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Investors Reject Obama Mortgage Bailout Proposal

Bill2365 Wrote: Dec 28, 2012 11:35 AM
Free refi's for people who are current with their payment? Even though it's not a desirable situation, they're getting along okay. Sound's like someone is buying votes with my tax dollars.
Michael1364 Wrote: Dec 28, 2012 11:37 AM
Of course no one knows the definition of "current"
I guess it depends on your definition of "is"
Current could mean one year past due, if you are in the favored group
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...