
  3. I don't have money in my budget for the Democrats' vote buying schemes.

    ReplyDelete

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