re: #929 realwest

So do you think they’ll be any political blowback from this?
I think most of the folks who will get some benefit from this mortgage three-card-monte are those who would have voted for Obama anyway; wonder if those middle to upper middle income folks who STILL have to work to pay their mortgages and Real Property taxes who did vote for Obama the first time will do so again?

That’s the thing. I just don’t know. People don’t quite know what the rejiggering of the mortgage and financing markets have really done, and what effect it has on the system. This top down approach is a one-size fits all mess that doesn’t take into account that much of the “foreclosure crisis” is limited to several areas - primarily places like Vegas, Southern Florida, California, and not to the nation as a whole. It’s places where speculators and real estate companies pushed to build outpacing demand. Now that the credit markets are starting to act rationally - Obama’s demanding that they expand giving credit to these same folks who are not good credit risks.