Wednesday, February 18, 2009

President Obama on Underwater Mortgages

From the NYT:

The proposal, which is more ambitious than expected, would spend $75 billion to help keep as many as four million families in their homes, and would help as many as five million more refinance their mortgages to take advantage of lower interest rates.

Wow. I hated the Medicare expansion of Bush. I was unclear at the time of Bush's TARP because it happened so fast, but have grown to hate it. I was depressed yesterday when GM and Chrysler said they'd need more money just to, in my mind, kick the bankruptcy can down the road.

Now, more money for the underwater mortgages. Pretty soon we'll be "talking about real money."

Update: Just heard a radio broadcast that said none of this money will go to those who knew they were buying more house than they could afford. How, exactly, will that be determined?

No comments: