A Mortgage Rescue In Every Pot - IBD - Investors.com: "Buying Votes: It appears that Democrats will receive a severe beating in the fall elections. What can save them? How about the administration wiping out large swaths of debt for underwater mortgage holders?
James Pethokoukis, a Reuters columnist who once wrote for IBD, reported Thursday that the White House might have an August Surprise in the works.
'Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth,' Pethokoukis wrote in Reuters' Political Risk blog.
As Pethokoukis notes, with 15 million mortgages — one in five — upside down, there is $800 billion in negative equity out there. That's a lot of money to forgive — and a lot of voters to sway toward the president's party.
Pethokoukis didn't dream up the idea during a fitful nap in some anti-Obama swamp. He's based it on four points:
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