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Investors Reject Obama Mortgage Bailout Proposal

Brot33 Wrote: Dec 28, 2012 6:32 PM
$12 billion? Isn't this the guy who threw support behind the Federal Reserve printing money to buy $40 Billion a month in toxic assets each and every month. At least another $612 Billion wasted. Talk about floating an economy. The sooner this country goes broke the better off we will be.
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...