It is quite possible that partisanship is waning (a little) and that common sense is growing (a little) in the face of the housing bailout’s reality. President Obama holds $275 Billion earmarked for the mortgage foreclosures program. Similarities to an earlier proposal by Senator John McCain are surfacing as Obama presents his plan to the American people. "I hope they took the best ideas wherever they found them. And, certainly, Senator McCain campaigned for a long time on this proposal," said Douglas Holtz Eakin (author of McCain's plan). Obama’s project doles out $75 Billion to lenders in the form of incentives to lower payments of homeowners, who are “at-risk”, to 31 percent of their income while the remaining $200 Billion would be utilized by Freddie Mac and Fannie Mae to offer affordable mortgages and, hopefully, stabilize the housing market. Obama, now, like McCain, earlier, realizes the need to be proactive and stop foreclosures before they occur. "I would order the Secretary of the Treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes," McCain had said. McCain’s plan would have had the government absorb the property value reduction…according to Democrats. Well, with the new plan, the government shares the cost with the finance industry of…property value reduction. Whatever means is used to get the economy “on track” had better be the best of both worlds (Democrat and Republican). Before, the disclosure of all of the misdeeds of the financial sector (and their Congressional supporters) could only be dubbed crooked and stupid. If they continue on the previously set course...they can add to their resume callous and treasonous. Have a nice day!
Note: As we move closer to socialism...we move closer to communism.
May God bless America…and may America deserve it!
Zanne Booker 02-20-09