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Forgive underwater mortgage a reality soon?

By MoneySheep   Follow   Sat, 7 Aug 2010, 4:39pm   1,262 views   5 comments
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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.

source Reuters James Pethokoukis http://blogs.reuters.com/james-pethokoukis/

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1. elliemae Follow Befriend (25) 413 threads 6,981 comments Saint George, UT elliemae's website

   1   4:49pm Sat 7 Aug 2010   Share   Quote   Permalink   Like   Dislike   http://patrick.net/forum/?p=491488

2. vain Follow Befriend (2) 68 threads 876 comments

   2   4:17pm Mon 9 Aug 2010   Share   Quote   Permalink   Like   Dislike (1)   Lobbying should be a felony.

3. kimtitu Follow Befriend 39 threads 92 comments

   3   4:43pm Mon 9 Aug 2010   Share   Quote   Permalink   Like   Dislike   Probably this forum is one of many places government try to spread the rumor?

4. Patrick Follow Befriend (54) 5,188 threads 6,157 comments 46 male Menlo Park, CA

   4   4:48pm Mon 9 Aug 2010   Share   Quote   Permalink   Like   Dislike   Vain says Lobbying should be a felony. If lobbying becomes a felony, then corporate lobbying should get the death penalty.

5. vain Follow Befriend (2) 68 threads 876 comments

   5   9:32am Tue 10 Aug 2010   Share   Quote   Permalink   Like   Dislike   Patrick says Vain says Lobbying should be a felony. If lobbying becomes a felony, then corporate lobbying should get the death penalty. It's exactly what I was talking about! But death penalty may be a bit harsh. I really don't see how lobbying can be allowed. Nothing good can come out of this - only steers the legal climate in favor of someone/some corporate entity. If the change was for the good, it would not need someone brown nosing their way to ensure it happens.