Friday, September 3, 2010

Politics more important than homeowners: Obama running out of options to aid housing market | Reuters

Read the whole article then come and comment on whether you disagree or agree.

EDITOR NOTE: Once again the admnistration is proving what Americans have known for about 20 years. POLITICAL MATTERS MORE THAN THE PEOPLE. I think there will be backlash from those that see that the government is siding with banks, covering up fraud and the political fall out will not be pretty. Although many are still asleep at the wheel, many Americans are getting fed up. hence a 70% disapproval rating. Maybe instead of foreclosing on the house, Americans will foreclose on Political Leaders. Silent on housing - while millions are foreclosed on hmmmmmmmm

Analysis: Obama running out of options to aid housing market | Reuters: "But any major push, such as the wholesale forgiveness of a homeowner's principal debt, is unlikely to find support among policymakers, both because of the cost and the big potential for a political backlash from any move that was seen as possibly rewarding reckless behavior by banks and borrowers.

With the November 2 elections fast approaching, President Barack Obama next week will unveil a number of steps aimed at helping the overall economy.

While he has pointed toward a number of possible options, including more tax cuts for businesses to encourage hiring, Obama and other officials have been silent on housing.

The administration has 'very few options' left to address housing directly, said Howard Glaser, a consultant to mortgage lenders and a former housing official in the Clinton administration.


The government is already lending the sector extraordinary support.

More than 80 percent of new mortgage originations in the three months through June were directly or indirectly backed by the government, including loans backed by the Federal Housing" >>>>>>READ ENTIRE ARTICLE

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