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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 suc



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: 763 | Comments: 37 | Votes: 0 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 2
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  • Ludicrous. Freddie and Fannie don't take the hit, we the taxpayers do. Idiots. Yep, lets just give them a few billion more..Pfft RT. Makes more sense to give the 50k to the homeowners directly and I don't think that is a good idea.

    Posted Mar-14-2012 By 

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    • Comment of user 'Zardoz003' has been deleted by author (after account deletion)!
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  • who gives a shit . lmao at the sheeple and their 2 party system. its your fault, NO its your fault!!! lmao wake up america.

    Posted Mar-15-2012 By 

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    • @BoboShakes BOBO stay out of this , you have to actually own a home to give a shit.

      Posted Mar-15-2012 By 

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    • @soilentgreene ooooooh you got me! actually i own my home with more than enough land to sustain my family, without having to pay property taxes. dont hate because youre jealous, slave!

      Posted Mar-15-2012 By 

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    • @BoboShakes why would I hate you,or more important jealous, do you see ME making comments about news pertaining to mexico or it's citizens?try looking in the mirror pal.

      Posted Mar-15-2012 By 

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    • @soilentgreene well, being an american citizen i have just as much right to comment of the fucked up government of the usa and the stupid ass people who cant think for themselves, theres a reason i moved south. but you can continue to hate on me because of my location, its typical of you americans, i just LOL. haha.

      Posted Mar-15-2012 By 

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    • @BoboShakes how'bout you just concern yourself with the bullets whizzing over your head from drug cartels, and to go back to your original comment''who gives a shit''answer: not you ...you do not own a home in US as I have said before, so lets stop this dancing around, bc this does not have anything to do w/ you.Btw if it's so great over there , tell your cousins to stop jumping over..do them that favor.

      Posted Mar-15-2012 By 

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  • Ed looks like hes into all kinds of twisted shit

    Posted Mar-15-2012 By 

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  • It wasn't a Bush Crash you dumb shit. Congress, and people like Barney, Fannie, and Freddie were more at fault for letting everyone under the Sun buy a house. Buy more Gold if Fannie and Freddie are allowed to buy up all the underwater mortgages because this just trashes the dollar more and more.

    Posted Mar-14-2012 By 

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  • Comment of user 'Zardoz003' has been deleted by author (after account deletion)!
    • @Zardoz003
      Damn. That's almost too stupid even for LL. How's the view from inside the rabbit hole?

      Posted Mar-14-2012 By 

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    • @Zardoz003
      Enjoy dumbass sweeping generalizations very often?

      Posted Mar-15-2012 By 

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    • Comment of user 'Zardoz003' has been deleted by author (after account deletion)!
    • @Zardoz003
      Missed the whole "sweeping" and "generalization" part didn't you? There is no "fit" in that equation. That's the point of a stupid, ad hominem, worthless post. Such a vapid bit of invective fits nothing. It is the one point at which you excel.

      Posted Mar-16-2012 By 

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  • "Fanny or Freddie", ROTFL :P

    Posted Mar-14-2012 By 

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  • Yeah! You mean.... Edward Joseph DeMarco... acting director of the Federal Housing Finance Agency, from 2009 through 2014? Appointed by President Obama? Replaced by Democrat Mel Watt in 2014 by President Obama? Why didn't the prez tell Ed to have more compassion for the privileged middle class and their disadvantaged minority counterparts? So strange!

    Buying a house is always a risk.

    Posted Aug-22-2017 By 

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