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I don’t know if this makes me feel better or worse … and setting my moral/fundamental/gut apprehension aside about the government being a lender, maybe this is a “good thing.”
…Our money comes from Fannie Mae and Freddie Mac and since they were taken into conservatorship by the federal government, I think you would agree we are actually more stable than a bank since we have the government writing our checks!
This will provide an incentive for homeowners who are able to pay their mortgages, but have a loss in their house, to take bankruptcy and force losses on banks. … Of course, I received this in an email from a friend yesterday – … if a form of this bill doesn’t fly it won’t matter what happens to real estate prices….nobody will able to get a mortgage anyway.
Via Techcruch , Big Picture , etc.