In a desperate bid to ward off Democratic bloodshed during the November midterm elections, U.S. president Barack Obama is considering a mortgage relief plan that will waive billions in outstanding mortgage debt for homeowners.
This comes as great news for long suffering homeowners who owe more than their homes are currently worth.
Obama’s plan to bailout homeowners comes more than a year after he pledged billions to bailout the banking and auto industries. A homeowner bailout is what Americans had hoped for when they voted Obama into office in 2008.
The fact that this bailout comes now, when Obama’s approval numbers are at the lowest point ever, shows where Obama’s priorities lie.
…the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth.
the president’s approval ratings are continuing to erode, as are Democratic election polls. Democrats are in real danger of losing the House and almost losing the Senate. The mortgage Hail Mary would be a last-gasp effort to prevent this from happening and to save the Obama agenda. Read More…