Home > government theft, Redistribution of wealth > Paying your neighbor’s mortgage White House says ‘eat your peas’ to float the sinking housing market

Paying your neighbor’s mortgage White House says ‘eat your peas’ to float the sinking housing market

“The Obama administration wants to let millions of homeowners with government-backed mortgages refinance their loans at current low rates, which are about 4 percent. A very large percentage of those loans are underwater, and the homeowners couldn’t get lower rates without government intervention. The White House is acting as if forced refinancing is a free lunch. It’s not. Reducing the interest rate that Fannie Mae and Freddie Mac get paid on these loans will cost the government-sponsored enterprises tens of billions of dollars a year.”

Via Washington Times

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