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WASHINGTON — The US regulator in charge of state-backed mortgage firms Fannie Mae and Freddie Mac on Tuesday rejected an Obama administration plan to ease the housing crisis by forgiving some outstanding home loans.
Responding to pressure from President Barack Obama’s White House to use debt forgiveness to help heal the depressed housing market, Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA), squarely objected.
DeMarco said the independent federal agency, in charge of taxpayer-supported Fannie and Freddie after a 2008 government rescue, will not participate fully in the program aimed at preventing foreclosures.
Originally posted by litterbaux
As much as I care for my fellow American, I'm glad.
Why should I live in a modest house while you CHOSE to live in a mansion out of your means? You can't afford it now? Oh woes you.
I'm glad these money grabbers are being kicked to the curb. No matter if its on wall street or main street. If you can't afford it, why did you buy it?
If we bail the suits out, its game over for America.
Wars, bailouts and welfare. We cannot create money fast enough for this lie.