The Obama administration wants to help more struggling Americans stay in their homes by reducing the amount they owe on their troubled mortgages, a top Treasury official said on Saturday.In a truly stunning development, Reuters admits a stark reality the media has studiously avoided the past couple of years.
"We are very definitely trying to facilitate more principal reductions," said Timothy Massad, Treasury's acting assistant secretary for financial stability. "It is a very important piece of the overall solution," he said.
The administration is trying through taxpayer-funded programs to prevent homeowners from losing their homes. Nearly $50 billion has been set aside from the $700 billion bank bailout known as the Troubled Asset Relief Program, or TARP, to help distressed homeowners.
Persistently high unemployment and a weak housing market pose a threat to President Barack Obama's re-election prospects next year.Uh oh. They're actually hinting The One might not be re-elected.
Obama's really going to be dipping into the stash the next 17 months.
I wonder if this one is getting paid?