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I thought we weren't bailing out irresponsible mortgages?
What the hell is this crap?
President Obama, February 18, 2009:
"[My plan] will not help speculators who took risky bets on a rising market and bought homes not to live in but to sell. It will not help dishonest lenders who acted irresponsibility, distorting the facts and dismissing the fine print at the expense of buyers who didn’t know better. And it will not reward folks who bought homes they knew from the beginning they would never be able to afford."
"While the Obama administration initially said it would focus on owner-occupied properties, Fannie Mae and Freddie Mac said they would refinance loans for some second homes and investment properties, too."
Are you kidddddddddddddding me?
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LOL
interesting that you failed to include the rest of the text:
While the Obama administration initially said it would focus on owner-occupied properties, Fannie Mae and Freddie Mac said they would refinance loans for some second homes and investment properties, too.
That the programs would apply to mortgages worth up to $729,750 throughout the country and not just in high-priced regions surprised some industry officials who praised the move. "It will allow us to help more borrowers, especially those who have been hit hardest by the current crisis," said John A. Courson, chief executive of the Mortgage Bankers Association.
The government program does not require lenders to cut the principal that homeowners owe to current values
The combination of politicians, bankers and tycoons has proved deadly for the average taxpayer, AND for the economy, in general. "The TAKE of the MIllenium" continues.
I'd like people to freak out over bailing out private home owners after not hearing so much as a peep over bailing out failing companies with trillions of unaccounted taxpayer dollars.
Not that it applies to any one poster in this forum, mind you.
I thought we weren't bailing out irresponsible mortgages?
