- As A Reminder, The President’s Mortgage Plan Is “Dead On Arrival” (ZeroHedge, Feb. 1, 2012):
Obama’s latest attempt to stimulate the housing sector and inflate home prices “before waiting for them to hit bottom” (which they never will as long as central planning tries to define what clearing prices are) is a noble reincarnation of now an annual, and completely ineffectual, theatrical gambit. There is, unfortunately, one major snag. It is Dead on Arrival (just like every single iteration of the Greek bailout), for the simple reason that it has to get congressional approval. Which it won’t. And that’s not just the view of biased political pundits. Wall Street agrees.
Courtesy of the WSJ, which summarizes the prevailing views on this topic:
Edward Mills, analyst, FBR Capital Markets: “We believe that this program would be dead on arrival in Congress, as congressional Republicans are opposed to additional intervention in the mortgage market and are philosophically opposed to a bank tax. This should be confirmation that the administration realizes that a mass-refinance program can only be achieved by legislation and not by regulatory fiat.” Continue reading »
Tags: Barack Obama, Economy, Global News, Government, Mortgage crisis, Mortgages, Obama administration, Politics, U.S.



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