If I’m going to be paying someone else’s mortgage, I want my name on the title when it’s payed off.
Looong bumper sticker: “Honk if I’m buying your family food. Honk again if I’m paying your rent or part of your mortgage.”
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.Nope, sorry, that would violate the Equal Protection clause of the Constitution.
“A stealth 800 Billion dollar stimulus plan by executive order for the sole purpose of winning the November elections...”
And the socialist redistribution of wealth from the responsible to the irresponsible would continue to pick up steam. Nuthin’ like a good mugging of the American taxpayer to pay for election largesse.
Moron.
That this could bring a lawsuit by those who do not have a government backed loan. Why should one group be treated differently than another group of people? Isn't there equal protection under the law?
In addition to being a naked attempt to buy votes in November, this is also an indirect payoff to the banks again.
Will be interesting to see how they address home equity loans, second mortgages, delinquent loans, etc. There is also the problem of home prices drops being unevenly distributed nationwide; think Nevada (hi, Harry!), Florida, etc.
If Obama were to announce that we're going to have a MASSIVE overhaul of our income tax system with much lower marginal tax rates but very few deductions, he would go from a pariah to hero almost overnight, especially if the simplification includes ending taxes on bank account interest, capital gains and dividend payments. The stock market would promptly go through the roof.
I went to the link yesterday and read all the comments there. Very interesting. The Reuters readers think like FReepers!
However, the article is gone now. What happened? Did Rahm poke them in the shower, or did the journolist cabal show up?
Damn! I sure screwed up. I retired, built a new house in an upscale area in the Houston exurbs and paid cash for it. I shoulda financed it up to the hilt and got my bailout like all the other dumbasses. (I guess I’m even dumber than they are!)
Don’t know if anyone has posted this yet, but this blogger calls BS on this story.
http://www.calculatedriskblog.com/2010/08/nonsense-rumor-on-fannie-and-freddie.html
Yet another blogger calls BS on this.
http://www.housingwire.com/2010/08/10/slam-dunk-stimulus-the-natural-history-of-a-rumor