Print...print..print..inflate...inflate..inflate.. This will eventually have an ugly ending.
An August Surprise from Obama? | Analysis & Opinion |Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion
Expert commentary here.
Notes From Underground: Markets awash with a rumor about an Obama August surprise Notes From Underground
they won't be happy with that dude.
New Treasury/HUD Program Targets Help For Unemployed Homeowners
New Treasury/HUD Program Targets Help For Unemployed Homeowners | FDL News DeskThe Treasury Department and the Department of Housing and Urban Development have announced a new foreclosure-prevention program, aimed to provide up to $3 billion dollars between the two agencies for targeted aid to unemployed borrowers.
The Treasury Department will add $2 billion dollars to their “Hardest Hit” fund, specifically providing assistance to jobless Americans struggling to pay their mortgages. HUD will offer a $1 billion dollar “Emergency Homeowners Loan Program” that will give 24 months of assistance to the same class of homeowners, those experiencing unemployment or underemployment or an inability to work because of a medical condition.
They've spent a LOT of money to help homeowners in trouble but VERY few have been helped. I wonder where all that money went?
Help homeowners? All they care about is banks which are likely all bankrupt. Every program said to "help homeowners" is really a closet bank bailout.
Banks are allowed to create fairy-tale valuations of their assets to hide their impending doom.
Each of the FDIC’s press releases provides vital information about the true market value of the failed banks’ assets versus the values assigned them by bank management. This gives some insight into the extent of over-valuations across the banking sector in the wake of the Financial Accounting Standards Board (“FASB”) having suspended fair value accounting rules last year.
The FASB’s capitulation has given bank management far too much leeway to value assets at levels far beyond what they could fetch in the open market, resulting in banks’ balance sheets becoming increasingly less reliable indicators of their true financial health.
http://jsmineset.com/2010/05/03/important-notes-on-fridays-bank-failures/Here again, these bank failures are being reported free of any allegations of fraud or even negligence on the part of bank management. Absent any such allegations, it stands to reason that these over-valuations, ranging from 96% to 125%, are considered to be in line with reasonable accounting practices sanctioned by the FASB at the time it suspended fair value requirements.
You KNOW THEY WON'T HELP people who actually paid for their homes.
Free bailouts for the debt--- but the unemployed who actually paid for houses will get them taken away when they can't pay taxes.
Taxes will go up, bailouts (other workers paying for them) for those designated worthy.
The DREAM OF REAL HOME OWNERSHIP totally degraded and destroyed.
The "dream" was to pay for a home THROUGH YOUR WORK and not have high taxes (so the government could not take it away that way), and so on.
Foreigners not really from America, or 1st, or even 2nd generation--- cannot even fathom "the American Dream."
For them--- the "dream" has nothing to do with earnership. Only having "a house." They dont' care where it comes from, how they got it, what they did or sold out to get it, etc.
But "a freebie house" was THE OPPOSITE OF THE "AEMRICAN DREAM."
Of course! Like I say, this is really a bank bailout. Helping out those with underwater mortgages benefits banks.
They do not care about the homeowner.
Isn't capitalism wonderful? Maybe America should try it sometime.
Just an added note. I am seeing increasing bashing of capitalism by the braindead all over the net. I even saw a character promoting communism in the commentary of a gold investment video on Youtube, and he was dead serious. Talk about a poor choice to find an audience! There is more and more of these misguided people all over.