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Wednesday, March 04, 2009

Posted 3/04/2009 05:29:00 PM by Douglas

If you're still paying your mortgage, it's time to quit. Uncle Sucker is coming to the rescue.
Administration officials said the program could help three million to four million families avoid foreclosure, and it is expected to cost $75 billion over the next several years.

Banks that receive additional bailout funds must participate. In addition, the administration has instructed Fannie Mae and Freddie Mac, the two government-controlled mortgage-finance companies, to refinance homeowners at today’s low market rates even if those people have less than the standard 20 percent equity usually required by lenders.

That program, which applies only to people with mortgages owned or guaranteed by Fannie or Freddie, is expected to help as many as five million homeowners who are current on their house payments.
Where is the anarchy in the fucking streets from the rest of us that are still paying our bills?


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