I only partially agree this would be a good thing. In the near term it would help underwater home owners. However it does not address the stronger underlying issues in the economy – mainly unemployment.
Also, as Tim mentioned, it piles on a huge federal debt. The amazing rate at which the federal debt has grown in the last two years is making people very nervous. I think the long term effects would be negative.
Harris Real Estate University Students and future students…if this well sourced rumor is true….we are about the experience and simply epic shift for housing.
On August 17th President Obama may announced that Fannie Mae and Freddie Mac will FORGIVE negative equity…..
Before you cheer…think about the ramifications. There is no such thing as a free lunch and the simply stunning amount of money this would require (Nearly ONE TRILLION DOLLARS) would results in higher taxes not just for you and me…but, for generations to come.
Here is the article:
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