Let the Chief Doofus sign such a law. It will help ONE out of FIVE. Guess what those other FOUR are going to do when it comes time to vote.

Wait till they find out that any forgiven debt is added to their taxable income, in addition to turning a mortgage interest deduction into a tax.

Will cause a bigger defeat for the Dims.

Jer - Heh! I was thinking the same thing. And wait 'till they get the bill for a cash payment of their annual homeowner's insurance premium.

I think it's worth remembering that the demographic most responsible for Barack Obama's election (that is, the group with the largest defection from (R) to (D) between the 2004 and 2008 elections) was white upper-middle class and upper class professionals. These are the charity-minded folks who "didn't mind paying a little more" in order for the poor to be better off, and the folks who hoped that a new administration could develop a more peaceful foreign policy in the wake of a long and costly war.

But now they are the ones who will bear the brunt of higher taxes after the expiration of the Bush tax rate reductions, and they are also the ones who will personally suffer the most as their businesses are pummeled by new regulations and taxes and subsidies. And when they find out that they will be paying for the mortgage bailout, they will be even more pissed.

Even if he tries to bribe lower income earners with a mortgage bailout, I just can't see this going well for Obama, because they are not the pivotal votes.

3-7-77
Vigilance Committees need to be formed.

As presently constituted - WITHOUT the sort of new giveaway Kim reports here - Freddie Mac and Fannie Mae are bottomless pits with no effective limit on their liabilities who are buying up just the sort of "subprime" crap paper that precipitated the 2008 financial crisis.

These agencies just need to be shut down - along with the Departments of Education, Commerce, and Energy. For starters.

Be a deadbeat when it comes to your mortgage - get a deal of a steal from the government.

Pay consistently on time, manage your money properly, and you get nothin'.

You know, there's something that's just not right with that picture...

Here's a case for tax credits. Give a person paying a mortgage a tax credit of twice the interest paid - regardless of their income level. So the rich get more - so what? They bought the house, putting folks to work building it, supplying the materials, making furniture and the like.

Want to create jobs? You don't make jobs by grabbing more money from the taxpayer, losing 15-30% of it to friction as it grinds through governmental bureaucracies, and then handing what's left of it out to unemployed people.

You can buy VOTES that way - but precious few jobs are going to be created.

If we only had an honest media, and if Obama would show some spine and hold a press conference, some one might ask him about this bill and what he said on Dec 21st, 2009.

"But as I've said, in the long run, we can't continue to spend as if deficits don't have consequences; as if waste doesn't matter; as if the hard-earned tax dollars of the American people can be treated like Monopoly money. That's what we've seen time and time again. Washington has been more concerned about the next election than the next generation."

Even his teleoprompter might have trouble answering that.

It's happening - but maybe not how you expected. I just a few minutes ago received word that the U.S. Treasury is sending hundreds of millions of dollars to the states to pay for mortgage assistance. I'm trying to get the info now. Will post it as soon as I find it. This is money not even asked for, and maybe is coming from TARP or ARRA money that's been recaptured.

Here's the program:

Five states already have it and we recieved word yesterday that we are getting funding here in my state.

http://www.financialstability.gov/latest/pr_08042010.html

I am sure that there won't be blanket forgiveness of underwater Fannie/Freddie mortgages. There will be enough stipulations, exceptions etc that only select groups will be allowed to apply. I am also sure that the demographic that might benefit from such a giveaway might not be the most reliable voters anyhow. If this was a presidential election year, maybe, but not mid terms when most groups seem to be ready to go vote against someone rather than for them.

Politically speaking this is much ado about nothing. That's because the only people who are stupid enough to fall for this bait-and-switch already vote Democrat or don't vote at all.

Thee is a new program announced late today:

http://www.csmonitor.com/Money/new-economy/2010/0811/Unemployed-homeowners-to-get-extra-foreclosure-aid

The net is the government will loan up to $50K for 2 years, at zero interest, to unemployed homeowners. My take is that it is strange to loan $50K to someone who is unemployed. Even if that person does find a job tomorrow, will he be able to pay back 450K in two years? Probably not.

What a crazy bunch of typos. The last phrase should have been:

"will he be able to pay back $50k in two years"

If you feel that way, please don't go search or google " bombshell barack " actually very sad indeed.

:o(