There is a Reuters blog making the rounds that the Obama administration is planning a surprise for the 15 million homeowners who are undergoing severe stress on their mortgages. It is surmised that Fannie and Freddie are going to absorb the mortgage losses by writing new mortgages based on the depreciated value of the homes in foreclosure. This will be a major act of forebearance on the part of the two NATIONALIZED mortgage lenders.
Let me recommend another three letter acronyn, WTF!
The American public voted for change in 2008. Unfortunately, the coming changes forged by market forces rather than any one or group of individuals were determined well before the elections. History suggests that leadership dependent on buying votes cannot sync with market forces long enough to influence the direction of change.
Source: yrah53.wordpress.com
0 comments:
Post a Comment