In response to:

Investors Reject Obama Mortgage Bailout Proposal

anonymous5189 Wrote: Dec 28, 2012 6:44 PM
you are so right. I was a mortgage loan officer for a small bank for 30 yrs. and we were very conservative with our lending. Then CRA was brought in and lo and behold , our bank hired a black woman to be our CRA officer (mandated by the govt) and I was then forced to lend to people who I never would have approved. If I didn't make a number of loans to minorities I was written up. It's no surprise to me that the market went down the toilet. I knew with these people who were doing 125% loans with hardly any money down that it was a recipe for disaster. I finally quit in 2007 and took early retirement. Meanwhile I paid my bills and did the right thing and these same people are being forgiven their debt.........what an upside down universe
A long-rumored plan for the Obama Administration to facilitate federal purchases of underwater mortgages has begun taking shape, and a familiar story has emerged: investors and markets aren't fans of the idea.

The Wall Street Journal originally reported on the plan to expand mortgage relief even in the wake of what looks to be positive economic trends in the housing market. The mortgage relief program expansion would allow borrowers who aren't covered by Fannie Mae or Freddie Mac to participate.

CNBC reports:

Under the proposal eligible borrowers must be severely underwater, with a...