patrick.net

How you like your big gov dems now?

Obama's statement was just lip service bullshit.
The only thing that they can do is buy some mortgages from guys paying 7% and replace them with 4%.
House prices are going down, it's gravity. The bubble will deflate after it has popped.
Nothing Obama nor anyone else says can create the ability of people to get a down payment and a job out of thin air by Obama running his mouth.
Who cares who is underwater in his mortgage and how far? He should either 1. pay the mortgage or 2. leave it to the bank.
Places like Seaside, CA had houses go from $300K to $700K in 6 years. Now they are $269K and falling. They fell 7.2% in 2011.
Nothing anyone can do can stop this. Why? because the houses are still too expensive for the incomes of the people who live there, $49K.

So far, these things have generally been passed by our congress regardless of party affiliations.

If you think about it, borrowers don't really choose whether the loan held is fannie/freddie or private. The private loans are probably held by the banks because of lower risk profile. It only makes sense to bring it up to par with Fannie and Freddie.