Ugh. We’re back to this again. Yes, President Obama’s re-inflating the housing bubble to pander in an election year. Foreclosure avoidance is now a civil right. Long-term consequences be damned.
Obama is outlining a proposal to allow millions more homeowners to refinance their mortgages at lower interest rates even if they owe more than their homes are worth. The White House says the average borrower could save about $3,000 annually.
His first mortgage-mod program was fraud-ridden and failed. So, of course, he’s doubling down.
Obama has also promised today to send a homeowner “bill of rights” to Congress.
Maybe he should try abiding by the original one first.
The truth is: Nobody wants to swallow tough truths. They just want their candy.