Three years ago this week, the president traveled to foreclosure-ravaged Phoenix, AZ to unveil a brand new $75 billion initiative billed as a “homeowner rescue” plan and intended to help five million homeowners refinance their current loans and assist another four million homeowners already facing foreclosure. The idea was that lenders would be offered taxpayer money to make up for lost revenue if they agreed to reduce rates to 31 percent of a homeowner’s income.
Never mind that the federal government forcing banks to adjust lending standards and loan terms was a big part of what created the housing crisis in the first place. And never mind that the $75 billion was only part of what Obama said was to be a $275 billion commitment to American homeowners, or that the so-called “stimulus” bill already contained $50 billion purportedly dedicated to helping homeowners who were underwater on their loans.
264 DAYS UNTIL ELECTION DAY
339 DAYS UNTIL JANUARY 20, 2013