Obama Underwrites Irresponsibility — Again | FrontPage Magazine: "The Obama administration has announced another plan to help between 500,000 and 1.5 million American homeowners who owe more money on their mortgages than their homes are currently worth. The “short finance plan” is simple: creditors write down mortgages to a number less than the value of the property–and then handoff the reduced loan to the American taxpayer via the Federal Housing Administration. In other words, all taxpaying Americans are on the hook for the irresponsible behavior of a minority of their fellow Americans–again.
And once again, the bankruptcy of progressive ideology is revealed. Those who bought more house than they could afford are “victims” despite the immutable reality that every detail of their fiduciary responsibilities was written down on a mortgage contract which they signed. Now they must be compensated, or they will default on those contracts and walk away from their freely-agreed upon obligations."
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