The president is ordering Fannie and Freddie to massive mortgage write downs, of a few million homeowners who are underwater!
This would NOT need congressional approval, and the key date to watch is August 17th, when Treasury makes a move on these Mortgages...
Join me over the jump for discussion:
This morning I was watching CSPAN and saw this being discussed in great detail. No need to tell you that the GOP is pissed and are worried this could change the political landscape. This is like a giant chess game, lets hope this works. Here is the article for you all to digest:
http://blogs.reuters.com/...
Because of this, pundits have written several blogs about the issue, and they appear to be worried that this will help dems in the midterms, no mention of if it helps the people who have problems with there mortgages(typical)!
Instapundit has their reaction:
http://pajamasmedia.com/...
You see, they are all freaking out! LOL! I hope this really helps people, but I also LOVE the way it makes the rich squirm!