A little learning, indeed, may be a dangerous thing, but the want of learning is a calamity to any people.

- Frederick Douglas

Most Americans Responsible, Obama to Help Others

It is staggering that as most Americans are responsible financially, even if things are tight, the Obama administration is demonstrating there is no idea of Bush's too bad that they will not give it a try. Now, Obama & Friends have decided to lower the value of mortgage for homeowners and let the government (YOU!) underwrite the losses for the banks that made the bad loans. So, if you have been responsible, like most of you have, you are going to be screwed royally, but you probably expected that:

The high cost of this program relative to the benefits it offers homeowners could also make it unworkable, sources said. Similar concerns weigh on the FDIC proposal. Under that plan, if a borrower defaults again on a loan six months after receiving a modification, the government would absorb up to 50 percent of the losses. The FDIC had estimated the program could help 1.5 million homeowners at a cost of about $24 billion. But when Bush administration officials examined the initiative late last year, they said the cost could be several times as much. [Read]

or:

The Obama administration wants to spend up to $100 billion on efforts to help homeowners, especially those facing foreclosure. But one of the leading ideas on how to do that rewriting home loans to make mortgages affordable to struggling borrowers is based on a startling lack of data about what works, and early evidence suggests that many lenders aren't going to make substantial changes without serious strong-arming. [Read]

The responsible in this country are getting shafted as never before and the fiscal irresponsibility being put forth by Obama & Friends makes the Remocrat Bush and his cronies look like pikers.

posted at 11:14:00 on 02/06/09 by clearpolitics - Category: Economics - [Permalink]

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