This is a well written article that presents both sides of the discussion on what to do to breath life into the housing market:
“In the conventional wisdom, there is nothing President Obama can do to put Americans back to work in large numbers. He is a president supposedly held hostage by vengeful politics, holed up in a White House surrounded by lunatics and impotent hacks, with congressional combat rendering meaningful action impossible.”
The president can force mortgage companies to aggressively provide relief to homeowners who owe the bank more than their homes are worth, writing down principal balances.
[quote=pri_dk]The president can force mortgage companies to aggressively provide relief to homeowners who owe the bank more than their homes are worth, writing down principal balances.
He can?[/quote]
Imagine even suggesting it. Communist, communist!!! Abrogation of private contracts! Confiscation of private property!
Never mind that the banks were bailed out, essentially without preconditions, by Bush before he left office.
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