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Why Republicans don't want you to re-fi you're home

Right now more than 11 million Americans are underwater on their home mortgages - meaning they owe more money than their house is worth. There's an easy solution. Say somebody has a house with a $200,000 mortgage on it, but because of the Bush Crash the house is only worth $150,000. If the bank were to write down the mortgage to $150,000, then the homeowner could refinance at today's low rates, or sell the house - both of which would massively stimulate the economy. Banks don't want to do this because they'd have to come up with the $50,000 - but there's a mechanism already in place to take that load off the banks - and that's for Fanny or Freddie - who backstop about 80 percent of US home mortgages - to take the hit. There's even a law that lets them do it - it would get the economy up and running immediately and overnight. But Republicans in the Senate are blocking it - and they're succeeding because they have an inside man on the. http://rt.com/news/

(from voter fraud to mortgage fraud whats next for the gop?)

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Added: Mar-14-2012 Occurred On: Mar-14-2012
By: highsociety
In:
Politics
Tags: Why, Republicans, don't, want, you, to, re-fi, you're, home, usa, politics
Views: 583 | Comments: 33 | Votes: 0 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 2
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