An August Surprise from Obama?

http://blogs.reuters.com/james…

In a naked attempt to buy votes for embattled Democrats, who are poised to suffer a massive defeat at the polls come November, the Obama administration is considering ordering

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.

The move, if it happens, would be a stunning political and economic bombshell less than 100 days before a midterm election in which Democrats are currently expected to suffer massive, if not historic losses. The key date to watch is August 17 when the Treasury Department holds a much-hyped meeting on the future of Fannie and Freddie.

Democrats are in real danger of losing the House and almost losing the Senate. The mortgage Hail Mary would be a last-gasp effort to prevent this from happening and to save the Obama agenda. The political calculation is that the number of grateful Americans would be greater than those offended that they – and their children and their grandchildren – would be paying for someone else’s mortgage woes.

About TLCWeld

Chairman, Reading Republican Town Committee Constitutional Conservative As a son of NH, I choose to Live Free or Die
  • That things that are viewed as “Last Gasp” or “Hail Mary” efforts almost never work.  It is the rare exception that the long bomb in the final seconds of the game actually connects.

    To mix sports metaphors this would be like putting on the side in the last of the 9th with a triple play.  Could it happen, sure.  Will it happen is another story.

    I also can help but think this will feed the perception by responsible mortgage payors (which most are by the way) that people were buying more house than they could afford, or that THEY SHOULDN’T BE A HOMEOWNER TO BEGIN WITH.

    If the admin thinks this a political winner, I think they are severely mistaken.

  • Here’s another case of Obama trying to buy votes. The justice dept is steering money to certain activist groups.

    http://www.washingtonexaminer….  

  • I was hoping for total forgiveness for federal student loan debt. Screw homeowners!

  • Kate89

    I hope that Obama will solve the problem with mortgages. Everyone knows that today it is very difficult financial situation in the country and there are a lot of people who want to have their own houses. But the prices for houses are very high and many can’t pay back them. I know  a lot of people who take UKInstallmentCredits. These credits helped not only me a little by little to pay back mortgage loan. So if you want to buy a house i advise you not to take mortgage loans.