Rush’s Morning Update: Ideas?
April 19, 2010
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Hey, folks. The Congressional Oversight Panel, set up to oversee the government bailouts, has issued a report criticizing the regime’s “bailout” program to help people keep their houses. A year and a half into the program, the report says six million families are at least two months behind in their mortgage payments and every month over 200,000 additional families get foreclosure notices.
And here’s a new term: “Re-default.” It refers to families who already had their monthly mortgage lowered by banks but end up in foreclosure again. Now, why should you care? Well because you’re paying for them! Elizabeth Warren, who heads the Oversight Panel, calls “re-default the single worst form of failure” of the regime’s bailout program. “Billions of dollars will be spent and families will nonetheless lose their homes.”
So what’s the Obama regime doing? They’re doubling down. As they ramp up new legislation for mortgage companies, the Treasury Department — which runs this fiasco of a bailout program — is looking for “public input.” They’re asking financial companies, academic experts, and consumer groups to offer ideas on the best way to “remake” Fannie Mae and Freddie Mac.
(chuckles) They want some ideas? Okay.
First: Stop Democrats from demanding that banks give mortgages to people who can’t pay them back. Second: Get the federal government out of the mortgage lending business and let the private sector run it for profit instead of political gain.
That would go a long way to fix what’s broken.
Let’s get started now.
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