Uncel Sam to lend you 125% of your home's value

[vinoveri]

why don't they just bulldoze 1 million homes - seems like that would be more beneficial to the economy (notwithstanding the broken window fallacy);)

this is just more of socializing the losses :mad:

http://www.bloomberg.com/apps/news?p...d=al5p85mlike0


The Obama administration is considering allowing Fannie Mae and Freddie Mac to refinance loans with current loan-to-value ratios of 125 percent or higher, Lockhart said at a National Association of Real Estate Editors Association conference in Washington yesterday.

[don]

Re: Uncel Sam to lend you 125% of your home's value

Somehow this just seemed relevant. It must of had something to do with the NAR, politicians and the banks being in proximity....

Obama’s Pledge on Donations Faces Reality

By JEFF ZELENY

WASHINGTON — When President Obama arrived at the Mandarin (you can't make this shit up) Oriental hotel for a fund-raising reception on Thursday night, the new White House rules of political purity were in order: no lobbyists allowed.

But at the same downtown hotel on Friday morning, registered lobbyists have not only been invited to attend an issues conference with Democratic leaders, but they have also been asked to come with a $5,000 check in hand if they want to stay in good favor with the party’s House and Senate re-election committees.

The practicality of Mr. Obama’s pledge to change the ways of Washington is colliding once more with the reality of how money, influence and governance interact here. He repeatedly declared while campaigning last year that he would “not take a dime” from lobbyists or political action committees.

So to follow through with that promise, Mr. Obama is simply leaving the room.

http://www.nytimes.com/2009/06/19/us...ef=todayspaper